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Mining Precious Metals Minerals South Africa

The Mining of Precious Metals and Minerals in South Africa 2020

Alex Conradie | South Africa | 01 June 2020

The Mining of Precious Metals and Minerals in South Africa 2018

Alex Conradie | South Africa | 13 August 2018

The Mining of Precious Metals and Minerals in South Africa 2017

Alex Conradie | South Africa | 01 November 2017

The Mining of Precious Metals and Minerals in South Africa 2016

Alex Conradie | South Africa | 23 May 2016

The Mining of Precious Metals and Minerals in South Africa 2015

Alex Conradie | South Africa | 03 December 2015

The Mining of Precious Metals and Minerals in South Africa 2015

Lionel Williams | South Africa | 16 March 2015

The Mining of Precious Metals and Minerals in South Africa 2014

Martin Rothschild | South Africa | 23 June 2014

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Report Coverage

This report focuses on the Mining of Precious Metals and Minerals: Gold and Uranium, Platinum and Diamonds, and includes comprehensive information on production, exports, costs, commodity prices and other influencing factors, as well as corporate actions and regulatory and other developments in the sector. There are profiles of 35 companies including major gold producers such as AngloGold Ashanti, Sibanye-Stillwater, Harmony and Gold Fields, platinum-group metal players such as Anglo American Platinum, Impala, Northam, Mmakau and Royal Bafokeng and diamond miners Petra Diamonds and De Beers.

Introduction

According to data released by the Department of Mineral Resources and Energy (DMRE), local and export sales of gold, platinum and diamonds amounted to R139.4bn in 2019, while the Minerals Council South Africa said 275,371 people were employed by these sectors in that year. The most important challenges facing producers of gold, uranium, platinum and diamonds are disruptions to the supply of, and markets for, these commodities due to coronavirus; the increasing cost of electricity, water and labour in particular; and electricity supply problems.

Strengths

• Some of the largest gold producing companies are well-established in South Africa.
• South Africa holds more than 90% of the world’s PGM reserves.
• South Africa is the world’s largest producer of platinum.
• South Africa was the world’s fourth-largest producer of diamonds in terms of value in 2018.
• The country has a long history of gold mining.
• The Witwatersrand Basin is the gold deposit with the largest reserves in the world.
• The world’s largest platinum producing companies are well established in South Africa.

Weaknesses

• Ageing infrastructure of gold and platinum mines.
• Continued declines in productivity due to increased travelling times for workers to reach work areas, and high temperatures and humidity levels in gold and platinum mines.
• Declining gold grades.
• Shortage of skills in certain disciplines.
• The increasing depth of gold and platinum mines, making extraction more dangerous and expensive.

Opportunities

• Gold producers are investing in R&D and innovation to extend the life of the sector.
• Increasing rand gold and platinum prices.
• Some closed gold mines can still be profitably operated on a smaller scale.

Threats

• Disruptions to supply and demand, and higher operating costs caused by Covid-19.
• Electricity supply problems.
• Illegal mining and gold raids.
• Increasing costs, of electricity, water and labour in particular, pose a threat to the profitability and sustainability of the gold, platinum and diamond mining sectors.
• The increasing contribution of recycling to platinum supply, thus decreasing demand for the extracted metal.

Outlook

Gold The World Bank expects the average gold price for 2020 will be US$1,600/oz, while Tom Palmer, CEO of Newmont Mining, believes gold prices will remain between US$1,500/oz and US$1,750/oz over the next five years, due to higher demand. He said: “The level of stimulus globally that’s going into the economy certainly underpins higher gold prices for the longer term, and I don’t think that stimulus has stopped yet.” The World Gold Council expects gold supply for 2020 to be lower year-on-year due to disruptions caused by coronavirus. Platinum Arnold van Graan, precious metals analyst at Nedbank Securities, expects South Africa’s platinum and gold production to decrease by between 10% and 15% in 2020, due to the national lockdown and problems at Amplats’ converter plant. Demand for platinum is forecast to decrease due to the impact of coronavirus on vehicle production and platinum jewellery sales. The World Bank forecasts the average platinum price for 2020 will be US$940/oz. Diamonds Production cuts announced by producers will reduce global rough diamond supply by around 12% in 2020. Demand for rough diamonds is forecast to decrease due to the impact of coronavirus on diamond jewellery sales. According to diamond industry analyst Paul Zimnisky, rough diamond price levels will be determined by the size of supply cuts as a result of lockdowns and strategic supply reductions by large producers, and by the impact of the economic downturn on demand.

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The Mining of Precious Metals and Minerals in South Africa 2020

