Harmony Gold Mining Company Limited (Harmony) is pleased to announce that it has reached a mutually acceptable settlement with the lead plaintiff in the class action filed against it in the United States (US) District Court for the Southern District of New York in May 2008. The settlement requires final approval from the court on or after a hearing scheduled for the 10th of November 2011 and no assurance can be given that the settlement will ultimately be approved.
Africa Mining News
AngloGold Ashanti is struggling after a big drop, and the prognosis is bleak in the eyes of one trader.
Norton Rose advises on US$205 million term loan and cost overrun/working capital facility for Boseto project in Botswana
A team from the UK, Australia and South Africa offices of international legal practice Norton Rose Group has advised the joint lead arrangers in relation to a US$205 million term loan and cost overrun and working capital facility to Discovery Copper
PERTH (miningweekly.com) The South African consumer watchdog has granted permission to ASX- and JSE-listed Gold One to continue with its takeover of Rand Uranium, as well as to take on a Chinese consortium as its majority shareholder. Gold One signed a
According to the Indonesian unit of the U.S. miner, several days of protests at its Batu Hijau copper-gold mine had had no significant impact on production Local authorities have dispersed the protesters who since Aug. 2 had been blocking access and
LONDON, Aug 8 (Reuters) - Vedanta Resources PLC: * Sesa goa to acquire 51% stake in western cluster * Sesa goa to acquire a 51% stake in western cluster limited, liberia * For a cash consideration of US$ 90 million * Sesa goa will become a significant
Research and Markets reports that after 11 years of decline, the Zimbabwean economy is recovering, supported by an increase in production output of the country's mining sector. Mining and manufacturing companies in Zimbabwe are, however, expected to continue to struggle to raise funds to start or expand operations during the short term.
Dow Jones reports resource nationalism is the top business risk for the top 30 global miners, while supply capacity constraints ranging from skills shortage to infrastructure bottlenecks continue to dominate the top ten list, according to an annual survey by consultants Ernst & Young. Resource nationalism jumped to the top of the list this year from fourth in 2010 after 25 countries announced their intentions to increase their take of the mining industry's profits and others contemplate outright nationalization. Fraud, bribery and corruption sneaked onto the list of top concerns for the first time as a number of countries introduce or tighten rules for executives operating in countries that rank high on corruption indices.
TimesLive reports diamond giant De Beers plans to put hazardous waste - and up to 1,000 prisoners - into its disused property and diamond mines in the picturesque Namaqualand region (depicted), in the northwest of South Africa. The company, which also had to settle a two-week strike over wages on Thursday, said the projects were just two of several potential business ideas for the disused old mine areas and that the Department of Minerals have asked for further public consultation and an impact study. Last month De Beers concluded a deal with the state power utility Eskom to build a 150MW wind farm on a large stretch of coast north of Kleinzee, one of two towns that form part of the De Beers properties.
Diamondcorp CEO says increased per-carat value could drop break-even grade - making Lace Diamond Mine a bigger cash generator than expected. According to miningmx.com, the South African Diamond Exchange has valued the first 561 carats of diamonds out of the 759 carats recovered from 5,515 tons of kimberlite at $205/carat – 71% higher than the company's base case of $120/carat.
Sesa Goa, a subsidiary of Vedanta Resources, on Saturday said it will buy 51% stake in an iron ore making firm in Liberia for $90 million in an all-cash deal. Located in Western part of Liberia and spread over 270 sq km area, the company has an estimated reserve of over 1.05 billion tonnes iron ore. Vedanta's investment follows iron ore giant ArcelorMittal which after five years of ground work started operations at the country's Tokadeh mine earlier this year and is spending $800 million in the first phase of the project to rehabilitate the rail link and port. ArcelorMittal exported the first iron ore from Liberia after a 20 year hiatus on June 11 from the port of Buchanan.
South Africa's Richards Bay Coal Terminal (RBCT) exported 4.36 million tonnes of coal in July compared with 4.78 million tonnes the previous month, RBCT data showed on Thursday. This compares with 5.94 million shipped during the same month last year.
