Exports from world’s second-largest copper mine to drop 85%

Two consecutive days of surprise negative news this week tore strips off the share prices of South Africa’s two leading platinum mining companies.

African Iron's board has recommended shareholders accept a $338 million takeover offer from Exxaro first announced on Jan. 11, The Australian reports:

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

As attractive deposits become harder and harder to find in traditional markets miners are pushing the limits of the political risk they are willing to take on. But things can go spectacularly wrong.

The Australian interviews investment bank Renaissance Group founder Stephen Jennings about investing in Africa. The New Zealand-born billionaire made his money in emerging markets, specifically Russia, in the 1990s, and tells the paper "sub-Saharan Africa will be one of the few markets globally offering real growth in the next few years."

Zambia Daily Mail is reporting that a mining licence will soon be issued for a lead-zinc mine.

Namibia Rare Earths (TSX: NRE) is pleased to announce that a 6,000 meter diamond drilling program has started with two drill rigs focused on the delineation of a first mineral resource from Area 4 on the Lofdal Rare Earth Project in northwestern Namibia. Concurrent with the drilling program, an induced polarization geophysical survey will be undertaken over prospective extensions of the favourable heavy rare earth-enriched structure emanating from Area 4. The drilling program is scheduled to be completed by the end of April with delivery of the NI 43-101 compliant mineral resource report in the third quarter of 2012.

Impala Platinum Holdings (JSE:IMP), a leading producer of PGM and responsible for 25% of global platinum output, is losing its CEO.

Newmont Mining, the world's fourth-largest gold miner, says it plans to spend $3.0 to $3.3 billion on capital expenditures in 2012.