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Old April 29th, 2014, 12:28 PM   #1
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African minning and exploration news

Minning plays a key role in most african economies and more and more african countries are discovering new minerals this thread is dedicated to news on exploration and developments in the African mining industry
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Old April 29th, 2014, 12:34 PM   #2
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Knowledge is Power: World Bank to Chart Africa's Minerals in 'Billion Dollar Map'

Nairobi, Kenya:
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Last month, the World Bank announced an ambitious new project aimed at helping African governments earn a better price for their natural resources and accelerate the pace of mining across the continent.

Dubbed the 'Billion Dollar Map' for its meteoric price tag, the decade-long initiative will scour a century of historical research into the continent’s mineral makeup and collate it in a public database. The project will then finance governments to conduct exploration to fill in the gaps.

The need for better research into the continent’s minerals is clear and urgent. When it comes to negotiating contracts, knowledge is power, and African government's uncertainty over the levels of the resources they possess has contributed to them signing some hugely unfavourable deals.

According to a 2013 report by the think tank Global Financial Integrity, African countries have lost between $600 billion and $1.4 trillion in net resource transfers over the past 30 years. Often, governments sell their assets for cheap to foreign investors, who immediately re-sell the resources for as much as five times the original price.

Sometimes the mark up is even more extreme. For example, in the mineral-rich Democratic Republic of Congo (DRC), where these trends have been particularly pronounced, Reuters reported in January that the Israeli oil and minerals tycoon Dan Gertler sold oil assets at 300 times the price he bought them.

As a report by the transparency NGO Global Witness notes: “Since early 2010 the Congolese state has sold off stakes in six prize mining projects…in secret and at vastly undervalued prices, according to commercial valuations by several internationally recognised brokerage houses. Those stakes were divested to offshore companies, most of which are associated with Mr Gertler but whose precise beneficial owners are not known.”

The DRC's vast reserves of copper, cobalt, oil and other minerals mean it has a huge opportunity to profit. But it is also means that when resources are undervalued or subject to nefarious transactions, it has a lot to lose. A 2013 report by the Africa Progress Panel sadly observes, “Between 2010 and 2012, the DRC lost at least US$1.36 billion in revenues from the underpricing of mining assets.”

Because these deals often involve offshore shell companies, it is unclear who is ultimately profiting from them and whether kickbacks are being paid to Congolese officials or businessmen for facilitating the transactions. But what is clear is who is losing out from all of this: the Congolese government and the people it represents.

Knowledge is power
One of the reasons Africa's wealth can been so easily exploited and relocated to wherever that foreign mining company is listed is the fact that African countries are often unaware how much of a resource it has. This means governments are poorly placed to negotiate and that the public is unable to assess the value of any particular deal.

“A mining company comes to you and says ‘this is what we’ve found, this is the reserves, so this is the total value’…and that’s all that you have," says Gerhard Graham, a scientist at South Africa's Council for Geoscience.

This is the exact problem the World Bank’s Billion Dollar Map hopes to resolve. “This data gives you insight into…what is there, and you can determine what is ultimately the value so you don’t sell a ton of talc [a mineral used in ceramics and steel] for $1 billion that is actually worth $10 billion,” says Graham.

Paulo de Sa, manager of the gas, oil and mining unit of the World Bank’s Sustainable Energy Department, argues that if the Billion Dollar Map had already existed, some mispriced deals of the past might have been avoided. In the DRC, for example, he claims that the state mining agency Gecamines is selling its own properties well below the market price. "If that data was publicly available," he says, "the public would have been able to contest that transaction.”

The same is true in Kenya, where Martin Nyakinye, a government geologist, praises a $70 million initiative to conduct aerial mineral surveys of the whole country, a project that the Chinese government has offered to finance. “This should have been done a long time ago,” he says. “The only way to assess and evaluate the real potential of the lands which we occupy is by knowing − locating every mineral occurrence.”

To achieve that, Nyakinye says Kenya must first take advantage of the mineral information it already has.

