Africa Mining News

Eastern Platinum stops work at Crocodile River after fatal blasting accident

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats" or the "Company") reports that mining operations at the Crocodile River Mine ("CRM") have been suspended following a fatal accident at the mine.

Platmin recovers from 2010 loss, sees Q3 profit

In a swing from the $26 million loss reported in the September quarter last year, platinum group metal miner Platmin achieved a $7.5 million profit for the three months to end September 2011 on the back of first platinum sales. Johannesburg (I-Net

Harmony suspends SA mine operations after fatality

The company issued a statement Monday morning saying operations at its Kusasalethu gold mine have been suspended pending investigations after an employee was killed in an accident. South Africa's third-largest gold miner Harmony suspended operations at

DRC's corrupt mining industry highlighted on website

The Guardian reports the U.S.-based Carter Center has launched a website to shine a light on the corrupt mining industry in the Democratic Republic of the Congo:

De Beers Stake Sale Poses no Problem for Industry: GJEPC

(IDEX Online News) – The sale of the Oppenheimer family’s 40 percent stake in De Beers to Anglo American posed no problems for the industry, said Sanjay Kothari, Vice Chairman of India’s Gem & Jewellery Export Promotion Council. “The stake ...

Anglo American not planning more buyouts: report

Anglo American PLC , which last week bought the Oppenheimer family out of diamond producer De Beers, will not look to buy out minority shareholders in its other African mining operations, The Sunday Times reports, citing the company's chief executive officer.

Pencil in some great graphite buys

Call us old-fashioned, but it's good to see a battling junior get a break for a change. Back in the heady days of 2007, Syrah Resources (SYR) floated with a handful of early-stage exploration projects.

Anglo American pays Oppenheimer family US$5.1 billion for 40% of De Beers

Anglo American (LON:AAL) increased its interested in De Beers from 45% to 85% by buying out the Oppenheimer family for US$5.1 billion. De Beers is looking to Anglo American for better operational management. "Anglo American is well positioned to enhance the value of De Beers through its expertise and scale in such areas as technical, supply chain and financial management functions as part of a simplified and more integrated ownership structure," said the company in a statement.

Breaking News: Oppenheimer Cashing Out, Selling De Beers for $5.1 Billion to Anglo American

Anglo American announced that it is buying the Oppenheimer's 40 percent stake in De Beers for $5.1 billion dollars.

Berkeley to sell unprocessed, high-grade Kabwe lead/zinc tailings

Berkeley Mineral Resources, the UK-listed junior primarily engaged in processing mining tailings, has announced a decision to sell the washplant tailings from the Kabwe lead/zinc mine in Zambia without further processing. The Kabwe mine was discovered during 1902 and commenced operations in 1904, reaching full-scale production in 1906.

ENRC implements Gemcom across global operations

Eurasian Natural Resources Corporation (ENRC) is implementing Gemcom's Surpac, GEMS, Minex, Whittle and MineSched mining software packages throughout its global operations. ENRC is one of the world's leading diversified natural resources groups, performing integrated mining, processing, energy, logistics and marketing operations, with its production assets largely located in Kazakhstan, with other assets in Africa and Brazil.

South Africa's mines minister finds the nationalization horse bolted

South Africa's mineral resources minister Susan Shabangu is on a road show in Australia and the UK to quell fears of mine seizures and drum up new investment for the country. So far few are suspending their disbelief over nationalization.

De Beers ups new South Africa mine investment to $1.9 billion

BusinessDay reports De Beers has no intention of reducing its interests in South Africa and will up planned investment in its new Venetia underground mine by more than $600 million to $1.9 billion. The Venetia expansion comes after the company this week signed a new $2 billion multi-currency credit facility and the sale of its disused SA mines. De Beers Consolidated Mines delisted from the Johannesburg Stock Exchange in May of 2001 after more than a hundred years on the South Africa bourse when the Oppenheimer family took the firm private.

