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S.Africa platinum miners strike after unionist killed

Thousands of mine workers downed tools on Tuesday at South Africa's Lonmin platinum mine after a union member was shot dead at the weekend, a company official said. "Lonmin operations are suspended this morning due to an illegal work stoppage," Lonmin spokeswoman Sue Vey told AFP, adding that work had stopped at all of the firm's 13 shafts on the northwestern platinum belt. sn/yad

Tunnel collapses at Freeport Indonesia mine, at least 2 workers killed, more than 30 trapped

TIMIKA, Indonesia - Rescuers have found two bodies and have evacuated three of more than 30 miners who have been trapped for a day after a tunnel caved in at a giant U.S.-owned gold and copper mine in eastern Indonesia, authorities said Wednesday. The search was continuing for the other trapped miners, whose fate was unclear, Papua police spokesman Lt. Col. Gede Sumerta Jaya said. The cave-in occurred Tuesday at Grasberg mine in remote Mimika district in Papua, the easternmost province in the vast archipelago nation.

AngloGold reports profit jump

AngloGold Ashanti, the world's third-biggest bullion producer, posted a six-fold increase in quarterly earnings on Monday, amid difficult recovery from last year's industrial unrest. The company reported adjusted headline earnings of $113 million in the first quarter of 2013, helped by a slowdown in labour unrest. Earnings rose from $19 million in the last quarter of 2012 and gold production rose to 899,000 ounces from 859,000. The company forecasts second-quarter production at between 900,000 and 950,000 ounces.

Glencore Xstrata dumps Australian coal terminal

Glencore Xstrata on Monday dumped plans for a new billion-dollar coal export terminal in Australia's Queensland state, citing poor current market conditions and concerns about the industry outlook. The decision to scrap the Balaclava Island Coal Export Terminal, effective immediately, follows the merger of mining giant Xstrata with Swiss commodities trader Glencore and a review of the project.

SouthGobi posts Q1 loss, minimal revenue due to curtailment of coal mining

HONG KONG - SouthGobi Resources Ltd. (TSX:SGQ) says it generated US$3.3 million of revenue in the first quarter, a period when most of the Canadian company's coal mining activities in Mongolia were shut down. The Vancouver-based company's revenue was down from US$40.1 million a year earlier, before the curtailment began in June 2012. SouthGobi's net loss in the three months ended March 31, reported in U.S. currency, was $24.9 million, or 14 cents per share. On an adjusted basis, the loss was $11.6 million.

Glencore Xstrata scraps plans for Australia coal export terminal

PERTH (Reuters) - Glencore Xstrata <GLEN.L> is stopping work on a planned 35 million tonnes per annum Australian coal export terminal as a result of poor market conditions, making it likely it will also scrap an associated coal mine. The decision to halt work on the Balaclava Island export terminal in eastern Australia was made following a review of the project after Xstrata's merger with Glencore.

Worldwide miracle survivals

Below are a number of cases of miraculous survivals after quakes, building collapses or mine accidents around the world over the past decade: - February 5, 2001 - INDIA: Two victims of a quake in the western state of Gujarat are recovered alive in the ruins of their house by rescue workers, 10 days after the disaster which left 25,000 dead. - January 7, 2004 - IRAN: A 56-year-old man is pulled alive from the ruins, 13 days after a quake which left 43,000 dead in Bam in the south-east.

BHP halts construction at some Eagle Ford sites due to fatality

SYDNEY (Reuters) - BHP Billiton has halted work at some construction sites at its operations in the Eagle Ford shale in the United States as it investigates the death of a contractor at the site, it said on Tuesday. Oil production and drilling were not affected. A contractor was fatally injured on Monday while working at a site in Karnes County, the company said. Karnes County is about 200 miles west of Houston.

Iamgold profits drop 91 per cent in Q1 as company moves forward with cost cuts

TORONTO - Iamgold Corp. (TSX:IMG) says its profits fell 91 per cent in the first quarter as the company moved forward with its cost cutting plan while gold prices weakened. The Toronto-based gold miner said net earnings weakened to US$10.9 million, or three cents per share, from $119.2 million or 22 cents per share a year earlier. Adjusted earnings, a better indication of Iamgold's underlying performance, dropped to $57.7 million or 15 cents per share, a penny above the expectations of analysts polled by Thomson Reuters.

Glencore Xstrata CEO eyes cuts to forge success

LONDON (Reuters) - Glencore Xstrata <GLEN.L> chief executive said on Friday the group's ability to slash costs and cut jobs in Xstrata's network of divisional offices would determine the success of the industry's largest takeover to date. "If we can cut costs enough, get rid of these corporate head offices, we can cut a lot of fat out of the system. These synergies and overhead reductions - that figure can ensure this merger is a success," Ivan Glasenberg said in an interview.
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