Africa Mining News

Astra plans Frankfurt listing, inks Nigerian deal

Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.

New 50% bigger Kalukundi copper/cobalt project study awarded

South Africa's MDM Engineering Group has been awarded the increased throughput design update and cost revalidation of the Bankable Feasibility Study (BFS) for Africo Resources' Kalukundi copper/cobalt project, located in the Katanga Province of the Democratic Republic of Congo (DRC), which borders Zambia to the south. In May 2006 MDM completed a BFS, based on a throughput of 800,000 tonne/year plant, on the Kalukundi project.

Helio makes significant new gold-copper-silver discovery at Damara Gold Project, Namibia

Helio Resource Corp. on Monday reported the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's Navachab gold mine. On Monday, Helio which also owns gold projects in Tanzania was trading up almost 5% on the TSX Venture Exchange on the news. The tightly-held company is worth some $44m with 104m shares outstanding.

Cote d'Ivoire gold output to double in 2 years

Ivory Coast can double gold output within two years from the current 7 tonnes per year as more miners seek to tap its estimated 200,000 tonnes of reserves, an industry association official said on Friday. "We can double production very quickly within the next two years, because there are several companies carrying out exploration, and it is likely that new sites could start production," said Michel Mian, president of the Interprofessional Mining Group (GPMCI) and head of Australia's Newcrest (NCM.AX) Ivorian operations.

South African platinum miner Northam to list in New York

Northam CEO Glyn Lewis says that the JSE-listed platinum-group-metals (PGM) producer is taking the step to provide its “growing” US shareholder base with a more visible profile. Recent corporate developments have resulted in improved liquidity in the Northam stock, with the free float increasing to 64%.

Rhodium to rise as much as 35% as car sales accelerate, SA mine output slumps

Rhodium will climb as much as 35% to $2,800 an ounce by the end of the year on increased carmaker demand and production difficulties for mining companies in South Africa where the metal is produced as a byproduct of platinum mining, according to a report by Standard Bank released on Monday. Mainly used in emissions reducing converters and in the chemical and glass industries rhodium is down 14% this year after three annual surpluses but jumped 21% in the week after Deutsche Bank introduced a physically backed exchange-traded product at the end of May. The price of rhodium hit an all-time record high above $10,000 in 2008.

Endeavour Mining Reports Q1 2011 cash flow from mine operations of $6.6 million and on track to product 84,000 ozs in 2011

Endeavour's Youga Mine in Burkina Faso produced 20,056 ounces of gold during Q1 2011 at cash cost of $664 per ounce sold1. Endeavour reiterated its production guidance for 2011 with a production target of 84,000 ounces of gold at cash cost of approximately $600 per ounce sold1. At March 31, 2011, the Corporation had cash & equivalents and marketable securities of $196 million and was debt-free.

Helio makes a significant new gold-copper-silver discovery at the Gold Kop target, Damara gold project, Namibia

Helio Resource Corp. (TSX-V: HRC) is very pleased to report the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project (DGP) in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's (AGA) Navachab gold mine (see map at http://www.helioresource.com/i/pdf/2011-06-13_NRM1.pdf).

Wage talks under way for S. African gold and coal miners

South Africa's National Union of mineworkers has started negotiations with the Chamber of Mines over its 14% wage demand for gold and coal miner union members.

Essar Group plans more overseas coal, iron ore asset buys-report

Indian conglomerate Essar Groupplans to acquire more coal and iron ore assets in Indonesia,Australia and Africa as it seeks to meet robust demand in India, Bloomberg reported …

Zambia copper output down – see IM article in July

Africa’s largest copper producing nation saw output fall back over the first four months of 2011, compared with a year ago. Cobalt output and exports rose though. A complete article on the Zambian Copperbelt will […]

Planned Exxaro strike off but union will show ‘no mercy'

A strike of about 7,000 workers over jobs cuts at miner Exxaro due to start on Monday has been postponed, South Africa's National Union of Mineworkers said in a statement on Sunday. Exxaro, which mines […]

Guyana Frontier Reports Drilling Results from Favourable Lake Project

Guyana Frontier Mining Corp. ("Guyana Frontier", formerly known as Shoreham Resources Ltd.) is pleased to announce the results of a diamond drilling program on the Borland Lake target area at the Favourable Lake Project in Ontario, Canada. The Favourable Lake Project, located approximately 200 kilometres north of Red Lake, Ontario, is a joint venture between Guyana Frontier, which holds a 70.3% interest, and Gold Canyon Resources Inc., which holds a 29.7% interest.

