[img:Cyril14_0.jpg|Cyril Ramaphosa
‒ reviewing his
business interests. ]Johannesburg, South Africa --- 20 December 2012 - South African business icon Cyril Ramaphosa says he is to review his interests in business ‒ a development that may see the former unionist surrender his executive duties at Shanduka Group, the company he formed in 2001.

The announcement of the review comes a day after Ramaphosa was appointed deputy president of the African National Congress (ANC), Miningmx reports. “As a consequence of my election to the position of ANC deputy president at the ANC’s 53rd National Conference in Mangaung, I have initiated a review of my interests in business,” he said in a statement.

[img:Lonmin14_0.jpg|The Lonmin mine
near Rustenburg
in South Africa. ]London, England --- 20 December 2012 - Platinum miner Lonmin has used the bulk of its US$817 million rights issue raised earlier this month to repay its US$700 million bank debt, the company said in an announcement.

Miningmx reports that it also cancelled a US$300 million term loan under these facilities, denominated in US dollars, which left the company with access to US$400 million in revolving credit facilities that it would draw upon when required. The amended US$400 million revolving credit facilities became effective on December 19, the company stated.

[img:De%20Beers12_0.JPG|De Beers CEO,
Philippe Mellier. ]Johannesburg, South Africa --- 19 December 2012 - Diamond mining giant De Beers expects to produce about 27Mcts in 2013, says Bloomberg News citing company CEO, Philippe Mellier, who said that constrained supply would provide a platform for price growth.

Diamond prices are headed for their first annual price drop in four years, equal to a 16% decline year-on-year. They had increased 20% a year for each of the last three years, Bloomberg News reports.

[img:More12_0.jpg|Barrick’s Lumwana copper
mine ‒ one of Zambia’s
larger mines facing
the prospect of paying
three times as much
tax in the future.]Lusaka, Zambia --- 19 December 2012 - Mining companies such as Glencore International plc and Vedanta Resources plc will pay three times more tax in Zambia than they did in 2010 once they finish expansion projects in the country, says, the Chamber of Mines.

[img:Chamber12_0.jpg|Chamber of Mines
CEO Bheki Sibiya.]Johannesburg, South Africa ---18 December 2012 - The embattled mining sector will close marginal shafts and shed tens of thousands of jobs if delegates to the African National Congress’s elective conference in Mangaung decide to impose higher taxes on it.

BDlive reports that this warning came from Chamber of Mines CEO Bheki Sibiya, as the conference started talks prior to finalising decisions on policies that the government will then take on board.

[img:Kumba12_0.jpg|Kumba’s Kolomela
iron ore mine
in the Northern Cape.]Johannesburg, South Africa --- 18 December 2012 - Diversified mining giant Anglo American's listed subsidiary, Kumba Iron Ore, has agreed a new one-year supply deal with ArcelorMittal South Africa (Amsa) in which it will sell a maximum of 4.8Mt of iron ore to the steelmaker.

Miningmx reports that the weighted average price of the iron ore was US$65/t in a deal that replaces a previous interim supply agreement due to expire at the year-end.

[img:Mimosa12_0.jpg|Platinum ore being
deposited on a stockpile
at Mimosa mine
in Zimbabwe.]London, England --- 18 December 2012 - Aquarius Platinum has agreed to the sale of 51% of the 211,000ozpa Mimosa mine for US $550 million, a transaction that sees the JSE and UK-listed firm comply with Zimbabwe's indigenisation laws.

Miningmx reports that the transaction structure allows for 51% in Mimosa Investment Holdings, a 50:50 joint venture with Impala Platinum, to be sold to a combination of government, a local community, and mine employees.

[img:Kibo%20-%20Pic%201_3.jpg|Kibo CEO
Louis Coetzee]Cape Town, South Africa ---14 December 2012 - Irish-registered Kibo Mining plc  plans to develop a coal mine in south-western Tanzania that is expected to feed a proposed power plant with the capacity to generate as much as 350 megawatts (MW) of power.   

Revealing this here in a telephone interview with Bloomberg News, Kibo CEO Louis Coetzee said that plans to step up exploration at the Rukwa deposit, 70km north of Mbeya city, and to build a power- generation facility, could take as long as two years after the government granted approval.

“A major Asian conglomerate has signed a memorandum of understanding to fund, construct and operate the plant,” Coetzee said. He declined to identify the company until negotiations to convert the deal into a formal joint venture were complete.

“Our responsibility is to deliver a minimum amount of coal and theirs is the plant,” Coetzee said.

“Subject to regulatory approval, we could have production in 36 to 48 months. The entire project at the Rukwa field, which holds an indicated 109Mt of resources, will require investment of US$550 to US$650 million,” he estimated.
 
Galway, Ireland-based Kibo acquired the Rukwa acreage when it took over Canadian company Mzuri Energy Limited in September, alongside South Africa’s Mayborn Resource Investments Limited, which transferred its coal and uranium concessions to the explorer.

Tanzania vies with Mali as Africa’s third-largest gold producer and it is home to the world’s only known deposit of tanzanite, a gemstone previously only found in a small strip at the foot of Mount Kilimanjaro, Africa’s tallest peak.

