Zimbabwe mining minister invites De Beers, Vast Resources to return

The gold-rich African nation of Tanzania has introduced a 30% corporate tax for mining companies in operation for more than five years, stating that the move is justified by rising precious metal prices on the international market.

The Royal Bafokeng nation, who control vast parts of the platinum belt in the north west province of South Africa warned that earnings at its main investment vehicle could be down by between 52% and 62% over the first six months of 2012.

AngloGold, the number one gold miner on the continent, said "it was treating the death as an occupational accident pending an inspection scheduled for Monday."

Deutsche Bank expects that platinum supply could see further cutbacks as economic/social pressures in South Africa mount and the price could be dragged higher by stronger gold prices over the remainder of 2012.

South Africa's Anglo Platinum, the world's largest primary platinum producer, has confirmed the lay-off of 725 employees from its central services and support functions, provoking the ire of the mining's industry's national union.

Barrick Gold, the world's largest producer of the precious metal, reported higher-than-expected operating costs and a massive capital cost over-runs on Thursday in its first quarterly report since letting go CEO Aaron Regent in June.

The drastic step, as reported by Reuters, is to "cut supply lines to gangs of illegal miners used to staying deep in the mines for months on end, threatening lives and official production."

Botswana Diamonds has recovered a 2-carat, low value, near gem quality stone, which confirms the diamondiferous potential of the deposit.

Australia's drilling industry is in the doldrums following a large-scale exodus of companies to Africa in pursuit of surveying projects.