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13/11/09

China strengthens African bond

China has made a bold move to improve its reputation for exploiting African resources by pledging US$10 billion in loans and aid to the continent Full story...


New life for Botswana's AK6

De Beers has sold its 71% interest in the AK6 kimberlite to Lucara Diamond Corp for US$49 million, freeing the project up for rapid development following a period of little activity Full story...


Brazilian blackout hits Vale

Nearly 60 million people in Brazil were plunged into darkness for up to four hours on November 10 after severe storms caused several high-voltage transformers to short circuit Full story...


Comment

Chris Hinde

Production and Markets

Barrick eyes higher gold and copper production, divestment of nickel

Barrick Gold Corp will increase its exposure to base-metals markets, with chief executive Aaron Regent saying about 30% of the company’s revenue will eventually stem from copper production Full story...

Global recovery fragile, gold will increase

The global economy will periodically falter on its path to recovery but conditions are right for further increases in the gold price, according to Russell Jones, global head of fixed-income and currency research at RBC Capital Markets Full story...

Puno interdict turned down

Puno Investment (Pty) Ltd has had an urgent interdict against Central Rand Gold Ltd, dismissed by the South Gauteng High Court, South Africa. Full story...

African Consolidated will fight for title

African Consolidated Resources plc (ACR) said it will fight to regain its title to the Marange diamond deposit in Zimbabwe after the government signed a joint venture with New Reclamation Group Ltd Full story...

Dundee denied Chelopech EIA by Bulgarian court

The Bulgarian Supreme Administrative Court has revoked the Environmental Impact Assessment (EIA) for the construction of a metals processing facility at Dundee Precious Metals Inc’s Chelopech mine Full story...

Recovery progresses at Olympic Dam

Repair work at the Olympic Dam mine is well advanced, BHP Billiton has announced, with work scheduled to commence inside the damaged Clark Shaft in the next few weeks Full story...

Brazilian blackout hits Vale

Nearly 60 million people in Brazil were plunged into darkness for up to four hours on November 10 after severe storms caused several high-voltage transformers to short circuit Full story...

Noventa's Sharper Focus

Four months after the abrupt dismissal of its former chairman, Noventa Ltd has announced that its operating head­quarters is moving from Johannesburg to Maputo, Mozambique capital Full story...
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Exploration & Development

Joanna prefeasibility designs 110,000oz/y mine

Aurizon Mines Ltd has commissioned a feasibility study for development of its Joanna gold mine on the Cadillac fault in the Abitibi gold belt of northwestern Quebec Full story...

Trafigura backs Tiger's Kipoi

Tiger Resources Ltd has agreed a conditional deal to secure funds for its Kipoi copper project in the Democratic Republic of the Congo, in a US$33.9 million plan with Trafigura Beheer BV that confers offtake rights on the latter Full story...

Rover 1 assays

Westgold Resources Ltd reports the intersection of a broad zone of strong mineralisation at its polymetallic Rover 1 property in Australia's Northern Territory. Full story...

New Cerro Moro zone

Exeter Resource Corp has discovered a new zone of gold-silver mineralisation at its Cerro Moro property in Santa Cruz, Argentina. Full story...

IGE to take Rönnbäcken to prefeasibility

An independent preliminary economic assessment for development of International Gold Exploration AB’s Rönnbäcken nickel-cobalt sulphide project in Sweden has convinced the firm to undertake a prefeasibility study Full story...

Randgold heads for Gounkoto prefeasibility

Randgold Resources Ltd will complete a prefeasibility study for development of its 80%-owned Gounkoto gold project in Mali, following a scoping study that that "comfortably" satisfied the company's targets Full story...

Second DRC deal for Rio/BRC DiamondCore

BRC Diamondcore Ltd has signed a letter of intent for a second diamond exploration joint venture with Rio Tinto in the Democratic Republic of the Congo Full story...

Ivanhoe's NI 43-101 Merlin estimate

TSX-listed Ivanhoe Australia Ltd, 89.2%-owned by Ivanhoe Mines Ltd, has received an initial NI 43-101-compliant resource estimate for its Merlin molybdenum-rhenium deposit in Queensland Full story...

George's Reward assays

Northern Mining Ltd (NML) reports that a joint drilling programme with Southern Gold Ltd (SGL) on NML’s joint venture Blair North property has intersected gold mineralisation at the George’s Reward prospect Full story...

Elena results

Final assays results from Fortress Minerals Corp’s drilling programme at its Svetloye gold property in Russia have returned mineralisation from surface at the Elena prospect Full story...

Manchuria assays

Patagonia Gold plc’s infill drilling programme at La Manchuria gold-silver property in Argentina has intersected what the company described as “bonanza” grades Full story...

Barbara extended

Syndicated Metals Ltd has received drilling results that it said extended mineralisation at its Barbara South copper-gold property in Queensland Full story...

