Sherilee Bridge

Gold Fields, the world’s fourth-largest gold producer, on Friday confirmed that the illegal strike at its Beatrix mine near Welkom in the Free State had been called off.

By Staff Reporter

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/ 30 May 2008

Eskom tariff decision quietly postponed

The National Energy Regulator of South Africa has quietly postponed its final decision on Eskom’s application for a 53% tariff hike to June 18. By Thursday the regulator had not yet posted notice of the change in its decision date on its website, despite the conclusion of this week’s public hearings into the proposed tariff increases.

By Sherilee Bridge

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/ 27 May 2008

Mitsubishi mulls Pebble Bed investment

Japanese engineering and heavy machinery maker Mitsubishi Heavy Industries is reportedly considering a ¥10-billion (R746,5-million) investment in South Africa’s Pebble Bed Modular Reactor (PBMR). The investment would buy the Japanese company a stake of about 10% in PBMR.

By Sherilee Bridge

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/ 16 May 2008

Sasol shareholders okay R25,9bn BEE deal

Petrochemicals giant Sasol on Friday said its shareholders had approved its planned R25,9-billion black economic empowerment (BEE) transaction. The world’s largest producer of oil from coal announced its intention to conclude a broad-based BEE ownership transaction in respect of 10% of its issued share capital in September last year.

By Sherilee Bridge

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/ 6 May 2008

Replacing petrol pumps to take ‘several months’

The South African Petroleum Industry Association said the replacement of older petrol pumps, which are unable to reflect a price of more than R9,99, would take several months. Roughly 18Â 500 petrol pumps, or about 30% of all South Africa’s pumps, need to be replaced. These pumps do not have digital readings.

By Sherilee Bridge

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/ 17 April 2008

Uranium deal to net Harmony R1,9bn

Harmony Gold Mining will receive a foreign-capital injection equivalent to R1,9-billion once all the conditions precedent in the $420-million transaction with the Pamodzi Resources Fund have been fulfilled, Harmony CEO Graham Briggs said on Thursday. A new uranium player, Rand Uranium, will be established.

By Staff Reporter

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/ 28 March 2008

SACP threatens mass action over Eskom price hikes

The South African Communist Party (SACP) on Friday threatened to "take to the streets" in protest against South African power utility Eskom’s proposed electricity hikes. "We will announce in due course a rolling mass-action programme to stop this neo-liberal attack on the quality of life of South Africans," the SACP said in a statement.

By Sherilee Bridge

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/ 27 March 2008

Standard Bank loses $1,2bn Zambian oil-import deal

Zambia has ended negotiations with Standard Bank, Africa’s largest bank by assets, to finance a $1,2-billion (R9,7-billion) oil-import deal after the two parties failed to reach agreement. Talks between the Zambian government and Stanbic Bank Zambia, a unit of Standard Bank, were initially expected to be concluded by mid-January.

By Sherilee Bridge

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/ 17 March 2008

Gold, oil continue to climb on dollar slump

Gold added $24,95, or 2,49%, to trade at $1 025,05 by 1.30pm on Monday — this after rising more than 3% to a record $1 032,60 a troy ounce in overnight trade. Oil prices have also rallied in response to the dollar’s weakness overnight with Nymex crude setting a fresh all-time high of $111,80.

By Staff Reporter

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/ 6 March 2008

SA mines to get 5% more power to stem job losses

The South African government has moved to stem the haemorrhaging of jobs in the mining industry by allowing mines to increase their power consumption to 95% of normal usage. Minister of Energy and Minerals Buyelwa Sonjica was cited in various media reports on Thursday as saying that mines would be allowed to up their power use by 5%.

By Sherilee Bridge

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/ 5 March 2008

Govt’s power plan for mines expected on Friday

The South African government will on Friday announce whether power supply can be increased to mines while maintaining the stability of the system. The review of consumption comes in the wake of last week’s surprise announcement that the sector would lose thousands of jobs due to the power crisis.

By Staff Reporter

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/ 29 February 2008

Minister: Job cuts at mines unavoidable

South African Minister of Minerals and Energy Buyelwa Sonjica has confirmed that job losses at mines are unavoidable, the South African Broadcasting Corporation reported on Friday. Sonjica said this became apparent at Thursday’s meeting with labour unions and the Chamber of Mines, but she would not disclose the number of job losses that will take place.

By Staff Reporter

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/ 11 February 2008

Platinum price tops $1 900 on supply worries

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.

By Sherilee Bridge

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/ 5 February 2008

Permanent solutions to energy crisis being sought

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.

By Sherilee Bridge

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/ 31 January 2008

Gold Fields may close shafts due to power crisis

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.

By Sherilee Bridge

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/ 22 January 2008

Eskom pulls plug on SA’s neighbours

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.

