Africa Top Stories

African lender eyes unloved neighborhoods in mining drive

African Finance Corp. will invest in countries disregarded by other…

Tharisa has right to all of $4.2 billion Zimbabwe platinum mine

The government estimates will produce 1.36 million ounces of platinum…

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AngloGold to spend $30m on 19.79% stake in First Uranium

Africa's biggest gold miner AngloGold Ashanti said on Friday it would acquire a 19.79 percent stake in Canadian gold and uranium producer First Uranium Corp for $30 million. AngloGold said it would buy the stake, which consists of 47 million shares and priced at $0.64 a share, from South Africa's Village Main Reef Gold Mining.

Namibia plans to raise mining tax from 37.5% to 44%, diamonds exempt

Namibia plans to raise its mining tax to 44 percent from 37.5 percent but said the hike will not apply to diamond mining companies, the ministry of finance said in a statement on Friday. The ministry said the country is facing volatility in its key revenue sources and is looking to strengthen revenue collection.

Pre-Qualified Firms to Tender for Coal Power Projects

Eleven firms have been pre-qualified for a concession to manage the Mui Basin coal deposits in Kitui and construct coal-fired power plants as the government steps up efforts to reduce the country's reliance on hydro electricity. The investors, drawn from South Africa, Japan and China are expected to submit proposals to explore and develop the coal resources in four blocks covering an area of 500 square km in parts of Eastern Kenya.

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Lonmin reaffirms platinum sales target; upgrades unit costs

Lonmin PLC (LMI.LN), the world's third largest primary platinum producer, Thursday said it expects to meet its annual platinum sales target, provided there are no work stoppages, and raised its annual unit cost guidance to reflect reduced output in previous quarters. The U.K.-listed, South African miner expects to sell 720,000 troy ounces of platinum in the financial year ending Sept. 30 and expects annual unit costs to rise 11%, up from a previously forecast 8%, due to production setbacks stemming from industrial action and six fatalities during the first six months of the financial year.

Relocation of 15,000 villagers paves way for huge African gold mine

In today's operating environment, a mining company is as likely to be judged on its environmental and social performance as its ability to pull minerals out of the ground. Randgold Resources has taken on an ambitious project in the Democratic Republic of the Congo to build one of the largest gold mines in Africa.

Paladin’s uranium output climbs, lowers guidance

Paladin Energy, the ASX- and TSX-quoted uranium miner, said on Wednesday that production for the year ended June rose 32% to 5.7-million pounds, but was lower than expected because of heavy rainfall at its Namibian mine and “mechanical issues” at the Kayelekera operation in Malawi.

Diamond workers strike adds to South Africa mining woes

Employees of diamond mining company De Beers are set to go on strike on Friday after wage talks broke down on Wednesday. The workers follow tens of thousands of others in South Africa's coal, metals and petroleum industries who have been on strike for weeks. The strikes come at a time when the country's mining output is slowing and new investment in the industry is drying up amid uncertainty about state ownership, taxation, an ever-changing regulatory environment and corruption. A recent ranking of top global mining investment destinations that puts Alberta at the top relegates South Africa to number 63 alongside Zimbabwe, Guatamala and Venezuela.

Coal mine construction near 11th century African city given green light

South Africa's Environmental Affairs department on Wednesday defended granting Coal of Africa approval to resume construction at the controversial Vele opencast project near Mapungubwe, saying science, not emotion, was behind the decision. Mapungubwe is a World Heritage site and home of the golden rhino figurine (pictured) that dates back to around 1000 AD when Southern Africa's earliest kingdom flourished. Construction of the mine were halted in August last year when it was discovered the Australian company did not comply with aspects of environmental management laws.

S.Africa coal industry, unions meet for wage talks

South African coal miners started wage talks with unions and a mediator on Wednesday in a bid to prevent stoppages that could threaten supply to power plants and limit exports, while a fuel sector strike threatening the economy entered its tenth day. Africa's largest economy relies on coal for almost all its power, but state-owned utility Eskom has said it has enough coal in stock to last 41 days, so a strike would have to be lengthy to affect its operations.