PNG: Activity Update

Overall mineral-sector activity in Papua New Guinea has proved resilient, with significant progress at all of the major projects, despite some junior companies having found the going tough, especially when it comes to raising new funding Full story...

Third Doolgunna zone

Sandfire Resources NL has confirmed the discovery of a third zone of copper-gold mineralisation at its Doolgunna property in Western Australia Full story...

Fruta resumption

Kinross Gold Corp will shortly restart exploration of the Fruta del Norte gold deposit in Ecuador Full story...
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Finance

China strengthens African bond

China has made a bold move to improve its reputation for exploiting African resources by pledging US$10 billion in loans and aid to the continent Full story...

New life for Botswana's AK6

De Beers has sold its 71% interest in the AK6 kimberlite to Lucara Diamond Corp for US$49 million, freeing the project up for rapid development following a period of little activity Full story...

Beny Steinmetz Group invests in Gabriel Resources

Gabriel Resources Ltd says it has sold 30 million shares and warrants to BSG Capital Markets, part of the Beny Steinmetz Group (BSG), raising C$67.5 million (US$64.4 million) Full story...

Sundance raises A$85m for Cameroon iron ore

Sundance Resources Ltd has raised A$85 million (US$79 million) through international institutions to complete a feasibility study on its iron-ore project in Cameroon and for other corporate activities Full story...

Serabi raises funds

 Full story...

DRDGold attempts to save Blyvoor

DRDGold Ltd has been granted a judicial management order over its struggling Blyvooruitzicht mine in South Africa in a bid to save the 67-year-old operation from insolvency Full story...

Polaris bidding continues

Mineral Resources Ltd, the original bidder for Australia’s Polaris Metals NL, has made another offer for the company, at a higher value than the latest cash bid from Lion-Asia Resources Ltd Full story...

Franco royalty

Franco-Nevada Corp, a gold-focused royalty company, has agreed to purchase a 2% net smelter royalty in Newmont Mining Corp’s Ahafo property in Ghana from Moydow Mines International Inc Full story...

DiamondCore debt

BRC DiamondCore Ltd has reached a debt settlement with creditors whereby the company will issue a total of 43 million shares to settle a total of C$8.6 million (US$8.2 million) in debt Full story...

Perseus raising

Perseus Mining Ltd has completed a private placement to raise C$34 million (US$32.5 million) Full story...

Mariana raising

Mariana Resources Ltd plans to raise £2.6 million (US$4.3 million) through a placement of shares Full story...

Nullagine off-take and funding boost

BC Iron Ltd has secured $US50 million in funding and the first off-take deal for its Nullagine iron-ore joint venture in Western Australia Full story...

Exeter equity

Exeter Resources Corp has entered into an agreement for a proposed public offering of 8.5 million shares at a price of C$5.85/share (US$5.59/share) to raise a total of C$50 million Full story...
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Fifth Column

Drama Continues

The furore over corporate upheavals at Anglo American Corp and Impala Platinum had scarcely begun to fade away before two more dramas involving top level executives began to enthral the South African mining industry. Full story...
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Reports

Thailand yet to fulfil potential

This Southeast Asian nation has a lot of mining potential, but political instability has hampered progress. Large-scale gold exploration may spur more activity Full story...

Potash: boom to bust

The global economic crisis has had a massive impact on the fertiliser industry Full story...

Clearer Impairment

Surprising as it might seem, there has been a lively debate this week on the role of auditors, and the circumstances under which asset impairment is required Full story...

Phosphates: markets still difficult

The global financial crisis has played an integral role in the lack of market activity Full story...
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Focus

Missed Exploration Opportunities

The financial return on a new mine is particularly important given the current uncertainties in financial markets. In the early stages of many projects, a large proportion of the capital expenditure is drilling related. This includes direct costs paid to drilling contractors and the indirect cost of related field services. The latter are required to support the drilling crews and project teams who are responsible for handling and interpreting the samples and results obtained during drilling. Full story...
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People and Appointments

CoAL management renewal

Simon Farrell, managing director of Coal of Africa Ltd, and the company’s finance director, Blair Sergeant, have reached an agreement, in principle, to renew their existing employment arrangements Full story...

Hampton joins Anglo board

Sir Philip Hampton has joined the board of Anglo American plc as a non-executive director Full story...

Titanium Resources COO

Mark Button has joined Titanium Resources Group Ltd (TRG) as chief operating officer Full story...

Bibby named as Oceana CEO

OceanaGold Corp has appointed Paul Bibby as its new chief executive officer Full story...

Burston joins Carrick board

Ian Burston has joined the board of Carrick Gold Ltd as non-exec director Full story...
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Journal Team Diary

Mining company damages Great Wall

A Chinese gold-mining company has been accused of damaging a section of the Great Wall, a UNESCO World Heritage Site Full story...
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Issue: 13/11/09
MJ 13/11/09
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