Anti-government sentiment is set to further escalate in the run-up to the legislative election in September, and mining firms are likely to experience even more disruption as many blame them for the state’s failure to contribute to their wellbeing.
Guinea Mining News
Under the deal, Newfield will lend Stellar $3 million to help it over its immediate short-term cash needs, while undertaking a right issue to raise A$30 million (roughly $23.6m) to re-finance the blended company.
As well as facing legal action, BSGR, which denies any wrong-doing, is suing financier George Soros for $10 billion in damages over lost contracts.
Miner posted a net loss of $984,928, compared to a $663,145 loss a year earlier, due to an increase in costs of developing its Tongo-Tonguma diamond project in eastern Sierra Leone.
Funding for the project has not been secure yet, though the miner is in talks with Newfield Resources over a possible offer.
Guinea has about a third of the world's bauxite reserves and expects to produce over 30 million tonnes in 2017. However, it has no facilities to transform those reserves into higher-grade alumina.
Alliance Mining Commodities will invest $670 million over the first five years of production at its mine in northwestern Guinea, Saadou Nimaga.
Deal allows the Stellar to focus on its bigger Tongo-Tonguma project in Sierra Leone, which would be the country's second largest diamond mine ever.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announces that it has paid US$150,240 to the Sierra Leone Environmental Agency for the Tongo Environmental Licence.
The operation would be second biggest diamond mine in Sierra Leone.
Israeli diamond billionaire Beny Steinmetz, four others, in custody of Israeli police on suspicion of fraud, forgery, obstruction of justice and bribery.
The diamond miner decided to offload those units to focus on its Tongo-Tonguma project in Sierra Leone, which has the potential to generate earnings of $45 million a year.
"Suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it."
The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.
Deal creates one of the largest diamond mines in West Africa.
He joins a growing list of chairmen who are leaving some of the world's' top mining companies, including BHP Billiton and Anglo American.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
The company originally intended to combine its Tongo project with Tonguma, but it has now decided to become the mine's operator.
The amicable divorce ends a six-year-old exploration joint venture originally set to find copper deposits in China.
The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.
A Chinese court has sent a strong message to corporate executives who have been seeing playing fast and loose within the rules of boon-times capitalism in China.
The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.
BSGR will sue Rio Tinto in the English High Court to recover losses allegedly caused by Rio's actions, which run to several billions of dollars.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.