Africa Top Stories

Randgold doubles dividend as CEO charges against DRC mining code

Randgold boosted divvy to $2 a share, after a year…

Randgold calls Congo’s new mining code “draconian”

Mark Bristow says the law will “severely limit the growth…

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Anglo American’s fight for largest iron ore mine in Africa turns ugly

South Africa’s Department of Mineral Resources, defending itself in court after awarding prospecting rights to a company linked to President Jacob Zuma’s son, will seek criminal charges against the plaintiff Sishen, part of Kumba Iron Ore, a company controlled by Anglo American. Kumba and Indian iron ore giant ArcelorMittal are asking the High Court to overturn the award of prospecting rights for the Sishen mine to Imperial Crown Trading 289, whose owners include Jagdish Parekh, a business partner of Duduzane Zuma. Kumba says it’s the only party eligible for the rights to the nation’s largest iron ore mine.

Canada’s Caledonia contests Zimbabwe licence withdrawal

Caledonia Mining, which owns Blanket Mine near Gwanda, on Friday said Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere acted outside his ambit in asking the ministry of mines to cancel the company’s operating licence. The company noted that the mine was operating normally. The move follows reports that Kasukuwere had rejected various foreign-owned companies plans for “indigenising” their operations in the country, or transferring at least 51% ownership to locals. The news knocked 17% of Caledonia’s share price on the TSX, which fell to C$0,075 by close of trade on Friday.

Zimbabwe gives mines 14-day deadline to hand over majority

Zimbabwe's government has given foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday. However, immediately thereafter the country's central bank governor Gideon Gono launched a scathing attack on the minister responsible for the indigenization policy saying the threats “could irreparably harm the nerve-centre of the recovering economy.” Before a new unity government in 2009 Zimbabwe economy had shrank by as much as half over the preceding decade amid hyperinflation, property seizures and civil unrest. The country is the number two platinum producer in the world and rich in gold and diamonds.

Anglo American said to weigh counterbid for Macarthur Coal

Anglo American is exploring a bid for Macarthur Coal that would challenge Peabody Energy Corp.’s $4.9 billion offer for the Australian miner, said two people with knowledge of the matter. Anglo American, part owner of the world’s biggest platinum and diamond producers, is studying Macarthur’s finances, said one of the people, who declined to be identified as the talks are private. Buying Brisbane-based Macarthur would give Anglo steelmaking-coal mines in Australia as prices trade near a record. Peabody and its bidding partner, ArcelorMittal, took their offer directly to Macarthur shareholders after talks with the board collapsed.

Tantalum miner Noventa places $30 million, asks investors for $7 million more

London and Toronto-listed Noventa announced Friday that it placed 73,600,000 new ordinary shares at a price of 25 pence each with institutions and other investors to raise roughly $30.3 million. The specialty metal miner with operations in Mozambique is also extending an offer to shareholders to subscribe for a total of 17,500,000 new ordinary shares to raise up to a further US$7.2 million. In London stock in Noventa duly plunged 24% to 27.75 pence in line with the placing price of 25 pence.