R/€ = 16.40 Change: -0.02
R/$ = 14.27 Change: -0.03
Au 1222.57 $/oz Change: 0.08
Pt 830.50 $/oz Change: -7.74

Mining News

Sheba's ridge joint venture concluded

18th February 2003 Following an announcement by Anglo Platinum and Cluff Mining in July last year that an in principle agreement had been reached to establish a joint venture to prospect and potentially develop the Sheba's Ridge Platinum Project in the Mpumulanga province, the miners have now said that the joint... 

Avgold sells ETC assets for R300m

18th February 2003 Diversified mid-tier mining company, Metorex, yesterday announced the purchase of Avgold's ETC assets for R300-million. 

Astonishing Argonaut: first contracts awarded

By: Luxolo Tyali     17th February 2003 Three dimensional (3D) seismic surveys – currently the world’s most advanced form of depicting what is beneath the earth’s surface – will be undertaken from June this year for the proposed R8-billion Argonaut gold-mining project, Mining Weekly can today exclusively report. 

Chamber welcomes Mbeki's ports, railways statements

17th February 2003 President Mbeki's State of the Nation address was a positive and encouraging illustration of Government's determination to continue building an inclusive and prosperous economy aimed at improving the lives of all South Africans. 

New Ghana mine project seen starting in August

17th February 2003 The world's top gold producer, Newmont Mining, will in August start developing two mines in Ghana where it hopes to produce a total 7,4-million ounces of gold, the West African country's authorities said. 

Gencor to report earnings this month

17th February 2003 Mine holding company Gencor said on Friday it was likely to announce its half-year earnings to the end of December 2002 in the last week of February. 

Flack joins Sallies board

17th February 2003 Fluorspar miner, Sallies Limited announced that it had retained FRM Strategies to implement a performance improvement plan, following a review by FRM of the company's business and strategy. 

Angola seeks to expand mining beyond diamonds, oil

14th February 2003 Diamond and oil-rich Angola wants to diversify mineral exports and encourage foreign firms to make the most of the end of a devastating civil war by investing in its other resources, a government official said on Wednesday. 

Thermal coal price set to fall – report

14th February 2003 The tough and protracted export coal price negotiations, that marked 2002, will be repeated this year as buyers and sellers come to grips with evolving market structures, says Australian-based independent research house AME Economics in a report. 

Ashanti says profit rises 26%

14th February 2003 One of Africa's biggest gold miners, Ashanti Goldfields, reported a 26% jump in 2002 profit yesterday, thanks to a surging gold price but predicted it faced difficulties in keeping costs down. 

Barrick axes CEO

14th February 2003 Unhappy with its profits and a limping stock price, Barrick Gold Corporation axed CE Randall Oliphant on Wednesday and replaced him with former chief financial officer Gregory Wilkins. 

New R600m West Rand gold project

By: Martin Creamer     14th February 2003 South Africa’s third-largest gold company has embarked on a R600-million shaft-sinking project at Elandsrand on the West Rand. 

Botswana president receives briefing from De Beers

14th February 2003 Botswana’s President, Festus Mogae, has been briefed on the state of the world diamond market by De Beers' MD Gary Ralfe and executives of De Beer's Diamond Trading Company (DTC). 

New empowerment move at R2,8bn Pandora

14th February 2003 A joint venture agreement has been concluded on the Anglo Platinum-Lonmin project, Pandora, which incorporates the Bapo Ba Mogale Tribe and Northam Platinum, with a shareholding that the parties expect should comply with the requirements of the Mining Charter. 

Western Areas profit rises strongly

14th February 2003 In a year punctuated by substantial capital expenditure and cost controls, gold producer Western Areas Limited (WAL) finished 2002 with a pre-tax profit of R231,5-million for the fourth quarter, from a loss of R731,8-million in the previous quarter. 

Implats mulls new R5-billion project

By: Joanne Delaurentis     13th February 2003 South Africa’s second-largest platinum producer is planning to develop a new deep-level underground shaft. 

Mineral rights management group in BEE deal

By: Martin Czernowalow     13th February 2003 Gold producer Randgold and Exploration yesterday announced that black economic empowerment (BEE) company, Marothodi Resources, has obtained a 26% stake in its mineral rights management company Minrico, which is to be developed as a fully fledged, South African-based resource company. 

M&R secures new platinum contract

13th February 2003 A competitive bid has seen construction giant Murray & Roberts RUC secure the Hackney early start mining contract at Anglo Platinum’s Twickenham Platinum Mine (TPM), situated on the eastern limb of the Bushveld Complex. 

