Most of the gold mined in the Democratic Republic of Congo (DRC) is dug up by artisanal and small-scale miners, who work in very dangerous conditions, particularly in rebel-held parts of the country.
Large buyer sees the most metal on offer for the first time in seven years.
Only four metals, or element groups, made the list for the American Physical Society, Materials Research Society and the US Department of Energy's uncatalogued for 'critical metals': Rare Earth elements, platinum group metals, lithium and cobalt.
Mining legend and Ivanplats (TSX:IVP) CEO, Robert Friedland, said he aims to have his African-focused mining company landing in the London stock exchange during the first half of 2013.
DRC president Kabila will likely be violently removed from office should protests in major cities escalate and last longer than one week, according to a report from Exclusive Analysis, a UK-based political risk consultancy.
The Democratic Republic of Congo's intentions to increase the government stake in mining projects by 35% will be first discussed with mining companies and also consulted with the World Bank and the IMF, said a source from the country’s ministry of mines.
Africa-focused miner Ivanplats (TSX:IVP), founded by billionaire Robert Friedland, successfully closed Tuesday its $307-million initial public offering (IPO) on the Toronto stock exchange, issuing total equity of $504 million (Cdn$493).
Kazakh miner ENRC's chairman personally flew to the DRC to "clear-the-air" with controversial Israeli dealmaker Dan Gertler.
If Ivanplats's $165 million worth of bonds are not redeemed for stock, rates on the debt soars to credit card-like repayments of just under 19% on November 10 and to an eye-watering 26% in November next year.
Gertler, 38, used his relationship with DRC president Joseph Kabila and Kabila's now late adviser Augustin Katumba Mwanke to bag mining projects "by stripping from others if necessary, only to sell them on at great profit."
New oil reserves could also create new centres of power and in the context of a general oil rush in Central and East Africa, the lack of clearly defined borders, especially in the Great Lakes region, poses significant risk for maintaining regional stability.
Renewed fighting in the Democratic Republic of Congo will halt the export of so-called conflict-free minerals from the country's eastern provinces, according to Bloomberg:
Randgold Resources seems to be on track with its construction programme on its major Kibali gold mine development in the eastern DRC, aiming for initial production before the end of 2013.
In a scathing new BBC documentary that includes the first ever television interview with CEO Ivan Glasenberg, commodities trader Glencore is accused of allowing dumping of acid into streams, child labour and deadly underground working conditions at its copper-cobalt mine in the Democratic Republic of Congo.
The DRC gold miner is now down more than 25% from a high of $5.68 hit seven weeks ago.
Serial mega-mine developer Robert Friedland said in early February that Ivanplats will be developing the Kamoa mine in the DRC, Africa’s largest copper project that will have a lifespan that can be “measured in generations as opposed to decades.”
Banro's Twangiza oxide mine poured its first gold Q4 2011and it owns four additional licences along the same rich gold belt in the east of the country. After bumping up its debt offering to $175 million on Friday the company says it can now start building a second oxide mine.
In what is being regarded as the first major African mining play by a Chinese company, China Minmetals succeeded Friday in closing its $1.3 billion bid for copper miner Anvil Mining.
Loncor Resources Inc. (the "Company" or "Loncor") (TSX VENTURE:LN)(NYSE Amex:LON) is pleased to announce further encouraging drilling results at the Company's Makapela prospect, Ngayu Gold Project, northeastern Democratic Republic of the Congo (the "DRC").
Augustin Katumba Mwanke, the former governor of copper-rich Katanga province and go-to guy for resource deals, was seen by many as the power behind the throne.
Ivanplats CEO Robert Friedland said on Wednesday his company was developing Africa’s largest copper project in the Democratic Republic of Congo (DRC).
Banro Corporation ("Banro" or the "Company") (NYSE Amex:BAA)(TSX:BAA) is pleased to announce that it intends to proceed with a brokered private placement debt offering for gross proceeds of up to US$125 million.
TORONTO, ONTARIO–(Marketwire – Feb. 6, 2012) – Banro Corporation ("Banro" or the "Company") (NYSE Amex:BAA)(TSX:BAA) is pleased to announce that it intends to proceed with a brokered private placement debt offering for gross proceeds of u…
A new UN report says a US trade adviser appointed by Barack Obama orchestrated a $20 million deal to buy 1,045 pounds of gold in eastern DRC from warlord Bosco Ntaganda, wanted for war crimes since 2006. The botched deal by Houston oil tycoon Dr. Kase Lawal also involved his brother and former basketball star Dikembe Mutombo.
Preparatory work has been completed at the Kibali gold project in the Democratic Republic of Congo, where first gold production is scheduled for the end of 2013.
As attractive deposits become harder and harder to find in traditional markets miners are pushing the limits of the political risk they are willing to take on. But things can go spectacularly wrong.
Details emerging from investigations into Areva's purchase of African uranium miner UraMin are beginning to resemble a spy novel.
Get Mining News and Alerts
sent to your inbox daily