The African Chamber of Mines said that South Africa's gold output during the first quarter of this year fell 9.3 percent to 44,682.7 kg compared with a revised 49,245.4 kg produced in the fourth quarter last year. Africa is known for its large gold mines
Africa Mining News
Continental Coal has received a further offer of financing that could potentially allow the development of the Penumbra Mine to be completed in a more capital efficient manner. The new offer of finance offering more attractive terms for the company has
It is reported that a Kogi State based group, Coalition of Civil Society Groups will oppose the sale of Nigeria Iron Ore Mining Company in Itakpe, Kogi State to any buyer that is not interested in buying the Ajaokuta Steel Company also in the state. The
Botswana Diamonds (LON:BOD) issued a mixed update on its exploration activities in Botswana but believes there are enough positives for it to press ahead with work aimed at furthering the assessment of its key prospects, most notably the AK9 structure, which is believes to hold considerable upside potential. The company is currently intent on refining the grade per ton and value per carat of diamonds discovered by prior work in kimberlites AK9, AK8 and BK5 in Botswana.
Singapore's Nava Bharat Pte plans to start construction of a 300 megawatt (MW) coal-fired power plant in Zambia by the end of 2011 and complete it by 2014, company director Ashwin Devineni said on Saturday. "We have finalised the detailed layout of the power plant initially for 300 MW and later for an additional 300 MW," Devineni said in a statement.
MAPUTO: Coal India, one of the world's largest coal miner, has plans to call for fresh bids for exploratory drilling at two coal blocks in Mozambique's Tet province, local media reports said here on Saturday. The Indian state-run company secured
Operations came to a grinding halt when environmental and water affairs officers pounced on the Shanduka Waterlands coal mine in Middleburg on Friday. The raid, carried out by Deputy Minister of Defence and Military Veterans Thabang Makwetla, Deputy
Madagascar Oil's annual report released on Thursday shows the company is scuttling its project with French giant Total to develop a 1.2bn barrel oil sand deposit on the island after three years of extensive work. The Bemolanga bitumen deposit adjacent the Tsingy de Bemaraha nature reserve (pictured) was first drilled in the late 1800s and would have cost upwards of $8bn to bring into operation. Madagascar Oil has been through a torrid six months – after raising $80m in its debut on the London AIM market in December the stock was suspended in March after the company declared a force majeure over threats of expropriation by the Malagasy governments of its other oil field Tsimororo. When it resumed trading this week the stock promptly lost 50% and has not recovered since.
Sierra Leone’s largest diamond-mining company, Koidu Holdings, says it has secured funding for the $150-million expansion at the Koidu kimberlite project and implementation is gaining momentum. CEO Jan Joubert reports that the expansion project incorporates all the currently evaluated kimberlite resources on the property. The richer K1 pipe, which was mined by vertical pit methods between 2005 and 2007, is currently being redeveloped to be brought back into production by the end of this year.
During a review of earlier work on AK9, prior to beginning the bulk sampling, it was discovered from an analysis of micro diamonds that a potential high grade kimberlite could exist under the overburden and basalt layer. The historic overall grade of 2.5 to 3.5 cpht could be low due to basalt dilution.
Rutongo expects to double shipments to 200 metric tons a month by the end of 2012 from 100 tons currently, Michael Biryabarema, general director of the Rwanda Geology and Mines Authority said in a phone interview on June 28. The company, a joint venture between Rwanda’s government and Switzerland-based Ruddington Services AG, has increased exports from 3 tons a month three years ago, he said.
In the first quarter of 2011 South Africa's gold production increased by 3.4% to 44,682.7 kilograms, when compared to the same quarter of 2010, the Chamber of Mines said Friday. However, on a quarter-on-quarter basis when comparing the first quarter 2011 to the fourth quarter of 2010 production was down by 9.3%.
Goliath Gold, a thinly traded African exploration company this week reported a deepening loss for the year to end-March as it pushes ahead with drilling programmes at its Johannesburg East Rand assets. Gold One spun out its deeper assets into Goliath, which was formerly White Water Resources, in a R262m ($35m) deal that will give Gold One 71% of the new company.
The stock of cobalt and copper miner Metorex is up by a third this year following Brazilian giant Vale's $1.1bn bid for the mid-tier producer. With reports surfacing that Jinchuan, China's biggest nickel miner, is readying a competing offer shareholders of the Johannesburg-based company look set to extract further value ahead of a vote on July 22. Metorex has aggressive expansion plans for its central and Southern African projects and aims to more than double its current annual copper output of around 50,000 tonnes. It's a far cry from the situation in 2009 when the company was fighting for survival amid serious cost overruns in the Congo.
[miningmx.com] -- THE latest Metorex annual review – which covers the 18 months to end-December 2010 following a change to its financial year-end – is already out of date due to the pace of developments this year. But one comment from chairperson Rob
POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said. "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.
Abzu Gold announced Wednesday that it has entered into an agreement with Red Back Mining Ghana Limited , a wholly owned subsidiary of Kinross Gold Corporation, pursuant to which Abzu has acquired an option on 10 concessions in Ghana.
Stanbic Bank, a unit of South Africa's Standard Bank Group, Ghana said on Wednesday it had closed 3-year a $60 million senior revolving loan with Gold Fields' unit in the country.
Miningmx reports on the fortunes of the South African platinum sector, the dominant global supplier where production peaked at about 5.3 million ounces in 2006, up from just over 4 million ounces in 2001, but has fallen ever since. Regulatory and legislative uncertainty, the threat of nationalisation and the strength of the rand are preventing the mining industry from participating fully in the latest chapter of the super cycle, and if the basket price of platinum group metals does not improve, further capital expansion plans could be halted.
SW Radio Africa reports the seemingly unilateral decision by the chairman of the international diamond trade watchdog to allow Zimbabwe to resume diamond exports has been rejected by among others the United States, Canada and Israel. Some members of the industry body want to keep a ban on exports of Zimbabwe's diamonds which could potentially be worth $2bn/year and include a vast stockpile built up during international sanctions, because of ongoing smuggling out of the rich Chiadzwa fields and reports of sustained human rights abuses there.
The Dar es Salaam Citizen reports Tanzanite One Mining, the dominant miner of the rare gemstone only found in the foothills of Mount Kilimanjaro, has been ordered to increase the minimum wage for its employees from Sh180,000 to Sh350,000 per month (roughly US$215) as directed by the government. London-listed Tanzanite One has returned to profitability as prices for the gems which usually follow that of rough diamonds improve post-recession and is embarking on an expansion strategy, acquiring an Australian sapphire project earlier in June and reshuffling its board.
FLSmidth has received a contract worth approximately USD 50m (approximately DKK 260m) from Kalumbila Minerals Ltd., a wholly owned subsidiary of First Quantum Minerals Ltd. for the supply of equipment to their extensive copper development, Sentinel Project, situated in northern Zambia.
Bloomberg reports South Africa risks cutting the mine output that contributes 8.8% of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings said. Mine operators in South Africa are compelled by law to sell 26% of their assets to black investors by 2014 and boost numbers of black managers to help make up for discrimination during apartheid. Some companies had missed targets for 2009, the mines minister said at the time, adding that the industry had “not lived up to the spirit and intent” of the law.
An announced order for milling equipment for First Quantum's big Sentinel copper project in Zambia suggests a decision to go ahead with the project has already been taken. FLSmidth has received a contract worth approximately USD 50m from Kalumbila
MELBOURNE (Reuters) - Sundance Resources has shortlisted potential partners for its $4.6 billion iron ore project in West Africa, it said on Wednesday, sending its shares up as much as 6 percent.