Africa Top Stories

Barrick takes Acacia Mining back as buyout deal sealed

Acquisition ends Acacia’s near-decade presence on the London Stock Exchange.…

Petra Diamonds shares hit all-time low as loss widens

Miner said the diamond market was in its worst state…

Latest Stories

BHP Billiton pulls out of Zambian mine partnership: The Post Online

BHP Billiton has dissolved a partnership with Blackthorn Resources to develop a mine in Zambia, according to a report in The Post Online: World's largest mining company BHP Billiton has finally withdrawn from the Mumbwa Iron Oxide Copper Gold project, aborting expectations that Zambia was to herald a new era of top tier miners. Its joint venture partner, Blackthorn Resources, announced that BHP Billiton had pulled out of a copper venture but would retain the right to a two per cent production royalty on any metal mined from the area.

South African gold and coal mines faced with 14% wage increase demand

South Africa's National Union of Mineworkers (NUM) said on Monday it would seek a 14 percent rise in salaries from the country's gold and coal miners in upcoming wage talks. "We are asking for a 14 percent (increase) across the board for companies in gold mining and coal mining," said spokesman Lesiba Seshoka, adding that more details would be provided later.

Exxaro seeks bids for zinc assets

Reuters Africa reports Exxaro (JNB:EXX) has invited bids for the company’s stake in a zinc and lead mine in Namibia. The market news is quoted as saying: The assets up for sale include Exxaro’s 50.04 percent stake in the Rosh Pinah mine and its wholly owned Zincor refinery.

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Output disrupted at Lonmin SAfrican mine

Miner Lonmin LMIJ.J (LMI.L: Quote) said on Friday that there was unspecified industrial action taking place at its Marikana operations in South Africa by members of the National Union of Mineworkers (NUM). "Lonmin announced today that it is currently experiencing unprotected industrial action by NUM members at the Karee operations of its Marikana operations. As a result, production at Karee has been disrupted since the night shift of Tuesday 17th May," it said in a statement.

DR Congo army leaves Bisie tin mine

The ITRI reports that the Democratic Republic of Congo (DRC) government has withdrawn its troops from the Bisie mine, which has until recently been the largest tin mining operation in the country. The Wall Street Journal reported that military units have been withdrawing from the mine over the past six weeks to allow the North Kivu provincial mining department to assume control of the mine.

Pan Terra clinches African gold and copper deal

Mitchell Adam, President and CEO of Vancouver-based Pan Terra Industries announced on Thursday it has entered into a deal to acquire 80% of Namibia’s Congo Namibia Trading, a private gold and copper exploration company. Under Thursday's letter of intent, TSX-Venture listed Pan Terra will pay C$300,000 in cash and issue 3m shares as well as 3m share purchase warrants priced at C$0.73. Congo Namibia Trading holds 100% interest in five exclusive prospecting licenses in the Tsumeb Copper Belt in Namibia as well the rights to acquire 51% stake in an Angolan and a Zimbabwean gold joint venture.

Mining reform needed in Guinea but risks abound

Reforms by Guinea's first freely elected government are needed to clean up a mining sector in disarray after decades of political turmoil, but they risk scaring off investors if they go too far too fast. The world's top bauxite supplier and a new frontier for iron ore, Guinea is rewriting its mining code, probing joint venture deals, and has dealt tough blows to major firms since the election of President Alpha Conde last November.

How a Joburg “gold mine” ate USD 200m in cash

During 2010, London- and Johannesburg-listed Central Rand Gold (CRG) produced 9,321 ounces of gold. This is the company that categorically stated in its 2007 annual report that it is "intended that CRG will begin gold production in early 2009 at an annualized rate of 100,000 ounces. This production rate is forecast to increase to around one million ounces a year by 2012."