Washington – (Reuters, Pedro Nicolaci da Costa) The global economy is on edge – and that’s without the US « fiscal cliff. » Among rich nations, the US outlook remains the least troublesome. But given a recession in the eurozone and a recent contraction in Japan, that’s not saying a lot.
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Expert laments state of SA mining
Johannesburg (By: Mzwandile Jacks – Fin24) – South Africa’s resource sector continued to de-rate because of the risk associated with the mining sector, according to a Cape Town-based fund manager. Johnny Lambridis, a fund manager at Element Asset Management, said this had been driven by the miners’ strikes that have engulfed the sector in recent months.
Gold Fields takes $1.5bn demerger loans
London (Reuters, 2012-12-03) – Barclays, Credit Suisse and JP Morgan have underwritten a $1.5bn financing package to back Gold Fields’ demerger of two gold mines and refinance existing Gold Fields [JSE:GFI] debt, bankers said on Monday. The three banks have opened a $900m loan to participation by other banks and will hold the remaining $600m as a bridge loan to a planned bond issue, the bankers said.
First Quantum Minerals Provides Update on Kansanshi and Enterprise Mineral Resource and Reserve Estimates
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 4, 2012) – First Quantum Minerals Ltd. (« First Quantum » or the « Company ») (TSX:FM)(LSE:FQM) is pleased to provide the following update on the Kansanshi and Enterprise mineral resource and reserve estimates in Zambia. Highlights: Kansanshi, Zambia
IMF halts Congo loan over mining contract concerns
Dec 3 (Reuters) – The IMF has halted $240 million in planned loans to Democratic Republic of Congo for failing to publish mining contracts as requested, the IMF’s representative in Congo said on Monday. President Joseph Kabila, grappling with a costly war in the eastern borderlands, had sought to woo investors with promises to tackle rampant corruption.
IMF halts Congo loan over mining contract concerns
IMF considering DR Congo Request to extend Loan Program by 6 months (Bloomberg)
Sata tells army to deal with separatists in the west after declaring plans to create a state called Barotseland in March 2013 (News24)
Monitoring of Zimbabwe diamonds lifted
Marange – Zimbabwe rough diamonds Washington (SAPA) – A UN-mandated global watchdog on Friday agreed to end year-long monitoring controls on Zimbabwe’s diamond trade, after it found the government had allayed concerns over its Marange mines.
Rio Tinto to axe $7bn in costs; sell more assets
Like its peers, Rio Tinto has been cutting costs, reviewing other projects and closing coal mines in Australia due to depressed commodity prices, high costs and the strong Australian dollar. MELBOURNE/SYDNEY, 29 Nov 2012 (Reuters) – Rio Tinto aims to axe $7 billion in costs over the next two years and sell more assets to cushion against weaker commodity prices, while at the same time beefing up output in its lucrative iron ore business.