News article received, Thursday, July 08, 1999 12:27:34 PM EST
Briefly Noted
JUL 8, 1999, M2 Communications - Durban Roodepoort Deep (DRD), the gold producer and ERPM, a gold mine, have held negotiations over a rescue package. The package was said to make the transfer of surface gold reserves from ERPM to DRD possible. (Reuters, 1 July 1999)
The lapsing of a conditional offer made by East Daggafontein Mines to the shareholders of Venil Limited has been announced. Two of the conditions regarding the original offer were not met and the offer therefore lapsed. The statement was announced by Robert Fleming South Africa Limited. (Johannesburg Stock Exchange, 30 June 1999)
The first delivery of rough diamonds from the Republic of Congo to Los Angeles has been made. The batch was said to contain diamonds of more than 1,000 carats. (Canadian Corporate News, 28 June 1999)
Ashanti Goldfields and Spinifex GOLD NL have made a farm-in deal which covers the Buckreef and Kitongo projects, two of Spinflex's properties in Tanzania. (ABIX - Australasian Business Intelligence, 28 June 1999; the Australian, 28 June 1999; Melbourne AGE, 28 June 1999)
Results from further diamond drills at the Hwini-Butre Concession in Ghana have been announced by St. Jude Resources Ltd. the results show that there is a continued strike extension of a near surface ore and there is also a developing potential for an open-pit mine. (Canadian Corporate News, 26 June 1999)
The South African Development Community (SADC) has called for the 14 member states to develop a common mining strategy as mining is essential to the economy of the member states. (Xinhua news agency, 25 June 1999)
The District Council of Mwinilunga, Zimbabwe has said that it hopes that mineral searches in the area are successful since, according to the council, this is the only way to change the area and bring in some investment. (Middle East Intelligence Survey, 24 June 1999)
Delta Gold NL, an Australian mining company, has recently said it would cut its expenses in Zimbabwe and has predicted a general fall in exploration. The cuts are to be made due to poor performance of the mines with a background of the hard market conditions. (Australian Associated Press, 23 June 1999; The Canberra Times, 24 June 1999; Reuters, 23 June 1999)
The Tanzania government has reduced its stake in the Bulyanhulu gold project from 15% to 5% according to Barrick Gold. Barrick said that the government signed the amendment to the agreement due to changes in the country's mining tax structure. (Platt Commodity News, 23 June 1999)
Xstrata AG, a Swiss ferro-chrome and vanadium producer, has said it is to raise the production of ferro-vanadium at its South African operations from 950,000 kg to 1.2m Kg. (Reuters, 23 June 1999)
African Mining Monitor includes paraphrased and abstracted material with the source, which is deemed to be reliable and duly identified. AMM is unable to provide full-text copies of these original documents.
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