“The fact that Kenya is underexplored is not entirely due to lack of data…companies have come in and done some very good work, detailed mineral exploration, and they have either gone away with it after the expiry of the license or the data is lying somewhere and people are not aware. If this project is going to help dig up such data and then put it in a format that everything is accounted for, then that is going to be very good for Kenya.”

Looking a trillion dollars
As well as ensuring that governments are well-prepared to negotiate when foreign mining companies come calling, mineral maps can also encourage investment in the first place, and one hope is that the Billion Dollar Map will encourage exploration. Mining companies are often reluctant to invest unless they are confident that they are likely to find considerable deposits. And while exploration may be costly for some African governments, the returns are usually worth it.

“Typically for every $5 spent from a regional survey − the World Bank type of survey − you can grow about $1,000 of investment into mining in the country,” says Graham. Once the potential for a deposit has been demonstrated, he explains, mining companies will be attracted to come in and start drilling, which is a far more expensive part of the operation. "A country that suddenly has access to this data for a large area can use that data to leverage a much higher level of investment,” he says.

De Sa similarly notes, “The private companies are interested. Initial exploration is very costly and the success rate is very very low. If the companies have good maps, good information, they can much more easily target their investment to the areas with the best potential.”

So far, the mapping project is only expecting to raise around $65 million in financing before the project’s intended start date this July. But De Sa expects other governments to begin buying in soon and that mineral exploration investors will follow suit. After all, while the map may cost a billion dollars to make, its real worth for governments, citizens and mining companies could eventually measure in the trillions.
http://thinkafricapress.com/economy/...rican-minerals
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Old April 29th, 2014, 08:46 PM   #3
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Initiatives under way to improve greenfield exploration in SA

Four of South Africa’s greatest mineral deposits, namely the diamond fields of the Northern Cape, the Witwatersrand basin, the Witbank-Middelburg coalfield and the Bushveld Igneous Complex, all of which have been the bedrock of the country’s mining industry, were, in every instance, discovered by chance, not by means of systematic prospecting.

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Indeed, South Africa has, historically, never been recognised for a tradition of open and systematic greenfield mineral exploration – and certainly not one that can be compared with the other great mining economies of Australia, the US and Canada.While it is certainly true that South Africa’s mining finance houses did undertake extensive exploration programmes at various times during the twentieth century, the nature of such projects were, in most cases, opaque and highly focused on just one or two commodities.

Moreover, such has been the intensely rich and extensive nature of South Africa’s world-class mineral deposits that local mining companies were rarely compelled to explore for replacement reserves beyond those orebodies.However, after more than a century of intensive production, many of the country’s world-class mineral deposits are now in a mature stage of development with the result that, owing to the lack of replacement reserves coming into production, South Africa’s mining industry, particularly its gold sector, is in a state of serious decline.In an effort to check that decline and pull the industry back from the global mining brink, the South African government has, as part of a broader industry growth strategy, embarked on several initiatives that aim to encourage and facilitate greenfield mineral exploration.

From both the perspective of the Geological Society of South Africa (GSSA) and the Council for Geoscience (CGS), South Africa’s leading geological and earth science organisations, the country still has significant exploration potential and there is still considerable scope to discover a host of payable mineral deposits ranging from gold, coal, iron-ore, industrial minerals and rare-earth metals.In an interview with Mining Weekly, CGS mineral resources development and engineering geology manager Dr Stewart Foya elaborates that, in 2010, an exploration task team was set up under the auspices of the mining industry growth, development and employment vehicle, Migdett, to investigate ways of encouraging greenfield exploration and promoting junior mining investment.

“One of the outcomes of those investigations was that existing geological data needs to be updated, new data needs to be generated, and our surveying and prospecting technologies need to be modernised,” states Foya.As a direct result of the task team’s efforts, several initiatives have been implemented to tackle these issues and improve South Africa’s exploration environment.

The first of these is a R145-million project, which is being undertaken by CGS and funded by the National Treasury, to resurvey and map selected metallogenic provinces using modern technologies and techniques.CGS economic geologist Dr Alazar Yosef Billay tells Mining Weekly that the three-year project concentrates on three of South Africa’s historically less systematically explored, but highly prospective regions, namely the area between Prieska and Springbok, in the Northern Cape; the Tugela area, in northern KwaZulu-Natal; and the Barberton and Sabie-Pilgrim’s Rest areas, in Mpumalanga.

