Frik Els , Editor

Fly-in, fly-out ‘coal girls’ find rich pickings in Australia’s remote mining towns

The CourierMail reports fly-in, fly-out "working girls" travelling from as far away as New Zealand to the remote mining regions of Queensland and Western Australia are making as much as $2,000 a day from mine labourers who have lots of cash but are deprived of female company for weeks on end. Fifo prostitution is just the latest concern for rural communities in the country's mineral-rich states who are becoming increasingly unhappy about mining firms like BHP that set up self-contained mining towns cut off from locals or let miners fly in and out without ever investing in existing communities.

Frik Els | November 7, 2011 | 8:35 pm

Anglo American mining information technology overhaul in De Beers takeover

ComputerWorld reports Anglo American has said optimising its procurement, asset management, knowledge systems and shared services will be vital in making the most from its $5.1 billion takeover of De Beers, announced on Friday.

Frik Els | November 7, 2011 | 7:56 pm

Majors amassing $144 billion in M&A cash… start buffing up your gold projects

The cash at the world's top six mining companies is estimated to top out at $144 billion by end 2013 and M&A activity this year is already up 67% over 2010. The gold sector has been leading the frenzy and the stock market is where they will be looking to find additional ounces.

Frik Els | November 4, 2011 | 11:20 pm

Sino Vanadium execs give minorities a 180% premium as farewell present

Top management and eight shareholders who control 73.9% of the outstanding shares of TSX-Venture listed Sino Vanadium on Friday announced that they are taking the tiny firm private. The company first listed in June 2009. The share tripled on Friday to 21c and 108,200 shares changed hands compared to the usual 1,000. The company is offering 27c to shareholders who turn in their shares over the next month, so some investors appear to be cashing in early. Sino Vanadium owns 100% of a project in China's Shaanxi Province in the feasibility stage which it says could produce 14% of world vanadium supply.

Frik Els | November 4, 2011 | 5:10 pm

South Africa’s mines minister finds the nationalization horse bolted

South Africa's mineral resources minister Susan Shabangu is on a road show in Australia and the UK to quell fears of mine seizures and drum up new investment for the country. So far few are suspending their disbelief over nationalization.

Frik Els | November 3, 2011 | 9:24 pm

De Beers ups new South Africa mine investment to $1.9 billion

BusinessDay reports De Beers has no intention of reducing its interests in South Africa and will up planned investment in its new Venetia underground mine by more than $600 million to $1.9 billion. The Venetia expansion comes after the company this week signed a new $2 billion multi-currency credit facility and the sale of its disused SA mines. De Beers Consolidated Mines delisted from the Johannesburg Stock Exchange in May of 2001 after more than a hundred years on the South Africa bourse when the Oppenheimer family took the firm private.

Frik Els | November 3, 2011 | 8:43 pm

Letšeng rocks on: one rough worth more than $1 million, 10 bigger than 10.8ct per week

Gem Diamonds' Letšeng mine continued to polish its reputation as the world's richest source of large diamonds, the London-listed company reported in a management statement covering July to October. 15 diamonds were found that were sold for more than $1 million and 50 roughs fetched prices greater than $20,000/ct;  one fancy pink went for $156,000 /ct.  Letšeng also recovered 171 diamonds greater than 10.8 ct in size. Excluding the 550ct Letšeng Star sold for $16.5 million last month, the mine averages sales of $2,425/ct. No wonder then that the board will meet this month on a feasibility study expanding capacity 75%.

Frik Els | November 3, 2011 | 7:43 pm

Newmont’s Conga set to become Peru flashpoint as region vows massive protest

Reuters reports leaders in Peru's Cajamarca region demanded on Wednesday that Newmont Mining and partner Buenaventura abandon their $4.8 billion Conga project after talks with the central government broke down. The president of Cajamarca said massive protests will be held next week. In October, Newmont was forced to briefly shut down adjacent Yanacocha, South America's largest gold mine over the protests. Conga would be the biggest investment ever in Peru mining and is a crucial test for the country's new president Ollanta Humala, who campaigned on ending conflicts over natural resources.

Frik Els | November 3, 2011 | 5:55 pm

More bad news for iron ore, coking coal prices: world’s largest steelmaker profits halve, sees worse ahead

ZeeNews report the world's largest steel-maker ArcelorMittal on Thursday reported a dip of over 51% in net income to $659 million for the quarter ended September 30, 2011, due to rising raw material costs and a fall in demand. The Indian giant also said it will face increasing pricing and volume pressures in the final quarter and is idling production as a result – it has mothballed eight furnaces in Europe and permanently retired another just over the last two months. Arcelor's gloomy outlook prompted one analyst to observe: "We're in a very dark market environment right now."

Frik Els | November 3, 2011 | 4:58 pm

Arcelor in South Africa suffers a meltdown

Equipment failure that put a huge dent in production and which is now the subject of a $140 million insurance claim, higher input costs as a result of increased electricity charges, and three fatalities and a pricing dispute with a unit of Anglo American were the main reasons given for a headline loss of $58 million for the quarter.

Frik Els | November 3, 2011 | 4:00 pm

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