Letšeng rocks on: one rough worth more than $1 million, 10 bigger than 10.8ct per week

Gem Diamonds' Letšeng mine continued to polish its reputation as the world's richest source of large diamonds, the London-listed company reported in a management statement covering July to October. 15 diamonds were found that were sold for more than $1 million and 50 roughs fetched prices greater than $20,000/ct;  one fancy pink went for $156,000 /ct.  Letšeng also recovered 171 diamonds greater than 10.8 ct in size. Excluding the 550ct Letšeng Star sold for $16.5 million last month, the mine averages sales of $2,425/ct. No wonder then that the board will meet this month on a feasibility study expanding capacity 75%.

Chinese firms in Zambia accused of mistreating workers

Chinese-run copper mines in Zambia are routinely mistreating workers and breaking the law by imposing up to 18-hour shifts and flouting international health and safety standards, according to a report from Human Rights Watch. The 122-page report draws on interviews with miners from the country's four Chinese copper operations and the 48 other mines operated my multinational companies. The Chinese companies are subsidiaries of China Non-Ferrous Metals Mining Corporation (CNMC), a state-run firm.

Coal of Africa raises US$106 million

Coal of Africa raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL's issued share capital prior to the placing. Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects. John Wallington, chief excecutive officer of the company was pleased with the placement.

Arcelor in South Africa suffers a meltdown

Equipment failure that put a huge dent in production and which is now the subject of a $140 million insurance claim, higher input costs as a result of increased electricity charges, and three fatalities and a pricing dispute with a unit of Anglo American were the main reasons given for a headline loss of $58 million for the quarter.

Harmony signs LOI to acquire the Kafwego-Mufumbwe copper project Zambia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - Harmony Gold Corp. (TSX VENTURE:H) (the "Company" or "Harmony") is pleased to announce it has signed a Letter of Intent (the "LOI") with Montauk Mining and Minerals Ltd. ("MMM") to...

Low uranium prices shelve Central African mine

Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector. French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March. The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.

Liontown Resources Limited secures East African iron ore opportunity in deal with African Barrick Gold plc

Liontown Resources Limited announced that it has secured the opportunity to earn up to a 70% interest in the iron ore rights on an extensive portfolio of tenements held by LSE-listed African Barrick Gold plc (ABG) in northern Tanzania, adjacent to its Jubilee Reef Gold Joint Venture.

West African gold explorer completes Can$81.25 million equity offering

Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering. The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.

Kilo Goldmines C$10 million private placement fully allocated

Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") is pleased to announce that the private placement financings previously announced on October 18, 2011 are fully allocated (collectively, the "Offering"). The Company expects to raise gross proceeds of C$10,000,000 through the issuance of common shares on a "best efforts basis" at a price of C$0.20 per common share. The number of common shares offered pursuant to the Offering may be increased to meet over-subscriptions.

Xstrata deal reached after union threatened strike over free worker shares

South Africa's National Union of Mineworkers (NUM) called off a strike on Wednesday after reaching a deal with Xstrata over the coal giant's voluntary employee share ownership plan. Xstrata agreed to allocate shares to workers equally and not based on employment grade, NUM's one gripe. Mine ownership and nationalization are once again fiercely debated topics in the country 17 years after the end of white rule and observers believe SA’s allure as an investment destination has been tarnished by the heavy weather accompanying the Xstrata deal. The plan gives workers 3% of the company and is over and above the company’s 26% local ownership obligations which it already meets.

Randgold up 7% after shooting the lights out in West Africa

Shares of Randgold Resources, a pure-play gold mining company focused on west and central Africa, soared 7.4% Wednesday after announcing third quarter production increased 80% and sales jumped to $309.6 million from only $116.3 a year ago. Despite a once-off drop in gold sales from the previous quarter following instability at its Tongon mine in the Ivory Coast where it has been producing for one year and what it described as once in a century rainfall at its Loulo/Gounkoto operations in Mali, third-quarter income increased more than four-fold to $106.8 million.

Sarama Resources completes IPO to raise $16.7 million for Burkina Faso gold exploration

Sarama Resources Ltd. are pleased to announce the completion of our initial public offering ("Offering") and the issuance of a total of 18,538,711 Units (which includes the partial exercise of the over-allotment option of 1,872,045 Units) at$0.90 per Unit, raising gross proceeds of $16,684,840. We will use the net proceeds of the Offering principally to advance our exploration activities at the South Houndé Project where extensive drill programs are planned and our other prospects in Liberia and Mali where significant exploration programs are already underway.