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R 1 900.00(ZAR) estimated $99.43 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 69.60 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 2
2.2. Geographic Position 6
3. SIZE OF THE INDUSTRY 8
4. STATE OF THE INDUSTRY 10
4.1. Local 10
4.1.1. Gold 10
4.1.2. Uranium 13
4.1.3. Platinum 13
4.1.4. Diamonds 15
4.1.5. Trade 16
4.1.6. Corporate Actions 17
4.1.7. Regulations 19
4.1.8. Enterprise Development and Social Economic Development 24
4.2. Continental 25
4.2.1. Gold 25
4.2.2. Uranium 26
4.2.3. Platinum 26
4.2.4. Diamonds 26
4.3. International 27
4.3.1. Gold 27
4.3.2. Uranium 30
4.3.3. Platinum 33
4.3.4. Diamonds 36
5. INFLUENCING FACTORS 39
5.1. Coronavirus 39
5.2. Economic Environment 41
5.3. Electricity Supply and Prices 42
5.4. Labour 42
5.5. Mine Safety 47
5.6. Illegal Mining and Raids 47
5.7. Technology, Research and Development (R&D) and Innovation 48
5.8. Environmental Concerns 50
5.9. Platinum Recycling 51
5.10. Community Protests 51
6. COMPETITION 52
6.1. Barriers to Entry 53
7. SWOT ANALYSIS 54
8. OUTLOOK 55
9. INDUSTRY ASSOCIATIONS 55
10. REFERENCES 56
10.1. Publications 56
10.2. Websites 57
APPENDIX 1 - SUMMARY OF NOTABLE PLAYERS 58
Mining of Gold & Uranium 58
Mining of Platinum 61
Mining of Diamonds 66
COMPANY PROFILES – MINING OF GOLD AND URANIUM 68
ANGLOGOLD ASHANTI LTD 68
BLYVOOR GOLD (PTY) LTD 74
DRDGOLD LTD 75
GOLD FIELDS LTD 79
HARMONY GOLD MINING COMPANY LTD 84
ORION MINERALS LTD 90
PAN AFRICAN RESOURCES PLC 94
PENINSULA ENERGY LTD 98
SIBANYE STILLWATER LTD 101
STIBIUM MINING SOUTH AFRICA (PTY) LTD 106
THETA GOLD MINES LTD 108
VILLAGE MAIN REEF (PTY) LTD 111
WHITE RIVERS EXPLORATION (PTY) LTD 114
COMPANY PROFILES – MINING OF PLATINUM 117
AFRICAN RAINBOW MINERALS LTD 117
ANGLO AMERICAN PLATINUM LTD 123
ATLATSA RESOURCES CORPORATION 127
IMPALA PLATINUM HOLDINGS LTD 129
IVANHOE MINES LTD 134
MMAKAU MINING (PTY) LTD 137
NORTHAM PLATINUM LTD 139
ORION MINERALS LTD 144
PLATINUM GROUP METALS (RSA) (PTY) LTD 148
PLATMIN SOUTH AFRICA (PTY) LTD 150
ROYAL BAFOKENG PLATINUM LTD 152
SIBANYE STILLWATER LTD 155
SIYANDA RESOURCES (PTY) LTD 160
SYLVANIA PLATINUM LTD 163
VILLAGE MAIN REEF (PTY) LTD 166
WESIZWE PLATINUM LTD 169
WINDSOR SA (PTY) LTD 172
COMPANY PROFILES – MINING OF DIAMONDS 174
ALEXKOR SOC LTD 174
DE BEERS CONSOLIDATED MINES (PTY) LTD 177
DMI MINERALS SOUTH AFRICA (PTY) LTD 180
FRONTIER DIAMONDS LTD 182
KAREEVLEI MINING (PTY) LTD 184
PETRA DIAMONDS LTD 185
SOUTHSTONE MINERALS LTD 188
TRANS HEX GROEP LTD 191

Report Coverage

This report deals with the mining of precious metals and minerals in South Africa including uranium as a by-product of gold mining, the report describes current conditions, including uncertainty in the regulatory environment, and discusses factors influencing the success of the industry. The report profiles 42 companies including De Beers Consolidated Mines and Trans Hex which recorded output increases of 23.8% and 59.5% respectively.

Introduction

This report deals with the mining of precious metals and minerals in South Africa, and since uranium is produced as a by-product of gold mining, the mining of uranium is included. According to the Mine SA 2017 report of the Minerals Council South Africa (MCSA) (formerly the Chamber of Mines) local and export sales of gold, platinum-group metals (PGMs) and diamonds amounted to R178.1bn during 2017, while 306,197 people were employed by these sectors. The most important issues facing producers of gold, uranium, platinum and diamonds are policy and regulatory uncertainty, low commodity prices, operational challenges, such as ageing infrastructure, and rapidly escalating production costs.

Strengths

• De Beers, one of the dominant global diamond producers, is well-established in South Africa.
• Gold producers are investing a great deal in innovation and skills training in order to better understand the ore bodies and how to mine them.
• Some of the largest gold producing companies are well established in South Africa.
• South Africa holds more than 90% of the world’s PGM reserves.
• South Africa is the world’s largest producer of platinum.
• South Africa was the world’s fourth largest producer of diamonds in terms of value in 2016.
• South Africa was the world’s seventh largest gold producer during 2017.
• The country has a long history of gold mining.
• The local gold mining sector is a global leader in deep-level gold mining.
• The Witwatersrand Basin is the gold deposit with the largest reserves in the world.
• The world’s largest platinum producing companies are we

Weaknesses

• Ageing infrastructure of gold and platinum mines.
• Continued declines in productivity due to increased travelling times for workers to reach work areas, and high temperatures and humidity levels in gold and platinum mines.
• Declining gold grades.
• Demand for platinum is heavily reliant on the automotive sector, which is largely determined by economic conditions.
• High fatality rate due to dangerous working conditions in gold mines.
• Inadequate protection for mineworkers in the past has led to a class action lawsuit by employees suffering from silicosis.
• Shortage of skills in certain disciplines.
• The diamond mining industry derives practically all its revenue from consumers’ demand for diamond jewellery, which is heavily reliant on global economic growth.
• The increasing depth of gold and platinum mines, making extraction more dangerous and expensive.

