Africa Top Stories

De Beers reshuffles executive committee

Chief executive Bruce Cleaver said the changes were necessary to…

Sierra Leone ‘Peace Diamond’ sold for less-than-expected

The egg-sized, 709-carat rough yellowish diamond was sold for $6.5…

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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.

Motley Fool says gold mining stocks now in bargain basement

Investment site Motley Fool says gold stocks such as Newmont, Goldcorp and Freeport-McMoRan are trading as though gold has lost its luster entirely and slipped back below $1,250 per ounce and that this latest bout of weakness in the gold mining shares – occurring when quality producers are awash in record cash flow and cozy profit margins – has yielded valuations remarkably depressed.

Lucara Diamond Corp.: development of AK6 diamond mine passes half way point and remains on time and within budget

Lucara Diamond provided an update on the development of its 100% owned AK6 diamond project in Botswana. The AK6 mine, to be commissioned by year end, will ramp up to full production in early 2012 to deliver over 400,000 carats of high quality diamonds in its first year of operation. As at the end of May there were over 400 construction crew members on site and a total of 326,000 hours worked. With the overall project execution at 64% the project remains on target for process plant commissioning to commence in the Q4 of this year. Engineering is now 91% complete; procurement is at 81%; fabrication and delivery at 55%; and construction at 39% complete.

WDC regrets inconclusive KP meeting, urges consensus

The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.

The Australian: Rio Tinto racing ahead at Simandou project in West Africa

Rio Tinto's $US10 billion-plus Simandou iron ore project in Guinea is rapidly pressing ahead, but not like a typical giant development by the Anglo-Australian mining giant. By the end of the year, Rio is expected to have spent close to $US2bn ($1.9bn) on Simandou, including a $US700 million settlement payment to the government, and to begin construction of a project it has committed to produce from in 2015.