Africa Mining News

Losses persist at Kinross

Second quarter revenues beat estimates and Toronto-based gold miner sticks to record output prediction for 2016.

GAF establishes Geo-Data Information Management System for Sierra Leone for development of mining sector

GAF AG is pleased to announce the successful implementation of the Geo-Data Information Management System (GIMS) for Sierra Leone. GIMS has now been officially launched by the Ministry of Mines and Mineral Resources and the National Minerals Agency (NMA). With this new information system, Sierra Leone is taking an important step towards further developing its mining sector.

Successful and sustainable mining industry key to building Mali’s economy — Randgold

Randgold’s mines in Mali annually accounted for between 7% and 11% of the country’s GDP, with Loulo having already contributed $2.3 billion to the country’s economy.

Copper production growing by 1m tonnes a year

ICSG study forecasts global copper output growing at a robust average annual rate of 4% to reach 26.5 million tonnes a year in 2019.

Barrick in talks with South African miners to sell stake in Acacia — report

The potential sale of its its 64% interest in Acacia would be part of Barrick's broader strategy of selling non-core assets to reduce debt.

Surge in gold prices brings no change in fortune for Madagascar's miners

Lack of investment and regulation means life is hard for the men, women and children panning for tiny fragments of gold along the island’s river beds.

Anglo reshuffles Kumba Iron Ore management ahead of sale

The company however is still debating whether to sell or spin off its majority stake in Kumba Iron Ore Ltd, Africa's top producer of the commodity.

Randgold identifies exciting new prospects in Côte d’Ivoire

Randgold Resources’ Tongon mine has completed the final phase of its extensive crusher expansion and mill circuit upgrade project.

China snaps up $4.5bn worth of overseas mining assets in just six months

Most of them have been after existing operations and companies, rather than trying to build mines from scratch.

Petra Diamonds results beat expectations on strong sales, production

Output rose 16% to 3.7 million carats, which puts Petra on track to hit its long term annual target of 5 million carats in 2018, a year earlier than planned.

S. African mining firms support Gov't efforts in respect of unclaimed lung disease benefits

The six mining companies which form the Occupational Lung Disease Working Group said they support the work being done by the national departments of Mineral Resources and Health to ensure that former mineworkers are able to claim all the benefits they are entitled to.

Fresh wave of Chinese firms to go after Congo’s riches — report

Faced with declining domestic production, China's top copper company — Minmetals — said earlier this year that the "only solution” was going overseas, and many are following its steps.

Rising metal prices help AngloGold Ashanti swing back to profit

The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.

Heavy snowfall in Chile forces Anglo to cut annual copper target

Shares plunged after miner revealed that output fell almost across the board in the April – June period.

Kibali continues to work through challenges as it heads for full production

Speaking at a regular briefing, Bristow said that, as anticipated, the complexity of dealing with multiple ore types from different sources had affected throughput, recovery and grade in the first half of the year.

Mick Davis to overhaul X2 Resources as fund fails to close any mining deal

Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.

Did $78 billion South African gold exports really go missing?

According to a UN report, since 2000 two-thirds of South Africa's gold exports – mostly to India – did not appear on its trade partners' books.

Botswana to keep unprofitable copper miner alive just to save jobs

The government will maintain 1.4 billion pula ($130 million) of annual spending on state-owned BCL for now.

South African gold firms file plea to appeal lung disease class action

The class action the firms want to appeal paves the way for thousands of current and former miners suffering from silicosis and tuberculosis to seek damage compensation from the companies.

Lack of long term strategic leadership partly to blame for mining job losses in S. Africa

South Africa's mining sector is facing the most serious challenge for many years demonstrated by mounting job losses.

Endeavour Mining Corporation closes C$144 million bought deal financing

The Company issued a total of 7,187,500 ordinary shares in the capital of Endeavour ("Shares") at a price of C$20.00 per Share, which includes the exercise of the underwriters’ over-allotment option in full, for aggregate gross proceeds of C$143.75 million (the "Offering").

Gold price rally helps producers climb world’s top 25 mining companies list

Study shows there are more bullion miners among higher market capital ranking of mining companies in second quarter of 2016 than a year a go.

Sibanye may close loss-making Cooke 4 mine, puts 2,500 jobs on the line

The company said financial losses at the mine threaten the viability of the rest of the Cooke operations, which include four mines and three processing plants.

Is this the most undervalued uranium player in the world?

Talking top value amid low uranium prices, Daniel Major gets to the crux of his pitch for GoviEx, the uranium developer he leads.

De Beers Canada moves from Toronto to Calgary

The move comes as the company readies to open what it calls the world’s biggest diamond mine currently under construction.