Opportunities

• De Beers believes new diamond deposits can still be found in South Africa.
• The gold and platinum mining sectors are making steady progress in developing technology to mine safer and deeper, thereby extending the lives of the sectors.

Threats

• Continuing uncertainty regarding South Africa’s mining regulatory framework.
• Decreasing rand commodity prices are a threat, especially to marginal mines.
• Drop in consumer confidence in diamond jewellery due to conflict diamonds and the fact that synthetic diamonds are being passed off as natural diamonds.
• High levels of above ground stocks of platinum.
• High levels of secondary sources of uranium.
• Impact of illegal mining.
• Implementation of a carbon tax, which will add to costs.
• Increasing costs, of electricity, water and labour in particular, pose a threat to the profitability and sustainability of the gold, platinum and diamond mining sectors.
• Increasing incidence of community protests.
• The increased use of palladium as a substitute for platinum in different applications.
• The increasing contribution of recycling to platinum supply, thus decreasing dem

Outlook

Gold, uranium, platinum and diamond prices are expected to increase over the short to medium term due to lower supply and higher demand. The price of gold is forecast to increase from an average of US$1,350/oz in 2018 to US$1,430/oz in 2023, while uranium spot prices are expected to increase from US$25/lb in the middle of 2018 to US$38/lb by 2023. Platinum prices are forecast to rise above US$1,000/oz in the second half of 2018, while a 17% cumulative increase in rough diamond prices from 2018 to 2021 is expected.

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The Mining of Precious Metals and Minerals in South Africa 2018

Full Report

R 1 900.00(ZAR) estimated $99.43 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 69.60 (USD)*

Historical Reports

The Mining of Precious Metals and Minerals in South Africa 2020-06-01

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

R 1 900.00(ZAR) estimated $99.43 (USD)*

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 2
2.2. Geographic Position 6
3. SIZE OF THE INDUSTRY 9
4. STATE OF THE INDUSTRY 21
4.1. Local 21
4.1.1. Gold 21
4.1.2. Uranium 24
4.1.3. Platinum 26
4.1.4. Diamonds 28
4.1.5. Corporate Actions 31
4.1.6. Regulations 36
4.1.7. Enterprise Development and Social Economic Development 41
4.2. Continental 42
4.2.1. Gold 42
4.2.2. Uranium 42
4.2.3. Platinum 43
4.2.4. Diamonds 43
4.3. International 44
4.3.1. Gold 44
4.3.2. Uranium 47
4.3.3. Platinum 49
4.3.4. Diamonds 52
5. INFLUENCING FACTORS 54
5.1. Economic Environment 54
5.2. Labour 55
5.3. Mine Safety 59
5.4. Illegal Mining 59
5.5. Technology, Research and Development (R&D) and Innovation 61
5.6. Environmental Concerns 63
5.7. Platinum Recycling 63
5.8. Community Protests 64
5.9. Synthetic Diamonds 65
6. COMPETITION 66
6.1. Barriers to Entry 67
7. SWOT ANALYSIS 68
8. OUTLOOK 69
9. INDUSTRY ASSOCIATIONS 70
10. REFERENCES 70
10.1. Publications 70
10.2. Websites 71
COMPANY PROFILES – MINING OF GOLD 73
ANGLOGOLD ASHANTI LTD 73
CENTRAL RAND GOLD LTD 79
DRDGOLD LTD 82
GOLD FIELDS LTD 86
HARMONY GOLD MINING COMPANY LTD 91
LONMIN PLC 97
OAKBAY RESOURCES AND ENERGY LTD 102
ORION MINERALS LTD 105
PAN AFRICAN RESOURCES PLC 109
PENINSULA ENERGY LTD 112
SIBANYE GOLD LTD 115
STIBIUM MINING SOUTH AFRICA (PTY) LTD 121
STONEWALL RESOURCES LTD 123
VILLAGE MAIN REEF (PTY) LTD 126
WHITE RIVERS EXPLORATION (PTY) LTD 129
COMPANY PROFILES – MINING OF PLATINUM 132
AFRICAN RAINBOW MINERALS LTD 132
ANGLO AMERICAN PLATINUM LTD 137
ATLATSA RESOURCES CORPORATION 141
GLENCORE OPERATIONS SOUTH AFRICA (PTY) LTD 144
IMPALA PLATINUM HOLDINGS LTD 148
IVANHOE MINES LTD 152
LONMIN PLC 155
MMAKAU MINING (PTY) LTD 160
NORTHAM PLATINUM LTD 162
ORION MINERALS LTD 166
PLATINUM GROUP METALS (RSA) (PTY) LTD 170
PLATMIN SOUTH AFRICA (PTY) LTD 172
ROYAL BAFOKENG PLATINUM LTD 174
SIBANYE GOLD LTD 177
SIYANDA RESOURCES (PTY) LTD 183
SYLVANIA PLATINUM LTD 186
WESIZWE PLATINUM LTD 189
WINDSOR PLATINUM INVESTMENTS (PTY) LTD 192
COMPANY PROFILES – MINING OF DIAMONDS 194
ALEXKOR SOC LTD 194
DE BEERS CONSOLIDATED MINES (PTY) LTD 197
DMI MINERALS SOUTH AFRICA (PTY) LTD 200
FRONTIER DIAMONDS LTD 202
KAREEVLEI MINING (PTY) LTD 204
PETRA DIAMONDS LTD 205
ROCKWELL DIAMONDS INC 208
TANGO MINING LTD 211
TRANS HEX GROEP LTD 214

Report Coverage

The Mining of Gold and Uranium describes current conditions, including the uncertainty that still exists in the regulatory environment, and discusses factors influencing the success of the industry. The report profiles 16 companies including Pan African Resources, which began the construction of the R1.74bn Elikhulu gold tailings project in Mpumalanga in September 2017. Also profiled is Sibanye-Stillwater, whose operations were negatively affected by a strike concerning illegal mining in June 2017, and which announced the retrenchment of 2,000 workers at its Cooke operations at the end of October 2017.

