Tuesday, July 23, 2013

Gold sales rose during Divali

November 30, 2010 by · Leave a Comment 

Diwali celebrations saw a surge in people purchasing gold items as the current price of the precious metal makes it a worthwhile investment.
Gold Made Simple was among the retailers who reported an increase in sales around the time of the annual festival of lights, the Manchester Evening News reports.
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Gold Seeker Closing Report: Gold and Silver Start the Week with Gains

November 30, 2010 by · Leave a Comment 

Gold fell over $10 to as low as $1355.49 by about 10AM EST, but it then jumped up to as high as $1368.43 in the next hour and a half of trade and ended with a gain of 0.06%. Silver fell to as low as $26.505 before it also rallied back higher in late trade and ended near its late session high of $27.235 with a gain of 1.31%. Both metals have also risen to new highs in after hours access trade.

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COT Silver Report – November 29, 2010

November 30, 2010 by · Leave a Comment 

COT Silver Report – November 29, 2010

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Kebble’s R&E distributes another R330m in Gold Fields shares, dividends

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The late Brett Kebble company, the JSE-listed Randgold & Exploration (R&E), will distribute another R330-million in gold shares and dividends to its long-suffering shareholders, taking the total distribution to date to R1,5-billion.

At a general meeting in Johannesburg chaired by acting chairperson Motsehoa Brenda Madumise, shareholders gave 100% support to the distribution of 2,2-million Gold Fields at R4 and a special dividend of 90c.

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Strong rand keeping Sallies fluorspar mine closed

November 30, 2010 by · Leave a Comment 

The strong South Africa currency position is precluding the JSE-listed Sallies from resuscitating its fluorspar operation, which is costing R2,5-million a month to keep on care-and-maintenance, Sallies chairperson Nicholas Davidoff reports.

South African fluorspar producer Sallies stopped production at its Witkop mine in June 2009, citing a collapse in demand for acid-grade fluorspar amid the global economic slowdown.

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Vedanta postpones listing of Zambia copper assets to 2011

November 30, 2010 by · Leave a Comment 

Stock market volatility has prompted India-based resources group Vedanta Resources to postpone the planned LSE-listing of its Zambian copper assets, held by Konkola Copper Mines (KCM), to next year.

On November 16, the group announced that it would seek admission for the ordinary shares of a new entity, Konkola Resources, which would become the holding company for KCM following an initial public offering (IPO), to trade on the LSE main market.

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Pan African in early talks for Phoenix offtake agreements

November 30, 2010 by · Leave a Comment 

Precious-metals-miner Pan African Resources said on Tuesday that it had already entered into informal discussions with a number of parties around off take agreements for its Phoenix project near Rustenburg.

CEO Jan Nelson said during a conference call that no formal agreements had been reached yet, but that the company was considering the different options for the concentrate from Phoenix.

The Phoenix project, which Pan African bought in May last year, is expected to produce 211 000 oz of PGMs at a plant recovery of 45% over the 17-year life of the operation with a planned yearly retreatment capacity of 240 000 t.

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Anglo to focus exploration on S America, Arctic

November 30, 2010 by · Leave a Comment 

Anglo American is focusing the bulk of its exploration efforts on copper and nickel in South America and the Arctic, while any further growth in iron ore will come from joint ventures or acquisitions.

Anglo plans to maintain its exploration spending at about $100-million next year, the same amount budgeted for this year, as it drills for new deposits in 12 countries, Stuart McCracken, head of exploration governance, told Reuters on Tuesday.

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Smokey Hills to treat chrome tailings, underground workers strike

November 30, 2010 by · Leave a Comment 

ASX-listed Platinum Australia subsidiary PhokaThaba Platinum has entered into an agreement with Ingonyama Platinum to treat about 100 000 t of chrome tailings through the Smokey Hills plant.

The tailings are about 10 km away from the plant and initial estimates by Ingonyama suggested and average grade in excess of 5 g/t for three elements of platinum group metals (3E PGM).

Platinum Australia said on Tuesday that a bulk sample of 5 000 t indicated that the grade was consistent with the Ingonyama estimates, with recoveries of between 55% and 60% achieved.

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Production to start at Miranda KZN coal mine in Q2

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Production at JSE-listed Miranda Minerals’ Sesikhona coal project, in KwaZulu-Natal, is expected to start by the second quarter of next year, with production to ramp up to 70 000 t/m of anthracite over a two to three-month period, CEO Ron Nel said on Tuesday.

The coal exploration and development company, which released its 2010 financial year results on Tuesday, has already spent about R22,5-million on developing the first phase of its flagship Sesikhona project.

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