Kibo, which also has interests in gold and nickel projects in Tanzania, plans to spend US$11.3 million over the next two years on early-stage development, Coetzee said. Its plans also include searching for gold in Morogoro and around Lake Victoria, and nickel exploration at Haneti in eastern Tanzania. Brazil-based Votorantim Group and Kibo are considering a partnership at Haneti, he said.

[img:Harebottle%20-%20Pic%201.thumbnail.jpg|One of the series
of lavish Easter eggs
created by Fabergé
for the Russian
Imperial family]London, England --- 14 December 2012 - UK-listed precious gems miner Gemfields says jewellery retailers have expressed an interest in buying an equity stake in the business, following its takeover last month of the renowned Fabergé ‒ a brand synonymous with the distinctive balance of opulence and beauty.  

Revealing this development here, Bloomberg News cited Gemfields CEO Ian Harebottle as saying: “I’m talking industry champions, national champions and significant global institutions who suddenly realise this is fantastic.”

However, Harebottle said Gemfields was under no pressure to sell shares, as there was no need for cash given some US$36.7 million it had in the bank.

“It would have to add strategic value to the continued growth of the business,” for Gemfields to consider selling an equity stake, he said. “The company isn’t in any talks regarding that,” Harebottle added.

Gemfields, which mines emeralds in southern Africa, plans to double its production of the green gems to 4Mcts over the next five years, he revealed.   

The company wishes to use Fabergé to promote coloured gems and increase demand for the stones it mines, growing their market share in the jewellery industry.

A shareholder meeting on the takeover of Fabergé is scheduled for 7 January.

[img:Centamin%20bd_0.jpg| ]London, England --- 13 December 2012 - Due to a lack of diesel and a short-fall in working capital in Egypt for the local operations, Centamin plc has been compelled to suspend operations at its Sukari mine ‒ the only producing gold mine in Egypt ‒ and to place the mine on care and maintenance until these issues are satisfactorily resolved.
 
Centamin explains in a statement issued here that it has received an illegal retrospective claim from Egyptian General Petroleum Corporation (EGPC) for US$65 million for diesel fuel supplied from December 2009 until January 2012.  Furthermore, EGPC has refused to authorise future supply of diesel to the Sukari gold mine until this amount is paid. The company, with the support of the Egyptian Mineral Resources Authority (EMRA), has been seeking to have the fuel supplies re-instated. Discussions are on-going but fuel supplies have reached critical levels.
 
In addition, following its market update of 26 November, Centamin wishes to advise that, having obtained all necessary permissions from the EMRA in line with normal procedures, it commenced the process of gold exports. However, during this process an unforeseen and arbitrary request from customs officials for prior approval by the minister of finance halted the shipment.  This approval has been urgently sought but has not yet been forthcoming.
 
Centamin gives the assurance that it will take vigorous action to defend its rights to continue the extraction and export of gold from the Sukari mine, to obtain fuel supplies and to challenge the illegal retrospective claim from EGPC.

[img:Gemfields%20pur_0.jpg|Good example of a
Montepuez diamond]London, England --- 13 December 2012 - British gemstone miner Gemfields has reached a provisional agreement to buy a majority stake in a ruby mine next to its own mine in Montepuez, in the Cabo Delgado province of Mozambique.     

Macauhub News Agency reports that in terms of the agreement a new company will be set up in which AIM-listed Gemfields will own 75% after payment of US$1.75 million. The seller, EME Investimentos, will own the remaining 25%.

The future company will have an exploration licence, with an option to buy 75% of a second licence. The two licences will cover areas of 18,400 and 14,900 hectares respectively.

Gemfields will have to pay the agreed amount in two instalments, the first within 14 days of signing the final contract, and an additional payment in the same amount if the company decides to exercise its option to buy the second mining licence.

Gemfields chairman Ian Harebottle said that the initial results on samples collected at the project next to the Montepuez mine were, “very encouraging,” and added that he was sure that the company would continue to invest and expand in Mozambique.

Rubies are the second-hardest gemstones after diamonds and are used essentially to manufacture jewellery. It is thought that Montepuez may have the world’s largest ruby deposit.

[img:Jobs%201_0.jpg|Unemployed miners
demonstrating in
South Africa earlier
this year]Pretoria, South Africa --- 13 December 2012 - The beleaguered South African mining sector shed 15,000 jobs in the third quarter of 2012, reflecting the extent to which the slowdown in global demand for commodities, coupled with disruptive wildcat strikes, had on the industry.   

BDlive reports that a Statistics South Africa jobs survey released here said the job losses in mining do not bode well for South Africa’s already high unemployment rate of 25.5%.

Although most of the violent mining sector strikes happened in August, their effects are still being felt. This is evident in various economic data, the latest being the 7.7% decline in mining production in October compared with that month last year.

Sectors with close links to mining also took a strain. Manufacturing, electricity, gas and water supply, and the construction industries did not add or reduce jobs in the third quarter, compared with the second.