Introduction

This report deals with the South African gold and uranium mining sector, which is one of the largest components of the South African mining industry on the basis of employment and export earnings. During 2016, South Africa produced 165.6t of gold, which was 5.1% of the global total, and exported 103.7t worth R60.6bn. According to the Facts and Figures 2016 publication of the Chamber of Mines, 116,479 people were employed by the gold mining sector during 2016. As all the country’s uranium is produced as a by-product of gold mining, the performance of the uranium sector is closely linked to that of the gold mining sector, and 450.1t of triuranium octoxide (U3O8) was produced in 2016. The two most important issues facing the gold and uranium mining sector are policy and regulatory uncertainty, and operational challenges, such as ageing infrastructure, greater distances from the shaft to the face and declining gold grades.

Strengths

• Some of the largest gold-producing companies are well established in South Africa.
• South Africa was the world’s sixth-largest gold producer during 2016.
• The country has a long history of gold mining.
• The largest local gold producers are shareholders of Rand Refinery.
• The local gold mining sector is a global leader in deep-level gold mining.
• The Witwatersrand Basin is the gold deposit with the largest reserves in the world.

Weaknesses

• Ageing infrastructure of gold mines.
• Continued declines in productivity due to increased travelling times for workers to reach work areas in gold mines.
• Declining gold grades.
• High fatality rate due to dangerous working conditions in gold mines.
• Illegal mining is affecting revenue and employees’ safety.
• Inadequate protection for mineworkers in the past has led to a class action lawsuit by employees suffering from silicosis.
• Shortage of skills in certain disciplines.
• South Africa’s mining regulatory framework is complex and contains many uncertainties.
• The increasing depth of gold mines, making extraction more dangerous and expensive.

Opportunities

• Government’s proposed nuclear build programme could make several uranium projects economical.
• Led by AngloGold Ashanti, the gold mining sector is making steady progress in developing technology to mine safer and deeper, thereby extending the life of the sector.

Threats

• A drop in gold prices is a threat, especially to marginal mines, since gold mining companies are price takers.
• Continuing uncertainty regarding South Africa’s mining regulatory framework and the implementation of a Mining Charter that could make mining less profitable.
• Increasing costs of electricity and labour in particular, pose a threat to the profitability and sustainability of the gold mining sector.
• Low uranium prices, due to low demand caused by high inventories, and increasing supply.

Outlook

According to AngloGold Ashanti the current mining method used in South Africa’s deep-level gold mines is not the one that should take the sector into the future. If it continues to be pursued, gold mining will come to an end before the Witwatersrand Basin’s gold resources have all been extracted. In excess of 50,000t of gold have been mined already, only 6,000t are in the reserve category, and more than 34,000t stand to be left underground unless new mining technology is introduced. If the local gold mining sector succeeds in finding a viable new mining method, it would not only be able to extract all remaining pillars and go to ultra-depths, but also to reopen a large number of closed mines. If the South African government’s proposed nuclear build programme goes ahead, it is likely that the uranium required would be sourced locally. This could make several uranium projects economical that are currently not due to low uranium spot prices. According to the Resources and Energy Quarterly report uranium prices are expected to increase moderately over the medium-term from an average of US$22.90/lb in 2017, to US$25.20/lb in 2018, and US$29.00/lb in 2019. As far as the gold price is concerned, some analysts expect it to rise to US$1,400/oz in the next 12 months, and to reach a new record high in the medium-term.

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The Mining of Precious Metals and Minerals in South Africa 2017

Full Report

R 1 900.00(ZAR) estimated $99.43 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 69.60 (USD)*

Historical Reports

The Mining of Precious Metals and Minerals in South Africa 2020-06-01

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 2
2.2. Geographic Position 3
3. SIZE OF THE INDUSTRY 5
4. STATE OF THE INDUSTRY 11
4.1. Local 11
4.1.1. Uranium 17
4.1.2. Corporate Actions 19
4.1.3. Regulations 20
4.1.4. Enterprise Development and Social Economic Development 25
4.2. Continental 25
4.2.1. Gold 25
4.2.2. Uranium 27
4.3. International 27
4.3.1. Gold 27
4.3.2. Uranium 32
5. INFLUENCING FACTORS 34
5.1. Economic Environment 34
5.2. Labour 35
5.3. Mine Safety 38
5.4. Illegal Mining 39
5.5. Government’s Proposed Nuclear Build Programme 40
5.6. Technology, Research and Development (R&D) and Innovation 41
5.7. Environmental Concerns 43
6. COMPETITION 44
6.1. Barriers to Entry 45
7. SWOT ANALYSIS 45
8. OUTLOOK 46
9. INDUSTRY ASSOCIATIONS 47
10. REFERENCES 47
10.1. Publications 47
10.2. Websites 48
COMPANY PROFILES 49
ANGLOGOLD ASHANTI LTD 49
BIRRELL MINING (PTY) LTD 55
CENTRAL RAND GOLD LTD 57
DRDGOLD LTD 60
GOLD FIELDS LTD 64
GOLD ONE INTERNATIONAL (PTY) LTD 69
GOLIATH GOLD MINING LTD 71
HARMONY GOLD MINING COMPANY LTD 74
OAKBAY RESOURCES AND ENERGY LTD 79
ORION MINERALS NL 83
PAN AFRICAN RESOURCES PLC 87
PENINSULA ENERGY LTD 90
SIBANYE GOLD LTD 93
STONEWALL RESOURCES LTD 100
VILLAGE MAIN REEF (PTY) LTD 103
WHITE RIVERS EXPLORATION (PTY) LTD 106

