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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Classic takeover battle as Brazil and China giants vie for African miner

The stock of cobalt and copper miner Metorex is up by a third this year following Brazilian giant Vale's $1.1bn bid for the mid-tier producer. With reports surfacing that Jinchuan, China's biggest nickel miner, is readying a competing offer shareholders of the Johannesburg-based company look set to extract further value ahead of a vote on July 22. Metorex has aggressive expansion plans for its central and Southern African projects and aims to more than double its current annual copper output of around 50,000 tonnes. It's a far cry from the situation in 2009 when the company was fighting for survival amid serious cost overruns in the Congo.

POSCO not in talks with Sundance on $4.6 bln iron ore project

POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said. "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.

Crucial meeting on Zimbabwe’s diamond exports and $5bn stockpile ends in disarray

SW Radio Africa reports the seemingly unilateral decision by the chairman of the international diamond trade watchdog to allow Zimbabwe to resume diamond exports has been rejected by among others the United States, Canada and Israel. Some members of the industry body want to keep a ban on exports of Zimbabwe's diamonds which could potentially be worth $2bn/year and include a vast stockpile built up during international sanctions, because of ongoing smuggling out of the rich Chiadzwa fields and reports of sustained human rights abuses there.

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Government urges Tanzanite mine to double wages to $215/month

The Dar es Salaam Citizen reports Tanzanite One Mining, the dominant miner of the rare gemstone only found in the foothills of Mount Kilimanjaro, has been ordered to increase the minimum wage for its employees from Sh180,000 to Sh350,000 per month (roughly US$215) as directed by the government. London-listed Tanzanite One has returned to profitability as prices for the gems which usually follow that of rough diamonds improve post-recession and is embarking on an expansion strategy, acquiring an Australian sapphire project earlier in June and reshuffling its board.

South Africa mines nationalization talk may cut output

Bloomberg reports South Africa risks cutting the mine output that contributes 8.8% of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings said. Mine operators in South Africa are compelled by law to sell 26% of their assets to black investors by 2014 and boost numbers of black managers to help make up for discrimination during apartheid. Some companies had missed targets for 2009, the mines minister said at the time, adding that the industry had “not lived up to the spirit and intent” of the law.

La Mancha’s Hassaï gold mine’s Q2 production impacted by fire

La Mancha Resources reports that a fire partially damaged two electrowinning cells at its Hassaï mine, in Northeast Sudan, over the weekend. Although the site is continuing its normal mining and crushing activities, gold production will be partially impacted over the next few weeks until the two electrowinning cells have been replaced.