Statistics SA’s QES survey shows that gross earnings paid to employees during the quarter amounted to R369.9 billion, reflecting a quarterly rise of R17.4 billion compared with the June quarter. Salary increases were the most likely reason for the strong jump in gross earnings paid to employees during the September quarter.

[img:Diamonds%20-%20Pic%201_0.jpg|Rockwell Diamonds
CEO James
Campbell]Johannesburg, South Africa --- 13 December 2012 - Strikes, operational complexities, and a slower-than-anticipated recovery in the price of small diamonds have combined to force Rockwell Diamonds to place its 700 carat-per-month Tirisano mine near Ventersdorp on care and maintenance.

Announcing this here, Rockwell Diamonds CEO James Campbell said a study would weigh up a 'fit for purpose' plant suited to local conditions when the mine reopened. This would be the second mine that Rockwell Diamonds had 'restructured' in the last three months.

In October, the company said it was outsourcing mining of its 800cpm Klipdam alluvial diamond mine to a contractor. The sale of Klipdam's yellow machinery would ameliorate its high cost base.

Campbell told Miningmx in a telephonic interview that shifting to outsourcing mining at the company's other operations was worth considering, as the improvement in recoveries at Klipdam had been "a revelation".

Placing Tirisano on care and maintenance was not quite a company-saving initiative, but with cash burn still at R3 million per month (following a reduction in costs in the first half of the year when cash burn had totalled R7m/month), Campbell said it had become unsustainable.

“I wish I had moved earlier than this,” said Campbell, who added that financing of the company's project pipeline would be unaffected by Tirisano's losses.

“We have a new project, Saxendrift Hill, which has been funded out of working capital and is 90% funded,” he said. He declined to disclose Rockwell Diamonds' cash position, but said there was no need to approach the capital markets for project finance.

Some 90 employees would be retrenched at Tirisano, although efforts would be made to redeploy workers at operations elsewhere within the company.

Campbell said Tirisano had been affected last week by a second unprotected strike in the last four months which related to wage demands. This was despite the fact the mine was loss-making, he said.

“Rockwell is committed to providing jobs in areas that are impacted by high unemployment rates and we are disappointed that these decisions will result in inevitable job losses at the mine,” said Campbell in a statement to the JSE.

[img:Asia%20h_0.jpg|Pouring gold into
a mould at Rand
Refinery to produce
gold bars]Shanghai, China --- 12 December 2011 - The world’s biggest gold refiner, South Africa’s Rand Refinery, is considering setting up a refining plant in China within two to three years, joining hands with a local partner on its first such plant abroad.    

BDlive reports that Rand Refinery is targeting Asia ‒ home to the world’s top two gold consumers, China and India ‒ as a key region for future development. It expects to complete a sampling and assaying facility in Singapore by the end of the year.

“During the past year, we have identified one or two possible opportunities to partner for a potential initial refinery footprint in China,” Rand Refinery chief strategy officer Peter Bouwer said on the sidelines of a conference here.

The lack of high-purity gold refining capacity in China posed an opportunity for the company, Bouwer added.

“China already has huge refining capacity, both in a handful of large-scale refiners listed with the LBMA (the international trade association that represents the wholesale market for gold and silver), and a huge number of small-or micro-scale refiners,” he said.

“The challenge facing especially the smaller refineries is the technology and experience to produce high-purity gold,” Bouwer explained.

High-purity gold is keenly sought for use in jewellery, which accounted for two-thirds of China’s gold demand in the first nine months of this year.

China is the world’s largest gold producer.

Rand Refinery’s China refinery would rely on locally sourced scrap and dore, an unrefined alloy of gold with variable quantities of silver and smaller amounts of base metals, Bouwer said.

Rand Refinery, the biggest supplier of bullion to China, is likely to ship about 100t of gold kilo bars into the country this year, similar to last year, the company’s chief executive said last month.

China’s consumer gold demand stood at 576.9t in the first three quarters of the year, down slightly from 580.3t in the same period last year, the World Gold Council revealed.

Bouwer expects China’s gold demand to improve as the country’s economy recovers. “I really have confidence in China’s ability to recover," he said.

[img:jan24%20coal_0.JPG| ]New Delhi, India --- 12 December 2012 - Coal India Africana Limitada ‒ a subsidiary of Indian state group Coal India ‒ has drilled four test holes in Mozambique and found coal in all of them, a group official said cited by Indian newspaper the Economic Times.

Macauhub News Agency quotes the official as saying that the samples would now be analysed in order to assess the quality of the coal found, and added that exploration and production would be carried out in stages, starting precisely in the areas where coal had been found.

According to the newspaper, the official also said that production in Mozambique was expected to begin in 2016, which would provide the group with more coal with which to honour the contracts it has signed with power production companies in India.

The Coal India group recently awarded an exploration contract in Mozambique to Tribeni Minerals Mozambique Private Limited, where it plans to invest US$80 million to explore the 205sq km of the concession, which is estimated to have reserves of 1 billion tons of coal.

Coal India Africana Limitada was founded in Mozambique in August 2009 after Coal India acquired two coal concessions in Tete province with a five-year exploration and development licence.