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/ 11 February 2008
Platinum cleared the $1 900-an-ounce mark on Monday for the first time in its history as concerns of further supply disruptions due to power shortages continued to plague the market. The precious white metal gained $27 to trade at $1 917,50 an ounce by 1.45pm after hitting $1 890 in late after-market trade on Friday.
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/ 5 February 2008
Permanent solutions to South Africa’s energy crisis are being sought, Minerals and Energy Minister Buyelwa Sonjica said on Tuesday. "I concede that this situation impacts negatively on planned output of the country’s mining operations," Sonjica said at a mining indaba.
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/ 31 January 2008
In a surprise move, South African electricity utility Eskom has withdrawn its authorisation for the mining industry to increase its electricity use from 80% to 90% on Thursday. News of the decision came from Gold Fields, the world’s fourth-largest gold producer, which informed the media in a statement.
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/ 31 January 2008
Gold Fields, the world’s fourth-largest gold producer, on Thursday warned that it may be forced to close shafts and restructure as a result of Eskom’s request that the mining industry reduce its power use by 10%. Gold Fields CEO Ian Cockerill warned that the power shortages in South Africa would affect production in the March quarter.
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/ 28 January 2008
South Africa’s mining industry could lose up to R9,2-billion in revenue and the country’s GDP could take a knock of up to R5,6-billion as a result of the power restrictions imposed on mines by Eskom last week. T-Sec economist Mike Schussler estimates that the mining industry is losing about R330-million in revenues a day.
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/ 22 January 2008
South Africa’s neighbours are feeling the pinch of Eskom’s problems as they are plunged into darkness and face power failures of their own. Namibia, Zambia and Zimbabwe have all reported power failures and their governments have had to move quickly to clarify the reliability of future power supplies.
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/ 10 January 2008
Diamond giant De Beers, which is 45% owned by global resources giant Anglo American, is to pay a $295-million class-action settlement after it was accused of fixing diamond prices and monopolising the United States diamond market. However, De Beers has not acknowledged that it violated the law or did anything wrong.
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/ 20 December 2007
Electricity parastatal Eskom has failed to secure permission to hike annual tariffs by 18% after the National Energy Regulator (Nersa) on Thursday ruled that it may only implement a price increase of 14,2%. Nersa said that the rule changes applied for by Eskom in April had been declined.
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/ 19 December 2007
Gold is on course to close 2007 at least $100 higher, setting the yellow metal up for its seventh consecutive year of gains in 2008. An ounce of gold cost $629,80 at the start of 2007 and was trading close to $800 an ounce by mid-December after touching $841,10 in November –- its highest level since 1980.
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/ 12 December 2007
Xstrata, which has coal and alloy operations in South Africa, on Wednesday confirmed reports that it was in discussions with other mining companies. Shares in the resources group have risen sharply over the past few days on suggestions that Anglo American and Brazilian giant Vale were considering bids.