The African National Congress Youth League President hopes to gain 60% of the Anglo American mining company in South Africa. Julius Malema said that what Anglo American did with the other 40% was their own business at a gala dinner on Friday in Nelspruit. He also responded to the query about nationalization of mines in the nation by saying that it would happen in his lifetime.
A decision of a South African court to allow miners suffering from lung disease to sue their employers may spell millions of dollars in damages to the mining industry. A recent ruling of the Supreme Court ordered a mining firm in Johannesburg to pay compensation to the family of a dead miner. This overturns a law which prohibited mine workers with lung diseases from claiming compensation.
De Beers has spent $43.4 million in 2010 exploring for diamonds. The company, of which Anglo American owns 45%, produces more than one third of the world’s rough diamonds is looking for new resources to expand output and replace old mines. It had spent $44.8 million on exploration purposes in 2009.
Australia is near the top of the global mining merger and acquisition deals that took place last year as per a PricewaterhouseCoopers report. It is second only to Canada in the number of transactions that it made in the mining industry as a number of Australian firms tried to benefit from the surging minerals market.
Vaaldiam Mining Inc. (TSX:VAA) has reported that it has entered into an agreement to increase its interest in the joint venture company which holds the Braúna kimberlite diamond property, in Bahia State, Brazil, from 20% to 51%.
Peregrine Diamonds Ltd. (TSX:PGD) has reported new microdiamond results confirming a coarse diamond size distribution in previously untested portions of the CH-1 kimberlite located on the 8,580 square kilometre Chidliak project on Baffin Island, Nunavut, Canada.
In the next financial year Australia will earn $251 billion from commodity exports as per the forecasts from the federal government. With the mining boom looking good for another decade and the prices for farm goods like wheat, cotton and sugar rising the export earnings for the country will most likely rise by 9% compared to the last financial year.
The Jericho diamond mine in Nunavut will soon see an investment of $4.6 million as per new owners Shear Diamonds Ltd. The mine was bought by them from Tahera Diamond Corp and Benachee Resources Inc. last summer.
The South African ban on new mining permits may last longer than the originally planned six months. The Department of Mineral Resources had put a moratorium on new prospecting rights applications to deal with the existing applications and sort out current disputes.
Diamcor Mining Inc. (TSXV: DMI) has announced that further to its release on December 14, 2010, the parties to the transaction have received confirmation the registration of the cession documents for Krone and Endora have been completed with the Department of Mineral and Petroleum Titles Registration Office of the South African Department of Mineral Resources.
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