Sable's West African iron ore project gains first ever Guinea export decree. Shares jump as M&A talk intensifies.
Officials from Sierra Leone, Ivory Coast, Guinea and Liberia are meeting in London this week.
This is a landmark transaction for Vedanta, which is joining domestic peers in catching the flood of US dollars being unleashed by central banks.
The company expects to extract 120,000 ounces per year over eight years.
New Liberty is expected to come on stream in the third quarter of 2014, following a construction phase of 18 months.
Liberia's questioned commitment to the diamond industry’s efforts to prevent blood gems trade has driven the US Agency for International Development (USAID) to threaten with cutting the program, but authorities says it insufficient funds and not lack of will what is stopping the country.
Last year, Africa was the region that witnessed the strongest growth in gold-mining operations. In an exclusive interview with The Gold Report, Nana Sangmuah, managing director of research with Toronto-based Clarus Securities, expects that trend to continue and suggests some immediate smart investments in Ghana, Mali, Liberia and the Democratic Republic of the Congo.
Market attention in relation to Aureus Mining is mostly focused on the impending feasibility study for the company's flagship New Liberty gold project in Liberia.
Afferro signs definitive sale and purchase agreement to divest interest in the Putu Iron Ore Project for a minimum of US$115 million cash consideration.
The Israeli diamond industry said Liberian President Ellen Johnson Sirleaf President is especially worthy to receive the Nobel Peace Prize.
ArcelorMittal has begun commercial iron ore production from its mining operations in Liberia. By 2012, it aims to ship 4 mtpa of iron ore from Liberia. A first test shipment has successfully taken place.
Steel Guru reports that Liberia is poised to reap the rewards of its mineral riches once again, with the first shipment of iron ore produced since the end of its decades long civil war expected later this year, and gold production due to resume in as soon as six months.
Sesa Goa, a subsidiary of Vedanta Resources, on Saturday said it will buy 51% stake in an iron ore making firm in Liberia for $90 million in an all-cash deal. Located in Western part of Liberia and spread over 270 sq km area, the company has an estimated reserve of over 1.05 billion tonnes iron ore.
Vedanta's investment follows iron ore giant ArcelorMittal which after five years of ground work started operations at the country's Tokadeh mine earlier this year and is spending $800 million in the first phase of the project to rehabilitate the rail link and port. ArcelorMittal exported the first iron ore from Liberia after a 20 year hiatus on June 11 from the port of Buchanan.
Petmin has invested a further $1.5M in Iron Bird Resources, owner of the Mt Ginka iron ore exploration licence in northern Liberia. Iron Bird is now fully funded for the next stage of work, which focuses on geological mapping, trenching, drilling and
Aureus Mining announced that it has entered into an underwriting agreement for C$35.1 million with a syndicate of underwriters led by RBC Capital Markets and GMP Securities L.P. and including Clarus Securities Inc., Jennings Capital Inc. and Raymond James Ltd., with respect to its previously announced offering of the company’s common shares.
Pursuant to the Offering, the Company will issue 27,000,000 common shares at a price of C$1.30 (c.£0.83) per common share and receive aggregate net proceeds of C$32,994,000.
Brazilian mining giant Vale SA is in talks with Liberian government over the reconstruction of a hydro power plant in West African nation's, Liberia president said on Monday.
"The discussions with Vale are still going on. There are too many issues related to this discussions," Ellen Johnson Sirleaf said on the sidelines of a three-day oil, gas and mineral resources conference in the country's capital Monrovia.
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