China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminium which the West African country has in abundance, the mines minister said.
West Africa Mining News
The company today announced production totaling 52,300 ounces of gold for the three-month period ended September 30, 2012.
Castle Peak intersects 19.0m of 1.5 g/t Au at Apankrah and 1.0m of 16.1 g/t at the New Scorpio target
The company has reported intersects 19.0m of 1.5 g/t Au at Apankrah and 1.0m of 16.1 g/t at the New Scorpio target
Gold Fields Limited announced the appointment of Ghanaian businessman Pierre Charles Coussey as new country manager for the company's operations in Ghana (Gold Fields Ghana Limited and Abosso Goldfields Limited).
Highlights of the quarter include: quarterly gross profit of $6.4 million (Q2 2011: $1.4 million), quarterly net income of $3.2 million (Q2 2011: loss of $0.1 million) and Iodine production of 338 tonnes (Q2 2011: 286 tonnes).
Announced today, Benoit La Salle is stepping down from his position and the corporation's COO, Benoit Desormeaux, will take his place as president and CEO.
The company reports on 38 different drill holes on the fully owned flagship Kao deposit in Burkina Faso, West Africa.
The 1,680,480 options are to be sold at a 5 July's closing price of 62.75p a share.
Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering. The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.
Azumah Resources Ltd (ASX: AZM) said today it has secured an 11% stake in Castle Minerals Ltd (ASX: CDT) through a holding of 11.081 million shares. Azumah's managing director Stephen Stone said the company viewed the holding as a strategic investment that would increase Azumah's options should any of the growing market-based speculation about consolidation in the West African gold sector unfold.
Bellzone Mining announced on Tuesday that it had completed a US$133 million placement of 102 million ordinary shares. Canaccord Genuity Limited was the lead manager. Bellzone, an AIM-listed company, is developing two iron ore and nickel/copper assets in Guinea, West Africa. The Kalia iron deposit, a 50mtpa iron ore operation, is the company's flagship project.
Perhaps one of the many problems facing mining companies in developing nations is that the locals – or at least some local politicians – often have little idea of the economics of bringing a mine […]