Off The Wires

Shares in Rockwell Diamonds surged as much as 70% this week as investors responded enthusiastically to the firm's large diamond finds.

Guinea has put the rights to the Simandou iron ore prospect, formerly owned by BSG Resources and Vale, out to tender with ArcelorMittal and Glencore interested.

A 30% decline in the oil price and the weakening of currencies against the US dollar, which was forcing the gold price down, offered some relief to gold firms.

Kinross said it had taken $750m out of its capital plans, and would not decide on the expansion of its Mauritania mine until 2015 amid a swift decline in the gold price.

Guy Scott, acting leader of the Patriotic Front, said the election of justice minister, Edgar Lungu as the party's presidential candidate was illegal.

The 12,69% increase in the electricity tariff allowed to Eskom would be followed by other increases, development economists have said.

Anglo American CEO, Mark Cutifani, said he wasn't 'anti' a takeover approach - a statement that sent shares in the firm higher by nearly 3%.

Blade Nzimande, leader of the South African Communist Party, has accused mining companies of trying to fragment Cosatu by aligning with rival union groups.

DRDGOLD is to spend R23m expanding its Ergo gold retreatment plant by 300,000 tonnes per month to 2.1 million tonnes/month

Gold production in the September quarter for DRDGold would be between 5% to 7% higher, the company has said.