International mining equipment manufacturer Bucyrus reports that its latest development, the 35M continuous miner, has attracted a lot of attention from South African colliery operators constantly on the lookout for machines that mine coal more cost effectively and efficiently. Read more
Africa Mining News
Caledonia Mining increased gold production by 17% and nearly doubled its profit to $5,248,000 compared to $2,815,000 in the fourth quarter 2010. Announcing its Q1 results on Wednesday, the company also said that its average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010. As of March 31, 2011 the company had net cash and cash equivalents of $1,406,000.
Preliminary metallurgical test work was conducted on a composite sample of the haematitic saprolite ore from the Nkout Centre area of the deposit. The sample consisted of drill hole intersections from the central part of the deposit and had a head grade of 43.6% Fe. The aim of the test work was to determine the potential to produce a suitable blast furnace feed. The test work was conducted at SGS Mineral Services, Truro, UK.
Newcrest Mining , one of the world's biggest listed gold miners, expects to resume gold production at its Bonikro mine in the Ivory Coast after a stabilisation of political and security situation in the country, it said on Tuesday. The miner said the production impact had been around 8,000 ounces of gold per month. Newcrest suspended operations at Bonikro in late March.
The small African kingdom of Swaziland is about to become a diamond producer once again and is considering how to approach this opportunity. As an old open-pit mine was recently re-commissioned, the kingdom took another important step and became a member of the Kimberley Process. For the second time within a week, a high level delegation from Swaziland headed by Minister of Commerce, Industry and Trade, Jabulile Mashwama visited the Israeli diamond center.
Electronic safety equipment specialist Booyco Electronics has recently released two next-generation environmental sensing instruments developed specifically for the South African mining industry. Read more
African Barrick Gold (ABGL.L) said a malfunction in a mill motor at its Buzwagi mine in Tanzania would hit production in the quarter, sending its shares down as much as 9 percent in early trade on Monday. It estimated the replacement of the motor, which failed after a power outage and attempted restart, would take two weeks, during which time the plant would run at reduced capacity.
Aureus Mining announced that it has entered into an underwriting agreement for C$35.1 million with a syndicate of underwriters led by RBC Capital Markets and GMP Securities L.P. and including Clarus Securities Inc., Jennings Capital Inc. and Raymond James Ltd., with respect to its previously announced offering of the company’s common shares. Pursuant to the Offering, the Company will issue 27,000,000 common shares at a price of C$1.30 (c.£0.83) per common share and receive aggregate net proceeds of C$32,994,000.
Canada's First Quantum Minerals (FM.TO:Quote) reported a 37 percent rise in its first-quarter profit, as declines in copper production were more than offset by gains in the price of the metal. The Africa-focused miner said […]
Rio Tinto Mining and Exploration Ltd. and First Bauxite Corporation terminate their option and joint venture agreement over the Essequibo-Demerara bauxite project in Guyana
FIRST BAUXITE CORP. (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First Bauxite" or the "Company") First Bauxite Corporation is announcing that the Letter of Understanding between the Company and Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") was terminated on February 17, 2011 with immediate effect. On May 23, 2008, Rio Tinto Exploration signed a Letter of Understanding with First Bauxite Corporation, in order to form a four-year joint venture with the purpose of exploring the northern portion of the coastal bauxite belt of Guyana for economic metallurgical bauxite resources.
Vaaldiam Mining Inc. (TSX:VAA) is pleased to report that Flemish Gold Corp. has closed a private placement of $10 million through BMO Capital Markets on May 3, 2011. Vaaldiam owns 10,625,000 common shares of Flemish. The private placement consisted of 10 million units priced at C$1.00. Each unit included one common share and one warrant to buy one share at $1.20 for 24 months. Flemish expects to go public in 2011 and now has 57.3 million common shares issued. Image by Valldiam Resources Ltd.
African Barrick Gold (ABGL.L: Quote) said its net profit declined in the first quarter as lower production and higher costs offset rising gold prices. Net profit fell 5 percent to $50.4 million as the miner's production dipped 2 percent to 173,907 ounces. Cash costs jumped 28 percent to $658 an ounce.
