Unki mine in Zimbabwe]Harare, Zimbabwe --- 08 May 2012 - The government of Zimbabwe is expected to have concluded the transfer of majority stakes in foreign-owned mining companies to locals by the end of the month.
Foreign firms operating in Zimbabwe are required to sell a controlling 51% stake to indigenous Zimbabweans or State-approved agencies.
Susan Shabangu]Cape Town, South Africa --- 07 May 2012 - The month of April has seen the lowest number of mining fatalities ever, according to mines minister Susan Shabangu, who attributed this to the Mining Inspectorate’s intensified enforcement measures.
Miningmx reports that, speaking to the National Council of Provinces (NCOP), Shabangu said three employees had died at work last month.
Glasenberg]St. Gallen, Switzerland --- 07 May 2012 - Mining companies will fight growing resource nationalism and could pull out of countries where governments are demanding too large a share of the pie, according to a warning from Swiss-based commodities giant Glencore International, in the wake of Argentina nationalising the country's biggest oil firm.
[img:Mining%20sun_3.jpg| ]London, England --- 04 May 2012 - The African continent received its largest ever share of global foreign direct investment in 2011, but potential investors without a business presence in the continent still view it as the least attractive investment destination in the world.
A report by the global accounting firm Ernst & Young painted a mixed picture for investment prospects in the continent of 1 billion people, reports Reuters. Despite the growth in FDI, optimism over economic reforms and a consumer boom, fears over corruption and political instability often affected investors' perceptions, it said.
“Despite high optimism, high growth and high returns, the perception gap still exists and the African continent as a whole still attracts fewer FDI projects than India and far fewer than China,” said Ernst & Young managing partner Ajen Sita.
The number of FDI projects in Africa grew by 27% from 2010 to 2011, close to levels last seen before the financial crisis, the firm said in its 2012 Africa Attractiveness Survey.
The continent attracted 5.5% of global FDI projects â€’ up from 4.5% the previous year and its highest proportion ever, with significant inflows into infrastructure-related and services sectors. The 857 new FDI projects in 2011 were just short of the peak seen in 2008, when there were 901 projects.
Ernst & Young polled 505 global executives, and 60% said their perception of Africa as a business destination had improved over the past three years. Nearly three quarters said they believed Africa would become more attractive to potential investors over the next three years.
But respondents found Africa less appealing when compared to other regions, the report said, though it added that there was a stark contrast between those who already had a business presence in the region and those who didn't.
The former ranked only Asia ahead of Africa, while the views of the latter were overwhelmingly negative.
“In fact, for those respondents with no business presence in Africa, the continent is viewed as by far the least attractive investment destination in the world,” the report declared.
FDI inflows to Nigeria, South Africa and Angola are forecast to average US$40.6 billion per year over the next five years as their oil and mineral reserves draw investors from emerging and developed markets, the report said. Around a quarter of a million new jobs are likely to be created in the three countries as a result.
Intra-African investment has also been a significant driver of growth, with South Africa Kenya and Nigeria among the top investors into the rest of the continent.
FDI inflows to South Africa were projected to average US$10 billion a year, generating up to 125,000 new jobs, compared with US$7.6 billion a year and 30,000 new jobs in Angola.
Ernst & Young said more regional integration and increased investment to close the infrastructure gap, which will require an estimated US$90 billion annually, would boost Africa's standing among investors.
“In the midst of a global economy that is being reshaped, with growth and capital flows shifting from north to south and west to east, Africans have a unique opportunity to break the structural constraints that have marginalised the continent for decades, if not centuries.”
[img:Bheki_0.jpg|Chamber of Mines
CEO Bheki Sibiya]Johannesburg, South Africa --- 04 May 2012 - The South African Chamber of Mines, the National Union of Mineworkers and the government’s Department of Mineral Resources will hold a mining summit next month.
Fin24 reports that in a joint statement issued here they said the event would be a gathering of the major players in the South African mining industry. It would attempt to find solutions to problems facing the industry by creating various scenarios for the future.
Chamber of Mines CEO Bheki Sibiya said the meeting’s main goal was for mining industry leaders to identify and deal with issues such as risks, competitiveness, social pressures and growth opportunities.
“All these key issues need to be understood to enable the industry to achieve optimal returns on investment, and in a manner that will serve the best medium- and long-term interests of all South Africans,” he added.
The parties said it was a good sign that business, labour and government were participating in the summit.
