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New Gold lifts profit by 36% despite production drop

By: Henry Lazenby     3rd May 2012 TSX-listed New Gold on Wednesday reported a 36% increase in quarterly profit year-on-year, having earned $34-million or $0.07 a share in the first quarter ended March 31. Gold production fell nearly 8% to 99 274 oz with margins averaging $ 1 032/oz, resulting in $78-million in earnings from mine... 

E-toll revolt likely to be unsuccessful, predicts strategist 

By: Irma Venter     3rd May 2012 The strong public reaction against e-tolling on the Gauteng freeways was the “first tax revolt I have witnessed in South Africa”, said Momentum Asset Management chief strategist Gordon Smith on Thursday. “And it took a trade union to force government’s hand.” He added that government probably... 

Randgold profit doubles, output climbs

By: Natasha Odendaal     3rd May 2012 London- and Nasdaq listed Randgold Resources doubled its first-quarter profit and increased its production 19% year-on-year, despite the political upheaval in Mali. Profit increased to $104-million year-on-year, while output climbed to 165 443 ounces. However, profit and production were down by... 

Lower output, prices knock First Quantum's Q1 profit

By: Matthew Hill     3rd May 2012 First Quantum, the Vancouver-based base metals producer, late on Wednesday reported a 42% drop in first-quarter adjusted profit to $119-million after copper production and prices fell from the levels seen in the same period in 2011. On a per share basis, the company made $0.25 in adjusted... 

Sanral respects e-toll judgment 

By: Sapa     3rd May 2012 The SA National Roads Agency Limited (Sanral) is still studying a ruling by the High Court in Pretoria which brought the Gauteng e-tolling project to a halt, it said on Wednesday. "Sanral, together with the department of transport, has noted the judgment handed down by the North Gauteng [High]... 

Resources Watch  

By: Creamer Media Reporter      3rd May 2012 This week: Mining industry doyen Brian Gilbertson is bullish on platinum-group metals. The shortage of rock engineers is an increasing problem. And, steel specialist VR Laser Services moves to its new 22 000 m2 premises. 

Real Economy Report  

By: Creamer Media Reporter      3rd May 2012 The National Airways Corporation’s (Nac's) 43 Air School plans to double its capacity over the next five years to accommodate the growing African and global demand for pilots. Idele Esterhuizen has the story. 

Rockwell Diamonds nets $6m in Q4 sales

By: Idéle Esterhuizen     2nd May 2012 Alluvial gem miner Rockwell Diamonds generated $6-million from the sale of 5 795 ct in fourth quarter, the company reported on Wednesday. The company achieved an average price of $1 041/ct, which compares with $1 430/ct in the final quarter of 2011, when it sold $6 453 ct, generating $9.2-million.  

Fibreco breaks ground on R5bn fibre-optic network 

By: Natasha Odendaal     2nd May 2012 Fibreco Telecommunications, a joint venture between Cell C, Convergence Partners and Internet Solutions, started the construction of the first phase of its R5-billion national fibre-optic broadband network on Wednesday. The R1-billion first phase, which aimed to link Johannesburg, Cape Town and... 

Prefeas gives Sunridge's Ertirea project $555m NPV

By: Matthew Hill     2nd May 2012 TSX-V- and ASX-quoted Sunridge Gold’s Asmara project in Eritrea has the potential to produce 25 900 t of copper and 61 800 t of zinc yearly, in addition to silver and gold, the company said on Wednesday, announcing the results of a prefeasibility study. At a 10% discount rate, the project has a... 

SA to unveil new mining, biodiversity planning tool this year 

By: Terence Creamer     2nd May 2012 The South African government will launch a new ‘National Mining and Biodiversity Guideline’ later this year, which will provide the mining sector with a tool for integrating biodiversity considerations into planning processes. Addressing lawmakers on Wednesday, Water and Environmental Affairs... 

Barrick boosts dividend by 33%, Q1 profit up 3% to $1.03bn

By: Matthew Hill     2nd May 2012 Answering clamorous calls to dish out more dough to shareholders, the world’s biggest gold producer Barrick on Wednesday raised its quarterly dividend by one-third to $0.20 a share. The miner pointed to its strong earnings – growing 3% to $1.03-billion for the March quarter – and positive... 