Following the 53-hole first phase drilling program completion by Delta Mining Consolidated Ltd (DMC) on its 3,445 hectare Southern block of the 9,548 hectare Limpopo Coal Project, an indicated coal resource of 136 million gross tons in situ has been announced.
Research and Markets: Production and Investment Forecasts in the Namibian Mining Industry: Uranium Set to Overtake Diamonds as Namibia's Largest Foreign Currency Earner
Research and Markets (http://www.researchandmarkets.com/research/5cb789/production_and_inv) has announced the addition of Frost & Sullivan's new report "Production and Investment Forecasts in the Namibian Mining Industry" to their offering. This research
The Economic Times reports Botswana is the world’s biggest rough diamond producer by value in 2010. According to statistics release by the Kimberley Process, a UN certified scheme, despite Russia producing more rough diamonds in 2010 at 34 million carats worth around $2.38 billion, Botswana’s 22 million carats mined in 2010 were worth around $2.59 billion — $210 million dollars more than Russia.
Australian mining explorer Cape Lambert Resources is seeking to list its Marampa iron ore project in Sierra Leone by the end of 2011 to raise as much as $500 million, as Chinese backing for the larger Tonkolili development nearby supports its plans.
Essar plans to spend up to USD 4 billion in constructing a steel plant to process iron ore from Zimbabwe's Mwanesi resource within the next five years.
According to a new report by Research & Markets high uranium prices, paralleled by growing global demand for energy, will result in Namibia doubling its uranium production to approximately 12,000 tonnes by 2015 from the 5,300 tonnes the country produced in 2009. Namibia's extensive uranium deposits, coupled with the expansion of existing mines, will result in the country's uranium production increasing sharply in the short to medium term.
JSE-listed Northam Platinum said on Friday that the six-week strike in the first half its 2011 financial year would result in lower earnings.
Reuters reported that Australia's Albidon Limited has cut its 2011 nickel concentrate output forecast by 21% at Zambia's Munali mine due to lower than projected ore production and quality.
A wage agreement between De Beers Consolidated Mines and the National Union of Mineworkers (NUM) has been signed, the diamond producer said on Thursday.
AngloGold Ashanti Ltd. (ANG), which owns the world’s deepest mine, will within two years trial new mining methods in South Africa to access almost $118 billion worth of gold lying more than three miles underground as it expects gold prices to keep rising from this year’s record. The world’s third-largest gold producer wants to gain access to an estimated 70 million ounces of gold more than 3.1 miles below the surface to extend the lives of its South African mines. The metal is worth $117.6 billion at current prices.
AngloGold Ashanti reported record quarterly profits on Thursday of $342 million, up a whopping 68%, boosted by the precious metal's longest winning streak in almost a century. The world’s third-largest gold miner cut production guidance by over 4% and said it expected its cash costs to rise as much as $80/oz however. The Johannesburg-based company's CEO said the gold market is entering "a perfect storm" and that gold could “easily” break through $1,700 an ounce. December gold reversed its record setting pace by midday on Thursday to trade at $1,661.70 after touching $1,684.90 in early trade.
Up 103% since the start of the year stock in Allana Potash Corp, advancing a project in Ethiopia was trading steady on Thursday after the company announced it had intersected strong potash mineralization in an area not previously drilled at its 160 square km Dallol project in Ethopia. Listed on the TSX-Venture exchange Allana's East Africa project has the backing of the World Bank and most the latest announcement comes on the heels of a string of discoveries at its land position in Dalol, part of the Danakil Depression (pictured).
Canada's Sono Resources Inc announced on Tuesday that the final $100,000 cash payment for the year has been made and that Sono will now issue the vendors 6,500,000 common shares from treasury thus finalizing its purchase of 95 percent of the issued and outstanding shares of Bonnyridge (Pty) Ltd., which is the legal and beneficial owner of three mineral license blocks located in Northwestern Botswana.