Africa Mining News

Platinum Group Metals Adds to Senior Management Team

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Nov. 1, 2011) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE Amex:PLG) ("Platinum Group" or the "Company") announces the appointment of Mr. Mlibo Mgudlwa as Vice-Presid...

Rockgate extends newly outlined high grade zone, Falea uranium-silver-copper project, Mali

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Rockgate Capital Corp. (TSX:RGT) (the "Company") is pleased to announce the results from 27 diamond drill holes completed as part of an infill and step-out drill program in the North Zone at the Falea Uranium-Silver-Copper Project. Drilling focused on extending recently outlined west-trending, high-grade uranium-silver mineralization on the west half of North Zone.

$1.3B African copper takeover threatened

The takeover of Anvil Mining (TSE:AVM), an African copper producer, by Chinese company Minmetals Resources Ltd, could be in jeopardy. Anvil warned on Monday that the $1.3 billion deal may not be completed if the company fails to come to an agreement with partner Gecamines over contractual arrangements. According to the news release, La Générale des Carrières et des Mines Sarl (“Gécamines”) told Anvil that the takeover offer would trigger a review of the lease agreements with Anvil over the Kinsevere project in the DRC. State-owned Gécamines holds the leases to the mineral tenures.

Zanaga Iron Ore Company shares rise on completion of engineering report

Based in The Republic of Congo, Zanaga is focussed on managing, developing and constructing a world class iron ore project capable of mining, processing, transporting and exporting 45 Mtpa of iron ore concentrate at full production. Full Zanaga Iron Or...

SA gold stocks underpinned by Harmony

South African gold stocks tick higher despite a fall in spot bullion prices after the country's third-largest producer reports a jump in third-quarter earnings.

Production woes send Paladin's stock lower

Australian uranium producer, Paladin Energy, announced that its U3O8 production was 15% lower due to planned shutdowns and unscheduled remediation work. The company's stock declined 4.15% to $1.50 after Paladin announced on Monday its quarterly report for the three-month period ended September 30, 2011 The company did have record sales of 2,001,673lb U3O8, which generated revenue of US$102.74M. The average sales price for U3O8 was US$51.33/lb.

DRDGold almost doubles operating profit

In line with sharply rising profit margins triggered by the soaring rand gold price, DRDGold ‒ South Africa’s fourth largest gold producer ‒ reports that operating profit for the quarter to 30 September 2011 almost doubled from R111 million last year to R202.5 million.

Harmony Gold Q1 jumps three-fold

HARMONY Gold posted a more than three-fold increase in quarterly earnings on Monday, beating expectations on bullion's record run. The average price in the July-September quarter was up about 13% from the previous quarter, at just over $1,700 an...

Harmony in no hurry on Evander unbundling

HARMONY Gold said on Monday a decision on a proposed separate listing for the companys Evander operations would be made within two years, as it was considering all sorts of options to make the most of the assets potential wealth. CEO Graham Briggs...

Guyana Frontier reports trenching results from Marudi Mountain gold project

VANCOUVER, Oct. 31, 2011 /CNW/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to announce the initial results of a trenching program at the Marudi Mountain Gold Project (the "Marudi Project")

When hedging hurts: Teranga must deliver 181,855oz at $830, but cash costs are $850-$875

Teranga Gold Corporation is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX:TGZ) and Australian Securities Exchange (ASX:TGZ). For the quarter ended September 30, 2011, the company delivered 16,615 ounces into gold hedge contracts at $846 per ounce, representing 60 percent of gold sales for the quarter, and 10,959 ounces of gold were sold into the spot market at an average price of $1,673 per ounce resulting in an average realized price for the quarter of $1,174 per ounce. Accelerated deliveries into gold hedge contracts during the quarter ended September 30, 2011 reduced the balance outstanding to 181,885 ounces of gold to be delivered at an average price of US$830/oz. Its Sabodala mine is on track to produce 140,000 of gold for the year at approximately $850 to $875 per ounce.

Rockwell provides update on Tirisano production startup and Midamines arbitration

Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) announces production at the Tirisano Mine project has commenced and results of Midamines arbitration.