African mining, De Beers, BEE – Oppenheimer speaks out

De Beers chairman Nicky Oppenheimer told a Washington audience Thursday that Africa has a bright future if its leaders embrace globalization and allow the private sector to flourish.  "Globalization is a huge force for good," […]

Axmin consolidates with asset sales, spin-off, to focus on Passendro gold project

Axmin Resources (TSX-V: AXM) followed a year of asset sales with a bit of spring cleaning as part of efforts to get its Passendro gold project in the Central African Republic off the ground. Axmin […]

Riverstone intersects new gold zone at Karma

iverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) is pleased to report further results from the drill program on the company's Karma Project in Burkina Faso, West Africa (see map on website: http://www.riverstoneresources.com/i/maps/110608-100504_GG1_2_Cartoon.jpg). The holes are part of an ongoing RC drill program on the Goulagou I zone of the Karma Project. The program is designed to both fill-in and expand the known mineralization at Goulagou I, which remains open in all directions, especially to the west and at depth. Map of the Karma Project by Riverstone Resources Inc.

Analyst urges caution as First Uranium dips to all-time lows

G&M reports on First Uranium’s (TSE:FIU) shares at an all-time low. The market news is quoted as saying: First Uranium lost 9 cents (U.S.) per share in the quarter, 4 cents worse than street estimates, with similarly disappointing cash flow figures. It also dropped its fiscal 2012 gold and uranium production guidance. First Uranium is developing gold and uranium extraction operations at the underground Ezulwini mine and its Mine Waste Solutions tailings recovery facility, both in South Africa. It has a $150-million (Canadian) convertible debenture expiring in June of next year and another $175-million of debentures due in 2013.

April SA gold output up 1.55; non gold minerals up 13.9%

South Africa's gold output rose 1.5 percent in volume terms in April while total mineral production rose 12.4 percent compared with the same month a year earlier, data showed on Thursday. Production of non-gold minerals was up 13.9 percent in the same period, Statistics South Africa said.

Bloomberg: De Beers considers expansion of its Voorspoed Mine as diamond prices climb

Bloomberg reports: De Beers, the world’s largest diamond producer, is considering an expansion of its South African Voorspoed mine to extend the life of the operation by as much as eight years as prices for the gems climb. De Beers will complete a study this year on a proposed expansion that would prolong the mine’s life to “2026 or 2028,” rather than 2020 as currently planned, Mine Manager Mpumi Zikalala said today in an interview at the site near Kroonstad. It’s too early to estimate the cost of the project, which may include an underground section, she said.

Gold leads way, but potash in focus as Ethiopian mineral exports to surge

Ethiopia is set to hit its target of more than doubling mining exports to an annual $1 billion ahead of time, the country's mining minister told Reuters, as it promotes gold extraction, but also fertilizer ingredient potash. Ethiopia, though still reliant on commodities like coffee for revenue, is expected to earn around $500 million from mining exports in the financial year to next July, the minister said. It had targeted doubling that over five years from 2010/11.

African mining, De Beers, BEE – Oppenheimer speaks out

De Beers chairman Nicky Oppenheimer told a Washington audience Thursday that Africa has a bright future if its leaders embrace globalization and allow the private sector to flourish.

Avion doubles up exploration at Burkina Faso gold target

Africa-focused gold producer Avion Gold (TSX: AVR) will intensify its drilling campaign at its Vindaloo zone in Burkina Faso following a slew of drilling results that extended strike length of gold mineralization by over a kilometre. Calling the latest intercepts an "apparent clear path" to a resource increase, John Begeman, Avion president and CEO, said in a statement that Avion would double its exploration budget to $6 million at the Hounde property, which covers the Vindaloo target. There Avion has so far outlined 63,000- and 547,000-ounces gold in the indicated and inferred categories, respectively.

South Africa mining output rebounds strongly, possible industrial action looms

South African mining output rebounded strongly in April, rising by 12.4% year-on-year, after contracting 1.4% in the previous month, a report by Statistics South Africa showed on Thursday. Year-to-date production increased by 5.2%, on the back of surging output of nickel, manganese, platinum group metals and copper but gold production continued to lag, only managing a 1.5% increase. Analysts warned that the outlook for the rest of year was clouded by scheduled wage negotiations across the industry that could lead to strikes and a strong currency which hampers competitiveness.

Eagle Eye Metals commences drilling

Eagle Eye Metals Limited (ASX:EYE) is pleased to announce that it has commenced its inaugural drilling program at the Kourouba Prospect, located within the Company's Dankassa Gold Project, in southern Mali.

South Africa's largest union backs mine nationalization

South Africa's National Union of Mineworkers' central committee on Wednesday backed the country's Freedom Charter clause on nationalization and the ruling ANC party's resolution of 2010 to look at a greater role for the state in the economy. NUM is the largest union and represents the majority of workers in South Africa's mining industry. Through its affiliation with the Congress of South African Trade Unions it is also part of the country's ruling alliance, which next year will make a formal decision on the nationalization of the resource sector, long the bedrock of the African nation's economy.