Allana Potash Corp announces 1.3bn t Ethiopian potash resource

By: Henry Lazenby     2nd May 2012 Allana Potash earlier this week announced a National Instrument 43-101-compliant potash resource of 1.3-billion tons at its Danakil potash project, in Ethiopia. The resource holds an average grade of 19.32% potassium chloride, representing about 250-million tons, more than a 90% increase over... 

Yamana Gold boosts profit by 15%

By: Henry Lazenby     2nd May 2012 TSX- and LSE-listed Yamana Gold on Tuesday reported first-quarter earnings rose by 15% to $170-milion, or $0.23 a share, on the back of increased production and higher prices achieved for its products. CEO Peter Marrone said production climbed by 4% to 278 832 gold-equivalent ounces, resulting... 

Merafe output falls 21% on maintenance, power deals

2nd May 2012 South African ferrochrome producer Merafe Resources said Wednesday that its production volumes for the first quarter of 2012 were down 21% from the 2011 comparative period. Production declined to 65 000 t compared with 82 000 t in the previous corresponding quarter.  

Canada Lithium to raise another C$30m, shares slide 

By: Matthew Hill     2nd May 2012 Shares in Canada Lithium lost over 10% of their value on Tuesday, after the company said it would sell C$30-million in stock to complete the mine it is building near Val d'Or in Québec. The TSX-listed company filed a preliminary short-form prospectus for the offering, set to close May 21, which... 

Rio Tinto execs take up CEO, CFO seats at Ivanhoe

By: Matthew Hill     2nd May 2012 Two weeks after having named Kay Priestly as acting CEO, Ivanhoe Mines, building the $6.2-billion Oyu Tolgoi copper/gold project in Mongolia, late on Tuesday cemented the former Rio Tinto executive’s role as a permanent one. Toronto- and New York-listed Ivanhoe also appointed Chris Bateman,... 

African Utility Week to focus on great potential for renewable energy on the continent

By: Creamer Media Reporter      2nd May 2012 “Africa has not yet figured out the most viable investment strategy to employ” Governments and business across the globe are scrambling to find ways of making renewable energy (RE) – such as solar, geothermal or wind power – a viable form of energy generation. By investing in renewable energy... 

Gold majors could hit ‘slam dunk’ with junior M&As

By: Henry Lazenby     30th April 2012 With the gold price remaining resiliently high, mid-tier and major producers pumping cash, and junior equities more depressed by the day, analysts say Iamgold’s purchase of Trelawney mining last week could be a sign of things to come. Hallgarten & Company mining strategist Chris Ecclestone on... 

Angry First Uranium shareholders seek to ‘kill two birds with one stone’

By: Matthew Hill     30th April 2012 A group of disgruntled First Uranium shareholders are threatening to vote down AngloGold Ashanti’s $335-million purchase of the company’s dump reprocessing division Mine Waste Solutions (MWS), thereby killing the planned $70-million sale of the Ezulwini mine at the same time, a representative of... 

Global steel consumption growth to slow in 2012

By: Idéle Esterhuizen     30th April 2012 The World Steel Association (worldsteel) is forecasting global steel consumption growth to slow to 3.6% in 2012, from 5.6% in 2011, as China enters a less steel-intensive growth phase and eurozone debt crisis uncertainties continue to persist. Steel consumption is expected to reach 1.42-billion... 

Teranga Gold lifts Q1 gold production by 22%

By: Henry Lazenby     30th April 2012 TSX- and ASX-listed Teranga Gold Corp on Monday reported record first-quarter gold production of 41 904 oz at its Sabodala gold mine, in Senegal. CEO Alan Hill said this was achieved on the back of higher-grade ore stockpiled at the end of December and processed in the quarter.  

Aquarius shares fall as quarterly output drops 7%

By: Natasha Odendaal     30th April 2012 Johannesburg- and London-listed Aquarius Platinum on Monday reported a 7% quarter-on-quarter production drop as ongoing Section 54 safety stoppages, seasonal absenteeism, labour ‘go-slows’ and poor ground conditions negatively impacted operations. The company tumbled nearly 7% on the JSE and... 

Coal of Africa close to concluding Chapudi deal

By: Natasha Odendaal     30th April 2012 ASX- and JSE-listed Coal of Africa Limited (CoAL) said on Monday that the deadline for the completion of the Chapudi acquisition was extended to the end of May. The extension enabled certain conditions, such as the Section 11 approval from the Department of Mineral Resources, to be fulfilled. 