Auryx Gold Announces Filing Of NI 43-101 Preliminary Economic Assessment

- Auryx Gold Corp. ("Auryx" or the "Company") (TSX: AYX, NSX: AYX) is pleased to announce the filing on SEDAR of its NI 43-101 Preliminary Economic Assessment on the Otjikoto Project prepared by SRK Consulting (South Africa) Pty Ltd. dated October 25,

Roxgold Inc. announces $11.0 million bought deal private placement

Roxgold Inc. (TSX VENTURE:ROG) (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including GMP Securities L.P., RBC Capital Markets Inc., Fraser Mackenzie Limited, PI Financial Corp., Pope & Company Limited, Raymond James Ltd. and Toll Cross Securities Inc. (collectively the "Underwriters") pursuant to which the Underwriters have agreed to purchase 10,000,000 common shares ("Common Shares") of the Company on a bought deal private placement basis at a price of $1.10 per Common Share.

Avocet Mining sees Q3 output fall at Burkina Faso mine

Avocet's third-quarter gold production at its flagship Inata mine in Burkina Faso fell to 33,256 oz from 39,423 oz in the previous quarter, weighed down mainly by lower grades and an equipment failure. (Reuters) - West Africa-focused Avocet Mining

AngloGold sees solid Q3 result

World no.3 gold producer AngloGold Ashanti is set to report a solid third-quarter result tied to record gold prices for the September quarter, Chief Executive Mark Cutifani said on Thursday.

Diamonds funding 'parallel government' in Zimbabwe as $2.6 billion goes missing

A presentation made to the Zimbabwean parliament on Thursday details the secrecy, corruption and human rights abuses that accompany mining activities in the Marange alluvial diamond fields. Hundreds were killed and thousands of local miners were driven off claims when the army seized control of the area in 2008 and most observers believe an international ban on these gems are being widely flouted. The report alleges that in contrast to the official $200 million, as much as $2.8 billion – equal to all other tax revenues – found its way into a parallel government via the army, police, prisons and intelligence agencies which all have 'permits' to mine there.

De Beers helping ex-workers become wind, abalone farmers, prison wardens and undersea gold miners

Mining Weekly reports De Beers is going all out to create 5,000 non-mining jobs in Namaqualand over the next five years as it exits a region on the South African west coast where it has mined for the past 90 years. Projects include a wind farm, abalone culturing for export to China where it is a highly prized delicacy, a prison warden training facility and a joint venture with sister company Anglogold for undersea gold mining. The company has recently come under fire over plans to sell the properties including two towns to a much smaller outfit that will have to take responsibility for rehabilitation over a 970 square km area pockmarked by open pits.

Management shake up and private placement at Cassidy Gold

Cassidy Gold Corp. ("Cassidy") (TSX VENTURE:CDX) announces that it will conduct a non-brokered private placement of up to 3,300,000 units of Cassidy (the "Units") at a price of $0.15 per Unit for aggregate proceeds of up to approximately $495,000. Cassidy is also pleased to announce the appointments of Paul Rankine as the Chief Executive Officer and a director of Cassidy and of Marion Bush as the Chief Operating Officer and a director of Cassidy.

Coal stocks build up at South Africa's Richards Bay

A build-up of coal stocks at the Richards Bay Coal Terminal in South Africa could mean a slowdown in the buyers’ market, even if Transnet, the national rail freight carrier, has increased its efficiency in shifting material from mines to the port.

Rio Tinto CEO Keen To Increase Exposure To Africa

Rio Tinto Ltd. (RIO) Chief Executive Tom Albanese said the company is keen to increase its exposure to mining in Africa, flagging more potential investment in the continent. "I've long had the belief that Rio Tinto is under-invested in Africa,...

Caledonia Mining wins two safety awards for Blanket gold mine, Zimbabwe

The firm's chief executive Stefan Hayden said he was delighted at the public recognition of the efforts made at the Blanket mine Junior gold miner Caledonia Mining (LON:CMCL, TSE:CAL, OTCBB:CALVF) has received two safety awards for its Blanket gold...

Sandvik hosts drill and blast Mining Forum in Johannesburg

Leading surface and underground drill manufacturer, Sandvik, held a dedicated Mining Forum in Johannesburg, South Africa from October 11-13. The theme was 'Mastering Surface Drilling and Blasting.' Hosted by Sandvik and supported by mining explosives major AEL and drill monitoring and guidance company Thunderbird Pacific, the event aimed to provide a different experience than traditional seminars.

Investors applaud Sherritt's pace building world's biggest nickel mine, stock jumps 10%

Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.

Xstrata reopens S.Africa mine shaft after fatality

"The Section 54 was unconditionally lifted on Monday after a detailed presentation was done to the DMR (department of mineral resources). The shaft is now back to full production," spokesman Songezo Zibi said. Section 54 of South Africa's...