Mining Weekly reports Albidon’s (ASX:ALB) problems escalated on Friday after it suspended operations at its Munali nickel mine, in Zambia.
Africa Mining News
Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow. The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa's largest producer of copper and the world's number one cobalt mine.
Reuters reports Canadian gold miner IAMGold is on the look-out for acquisitions and while it is not itself up for sale, its chief executive said on Friday the company represents good value right now. IAMGold has in the past said interested in various stage projects, from exploration through to production and just over the last fortnight has put money into three South American juniors. IAMGold produces roughly 1 million ounces per year from operations in Africa and North and South America and sees bullion topping out at $2,000 an ounce this year or next from current levels around $1,790.
Macauhub reports Australian company Southern Cross Resources said Wednesday that its concession in Xiluvo, Mozambique, some 110 kilometres from the port of Beira, had reserves of rare earth elements of 1.1 million tons.
Global commodities trader Glencore (LON:GLEN) is making inroads into South African coal. Reuters reports that Glencore has signed a deal to buy energy trader Mercuria's 15 percent stake in South Africa's Optimum Coal Holdings (OCH) in its drive to acquire the whole company worth around $1 billion, sources close to the agreement said. Completing the Optimum acquisition would make Glencore South Africa's fourth-largest coal exporter, without including Xstrata's tonnage, for which it provides advisory services.
Kenya will issue its first ever gold mining lease on Tuesday, opening the way for commercial exploitation of the precious metal whose price has peaked in recent weeks after turbulence rocked global financial markets.
Mining Review reports the decision last week to allow Zimbabwe to resume diamond exports from the controversial Chiadzwa and Marange alluvial fields is being questioned, after the country's mines minister admitted on Thursday that smuggling was still rife. The comments are in stark contrast to his previous insistence that the country's diamond industry was meeting international trade standards. Zimbabwe is set to earn over $2 billion per year from exports with current diamond output estimated to be in excess of 25% of world production. Rough diamond prices have dropped by more than 10% over the last two months and is set to fall further as the first Marange diamonds come onto the market by the end of this month.
Kilo Goldmines Ltd. (TSXV:KGL.V)(Frankfurt:02K.F) ("Kilo" or the "Company") is pleased to announce that it has closed its previously announced brokered and non-brokered private placement financings (the "Offerings").
- The Angolan state diamond cutting company, Angola Polishing Diamonds (APD), is producing polished diamonds at a rate of only 20% of its design capacity. This was revealed here by company managing director Miguel Bondo Júnior during a visit by milita...
Caledonia Mining, an African focused mining and exploration company with a mine in Zimbabwe, shot up 20% to 11 cents a share after announcing a six-fold increase in profits in Q3. The company said that gross profit was $9.36 million compared to $1.607 million in the comparative quarter. "This is almost a six-fold increase on the comparative quarter and is the seventh consecutive quarterly increase in gross profit," said the company in a statement.
African Metals Corporation (AFR) has reported the successful delivery of the Dense Media Separation (DMS) plant, spirals bank and ancillary equipment to the Luisha South copper project in the DRC's Katanga province. Clarification of pre-existing import documentation issues with DRC customs had caused a delay in the transfer of ownership registration to Kundelungu Mineral Resources (KMR), a subsidiary of AFR.
First Quantum Minerals (TSE:FM) is expanding its Kansanshi copper mine in Zambia. The company announced Wednesday that annual copper production will increase by 60% to 400,000 metric tons by the end of 2014, from its current 250,000 t/a, Fox Business News reported:
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Nov. 9, 2011) - Platinum Group Metals Ltd.(TSX:PTM)(NYSE Amex:PLG) ("Platinum Group") is pleased to report drill intercepts grading 3.47 g/t Platinum, Palladium and Gold (2 PGE+Au) over 3.5 meters and 7.00 g/t 2PGE +Au over 5.0 meters at vertical depth of approximately 660 meters. The high grade, thick, layered intercepts are located in an area north of the previously mapped North Limb of the Bushveld Complex. This Northern extension of the Bushveld Complex was first discovered by the Company in early 2011 under cover rocks by drilling based on detailed geophysical and geochemical work. Drilling is continuing and the drill program is being immediately expanded. The intercepts are located on the 137 square kilometer Waterberg Property and the new zone has a projected, potential strike length distance of 7 kilometers.
AngloGold Ashanti posted record quarterly adjusted headline earnings* of $457m and boosted its dividend to improve cash returns to shareholders. Payouts to shareholders will now be made quarterly, instead of twice yearly. "Our power to generate earnings and strong cash flow is clear in these numbers," Chief Executive Officer Mark Cutifani said. "The upward jump in the dividend demonstrates the fundamental strength of the business and the market, while maintaining the ability to fund our growth pipeline."
First Quantum Minerals on Tuesday said production of 265,000 tonnes of copper and 175,000 ounces of gold is forecast for 2011 reflecting lower production to date as well as lower expected sulphide ore grades in the short-term at Kansanshi and lower acid availability in Zambia. The company said its average cash cost is $1.35 per pound of copper and the revised forecast is a result of higher costs to date, lower production and higher input costs. Its Ravensthorpe nickel project in Australia is set for commercial operation before the end of the year.
China Daily reports the fifth-largest diamond producer in the world said on Tuesday that China's demand for the precious stones will steadily increase in spite of rising prices. Empresa Nacional de Diamantes (Endiama), the national diamond company based in Angola, said that the Chinese market had accounted for up to 40 percent of its exports annually on average over the past three to five years.
Timeslive reports South Africa could not afford a dramatic switch from coal to green energy, Economic Development Minister Ebrahim Patel said on Tuesday because doing so would result in an electricity price spike that would destabilise the economy.
Robex Resources Inc./Nampala: feasibility study reveals a pre-tax net present value (NPV) of $113.6 million at $1,250 gold price per ounce, and an internal rate of return (IRR) of 46.45%
QUEBEC CITY, QUEBEC--(Marketwire - Nov. 8, 2011) - Robex Resources inc. (TSX VENTURE:RBX)(FRANKFURT:RB4) is pleased to announce the excellent results of the feasibility study for its 100%-owned Nampala project located on the Mininko permit in Mali. The feasibility study was prepared by a consortium of prominent internationally renowned mining industry consultants lead by the engineering consulting firm Bumigeme assisted by engineering firm Met-Chem Canada (Met-Chem) and Mr. Jacques Marchand, independent engineer and qualified person (QP) for mineral resource estimation as defined by NI 43-101.
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.
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
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
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:
(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 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.
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.