Bloomberg reports Essar Africa Holdings Ltd., a unit of Essar Group, said it will process Zimbabwean iron ore before exporting it through a terminal it may build in Mozambique's port city of Beira. In March, Essar agreed to buy control of the steel and mining assets of the state-owned Zimbabwe Iron & Steel Co., known as Zisco.
Africa Mining News
Brazilian miner Vale SA plans to spend over $12 billion on investments in Africa over the next five years, a mining conference heard on Wednesday. Brazilian companies, like their Chinese counterparts, are keen on African resources to fuel their growth and the sum involved underscores the continent's growing importance as an investment destination.
Bloomberg reports BHP Billiton Ltd., the largest mining company, Minmetals Resources Ltd. and First Quantum Minerals Ltd. are stepping up copper exploration in Zambia after prices for the metal more than doubled over the past two years.
Mining Weekly reports Zambia is keen to diversify its mining sector and wants more exploration in iron-ore, manganese, coal and uranium, Vice-President George Kunda said on Wednesday. Speaking at a mining conference in Lusaka, Kunda said that the Zambian economy was too dependent on copper. Zambia aims to be the third-largest uranium producer in Africa in the near future, Kunda said, adding that this would depend on exploration and investment.
Eritrean National Mining Corp. has agreed to pay US$32 million for a 30 percent stake in Chalice Gold Mines' Zara gold project, Bloomberg reported Wednesday:
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.
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 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.
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.
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 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).
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.
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 …
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 […]
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 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.
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 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 […]
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.
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.
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 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.
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.