The U.S. Securities and Exchange Commission (SEC) has postponed the adoption of rules governing sourcing of minerals from conflict areas around Central Africa, the SEC said on its website. The regulation, aimed at cutting the flow of money to armed rebels in the Democratic Republic of Congo and neighbouring countries, is part of the Dodd-Frank financial reform bill. The rules were expected to be adopted in April.
Rita Trichur, writing in Saturday's Globe and Mail, goes behind the headlines in discussing the $6.3 billion bid by China Minmetals to take over TSX-listed Equinox Minerals. The bid, Trichur writes is emblematic of an emboldened, more savvy China, as the country seeks to gain control over mineral resources in Africa.
South African gold miner DRDGold (DRDJ.J: Quote) said on Wednesday that it expected gold production for March quarter to be about three percent lower than the previous quarter at around 67,400 ounces. It also said in a guidance for investors that cash operating costs were expected to be about six percent higher as a result of the lower production.
Vladimir Strzhalkovsky, the General Director and Chairman of the Management Board of MMC Norilsk Nickel (the Company) met with the President of the Republic of South Africa Jakob Zuma in RSA. The meeting was held as part of the General Director's business visit to the Republic of South Africa. The parties discussed further development of the Company's projects in RSA.
Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to announce the revised reserve estimate for its Bisha mine in Eritrea. The revised estimate has increased the total proven and probable reserves to 28.3 million tonnes from the previously reported 20.1 million tonnes (2006 feasibility study). The net impact of higher throughputs and lower cut-off grade has resulted in an extended mine life of 13 years, while increasing previously reported robust cash flow.
Congo authorities seized 435 kilos (957 pounds) of gold and $6.5 million in cash in smashing a plot to smuggle the haul abroad from the country's anarchic east, officials said on Saturday. The Democratic Republic of Congo's state prosecutor said five people including an American and two French citizens, as well as an impounded, U.S.-registered Gulfstream jet, had been released after a $3 million fine was paid.
Gold producer Newmont Mining Corp's (NMC.TO: Quote) board has approved funding for its estimated 7.2 million ounce Akyem gold reserve project, the company said in a statement on Thursday. Newmont's director for investor relations Monica Brisnehan declined to say how much funding was approved, but pointed to previous numbers released by the company in February which estimated capital expenditure for the project at between $700 million to $1 billion. Image from Newmont's Resettlement Action Plan
AngloGold Ashanti's (ANGJ.J) top executive said on Tuesday the company hoped to keep its global cost increases to half the industry average but the situation in South Africa was "a lot tougher." Mark Cutifani, the chief executive of Africa's top gold miner, cited increasing depths, reduced grades and input inflation as structural increases putting upward pressure on the costs of gold mining.
Canaco completes $120 million treasury bought deal financing and $43 million secondary bought deal financing
Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") is pleased to announce it has completed its previously announced bought deal financing for aggregate gross proceeds to Canaco of $119,880,000 and aggregate gross proceeds to […]
Mt. Burgess has identified a large zinc soil geochemical anomaly on its Kihabe-Nzuu base metals prospect in Botswana. Mt Burgess Mining NL (ASX: MTB), which has been actively exploring Botswana and Namibia for more than a decade -- initially for diamonds
South Africa's gold output rose 15.1 percent in volume terms in January while total mineral production rose 4.3 percent compared with the same month a year earlier, data showed on Thursday.
Institutional shareholders in Riversdale Mining are moving toward backing global miner Rio Tinto's sweetened A$3.9 billion takeover offer for the Mozambique-focused coal miner, Riversdale's chief executive said on Thursday. Rio Tinto raised its offer to A$16.50 a share on Thursday in a final bid to woo key shareholders who have held up the deal, and extended the offer for a third time, to April 1.
IAMGOLD Corporation signed a memorandum of understanding on Monday with China National Gold Group Corporation to cooperate in the development of mineral deposits. "This agreement marks the beginning of what we believe will be a […]