Ghana will seek to boost revenues from its mining industry next year by hiking taxes, according to a text of the 2012 budget delivered to parliament.
Africa Mining News
Stratex International plc ("Stratex‟ or "the Company‟), the AIM-quoted exploration and development company focussed on gold and base metals in Turkey and East Africa, is pleased to report additional significant gold intersections from drilling at the
Ghana will seek to boost revenues from its mining industry next year by hiking taxes, according to a text of the 2012 budget delivered to parliament on Wednesday. The corporate tax rate on miners will increase to 35% from 25% and a separate 10% tax on windfall profits will be introduced, according to the text.
During Q1 Implats production fell 12% due mostly to planned operational outages. Gross platinum production was 388,000 oz compared to 441,000 during the same quarter a year ago. Palladium also declined in line with platinum, coming in at 251,000 oz compared to 285,000 year ago. Rhodium declined by just 7% from 53,000 oz compared to 57,000 oz. Costs also rose during Q1. "Group unit cost per platinum ounce produced excluding share-based payments rose by 10.8% from the previous quarter a year ago primarily due to the recent impact of the 10% wage settlement and the continuation of high electricity tariff increases," said the company in a statement.
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - Ethiopian Potash Corp. (the "Company") (TSX VENTURE:FED)(TSX VENTURE:FED.WT)(OTCQX:ETPHF) is pleased to announce that it has completed 16 diamond drill holes totalling 3,353 metres on its Danakil Potash Project. The initial 16 holes were drilled in the South-west Target Area. Holes 17 and 18 are currently being drilled to test the northern continuation of the South-west Target Area. All holes have intersected the Danakil Potash bearing sequence.
Forbes Coal secures ZAR230 million (approximately C$30 million) loan facility to fund the company's expansion
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - Forbes & Manhattan Coal Corp. (TSX:FMC)(JSE:FMC) ("Forbes Coal" or the "Company"), through its subsidiary Slater Coal Proprietary Limited, has secured a ZAR230 million (approximately C$30 million) loan facility from Investec Limited ("Investec"), an international investment and private banking group. Funds from the loan facility will be used to further the Company's expansion plans.
Stock in Avion Gold Corp. (TSX:AVR) fell more than 13 per cent in heavy trading Tuesday after the Toronto-based miner with operations in West Africa reported third-quarter earnings that were only half of those a year earlier.
Helio Resource Corp (TSX-V: HRC) is pleased to report the first results from a recently completed RC drill programme on the Gold Kop target, at the Damara Gold Project in central Namibia.
African Gold Group, Inc. Northern Step-Out Hole Intercepts 112 Meters of 2.14 g/t Au-Hole Ends in Mineralization-Kobada, Mali
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - African Gold Group, Inc. (TSX VENTURE:AGG), ("AGG" or the "Company") is pleased to report the analytical results for six near surface (oxide), reverse circulation (RC), step-out drill holes,...
Montero Announces Infill Drilling Results of 11.7m at 7.35% TREO at the Wigu Hill Rare Earth Project in Tanzania
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has completed an infill drilling program at the Twiga Zone at the Wigu Hill Rare Earth Project in Tanzania. Infill drilling ...
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") today announces its financial results for the third quarter ended September 30, 2011. All amounts are in United States dollars unless otherwise indicated. Earnings Per Share of $0.02. Cash Costs of $806 Per Ounce Produced in Third Quarter 2011
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Frontier Rare Earths Limited (TSX:FRO)(TSX:FRO.WT) is pleased to provide an update on operational progress at its Zandkopsdrift rare earth element project in South Africa and related corporate activities. "We are very encouraged by the progress of work on the preliminary economic assessment for our flagship Zandkopsdrift project, and expect to announce the results early next year," said Mr. James Kenny, President and CEO of Frontier Rare Earths. "We believe that the PEA will clearly demonstrate the significant economic potential of Zandkopsdrift and this will leave Frontier well positioned to become one of the major producers of rare earths globally commencing in 2015."
Energio ( ASX: EIO ) is developing a world class iron ore opportunity at the Agbaja Iron Ore Exploration Project in Nigeria, which has resource potential of 1 to 2 billion tonnes of iron ore.
Sundance Resources Limited (ASX:SDL) ore reserve upgrade to 352 million tonnes of high-grade hematite
Sundance Resources Limited (ASX:SDL) advises that the High Grade Ore Reserve for Stage One of the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo now totals 352 million tonnes (Mt) at 62.4% Fe. All Mineral Resources and Ore Reserves have been estimated in accordance with the JORC Code. This upgraded estimate is significant because it confirms Mbalam now has sufficient Reserves to deliver Stage One of the Project. Stage One proposes the production of 35 Mt per year of High-Grade Direct Shipping Ore (DSO) for at least 10 years.
Mining companies in Zambia may have to scale down their operations to cope with higher mining taxes recently imposed by President Michael Sata's new government. Reuters quotes the general manager of the country’s chamber of mines, Frederick Bantubonse:
Eastplats recorded earnings attributable to equity shareholders of the Company of $1,364,000 ($0.00 per share) in the quarter ended September 30, 2011 ("Q3 2011") compared to earnings of $4,039,000 ($0.01 per share) in the quarter ended September 30, 2010 ("Q3 2010").
Automation/remote control, bulk handling and storage, South African technology and services are three of the main articles currently being written by John and Paul for the January issue of International Mining. The automation/remote control article, for instance, will examine the big new orders for autonomous trucks, look at the latest in blasthole drill automation and peer underground to see the latest technologies being employed there, AND MORE. Do contact the editors, before early December, if you have contributions you wish to suggest for any of these articles.
DRC-based Boss Mining SPRL, owned by Eurasian Natural Resources Corporation PLC (ENRC), has awarded FLSmidth four different orders for equipment at its copper operation in Kakanda in the Katanga Province of the DRC. The value of this bundled equipment package makes it one of the largest orders placed with FLSmidth in South Africa for minerals processing equipment since its acquisition of Dorr-Oliver Eimco in 2007.
Business Times reports thousands of people face evacuation from greater Johannesburg in the Gauteng province – the economic heartland of South Africa – due to toxic sludge from abandoned gold mines laced with high radiation levels. Acid mine water, the result of groundwater flowing through underground shafts, is decanting from an old uranium mine and rising by half a metre a day beneath the city of 7 million people. Mass evacuation of informal settlements is one of several recommendations in a government-commissioned plan drafted in June to deal with 380 acid mine dumps – many of them radioactive – left over from more than century of underground mining. Uranium is often mined as a byproduct of gold in South Africa.
Business Live reports De Beers high-quality diamond retail arm Forevermark will not sell any diamonds from Zimbabwe's controversial Chiadzwa and fields, CEO Stephen Lussier said at the launch of the exclusive brand in South Africa. This comes after the industry regulator, the Kimberley Process, gave Zimbabwe the green light to resume diamond exports from Marange last week. The decision is already being questioned, after the country's mines minister admitted on Thursday that smuggling was still rife. International sales from Marange were banned in 2009 after hundreds were killed and thousands of local miners were driven off claims when the army seized control of the area.
The first shipment of iron ore from African Minerals' Ltd Tonkolili mine in Sierra Leone has left for China, the West African state's deputy minister for natural resources said on Friday. African Minerals started mining late last year and had since been stockpiling the ore. It expects to export about 1.2 million tonnes of iron ore during the current fourth quarter.
Mining Weekly reports Albidon’s (ASX:ALB) problems escalated on Friday after it suspended operations at its Munali nickel mine, in Zambia.
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.