China’s tin output set to fall in 2003

13th February 2003 China, the world's top tin producer and exporter, is likely to produce and export less this year because small players might be forced to shut down due to a raw material deficit, company officials said yesterday. 

Aussie miner bullish on copper project

13th February 2003 The silencing of guns in the Democratic Republic of Congo has convinced an Australian firm that the time is right to invest there, bringing the hope of much-needed revenue and stability to the war-scarred nation and neighbouring Zambia. 

Xstrata to pursue vanadium opportunities

12th February 2003 London-listed miner Xstrata said it would still pursue opportunities in vanadium, despite writing down its Windimurra plant in Western Australia. 

Namibian miner eyes Zambia copper smelting deal

12th February 2003 Namibia's Ongopolo Mining said yesterday it was investigating the possibility of smelting copper ore from Zambia at its Tsumeb operations in northern Namibia. 

Kenmare contracts Fluor for titanium project

12th February 2003 Mining company Kenmare Resources said yesterday it has contracted with a subsidiary of Fluor Corporation for preliminary development of the Moma titanium mine in Mozambique. 

AngloPlat offers to help boost State’s administrative capacity

12th February 2003 The world’s leading platinum producer, Anglo Platinum (Angloplat), has offered to assist the Department of Minerals and Energy (DME) in boosting its capacity to process mining authorisations and convert old-order mineral rights to new-order licences. 

Bafokeng nation corporatises its mineral assets

12th February 2003 The Royal Bafokeng Nation (RBN) has corporatised its mineral assets under the control and management of Royal Bafokeng Resources Holdings Limited (RBR). 

Gem giant cautiously optimistic about Angola return

11th February 2003 Mining giant De Beers says it is cautiously optimistic about negotiations to resume prospecting in Angola, following a fall-out between it and the southern African country’s government two years ago. 

Eldorado looks to deepen Brazil gold mine

11th February 2003 Canada's Eldorado Gold said it would decide next month if it will deepen the shaft at its Sao Bento underground mine in Brazil, which could give it access to more gold and reserves. 

Botswana nickel smelter outage could last six weeks

11th February 2003 Canada's LionOre Mining International said the BCL nickel smelter in eastern Botswana, which processes concentrate from LionOre's two Tati Nickel mines, would close for five to six weeks. 

Chinese copper producer sees output rising in 2003

11th February 2003 Anhui Tongdu Copper Stock, the listed arm of Chinese copper producer Tongling Non-ferrous, said on Saturday it planned to produce 190 000 t of copper in 2003, up from 154 000 t in 2002. 

Century-old Chinese coal-mine fire to be extinguished

11th February 2003 A fire, in a Chinese coal-mine, which has been burning for almost a century will be extinguished by July, State media said yesterday. 

Chinese copper producers see slower growth in 2003

11th February 2003 China's leading copper producers expect output to grow more slowly this year due to low processing charges and a raw material shortage, opening the market further to foreign firms, industry officials said on Monday. 

Weak coal saps Xstrata’s profits

11th February 2003 London-listed miner Xstrata said yesterday its underlying profits fell 17% in 2002 as it suffered at the hands of depressed coal and zinc prices and the sluggish global economy. 

Methane - managing this elusive killer

By: Keith Campbell     10th February 2003 The professionals don’t really like to call it a problem. To them, it is more like a fact of life. Something to be managed, controlled. But death is a fact of life, too, and if the management and control of methane and other flammable gases in South African mines is not done properly, the... 

Anglo’s competition court appeal this week

10th February 2003 South African miner, Anglo American's second attempt to prevent the participation of the Industrial Development Corporation (IDC) in the merger hearing on Anglo's acquisition of iron-ore interest in Kumba Resources and Anglovaal Mining will be heard on February 14. 

Weak coal price seen hurting Xstrata

By: Martin Czernowalow     10th February 2003 Weak coal prices are set to take a toll on London-listed metals and mining group Xstrata’s full-year results, its first since a transforming deal last year to buy most of commodities group Glencore's coal operations. 

Morila approaches 2m oz mark

10th February 2003 The Morila mine has produced almost two-million ounces of gold at a cash cost of below $100/oz since it was commissioned in October 2000, placing it at the international forefront of high-margin gold producers. 

Costs, rand focus of PGM miners’ results this week

10th February 2003 Costs, production and a stronger rand will be in focus when the world's two largest platinum miners Anglo Platinum and Impala Platinum post their results this week, analysts said. 

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