Report Coverage

The Mining of Gold and Uranium describes the domestic sector, highlights current conditions, including the uncertainty that exists in the regulatory environment, and discusses factors influencing the success of the industry. The report profiles 14 role players including dominant companies AngloGold Ashanti, Sibanye Gold and Harmony Gold Mining Company that produce gold from several large mines in the Witwatersrand Basin. South Africa’s only uranium mine owned by Shiva Uranium, a subsidiary of Oakbay Resources and Energy is also profiled, as is Rand Uranium (Pty) Ltd, a subsidiary of Sibanye Gold and small entity, White Rivers Exploration (Pty) Ltd which has entered into an exploration joint venture with Harmony Gold.

Introduction

This report focuses on the mining of gold and uranium in South Africa. The gold mining sector is one of the largest components of the South African mining industry on the basis of employment and export earnings. During 2015, South Africa produced 167.5t of gold, which was 5.2% of the global total, and exported 118.1t worth R55.3bn. According to the latest available data, almost 119,000 people were employed by the gold mining sector during 2014. As the bulk of the country’s uranium is produced as a by-product of gold mining, the performance of the uranium mining sector is closely linked to that of the gold mining sector, and 447.3t of uranium was produced in 2015. Challenges faced by the gold mining sector include rapidly rising input costs, policy and regulatory uncertainty, and operational challenges, such as ageing infrastructure, greater distances from the shaft to the face, and declining gold grades.

Strengths

• Some of the largest gold-producing companies are well established in South Africa.
• South Africa was the world’s sixth-largest gold producer during 2015.
• The country has a long history of gold production.
• The Witwatersrand Basin is the gold deposit with the largest reserves in the world.

Weaknesses

• Ageing infrastructure of gold mines.
• Continued declines in productivity due to increased travelling times for workers to reach work areas in gold mines.
• Declining gold grades.
• High fatality rate due to dangerous working conditions in gold mines.
• Inadequate protection for mineworkers in the past has led to a class action lawsuit by employees suffering from silicosis and tuberculosis.
• Shortage of skills in certain disciplines.
• The increasing depth of gold mines, making extraction more dangerous and expensive.

Opportunities

• Government’s proposed nuclear build programme could make several uranium projects economical.
• Led by AngloGold Ashanti, the gold mining sector is making steady progress in developing technology to mine safer and deeper, thereby extending the life of the sector.

Threats

• A drop in gold prices is a threat, especially to marginal mines, since gold mining companies are price takers.
• Decreasing uranium prices, due to low demand caused by high inventories, and increasing supply.
• Increasing costs, of electricity and labour in particular, pose a threat to the gold mining sector’s profitability and sustainability.
• South Africa’s mining regulatory framework is complex and contains many uncertainties.

Outlook

AngloGold Ashanti believes that the current mining method used in South Africa’s deep-level gold mines is not the one that should take the sector into the future. If it continues to be pursued, gold mining will come to an end before the Witwatersrand Basin’s gold resources have all been extracted. In excess of 50,000t of gold have been mined already, only 6,000t are in the reserve category, and more than 34,000t stand to be left underground unless new mining technology is introduced. If the local gold mining sector succeeds in finding a viable new mining method, it would not only be able to extract all remaining pillars and go to ultra-depths, but also to reopen a large number of closed mines. Refilwe Monageng, executive director of White Rivers Exploration, sees a bright future for gold mining in South Africa. The company is remapping and reinterpreting historical borehole data by using experts and new technology, in order to discover new gold deposits in the Witwatersrand Basin. According to him a future challenge will be to train employees in the use of the new technology. The fundamentals of the uranium market remain strong over the long term, but demand over the short to medium-term has been reduced by the slow return to operation of Japan's nuclear power stations, reactor shutdowns in other countries, and a sluggish global economy. From 2018, growth in demand is expected to accelerate, due to new nuclear power plants being completed in China, India and Russia. Locally, if the government’s proposed nuclear build programme is approved by the Cabinet, it is likely that the uranium required will be sourced locally. This could make several uranium projects economical that are currently not due to low uranium spot prices.

