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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Zambia says needs to reduce reliance on copper

Mining Weekly reports Zambia is keen to diversify its mining sector and wants more exploration in iron-ore, manganese, coal and uranium, Vice-President George Kunda said on Wednesday. Speaking at a mining conference in Lusaka, Kunda said that the Zambian economy was too dependent on copper. Zambia aims to be the third-largest uranium producer in Africa in the near future, Kunda said, adding that this would depend on exploration and investment.

Astra plans Frankfurt listing, inks Nigerian deal

Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.

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New 50% bigger Kalukundi copper/cobalt project study awarded

South Africa's MDM Engineering Group has been awarded the increased throughput design update and cost revalidation of the Bankable Feasibility Study (BFS) for Africo Resources' Kalukundi copper/cobalt project, located in the Katanga Province of the Democratic Republic of Congo (DRC), which borders Zambia to the south. In May 2006 MDM completed a BFS, based on a throughput of 800,000 tonne/year plant, on the Kalukundi project.

Helio makes significant new gold-copper-silver discovery at Damara Gold Project, Namibia

Helio Resource Corp. on Monday reported the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's Navachab gold mine. On Monday, Helio which also owns gold projects in Tanzania was trading up almost 5% on the TSX Venture Exchange on the news. The tightly-held company is worth some $44m with 104m shares outstanding.

Cote d’Ivoire gold output to double in 2 years

Ivory Coast can double gold output within two years from the current 7 tonnes per year as more miners seek to tap its estimated 200,000 tonnes of reserves, an industry association official said on Friday. "We can double production very quickly within the next two years, because there are several companies carrying out exploration, and it is likely that new sites could start production," said Michel Mian, president of the Interprofessional Mining Group (GPMCI) and head of Australia's Newcrest (NCM.AX) Ivorian operations.

Rhodium to rise as much as 35% as car sales accelerate, SA mine output slumps

Rhodium will climb as much as 35% to $2,800 an ounce by the end of the year on increased carmaker demand and production difficulties for mining companies in South Africa where the metal is produced as a byproduct of platinum mining, according to a report by Standard Bank released on Monday. Mainly used in emissions reducing converters and in the chemical and glass industries rhodium is down 14% this year after three annual surpluses but jumped 21% in the week after Deutsche Bank introduced a physically backed exchange-traded product at the end of May. The price of rhodium hit an all-time record high above $10,000 in 2008.

Endeavour Mining Reports Q1 2011 cash flow from mine operations of $6.6 million and on track to product 84,000 ozs in 2011

Endeavour's Youga Mine in Burkina Faso produced 20,056 ounces of gold during Q1 2011 at cash cost of $664 per ounce sold1. Endeavour reiterated its production guidance for 2011 with a production target of 84,000 ounces of gold at cash cost of approximately $600 per ounce sold1. At March 31, 2011, the Corporation had cash & equivalents and marketable securities of $196 million and was debt-free.

Riverstone intersects new gold zone at Karma

iverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) is pleased to report further results from the drill program on the company's Karma Project in Burkina Faso, West Africa (see map on website: http://www.riverstoneresources.com/i/maps/110608-100504_GG1_2_Cartoon.jpg). The holes are part of an ongoing RC drill program on the Goulagou I zone of the Karma Project. The program is designed to both fill-in and expand the known mineralization at Goulagou I, which remains open in all directions, especially to the west and at depth. Map of the Karma Project by Riverstone Resources Inc.