News

Mining giant Xstrata says it will invest $1.47bn in developing a southern Peru copper mine, a move aimed at extending the life of its existing operations in the region.

Aquarius Platinum has suspended production at its Marikana mine following the death of five miners contracted through Murray & Roberts.

Gold has fallen further below $1 200/oz in Europe, extending the previous session's losses, as a report that China will not make gold a major part of its portfolio undermined sentiment.

Analysts reckon that news China would not add significantly to its gold reserves had been absorbed and that the correction in the gold price was almost out of the system.

DiamondCorp has reported an increase in the size of the geophysical target at one of the prospecting areas making up its Jwaneng South Project in Botswana.

Zimbabwe's finance minister says a blockade on diamond exports is effectively 'punishing the people of Zimbabwe', and that it should be dropped.

A union at Impala Platinum says it will stick to its 15% pay rise demand in mediation talks next week but wants a quick end to the dispute.

The Simmers board has opted not to go for a planned rights issue and will instead raise funds required to pay back a R220m loan through a sale of notes as well as cash flow.

Xstrata, the biggest exporter of power-station coal, has resumed work on a A$6bn mine after Australia reduced a planned resource profits tax, says Bloomberg News.

Both Homeland Energy and South African Coal Mining Holdings are being rescued financially by their new, controlling Indian shareholders.