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The Mining of Precious Metals and Minerals in South Africa 2016

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Industry Landscape

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The Mining of Precious Metals and Minerals in South Africa 2020-06-01

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

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Table of Contents

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PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 1
2.2. Geographic Position 3
3. SIZE OF THE INDUSTRY 5
4. STATE OF THE INDUSTRY 12
4.1. Local 12
4.1.1. Gold 12
4.1.2. Uranium 16
4.1.3. Corporate Actions 17
4.1.4. Regulations 19
4.1.5. Enterprise Development and Social Economic Development 23
4.2. Continental 24
4.2.1. Gold 24
4.2.2. Uranium 24
4.3. International 25
4.3.1. Gold 25
4.3.2. Uranium 28
5. INFLUENCING FACTORS 30
5.1. Economic Environment 30
5.2. Labour 31
5.3. Mine Safety 33
5.4. Technology, Research and Development (R&D) and Innovation 34
5.5. Environmental Concerns 35
5.6. Government’s Proposed Nuclear Build Programme 36
5.7. Illegal Mining 37
6. COMPETITION 38
6.1. Barriers to Entry 38
7. SWOT ANALYSIS 39
8. OUTLOOK 40
9. INDUSTRY ASSOCIATIONS 40
10. REFERENCES 41
10.1. Publications 41
10.2. Websites 42
COMPANY PROFILES 43
AngloGold Ashanti Ltd 43
Central Rand Gold Ltd 49
Ergo Mining (Pty) Ltd 52
Giyani Gold Corporation 55
Gold Fields Ltd 58
Gold One International (Pty) Ltd 64
Goliath Gold Mining Ltd 66
Harmony Gold Mining Company Ltd 69
Oakbay Resources and Energy Ltd 74
Pan African Resources Plc 77
Peninsula Energy Ltd 80
Rand Uranium (Pty) Ltd 83
Shiva Uranium (Pty) Ltd 85
Sibanye Gold Ltd 87
Stonewall Resources Ltd 91
Vantage Goldfields SA (Pty) Ltd 93
Village Main Reef Ltd 95
White Rivers Exploration (Pty) Ltd 98

Report Coverage

The South African Diamond Mining report describes the current market and focuses on developments in the rest of Africa which is responsible for 60% of the world’s diamonds by value. Also detailed are investments into the sector, recent corporate activity and factors influencing the success of the domestic mining industry. The report profiles 11 companies, including the three major local players, DBCM, Petra Diamonds which mines diamonds from four kimberlite deposits, and Trans Hex which sources its diamonds from alluvial and marine deposits.

Introduction

This report focuses on the mining of diamonds in South Africa where, according to the Kimberley Process Certification Scheme (KPCS), 7,4 million carats (Mcts) were produced and from where 10,4Mcts, worth US$1.7bn, were exported during 2014. Challenges faced by this sector include unreliable and reduced electricity supply, falling rough diamond prices and rapidly escalating production costs.

Strengths

• De Beers, one of the dominant global players, is well-established in South Africa.
• South Africa has historically dominated the diamond mining industry and still possesses significant expertise.
• South Africa has significant diamond reserves.

Weaknesses

• Shortage of skills in certain disciplines.
• Since most South African producers are small compared to the dominant companies, they are price-takers rather than price-setters.
• The industry derives practically all its revenue from consumers’ demand for diamond jewellery, which is heavily reliant on global economic growth.

Opportunities

• De Beers believes there are a few more diamond mines to be found in South Africa and is spending in the region of R30m a year on exploration in the country.

Threats

• Drop in consumer confidence in diamond jewellery when synthetic diamonds are being passed off as natural diamonds.
• Implementation of a carbon tax.
• Low diamond price.
• Rapidly increasing production costs.
• South Africa’s mining regulatory framework is complex and contains many uncertainties.
• The lack of consistent and reliable electricity supply.

Outlook

According to De Beers’ Diamond Insight Report 2014, global rough diamond supply is expected to rise to levels similar to the mid-2000s in the next few years, driven by green-field mines and brownfield expansions coming on-stream. However, by 2020, when many existing mines will begin to see decreasing production levels, global supply is likely to plateau and unless major new discoveries are made in the next few years, production can be expected to decline gradually. As supply from existing mines decreases, mining is expected to become increasingly complex and remote and therefore increasingly costly. Demand growth for diamond jewellery is being driven by rising wealth in emerging markets, growing middle classes and continued growth in the important USA market. China and India are fast developing a mass market as affordable diamond jewellery becomes available to the middle class. De Beers Group CEO Philippe Mellier said, “As the number of middle class households in the major consumer markets is set to grow by hundreds of millions in the years ahead, the medium to long-term prospects for the diamond industry are also exceptionally strong if the right investments continue to be made across the value chain.” Rio Tinto is of the view that diamond jewellery sales are likely to grow by 8% per annum over the next five to ten years, exceeding the 3 to 5% per year forecast for the world, as China moves toward a consumption-based economy. There is therefore an impending shortage of natural diamonds, as demand is forecast to exceed supply within the next decade. The challenges faced by the sector in 2015 are thus expected to be short-term and the industry has excellent long-term prospects.

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The Mining of Precious Metals and Minerals in South Africa 2015

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R 1 900.00(ZAR) estimated $99.43 (USD)*

Industry Landscape

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The Mining of Precious Metals and Minerals in South Africa 2020-06-01

