WDC hopes to resolve Zim diamonds issue at upcoming KP meeting
May 30, 2011 by goldguru · Leave a Comment
While the trade status of Zimbabwe’s diamonds remained uncertain, the World Diamond Council (WDC) was “hopeful and optimistic” that a decision would be reached at the upcoming Kimberley Process (KP) meeting, in the Democratic Republic of Congo (DRC), WDC president and CEO Eli Izakhoff told Mining Weekly Online on Monday.
In April, the WDC urged members of the international diamond industry to refrain from trading in and exporting goods from Marange, following reports that KP chairperson Mathieu Yamba gave the green light to export rough diamonds from two official concessions in the Marange region, subject to oversight by the appointed monitor.
Platinum Australia resumes operations at Smokey Hills
May 30, 2011 by goldguru · Leave a Comment
Junior miner Platinum Australia on Monday resumed mining at its Smokey Hills operation, where a contract miner was killed in mob attack on Friday.
Platinum Australia said that a number of arrests had been made regarding the incident, which took place 5 km from the mine in South Africa’s Limpopo province.
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Eskom reduces power supply to BHP to manage system
May 30, 2011 by goldguru · Leave a Comment
South Africa’s power utility Eskom, which is struggling to keep the lights on, has been interrupting supplies to BHP Billiton’s aluminium smelters to help manage its tight supplies.
Eskom’s spokeswoman Hilary Joffe said on Monday that under a special pricing agreement signed between the utility and BHP in the 1980s Eskom can temporarily interrupt supplies to the smelters, but only for up to two hours a week.
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Trans Hex expects to report R45m loss
May 30, 2011 by goldguru · Leave a Comment
Diamond miner Trans Hex expects to deliver depressed financial results for the year ended March 31, despite a turnaround in its South African operations for the second half of the year, the JSE-listed company reported in Monday. The group expected to report a loss a share for continuing operations of 41,7c, compared to the earnings a share of 23,8c achieved in 2010. Headline loss a share of 45,1 c compared with headline earnings a share of 22,1 c in 2010 was expected.
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Gold and nickel explorer Kibo Mining lists on AltX
May 30, 2011 by goldguru · Leave a Comment
Aim-listed exploration and development company Kibo Mining’s secondary listing on the AltX in Johannesburg would provide the company with an additional market through which it could fund the development of its projects, CEO Noel O’Keeffe said on Monday.
The company, which would list 340-million shares on the AltX, studies potential mineral exploration and mining projects mainly located in Tanzania, and has a market capitalisation of about R100-million.
Sundance says full takeover not on the cards
May 30, 2011 by goldguru · Leave a Comment
Iron-ore hopeful Sundance Resources on Monday again refuted claims that its investment partner Hanlong Mining was looking to gain control of the company.
Sundance was responding to an article in the Australian Financial Review, which stated that Hanlong was exploring a number of potential deals with Sundance, including a full takeover.
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Explorer Platfields has sufficient cash for its operations
May 30, 2011 by goldguru · Leave a Comment
JSE-listed precious metals explorer Platfields has adequate cash to fund its operations in the next 12 months, the junior said on Monday as it published its financial year-end results.
The explorer, which is not yet in a cash generating position, held R19,5-million in cash at the end of February. This was down from the R37,9-million cash on hand that it had the previous financial year.
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Gold steady on Greece debt fear; Shanghai margin weighs
May 30, 2011 by goldguru · Leave a Comment
Gold held steady on Monday, buoyed by the ongoing debt crisis in the euro zone, while silver trimmed gains as a hike in margins by the Shanghai Gold Exchange kept sentiment in check.
The Shanghai bourse plans to temporarily increase margins on gold and silver forward contracts on settlement at June 2 and trading limits on June 3, before the market closes for a public holiday on June 6 to dampen a surge in volumes.
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Monument expects to beat output target
May 30, 2011 by goldguru · Leave a Comment
Monument Mining expects its Selinsing gold mine in Malaysia will likely surpass a targeted 40 000 oz of gold production in its first year of commercial production, CEO Robert Baldock said on Monday.
Monument reported third-quarter results for the three months ended March 31, during which it generated gross revenue of $15-million from the sale of 10 704 oz of gold.
Wage strike hits CSN’s Brazilian iron ore mine
May 30, 2011 by goldguru · Leave a Comment
Workers demanding better pay at Brazil’s Companhia Siderurgica Nacional’s Casa de Pedra iron ore mine went on an open-ended strike over the weekend, a union representative said on Monday.
CSN said the mine is operating normally and output of iron ore was unaffected but the union said participation in the stoppage was affecting output.
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