S. Africa competition tribunal OKs Sibanye acquisition of Lonmin

African Minerals Ltd., closed up 7.1% in London on Monday after completing an investment accord with Shandong Iron & Steel Group Co bringing the counter's gains for the year to 57% and giving it a market capitalization of some $3.6 billion. Shandong will invest $1.5 billion for a 25% stake in African Minerals' massive the Tonkolili iron-ore project in Sierra Leone. Phase I of the project will cost $1.2bn and includes railway and port reconstruction in the war torn country while phase II and III will add another $8 billion to the bill. Sierra Leone, one of the world's poorest nations, is attracting increasing investments in its natural resources which also include diamonds and bauxite.

Workers in South Africa's coal sector are expected to return to their posts on Tuesday after the unions and the SA Chamber of Mines signed a two-year wage agreement, ending an eight-day strike. 150,000 workers at miners Anglo American Thermal Coal, Delmas Coal, Exxaro Coal Mpumalanga, Kangra Coal, Optimum Coal and Xstrata Coal were on strike over wages. Talks with striking workers in the country's gold sector, where 200,000 workers are on strike continued on Monday. Mineworkers are asking for a 14% wage increase – far above the inflation rate in Africa's largest economy which hovers around the 4% level.

Mining and exploration company Firestone Diamonds has announced a financing plan that will raise £13.5 million and provide updated development plans for its diamond mining and evaluation projects in Lesotho and Botswana.

The Tanzanian government has planned a USD 400 million uranium mining project by Australian based Mantra Resources in the Selous Game Reserve, a project that will greatly boost the country’s economy.

Gold mining in Tanzania and other East African sites is making headway with work in progress on prospecting and resource development at eight sites.

The Zimbabwe Independent quotes finance minister Tendai Biti (pictured) on Friday as saying the reality of Zimbabwe's situation is that there is no connection between Zimbabwe’s income from diamonds, its output and international prices adding the country's resources are in danger of turning into curse rather than a blessing. Zimbabwe exported 716 958,50 carats from its alluvial diamond mines but only $103,9 million of diamond export shipments was accounted for in the first half of the year. The military seized control of the rich diamond fields in Chiadzwa in 2006 and most observers believe an international ban on these gems are being widely flouted.

Lundin Mining Corporation reported on Friday net income of $57.7 million for the second quarter of 2011, up 36% from the same quarter last year. The numbers were below management expectations after lower than expected metal production and higher unit costs at its flagship Neves-Corvo copper mine in Portugal north of the city of Faro (pictured). Lundin said the Tenke Fungurume mine in the Democratic Republic of Congo, its first venture beyond Europe, should start contributing to cash flows in the third quarter.

Madagascar has given French oil major Total a one-year extension of an exploration licence for the Bemolanga block shared with Madagascar Oil and expanded it to include conventional oil, a senior official told Reuters on Thursday. Madagascar Oil and Total announced earlier this month that it is scuttling plans to develop a 1.2bn barrel oil sand deposit on the island after three years of extensive work. The Bemolanga bitumen deposit was first drilled in the late 1800s and would have cost upwards of $8bn to bring into operation.

Anglo American, one of the world's largest miners, today reported strong first half growth with operating profit ahead 40% to $6bn. Chief Executive Cynthia Carroll said that investments made during the downturn would stand them in good stead in the near-term future. "We believe that the fundamentals for the mining industry are very, very strong, and therefore the longer-term outlook is extremely positive." Image by shizhao