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

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Table of Contents

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PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 1
2.2. Geographic Position 5
3. SIZE OF THE INDUSTRY 6
4. STATE OF THE INDUSTRY 10
4.1. Local 10
4.1.1. Corporate Actions 11
4.1.2. Regulations 12
4.1.3. Enterprise Development and Social Economic Development 16
4.2. Continental 16
4.3. International 19
5. INFLUENCING FACTORS 21
5.1. Government Support and Intervention 21
5.2. Labour 23
5.3. Economic Environment 24
5.4. Information Technology 26
5.5. Research and Development (R&D) 26
5.6. Environmental Concerns 27
5.7. Mine Safety 28
5.8. Power Supply 28
5.9. Synthetic Diamonds 28
5.10. Conflict Diamonds 29
6. COMPETITION 30
6.1. Barriers to Entry 30
7. SWOT ANALYSIS 31
8. OUTLOOK 31
9. INDUSTRY ASSOCIATIONS 32
10. REFERENCES 33
10.1. Publications 33
10.2. Websites 33
COMPANY PROFILES 35
ALEXKOR SOC LTD 35
DE BEERS CONSOLIDATED MINES (PTY) LTD 38
DIAMONDCORP PLC 40
DMI DIAMONDS SOUTH AFRICA (PTY) LTD 43
DMI MINERALS SOUTH AFRICA (PTY) LTD 45
MWANA AFRICA HOLDINGS (PTY) LTD 47
NAMAKWA DIAMONDS HOLDINGS (PTY) LTD 51
PETRA DIAMONDS LTD 53
ROCKWELL DIAMONDS INC 56
THABEX LTD 59
TRANS HEX GROEP LTD 62

Introduction

As at March 2015 South African gold production figures were only available for the first three-quarters of 2014 but, projected over the full year, these statistics indicate a continuation of the country’s steady production decline over the past four decades. Although Uranium is mined as a by-product of the gold mining process, latest production figures show that South African uranium output is exceeding 500mtpa, making the country the 12th largest uranium producer, contributing 1.1% to global production. While South Africa holds 40% of the world’s gold deposits and 8% of uranium reserves, rising costs, especially electricity and extraction, the dangerous depth of the deposits and labour unrest, have led to inefficient and declining production. This report focuses on the efforts of the gold mining industry to meet these challenges and to reverse the continuing decline in gold production.

Strengths

• Gold companies are investing in R&D programmes to improve productivity and cut costs.
• Led by AngloGold Ashanti, the industry is making steady progress in advancing deep-level mining.
• Most of the big gold miners are committed to transformation, and have met their transformation goals.
• Producing uranium as a by-product of gold mining is efficient and profitable.
• South Africa holds 40% of the world’s gold resources.
• The South African gold mining industry is well established and has strong infrastructural support.

Weaknesses

• Labour unrest and violence are resulting in more negative perceptions about the South African gold mining industry as an investment destination.
• No new easy-to-mine gold reserves have been found in South Africa in recent years, meaning that future new mines face further increases in input costs.
• South Africa’s mining regulatory framework is uncertain, complex, and makes the awarding of mining rights a politicised process.
• The country’s existing gold reserves are mainly at levels below 4,000m, meaning that recovery will be increasingly difficult, expensive and dangerous.
• The industry’s profitability is dependent on a weak rand/dollar exchange rate.
• The South African gold production growth curve has been on a steady decline from 1,000mt in 1970 to under 160mt in 2014, its lowest level since 1905.

Opportunities

• Ongoing research & development present the opportunity of new technology which could lead to improved productivity and production including production at deep levels, thus improving the future prospects for gold mining in South Africa.

Threats

• A drop in the gold price, especially for marginal mines.
• Acid mine drainage threatens to make mines on the Witwatersrand unusable.
• Further downgrades by ratings agencies Moody, Fitch and Standard & Poor.
• Government intervention in mining.
• Rising operating and labour costs pose a severe threat to the sector’s profitability and long-term future.
• The risk of further labour unrest, strikes and violence could have a drastic effect on investor confidence, and could reduce gold production.
• Uncertain and unstable supply of electricity.

Outlook

The challenges the South African gold mining sector has faced over the years, including power constraints, labour unrest, rapidly escalating input costs and falling grades, are expected to continue. These problems will be compounded by weaker economic growth in China which will negatively affect commodity demand. However, the Chamber of Mines confirms that steady progress is being made with research into more modernised mining methods at depth which, if successful, will pave the way for the mining of some substantial, previously inaccessible deep-level deposits. This is a highly significant factor in improving and ensuring the future of the country’s gold mining sector. According to Chamber of Mines COO Roger Baxter, “Without doubt we face tremendous challenges in the short-term, but the industry is grappling with them. Obviously global conditions are not helping, but hopefully those conditions will improve. Meanwhile, we have to focus on the things that we can control. That’s what we are doing and we are doing it well.”

The Mining of Precious Metals and Minerals in South Africa 2015

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R 1 900.00(ZAR) estimated $99.43 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 69.60 (USD)*

Historical Reports

The Mining of Precious Metals and Minerals in South Africa 2020-06-01

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

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The Mining of Precious Metals and Minerals in South Africa 2014-06-23

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Supply Chain 2
2.2. Geographic Position 3
3. SIZE OF THE INDUSTRY 4
4. STATE OF THE INDUSTRY 10
4.1. Local 10
4.1.1. Corporate Activity 12
4.1.2. Regulations 13
4.1.3. Enterprise Development and Social Economic Development 16
4.2. Continental 17
4.3. International 18
5. INFLUENCING FACTORS 21
5.1. Economic Environment 21
5.2. Operating Costs 21
5.3. Labour 22
5.4. Mine Safety 25
5.5. Power Supply and Price 26
5.6. Legislation 26
5.7. Illegal Mining 26
5.8. Environmental Concerns 27
6. COMPETITION 28
6.1. Barriers to Entry 28
6.2. Research and Development (R&D) 29
6.3. Innovation 29
7. SWOT ANALYSIS 30
8. OUTLOOK 31
9. INDUSTRY ASSOCIATIONS 32
10. REFERENCES 32
10.1. Publications 32
10.2. Websites 33
ORGANOGRAM 34
COMPANY PROFILES 36
AngloGold Ashanti Ltd 36
DRDGold Ltd 41
Ergo Mining Operations (Pty) Ltd 44
Giyani Gold Corporation 46
Gold Fields Ltd 48
Gold One International Ltd 52
Goliath Gold Mining Ltd 54
Harmony Gold Mining Company Ltd 56
Oakbay Resources & Energy Ltd 61
Pan African Resources Plc 64
Rand Uranium (Pty) Ltd 66
Shiva Uranium Ltd 68
Sibanye Gold Ltd 70
Village Main Reef Ltd 73