“The fact that three of the major social partners in the mining sector have come together to find solutions to future challenges augurs well for the industry, as each grouping brings unique insights, understandings and inputs to the table,” Sibiya continued.
Some of the issues to be looked at include options for nationalisation, acid mine drainage, and beneficiation opportunities.
The aims of the meeting would be aligned to those of the mining industry growth development and employment task team (MIGDETT). It will be held in Johannesburg on 4 and 5 June.
Ernest Henry mine,
now reaching the end
of its mine life]London, England --- 03 May 2012 - Swiss-based Xstrata â€’ one of the world’s largest global diversified mining businesses which is currently moving into the final stages of a record tie-up with commodities trader Glencore International â€’ posted a drop in first-quarter copper production as it prepares for the ramp up of key projects in the second half of the year.
[img:CoveE_0.jpg|A Cove Energy rig
â€’ one of an increasing
number exploring the
gas potential off the
Mozambique coast]Maputo, Mozambique --- 30 April 2012 - The Mozambican government plans to increase its maximum stake in future oil and gas blocks in the north of the country from the current 25% to 40%, according to the chairman of national oil and gas company Empresa Nacional de Hidrocarbonetos (ENH), Nelson Ocuane.
Macauhub News Agency reports that this development follows widening interest in Mozambique in wake of massive offshore gas discoveries there by American oil and gas producer Anadarko Petroleum and Italy's ENI.
“The idea is to increase Mozambican participation to 40% in all future projects, to improve state control of the companies and collect more revenues for the country,” said Ocuane. “In the future ENH may opt to develop its own blocks, as long as it has the capacity to do so,” he added.
At the moment the state company has a 25% stake in a project led by South Africa’s Sasol and 10% of three blocks operated by Anadarko Petroleum, Italy’s ENI, and Norway’s Statoil, all in the Rovuma basin, in northern Mozambique.
The Maputo government has also announced that it plans to launch further tenders for blocks in the Rovuma basin by the end of the year. This move has already led to interest from companies such as ENI, Exxon Mobil, BP, Petronas, Royal Dutch Shell, Tullow Oil, Vitol, and Noble Energy.
discovery well in
Offshore Area 1]Maputo, Mozambique --- 26 April 2012 - Major US oil company Anadarko Petroleum is due to sign a contract in May to carry out engineering studies for the liquefaction project for the natural gas found in the Rovuma basin, in Mozambique.
Citing daily newspaper Notícias, the Macauhub News Agency quotes company vice-president Robert Daniel as noting that signing the contract was the first step in moving ahead with exploration of the natural gas discovered in Area 1 of the Rovuma basin.
Speaking at the 3rd International Conference on Mines, Energy and Hydrocarbons â€’ a meeting that brought together companies from over 40 countries â€’ Daniels said that sufficient reserves had been identified in the basin to set up six natural gas processing units.
He revealed that initially two units would be built with capacity to process 5Mt of gas each which, as well as supplying the Mozambican market, would export the product to countries in the region and other parts of the world â€’ notably Asia and America.
Overall investments by the US company in Mozambique are expected to total a minimum of US$14 billion by 2018, and the company has already invested US$800 million.
The gas discoveries in the Rovuma basin currently stand at 70 trillion cubic feet, 40 trillion of which are the responsibility of Italian petrochemical group ENI and 30 trillion are attributed to Anadarko Petroleum.
[img:PetroSA - Pic 1_0.jpg|PetroSA’s semi-
at Mossel Bay, in
South Africa]Maputo, Mozambique --- 26 April 2012 - South African state-owned oil company PetroSA is in talks with the Mozambican authorities about the development of a gas-to-liquids (GTL) plant to feed growing demand for diesel in the country and region.
Reuters reports that confirming this development, PetroSA business development manager for GTL Gareth Shaw said his company was proposing construction of a 40,000 barrels-per-day plant at a cost of around US$4 billion. The plant could feed a growing need for fuels, and diesel in particular, in the southern African region.
[img:Shell - Pic 1_0.jpg| ]London, England --- 25 April 2012 - Royal Dutch Shell has agreed to buy Cove Energy for US$1.8 billion, lifting its offer to access East Africa's huge gas reserves, but failing to quell hopes of a bid battle for the Mozambique-focused explorer.
Reuters reports that Cove's directors recommended the offer from oil major Shell which matched rather than beat a rival offer made by Thai state-controlled oil firm PTT Exploration and Production pcl (PTTEP) in February, as Shell banked on its expertise helping to secure the deal.