Rio Tinto's $US10 billion-plus Simandou iron ore project in Guinea is rapidly pressing ahead, but not like a typical giant development by the Anglo-Australian mining giant. By the end of the year, Rio is expected to have spent close to $US2bn ($1.9bn) on Simandou, including a $US700 million settlement payment to the government, and to begin construction of a project it has committed to produce from in 2015.
Africa Mining News
India has decried the failure of the Kimberley Process (KP) to formulate an agreement on the export of diamonds from Zimbabwe’s Marange diamond fields. A statement from Rajiv Jain, Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), said, “The GJEPC is deeply disheartened by the disagreement in position between the consuming countries and African producers at the KP intersessional meeting at Kinshasa.
Platmin Limited advises that on Thursday, 23 June, certain employees of mining contractor MCC illegally disrupted operations at the Pilanesburg Platinum Mine. These disruptions comprised intimidation of supervisors, illegal industrial action and damage to property and equipment. The South African Police Services was called in to safeguard employees, prevent further damage and stabilize the situation.
Another retrenchment shock has hit Buffelsfontein, trade union Solidarity said today. This follows after the gold company Simmer & Jack (Simmers) handed another section 189 notice to trade unions on Wednesday 15 June 2011 for the retrenchment of
Ncondezi Coal Company Limited (AIM: NCCL), a coal exploration and development company with coal assets in the Tete Province in Mozambique, announces its audited final results for the year ended 31 December 2010.
Riversdale Mining (ASX: RIV) advises that Mr Eric Finlayson has been appointed as the new CEO of Riversdale Mining Ltd. Mr Finlayson will move from his current role as Head of Exploration with Rio Tinto to take up this appointment, effective from 1 July.
Zimbabwe has been given the green light to sell diamonds from its Marange diamond fields by the industry's leading certification system, but the decision did not have the backing of all members. Participants of the Kimberley Process, which aims to stop "conflict diamonds" entering the market, met this week in Democratic Republic of Congo to discuss the Marange diamond fields but remained divided over a final statement.
Horsehead Holding Corp is to proceed with plans to construct a new lower-cost, environmentally-friendly zinc production facility. The new facility will replace its older smelter technology and will significantly reduce emissions of greenhouse gases and particulates into the atmosphere. The plant will utilize the ZINCEXTM SX technology.
A drilling program at Bellzone Mining plc’s (AIM:BZM) Kalia Mine in the Republic of Guinea, West Africa, has indicated a 71% increase in the company’s estimate of the magnetite tonnage available from 3.74 billion tonnes to 6.4 billion tonnes, placing Kalia amongst the largest iron ore deposits of its kind in the world. An 18,000m diamond drilling infill program commenced in Q3 2010 to increase the existing 690 million tonne measured and indicated component of the 3.74 billion tonne magnetite JORC resource. The company is pleased to announce that the work is proceeding to schedule and the programme is on track to deliver an increased M&I JORC magnetite resource in Q3 2011.
The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.
Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce that the US$85 million Project Finance Facility provided to Perseus’s 90%-owned subsidiary, Central Ashanti Gold Limited (“CAGL”), by Macquarie Bank Limited and Credit Suisse AG has been drawn down. To date, approximately US$152 million of the estimated US$174 million capital cost of Perseus’s Central Ashanti Gold Project in Ghana has been funded by equity capital raised by Perseus. The balance of construction costs will be financed using funds drawn under the debt facility.
The Brazilian mining company Vale is to enter into a partnership with the Portuguese company SGC Energia to build an industrial unit to convert coal into liquid fuel in Moatize district, in the central Mozambican province of Tete. Vale estimates a liquefied fuel processing plant could produce 300 million litres of fuel a year, of which about half would be used by Vale in Mozambique. The rest would be sold on the domestic fuel market.
Entrepreneur John Teeling has increased his holding in Botswana Diamonds - the Southern and Central Africa focused diamond and precious metal exploration company. Teeling, who is the Chairman of Botswana Diamonds, acquired 1,000,000 shares (1%) yesterday at a price of 5p. The thinly-traded stock was trading on AIM in London at a fraction over 5p, down from a record high of 8p hit in May.