Introduction

This report focuses on diamond mining which has provided wealth to investors for over 150 years. According to Kitco Metals Inc. the estimated production of rough diamonds in 2013 was 130 million carats. This was up only 1% from the 2012 production which the Kimberley Process Certification Scheme (KPCS) estimated to be 128 million carats. The diamond mining industry reacts more severely than other mineral industries to market shifts because diamonds are non-essential and relatively highly priced. However, it is still subject to the same political and socio-economic factors as the mining industry in general and thus has been affected by the recent labour unrest and downturn in the South African economy.

Strengths

• South Africa has historically dominated the diamond mining industry, is still a world leader in many diamond mining techniques and has good mining infrastructure.
• South Africa has significant diamond reserves.
• South Africa has the only commercially viable offshore diamond resources in the world, shared with Namibia.

Weaknesses

• Increased costs and danger of underground mining.
• Increasing loss of monopoly over the last few decades.
• Lack of development of the downstream industry, especially the rapid decrease in the number of cutters and polishers in the country.
• Lack of political and regulatory certainty.
• Tense and volatile labour relations.

Opportunities

• Export of mining expertise and technology, particularly to other African countries.
• Juniors can utilise their flexibility for prospecting, as many of the majors have consolidated their operations around production rather than exploration.
• Large diamond reserves in Africa, which may offer opportunities for joint ventures.
• Moving of DTC to Gaborone concentrates diamond buying power in southern Africa.

Threats

• General lack of investor confidence in South Africa.
• Increasing competition from Russia and India.
• Large diamond reserves in Africa, which might create competition for South Africa.
• Potential of synthetic diamonds to replace natural diamonds.
• Real or perceived possible use of South Africa as a diamond laundering facility which has led to a lack of confidence in the Kimberley Process.
• The subject of nationalising of mines comes up regularly in political discourse.

Outlook

The Marikana massacre as well as the breakdown between labour, business, and government has had a significant impact on investor confidence in South Africa, which along with increased costs and a period of decreased demand has negatively affected the local industry. However, Bain and Company predict that the global rough diamond demand is expected to grow between 4.2% and 6.4% over the next ten years. The latest data coming out of the USA and Europe suggests that markets are slowly making a recovery which bodes well for high value products. Market analysts predict that Africa will become a major producer of rough diamonds, as well as a significant retail market, over the next 20 to 30 years. The emerging middle class, as well as growth figures as high as 10% in some countries, means that astute companies will look to establish themselves in these countries to take advantage of the predicted boom.

The Mining of Precious Metals and Minerals in South Africa 2014

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Industry Landscape

R 1 330.00(ZAR) estimated $ 69.60 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2020-06-01

R 1 900.00(ZAR) estimated $99.43 (USD)*

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The Mining of Precious Metals and Minerals in South Africa 2018-08-13

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The Mining of Precious Metals and Minerals in South Africa 2017-11-01

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The Mining of Precious Metals and Minerals in South Africa 2016-05-23

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The Mining of Precious Metals and Minerals in South Africa 2015-12-03

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The Mining of Precious Metals and Minerals in South Africa 2015-03-16

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Supply Chain 2
3. SIZE OF THE INDUSTRY 3
4. STATE OF THE INDUSTRY 7
4.1. Local 7
4.1.1. Global Corporate Actions 8
4.1.2. Regulations 8
4.1.3. Black Economic Empowerment (BEE) 10
4.2. Continental 11
4.3. International 14
5. INFLUENCING FACTORS 15
5.1. Economic Environment 15
5.2. Government Policy 16
5.3. Government Support for Beneficiation 16
5.4. Technology 17
5.5. Labour Resources 17
5.5.1. Labour Unrest 18
5.5.2. Skills Shortages 18
5.5.3. Training Initiatives 18
5.5.4. Health Issues 18
5.6. Environmental Concerns 19
5.7. Power Supply Issues 19
6. COMPETITION 19
6.1. Barriers to Entry 19
6.2. Research and Development (R&D) 20
6.3. Innovation 20
7. SWOT ANALYSIS 21
8. OUTLOOK 21
9. INDUSTRY ASSOCIATIONS 21
10. REFERENCES 22
10.1. Publications 22
10.2. Websites 22
ORGANOGRAM 23
COMPANY PROFILES 24
ALEXKOR SOC LTD 24
DE BEERS CONSOLIDATED MINES (PTY) LTD 26
DIAMONDCORP PLC 28
DMI DIAMONDS SOUTH AFRICA (PTY) LTD 30
DMI MINERALS SOUTH AFRICA (PTY) LTD 31
MWANA AFRICA HOLDINGS (PTY) LTD 32
NAMAKWA DIAMOND HOLDINGS (PTY) LTD 34
PETRA DIAMONDS LTD 35
ROCKWELL DIAMONDS INC 37
THABEX LTD 39
TRANS HEX GROUP LTD 41