Xstrata Coal seeks operating partner for Donkin coal interest

By: Henry Lazenby     30th April 2012 Coal mining major Xstrata Coal and TSX-listed Erdene Resource Development last week announced in a joint statement that Xstrata was seeking an operating coal company to buy its interest in the Donkin coal project in the province of Nova Scotia, Canada. Xstrata said it was interested in pursuing... 

Connected Africa Forum in Johannesburg in May to show progress of mobile lifeline services

By: Kim Kruger     30th April 2012 “This is a noteworthy area of investment for all players” The Connected Africa Forum which incorporates mobile money, mobile health and mobile agriculture takes place in Johannesburg in May and will showcase the evolution of mobile lifeline services and applications on the continent and highlight... 

Newmont posts 9% rise in profit, Peru project remains suspended

By: Henry Lazenby     30th April 2012 NYSE- and TSX-listed Newmont Mining on Friday reported a 9% increase in first-quarter profit to $561-million, or $1.13 a share, keeping within its expectation for the year. The multinational gold miner lifted revenue for the quarter by 9%, to $2.7-billion, outpacing higher labour and power costs... 

Ferrum says updated Moonlight estimate nearing completion

By: Idéle Esterhuizen     30th April 2012 ASX- and JSE-listed iron-ore developer Ferrum Crescent said on Monday that it would soon publish an updated resource estimate for its flagship Moonlight project, in Limpopo. The project is located on the three farms Moonlight, Julietta and Gouda Fontein. It currently has a Joint Ore Reserves... 

Gold One targets 69 000 oz in June quarter

By: Natasha Odendaal     30th April 2012 ASX- and JSE-listed Gold One aims to increase its gold production to 69 000 oz in the June quarter, the South African miner said on Monday. The company, which missed its March quarterly guidance of 68 000 oz, said it was targeting 34 000 oz from its Modder East mine, 27 000 oz from its Cooke... 

Agnico-Eagle Q1 beats estimates, shares climb

By: Matthew Hill     30th April 2012 Agnico-Eagle Mines last week reported first-quarter net earnings rose 73% to $78.5-million as gold production rose slightly to 254 955 oz, even though the comparable period benefited from output at the Goldex mine, which was shuttered in October. Stripping out one-time items, such as a... 

Company Announcement: Fluor Celebrates 100 Year Anniversary

30th April 2012 Fluor Corporation announced today the kickoff of the company’s centennial year with a major employee celebration event held this past weekend at 14 locations around the globe. 

ETC agreement needs to be cancelled

By: Sapa     27th April 2012 Government needs to cancel the toll collection contract with the Electronic Toll Collection (ETC) Consortium, the Democratic Alliance said on Friday. "This is the only way to escape the exorbitant and unworkable e-toll system that has caused so much protest in Gauteng," said DA spokesman Jack... 

Atterbury launches R25bn property

By: Dimakatso Motau     27th April 2012 The Atterbury Property Group launched its R25-billion Waterfall Business Estate (WBE), a 1,6-million m2 mixed-use commercial development, in Midrand, on March 28. 

27/04/2012 (On-The-Air) 

By: Martin Creamer     27th April 2012 Prehistoric worms found deep in a Free State gold mine may hold the key to South Africa’s acid mine water problem; South Africans have been appointed to advise the government of Cameroon on the development of its mining industry; and the Gautrain Management Agency is studying the economic... 

South Africa

By: Asha Ramsaran     27th April 2012 What’s On provides you with information about conferences, exhibitions, seminars, training courses and other events pertaining to general industry and the mining sector. To include information about an upcoming event, e-mail whats-on@engineeringnews.co.za with key details. 

STATE

By: Site Administrator     27th April 2012 Tender work arising from state contracts  

Internet traffic sharing can help reduce bandwidth costs

27th April 2012 A free Internet traffic exchange, the first open and public peering facility available in South Africa to enable service providers (ISPs) to exchange traffic, will reduce local bandwidth costs, says vendor neutral data centre provider Teraco Data Environments MD Lex van Wyk. 

Myths, trends and realities of supply chain management

By: Dimakatso Motau     27th April 2012 Supply chain management plays a significant role in the business fraternity and, to ensure that it positively affects business operations, the correct distribution model needs to be in place, states logistics consultancy LGA Fortna. 

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