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First Quantum launches arbitration against Zambian state miner

Moves tries to resolve a dispute over a money transfer…

Gold exploration trends: drilling up, Canada leads – September 2019

The following is the analysis of monthly gold exploration trends…

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Nevsun increases mineable reserves at Bisha by 40% using updated metal prices

Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to announce the revised reserve estimate for its Bisha mine in Eritrea. The revised estimate has increased the total proven and probable reserves to 28.3 million tonnes from the previously reported 20.1 million tonnes (2006 feasibility study). The net impact of higher throughputs and lower cut-off grade has resulted in an extended mine life of 13 years, while increasing previously reported robust cash flow.

Lucara’s first diamond tender yields gross proceeds of $8.18 million

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE:LUC) is very pleased to report outstanding results from its first tender of rough diamonds recovered from the Mothae mine in Lesotho. A total of 42 sales lots, totaling 9,381.35 carats were sold on tender in Antwerp for an average of US$871.70/ carat. Gross proceeds from the sale, which closed today, March 28, 2011, totaled $8,177,714 million. The three stones with the highest per carat value were a 13.87 carat diamond which sold for $43,000/ct, a 24.57 carat diamond which sold for $32,351/ct, and a 20.13 carat diamond which sold for $27,995/ct.

DRC cashes in as gold smuggling plot smashed

Congo authorities seized 435 kilos (957 pounds) of gold and $6.5 million in cash in smashing a plot to smuggle the haul abroad from the country's anarchic east, officials said on Saturday. The Democratic Republic of Congo's state prosecutor said five people including an American and two French citizens, as well as an impounded, U.S.-registered Gulfstream jet, had been released after a $3 million fine was paid.


Newmont’s board approves funding for Akyem gold project

Gold producer Newmont Mining Corp's (NMC.TO: Quote) board has approved funding for its estimated 7.2 million ounce Akyem gold reserve project, the company said in a statement on Thursday. Newmont's director for investor relations Monica Brisnehan declined to say how much funding was approved, but pointed to previous numbers released by the company in February which estimated capital expenditure for the project at between $700 million to $1 billion. Image from Newmont's Resettlement Action Plan

AngloGold hoping to contain global cost increases but, SA remains a problem

AngloGold Ashanti's (ANGJ.J) top executive said on Tuesday the company hoped to keep its global cost increases to half the industry average but the situation in South Africa was "a lot tougher." Mark Cutifani, the chief executive of Africa's top gold miner, cited increasing depths, reduced grades and input inflation as structural increases putting upward pressure on the costs of gold mining.

Australian Junior unearths large zinc anomaly in Botswana

Mt. Burgess has identified a large zinc soil geochemical anomaly on its Kihabe-Nzuu base metals prospect in Botswana. Mt Burgess Mining NL (ASX: MTB), which has been actively exploring Botswana and Namibia for more than a decade -- initially for diamonds

Russian nuclear firm suspends uranium mining deal in Tanzania

The East African reports that the Russian state-owned nuclear energy firm JSC Atomredmetzoloto (ARMZ) is shelving a plan to acquire the $1.16 billion Mkuju Uranium assets in Southern Tanzania over the recent Japanese nuclear plant crisis. The move comes a month after the Russian firm obtained a take-over approval from the government of Tanzania under the Fair Competition Act 2003. The Tanzanian government had said that it would start higher grade uranium mining in early 2012 at Mkuju River following the completion of the feasibility study and the approval of environmental impact assessment of the area.