S Africa's mines table fresh offer in bid to avert strike
Johannesburg, July 24 (I - et Bridge) - South Africa's Chamber of
Mines said on Tuesday evening its members had made revised proposals to
the National Union of Mineworkers (NUM) in a bid to avert a strike at the
country's gold and coal mines, which could include up to 175,000 workers.
( Story .19223 )
S Africa's DRD June qtr gold output 260,483 oz (250,130 oz)
Johannesburg, July 24 (I - et Bridge) - South Africa's Durban
Roodepoort Deep Limited (DRD) Tuesday announced a 4% increase in gold
production to 260,483 ounces for the quarter ended June 30, compared to
250,130 ounces. In addition, cash costs slipped 2% to $228/oz versus
$239/oz in the March quarter.
More importantly, the group rebounded to post headline earnings of
$700,000 in the latest review period from a $8 million loss last time.
( Story .12879 )
FULL: Crown Resources to buy Newmont unit gold deposit stake
Toronto, July 24 (BridgeNews) - Crown Resources Corp. said Tuesday
that it signed an agreement with Battle Mountain Gold Company, a wholly
owned subsidiary of Newmont Mining Corp., to earn a 54% participating
interest in the Crown Jewel gold deposit. Crown is now the manager of the
project and will retain its 100% interest in the 1.4 million-ounce gold
deposit. --Kelly Callaghan, BridgeNews ( Story .18253 )
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OF INTEREST:
Ghana to review contract with Continental Goldfields
Accra, July 23 (BridgeNews) - The government of Ghana will review its
divestiture contract with Continental Goldfields Limited (CGL) to prevent
the mine from closure. This is because the Company has failed to live by
the terms of the contract under which CGL was expected to sustain its
mining activity and engage in viable business ventures to benefit the
people of Dunkwa and Offin.
( Story .19782 )
S African mining union, Chamber of Mines locked in talks
Johannesburg, July 24 (I - et Bridge) - The National Union of
Mineworkers (NUM) and the Chamber of Mines remained locked in talks late
on Tuesday in an effort to avert a national strike in the gold and
coal-mining sectors. The South African Press Association (Sapa) reports
that the two parties hope to reach an agreement on wage increases, annual
leave, meal intervals and medical issues.
( Story .18604 )
FOCUS: S Africa's DRD licks its lips over Tolukuma prospects
Johannesburg, July 24 (I - et Bridge) - South African gold producer
Durban Roodepoort Deep Ltd (DRD) posted a much-needed turnaround in the
quarter ended June 30 Tuesday, with the prospect of more to come after the
discovery of significant further deposits at its Tolukuma mine in Papua
New Guinea. While analysts may be divided over the sustainability of the
group's performance, the group also gave further details of an expansion
program at the Blyvooruitzicht mine southwest of Johannesburg.
( Story .18439 )
Navan: Sale of Bulgarian Krumovgard gold deposit not ruled out
London, July 24 (BridgeNews) - U.K. base and precious metals miner
Navan Mining PLC has not ruled out selling a stake in, or the complete
rights to, its Bulgarian Krumovgard gold deposit, Chris Neal, company
finance director, said Tuesday. The company has previously described the
deposit as "world class" and rg recently raised funds for further
exploration of the resource, but observers believe the company will
require outside help to bring the deposit to full production.
( Story .18293 )
Canada's TD Bank sees gold prices to rise to $320/oz by 2004
Toronto, July 24 (BridgeNews) - Economists at TD Bank Financial Group,
Canada's second-largest bank, said in a report Tuesday that it expects the
price of gold to trend modestly higher in the coming years. The bank
predicts that the price of gold should recover to US$290 an ounce by the
end of 2002 and should rise beyond that to $320 an ounce by 2004.
( Story .15225 )
FULL: Canada's Kinross Gold wins approval for Pentland deal
Toronto, July 24 (BridgeNews) - Canada's Kinross Gold Corp. said late
Monday that it received all necessary regulatory and shareholder approvals
for its deal with Pentland Firth Ventures Ltd. Under the deal, Kinross
would cancel all debt owed to it by Pentland in return for 8.5 million
Pentland shares issued for C10 cents each and the sale to Kinross of
Pentland mineral and exploration rights. Upon closing, Kinross will own
16.4% of the outstanding shares of Pentland. --Kelly Callaghan, BridgeNews
( Story .14611 )
S African miners vote on strike action, results expected Tuesday
Johannesburg, July 23 (I - et Bridge) - Up to 175,000 South African
miners affiliated to the National Union of Mineworkers (NUM) Monday began
voting on strike action at the country's gold and coal mines, following a
deadlock with management over wages and annual leave. Results of the
ballot are expected on Tuesday, when the NUM can issue a 48-hour strike
notice that could cripple the two industries and cost the country billions
of rand.
( Story .12520 ) |
