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Minmetals confident amid DRC election chaos, extends Anvil takeover offer again

Anvil Mining, a copper producer in the Democratic Republic of Congo, announced Wednesday China's Minmetals Resources has extended its $1.3 billion takeover offer for the second time, to January 11 next year. The extension comes as violence and allegations of vote rigging mar the DRC presidential election, for which full results is now only expected later this week. Anvil is also undergoing an audit of its leases with the DRC's state-owned Gecamines.

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Gold Fields CEO says not averse to M&A to ramp up to 5 million ounces

BusinessLive reports Gold Fields, the world's fourth largest gold producer, is not averse to merger and acquisition activity but will not rely on it, said CEO Nick Holland on Monday. The company, which continues to target five million ounces in development or production by 2015, has spent the last two years aggressively growing its production.

Global Witness leaves ‘diamond laundering’ Kimberley Process, calls Zimbabwe decision an outrage

The human rights organization – co-nominated for the 2003 Nobel Peace Prize for its work on conflict diamonds – said the decision to allow diamonds from Zimbabwe's rich Marange fields means the money that flows from there ends up in the pockets of the Robert Mugabe-aligned military's top brass who could use it to organize support to intimidate the opposition in the run-up to elections. Hundreds were killed and thousands of local miners were driven off claims when the Zimbabwe army seized control of the Marange area in 2008.

Platinum producers sign far-reaching wage pacts

Lonmin joined AngloPlat and Implats, this week signing a far-reaching two year wage pact ensuring a steady supply from Southern Africa where 75% of platinum is produced. The price of platinum has crashed from $1,915/oz in August as PGMs come under pressure due to sagging demand from the automobile sector which is slashing use of the precious metals to cut costs. And miners reducing supply to up prices is unlikely say analysts.

Profit-sharing plan at South African mine changing workers lives

As workers in South America and Indonesia strike for better wages and to receive more of a share of mineral wealth wrought by rising copper prices, a mine in South Africa is handing over cash to its employees. The Financial Post reports on Kumba Iron Ore's employee share ownership scheme, whereby workers who have been at the mine more than five years can earn a lump sum of 345,000 rand (about US$43,000).