“In each of these areas we are undertaking high-resolution airborngeophysical surveys, employing both radiometric and magnetic surveys at a line spacing of 200 m, as well as regional soil sampling on a grid of 500 m2, or one square kilometre, depending on the size of the mineral belt,” elaborates Billay.

To date, CGS has completed the geophysical survey of northern KwaZulu-Natal and is in the process of collecting the last of the soil samples from the area. The geophysical survey of the Northern Cape is now under way and is due for completion in June.

The State-owned entity will commence with the last stage of the project, the high-resolution airborne geophysical mapping of the Barberton and Sabie-Pilgrim’s Rest areas, towards the end of this year.After the geophysical and soil data has been acquired in each area, CGS will analyse the data and produce regional mineral prospectivity maps and accompanying reports for each area. This information will be made available to interested parties at a small fee covering the Council’s administrative costs, states Foya.

Billay continues that, even though the geology of these areas is reasonably well understood with there being a fair amount of historical data, geological investigations – and even mining endeavours – undertaken in the previous century were not systematic, in that they tended to focus on one or two commodities.“So there is considerable scope to improve our geological understanding of these particular mineral belts,” says Billay.

“In this project we are analysing for the full package of elements and, because, we are employing the latest analytical techniques and technology, we are now capable of detecting some elements on a ratio of parts per trillion.”

Billay adds that a major objective of this project is to increase the probability of finding new economic deposits within these mineral belts, which will, in turn, reduce exploration risk for junior miners and help them source project finance to investigate identified targets.

FUTURE DEVELOPMENTS

Although the CGS’s project focuses on just three mineral belts, Billay states that there is a possibility that government could extend it, enabling CGS to survey other prospective areas.

“We have future plans to remap the diamond fields of the Northern Cape and North West provinces, and we also intend to survey the Kalahari in the northern extremities of the Northern Cape – an area about which we have very little geological knowledge due to thick sandcover,” says Billay.

Running parallel to this is the ‘Establishment of Geoscience Exploration and Mining Research Development Programme’.The objective of that R1.8-million project, which is being funded by the Department of Science and Technology, is to capacitate the CGS in the use of modern exploration techniques and technologies that are being used in the industry and which have been proven to be worthwhile, explains CGS geophysicist Emmanuel Chirenje.

“This project is specifically investigating deep-probing methods and technologies, as well as new borehole logging techniques for correlations for orebody estimations, geological interpretation and ore genesis studies,” says Chirenje.“Through this project, we are also investigating the possibility of using unmanned aircraft, or drones, which can facilitate rapid radiometric, magnetic and other geophysical surveys,” says Chirenje.

The three-month project is currently being implemented in the Springbok Flats coalfield in Mpumalanga – an area that was recently drilled by the CGS to establish the capabilities and constraints of the technologies under investigation.Although this project is due for completion by the end of May, Chirenje states that a further R20-million will be made available over the next 11 years to enable the CGS to continually test new technologies as they are introduced to the market.

A third project, although still in the pipeline, aims to update and refine the geological map of South Africa.Foya explains that the current geological survey map of the country was previously mapped at a scale of 1:250 000.
“However, that map certainly needs to be updated and refined, and we are proposing to refine the resolution from 1:250 000 to 1:50 000,” says Foya.

Finally, the CGS is currently in talks with the Department of Mineral Resources to establish a server for the management and submission of all prospecting-related reports. This will enable junior companies to consult historical data and reports relevant to their prospecting lease area and will help to further reduce their risk, explains Foya.

DEVELOPMENT CONSTRAINTS

While government is taking steps to update the geological data of the country and improve its technological capabilities, with the overall objective of creating a more enabling and attractive exploration environment, particularly for junior mining companies, many challenges continue to constrain greenfield activities in South Africa.GSSA president Dr Avinash Bisnath highlights a poor level of infrastructure as one of the main challenges hampering exploration, especially in highly prospective areas such as the iron-ore and manganese-rich Northern Cape and the coal-rich Waterberg region.

