Company will make final decision on its development by mid next year.
Democratic Republic of Congo Mining News
Ivanhoe Mines and Zijin each hold now an indirect 39.6% interest in the Kamoa-Kakula project, thought to be Africa's most significant deposit of the red metal ever found.
Move comes 15 months after the country’s government halted the planned revision amid opposition from mining companies and low commodity prices.
Only last year CAR was allowed to resume diamond exports after a three-year ban that tried preventing armed groups from financing a bloody inter-religious conflict.
The Morila operation continues to deliver value in its post-mining phase while progressing plans to develop the site into a commercial agricultural hub after its closure in 2019, Randgold Resources chief executive Mark Bristow said at an on-site media briefing today.
The Kibali gold mine’s underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.
A surge in commodity prices combined with its multibillion-dollar asset fire-sale has put the company in a position to pay big dividends and explore acquisitions.
Employees who had staged an illegal sit-in at the mine returned to work Wednesday after management and authorities reached a deal with them, the company said.
Company said talks are underway to stop an illegal sit-in that started last week by some employees demanding annual ex-gratia payments.
Mines Minister Martin Kabwelulu said he “didn’t believe” the government needed to authorize changes in ownership in that or any project.
The Swiss firm already has a 69% stake in the DRC mine, which jointly owns with Israeli mining tycoon Dan Gertler.
Situation has worsened as a result of a shortage of new discoveries, cost cutting measures and miners digging out higher-grade material for a short-term gain, say experts.
Cameroon is allowing conflict diamonds from the Central African Republic to cross over its borders and into the legal supply chain due to poor controls, smuggling and corruption, a new report shows.
Canada’s Ivanhoe Mines and joint-venture partner Zijin Mining have transferred a further 15% interest in their Kamoa-Kakula copper project to the DRC’s government.
The new venture is part of Randgold's ambitious plan to discover three new deposits in the next five years.
While output was down for most commodities it mines and sales, it has improved earnings forecast for its trading unit.
Congo began reviewing its mining code in 2012, aiming to increase state revenues and tighten environmental and social regulations, but it has yet to make a decision about it.
In the current climate of global economic and political stress, it is more important than ever for African governments to engage with their investors in a spirit of genuine partnership, Randgold Resources chief executive Mark Bristow said here today.
After a slow start to 2016, the Kibali gold mine is picking up speed, with the substantial performance improvement forecast for the second half of the year already manifesting itself, Randgold Resources chief executive Mark Bristow said here today.
The Ubika Mining 20 Index (UM20) fell 2.8% over the past month, slipping more than the TSX Venture composite, which was down by 0.7%. The TSX Mining Index, meanwhile, rose 3.1% over the same period.
Shares in the Vancouver-based miner soared Monday as the firm said it would likely hire an investment bank to advise the board on all strategic options.
Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.
Shares in the Canadian company were up more than 3.6% Thursday morning on the news.
The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.
Speaking at a regular briefing, Bristow said that, as anticipated, the complexity of dealing with multiple ore types from different sources had affected throughput, recovery and grade in the first half of the year.