By Sherilee Bridge

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/ 22 January 2008

Eskom: SA should expect steeper prices

Embattled South African power utility Eskom warned on Tuesday that current electricity prices were unsustainable and South Africans should expect steeper price increases in the near future. Eskom’s statement comes as the country faces a crisis in the wake of national power cuts.

By Staff Reporter

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/ 10 January 2008

De Beers to pay $295m in price-fixing settlement

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.

By Sherilee Bridge

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/ 19 December 2007

Gold to end higher for seventh year running

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 â€“- its highest level since 1980.

By Sherilee Bridge

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/ 12 December 2007

Xstrata confirms talks on industry consolidation

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.

By Sherilee Bridge

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/ 11 December 2007

SA gold production costs among world’s highest

South Africa’s gold production costs are among the highest in the world, the South African Reserve Bank said in its December <i>Quarterly Bulletin</i> released on Tuesday. Continued increases in input costs had an adverse affect on gold mining in the third quarter of 2007.

By Sherilee Bridge

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/ 11 December 2007

Rio pressures BHP to ‘put up or shut up’

Rio Tinto, the world’s third-largest resources group, has played its trump card in its battle to maintain its independence in the wake of BHP Billiton’s hard-sold merger proposal by calling on the United Kindom’s Takeover Panel to set a deadline for a formal offer.

By Sherilee Bridge

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/ 10 December 2007

De Beers’s R1bn sale of mine moves forward

De Beers Consolidated Mines’s R1-billion sale of its Cullinan diamond mine in Pretoria to the Petra Diamonds Cullinan Consortium has taken an important step forward with Monday’s announcement that the Department of Minerals and Energy has agreed to convert the old-order mining right held by De Beers into a new-order mining right.

By Sherilee Bridge

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/ 3 December 2007

China closes in on SA as world’s top gold producer

Emerging global superpower China may snatch South Africa’s crown as the world’s top gold producer this year. South Africa has thus far managed to hold on to the crown, but China, which has established itself as the world’s second-largest gold producer after seven years of continued growth, now looks set to overtake South Africa in the production stakes.

By Sherilee Bridge

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/ 22 November 2007

Petra acquires Cullinan from De Beers for R1bn

De Beers Consolidated Mines, the South African arm of diamond giant De Beers, on Thursday said it had agreed to sell the Cullinan Diamond Mine as a going concern to the Petra Diamonds Cullinan Consortium for a consideration of R1-billion payable in cash.

By Sherilee Bridge

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/ 12 November 2007

BHP Billiton not giving up on Rio Tinto

The world’s biggest resources group, BHP Billiton, on Monday piled pressure on Rio Tinto to take another look at its proposed $153-billion all-scrip merger by pitching the benefits of the merger to analysts and shareholders. Marius Kloppers, CEO of BHP Billiton, said the combination would unlock value that is otherwise unavailable.

By Sherilee Bridge

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/ 6 November 2007

‘People not knowingly sent into mines to die’

The mining industry does not knowingly and willingly send people into mines to die, Chamber of Mines outgoing president Lazarus Zim said on Tuesday. Speaking at the chamber’s annual general meeting, Zim said the mining sector shares concerns about the escalating accident and fatality rate at South African mines.

By Sherilee Bridge

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/ 26 October 2007

Tata may dig into SA mining industry

Indian conglomerate Tata may soon make a foray into South Africa’s lucrative mining industry, a report in India’s <i>Economic Times</i> claimed on Thursday. The report said the group could team up with one of South Africa’s established mining companies instead of going it alone.

By Sherilee Bridge

Older posts

No point in advertising to Facebook’s 350m users

Zim withdraws controversial mining Bill

De Beers cuts workforce by 4 700 this year

Lonmin suspends all opencast operations

Gold Fields says strike ends, all workers safe

Eskom tariff decision quietly postponed

Mitsubishi mulls Pebble Bed investment

Sasol shareholders okay R25,9bn BEE deal

Replacing petrol pumps to take ‘several months’

Uranium deal to net Harmony R1,9bn

SACP threatens mass action over Eskom price hikes

Standard Bank loses $1,2bn Zambian oil-import deal

Gold, oil continue to climb on dollar slump

SA mines to get 5% more power to stem job losses

Govt’s power plan for mines expected on Friday

Minister: Job cuts at mines unavoidable

Platinum price tops $1 900 on supply worries

Permanent solutions to energy crisis being sought

Gold Fields may close shafts due to power crisis

Eskom pulls plug on SA’s neighbours

Eskom: SA should expect steeper prices

De Beers to pay $295m in price-fixing settlement

Gold to end higher for seventh year running

Xstrata confirms talks on industry consolidation

SA gold production costs among world’s highest

Rio pressures BHP to ‘put up or shut up’

De Beers’s R1bn sale of mine moves forward

China closes in on SA as world’s top gold producer

BHP Billiton not giving up on Rio Tinto

‘People not knowingly sent into mines to die’

Tata may dig into SA mining industry

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