"Cost inflation has been experienced at all operations," continued Mr. Stothart. "The industry is experiencing higher costs for fuel, consumables and labour in all regions this year, as well as higher royalties commensurate with the higher gold prices. Even with these higher costs, and a conservative gold price assumption of $1,200 per ounce, we believe that the projected cash flow from our operations combined with our current cash position will fund our significant three-year $1.2 billion investment to expand production at our existing gold mines and further strengthen our balance sheet."
Company Announcement to the Danish Financial Supervisory Authority No. 13-2011, 22 June 2011. FLSmidth has received an order from the Nigerian company, BUA International Limited, to supply a complete 6,000 tonnes per day cement plant in Nigeria.
Resource Star Limited has completed an independent update of the Mineral Resource Estimate for the Livingstonia Uranium Project in Malawi, south-eastern Africa. Increases in both tonnes and grade are based on the 1,500m of drilling completed in late
REE Investor reported that Red Rock Resources (LON:RRR) has overcome a large obstacle regarding its mining rights for the Tshipi manganese mine. The market news is quoted as saying: ‘This was the last regulatory approval pending the decision to start construction of the Tshipi manganese mine,’ Red Rock said in a statement to the Stock Exchange.
Desert Gold Ventures Inc. (TSX VENTURE:DAU)(OTCQX:DAUGF) has entered into a definitive sale of shares agreement with TransAfrika Resources Cyprus Limited, a Cypriot company, pursuant to which Desert Gold has agreed to acquire all of the issued and outstanding shares of TransAfrika Belgique S.A., a Belgian company, from the vendor, an indirect subsidiary of TransAfrika Resources Limited, a widely held private company existing under the laws of Mauritius.
On Tuesday Zambia's Finance Minister mocked Zimbabwe and South Africa for planning to forcibly raise government stakes in foreign mines, saying "the Zambian miner in 1970s was a happier miner than a miner during the period of state ownership of the mines.” Under Zimbabwe's on-again off-again indigenization policy mining companies were granted until the beginning of June to submit proposals about transferring majority ownership to locals while there are growing calls within the ruling party in South Africa to move ahead with nationalization as called for in the country's Freedom Charter.
London-listed Gem Diamonds said in a statement on Monday that it will drill four boreholes in the Central Kalahari Game Reserve in partnership with VOX United, a non-governmental organisation to provide the bushmen or Basarwa living in the reserve with water. The community is locked in a bitter battle with the Botswana government which accuses them of depleting the park's natural resources, while the Basarwa say that the government is violating their rights by trying to relocate them and that their impact on the environment is negligible.
When most people think of resource nationalism they tend to think of a country, usually in an unstable part of the world, deciding it wants a bigger role in its resources sector and taking it. That is however, an outdated view. That is not to say that outright expropriation doesn't happen but, far more interesting is the type of resource nationalism that has sprung up not just in Africa and South America recently, but in places such as Australia, Nevada and Canada.
Orezone Gold Corporation (ORE:TSX) is pleased to announce the results of a positive NI 43‑101 compliant Preliminary Economic Assessment that evaluates the potential of both open pit heap leach (HL) and carbon-in-leach (CIL) scenarios for its 100% owned Bomboré Gold Project in Burkina Faso, West Africa.
A fatal accident occurred on the morning of June 17 at Rockwell Diamonds Tirisano mine project'. According to a company release, an employee suffered fatal injuries at a conveyor belt installation on the mine. All operations at Tirisano were immediately halted and the Mine, Health and Safety inspectorate of the Department of Mineral Resources was notified and has been on site.
Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) is pleased to announce that the Nyuni 2 well in the Nyuni Block, Tanzania was expected to spud around mid day today East Australia Time.
Further to the announcement on 15 April 2011, Gold Fields announced that its shareholders have overwhelmingly approved the US$667 million acquisition of IAMGOLD Corporation's 18.9% stake in the Tarkwa and Damang gold mines in Ghana. Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting 93% were cast in favour of the transaction.