Africo Resources was ready to break ground on its development stage Kalukundi copper cobalt project in the DRC as far back as early 2007 but a legal dispute that has now been resolved delayed the project.
This was later followed by the mining review in the DRC which led to an amended agreement and an additional payment by Africo to the DRC government. The project has been slowed again, by current market conditions, which has seen Africo significantly scale back activities on the Kalukundi project. It has done so until global economic conditions improve to support better financing terms for the project. At the end of 2008 the company laid off its expatriate development team.
Axmin’s most advanced project is the Passendro gold project in the CAR, where it has begun preliminary work towards establishing a mine, while it waits for permitting and then financing to be finalised.
Earlier this year Axmin reviewed its 2008 feasibility study of Passendro, and this revision has led to a smaller scale project that brings down the capital cost to US$127 million, a decrease of 35%. This was done by reducing the size of the project from three million tonnes per annum (tpa) to about 1.3 million tpa for a planned output of 100,000 ounces of gold a year. This gives an 11.5 year life-of-mine, compared with the previous 5.9 years, and predicts a payback period of just over two years.
Dwyka Resources, listed on the Australian Securities Exchange and AIM, is preparing to open a gold mine in Swaziland from early 2011, and has also secured full ownership of a high-grade nickel project in Burundi.
In an interview with Mining Review Africa, company CEO Melissa Sturgess sketches the evolution of both the initiatives. From early 2007 Dwyka Resources underwent a transformation from a junior diamond company to the diversified exploration and development group it is today. “About two years ago we took a view that our growth prospects as a junior diamond company would be limited, and decided to look at other minerals and commodities,” Sturgess explains.
Mali â€’ jointly owned
by AngloGold and
Randgold]London, England --- MININGREVIEW.COM --- 28 July 2009 - Moto Goldmines Limited â€’ a gold exploration and development company listed on the Toronto Stock Exchange and the AIM â€’ has backed a takeover offer by African miners Randgold Resources Limited and AngloGold Ashanti Limited, saying it is superior to a competing offer.
Kansanshi mine in
north-west Zambia]London, England --- MININGREVIEW.COM --- 21 July 2009 - First Quantum Minerals Limited â€’ a growing mining and metals company engaged in mineral exploration, development and mining in Africa â€’ reports that its copper production of 92 600 tonnes for the second quarter of 2009 reflects a 14% increase over the 81 000-tonne output in the equivalent period of 2008.
[img:Morila%20sunset_0.jpg|The Morila mine in
Mali - jointly owned by
AngloGold and Randgold]London, England --- MININGREVIEW.COM --- 17 July 2009 - Rivalling a bid from Redback Mining, Randgold Resources Limited and AngloGold Ashanti Limited have offered US$488 million (almost R4 billion) in cash and stock for Moto Goldmines Limited to access reserves in the Democratic Republic of Congo.
“The offer values Moto at C$5 a share, or 7.1% more than the Perth-based company’s C$4.67 close in Toronto yesterday,” Randgold said in a statement. “It entitles Moto’s shareholders to receive as much as US$244 million (just under R2 billion) in cash, paid by AngloGold, and about 3.9 million Randgold shares,” the statement added.
Bloomberg News reports that the deal would bolster Randgold’s reserves at a time when mining at one of its two Malian operations is due to end. Moto’s DRC project is estimated to hold as much as 22.5 million ounces of the metal.
“The offer is subject to Moto scrapping an accord with Red Back,” Randgold said, adding that it believed the bid was superior to Red Back’s C$513 million (US$456.5 million) all-stock plan.
“If you want to pick up a project of this size for this price then the DRC is the only place to go,” London-based Investec Limited analyst Jonathan Guy said by telephone to Bloomberg News. “Randgold is betting on Congo, and it may be a foolish move or a great deal, depending on the country’s political future,” he added.
Randgold said AngloGold had agreed to fund the cash part of the deal in return for an indirect 50% stake in Moto under a planned joint venture. Randgold would operate the project.
line at a CAMEC
facility in the DRC]London, England --- MININGREVIEW.COM --- 16 July 2009 - AIM-listed Central African Mining & Exploration Company Plc (CAMEC) â€’ an Africa-focused emerging mining company â€’ has received offer approaches, but has not provided any details at this stage.
In a statement issued here today, the company â€’ whose assets include copper, platinum and cobalt operations â€’ said: “CAMEC notes the recent speculation concerning a possible offer for the entire share capital of the company.”
Upon request from a customer, Minova RSA designed and manufactured a railbound Autorock support drill rig, capable of drilling and installing rockbolts in a tunnel with dimensions from 3.0 m x 3.0 m to 4.3 m x 4.3 m.
Pete Ferreira, managing director of Minova RSA says, “We set out to develop a drilling rig that would allow remote drilling of rockbolt holes as well as the safe installation of a rockbolt system.” The support component would be a resin or cement grouted bolt. Holes are drilled from one position in a tunnel with the Autorock boom being manoeuvred remotely.
By Poupak Bahamin, partner, Heenan Blaikie, LLP
Over the past twenty years, and prior to the recent market meltdown, the mining industry has witnessed spectacular growth caused mainly by an unprecedented demand for metals coupled with increasing commodity prices. Under these circumstances, mining companies have generally flourished and reported large profits.
Director of technology at Weir Minerals, Friedrich Bradner, says that in the competitive slurry handling market, companies need to be one step ahead of their competitors to remain sustainable.
“We employ 50 research and development engineers at our Artarmon technology group facilities who are involved in finding new and improved design and construction materials for our product solutions.