Bisnath states that, in addition to significant electricity and water constraints, limited rail capacity available to transport bulk ore commodities is a major obstacle hindering the establishment of new mines.“To some extent, prospective areas, especially those hosting bulk ore commodities, are sterilised because junior companies don’t have access to the already limited rail facilities and, thus, cannot export their product.”

The inability of local individual prospectors and junior mining firms to secure equity finance for exploration projects is another significant challenge, believes Bisnath.“[This is] because most South African juniors, of which there are many, cannot secure loans from local financial institutions or list themselves on a greenfield junior board. Such is the case in Canada, [where] they have to use self-funds to finance their exploration activities,” continues Bisnath.“A South African junior represents the true sense of the word ‘junior’. It is an individual or small group of people who use their own money to test their luck and see what they can get.”

Another constraint, believes Nedbank mining and metals investment banker Paul Miller, is that South Africa lacks a world-class mining rights cadastre system.“The best, most widely-sold mining rights cadastre system in the world is a South African product, but our own government does not use it. The South African Mineral Resources Administration, also known as Samrad, is not a world-class system,” says Miller.He adds that another factor inhibiting greenfield activities is that the industry, at least from the perspective of prospecting rights, is not transparent.“It is a constitutional imperative that any member of the public and any participant in the mining industry should be able to know exactly who has been granted what prospecting right and where. We are not seeing this; information is not freely available.”
http://www.miningweekly.com/article/...-sa-2014-04-09
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Old April 29th, 2014, 08:48 PM   #4
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Zimbabwe: ZMDC Ordered to Start Gas Exploration

GOVERNMENT has challenged Zimbabwe Mining Development Corporation to immediately start exploring its coal-bed methane gas concessions in Lupane.

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ZMDC currently has two concessions of coal-bed methane gas.Mines and Mining Development Minister Walter Chidhakwa said coal-bed methane is one of the country's valuable minerals but no concrete efforts have been made to exploit the mineral."I urge the incoming ZMDC board to work on some of the Greenfield resources so as to realise value and hence its balance sheet. The corporation has two coal-bed methane concession in Lupane --Lubimbi area. If explored, the move would be good for the nation," said Minister Chidhakwa."I therefore urge ZMDC to start exploring those reserves to make sure that the country knows how much methane gas it has."

Minister Chidhakwa said he expects the board, led by Bindura Nickel deputy chairman David Murangari, to work closely with the newly formed mining promotion company.He urged the new board to come up with strategies that will revive "dead" mines such as Shabanie-Mashaba mines, Mhangura and Kamativi tin mine, among others.

The revival of Shabanie-Mashava mines will recreate more than 3 000 jobs.
Government will continue giving mining concessions to ZMDC in order for the country to realise the value of its minerals.Joint ventures, opening new lines of credit and loans should be within the new board's portfolio to raise funding for its projects," the minister said.

Estimates say Zimbabwe has 40 trillion cubic feet of potentially recoverable gas in the Lupane-Lubimbi area.The development of the Lupane coal-bed methane gas project has potential to boost the country's energy generation capacity.A recent World Bank report urged Government to develop a clear strategy to extract the gas.

Besides gas for electricity generation, there are other investment opportunities which are available in the core and downstream industries from coal-bed methane including production of a variety of chemicals, fertiliser production and gas to liquids producing diesel, specialist lubricants and waxes.Companies like China-Africa Sunlight Energy (Private) Limited have already contracted Environmental Guardians Services to conduct an environmental impact assessment for exploration of coal and methane gas at its Gwayi-Concession.

Last year, China-Africa Sunlight applied for power-generation licences from the Zimbabwe Energy Regulatory Authority to establish a power station to produce 120 megawatts (MW) electricity output.Studies have revealed that coal-bed methane deposits in the country have capacity to produce 300MW of electricity.
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Old April 29th, 2014, 08:58 PM   #5
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Coal India invites bids for 3rd phase of drilling mines in Mozambique

Taking forward its plans to develop mines in Mozambique, state-owned Coal India Ltd (CIL) has invited bids for the third phase of drilling in the African nation.

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CIL said on its website that the company invites expression of interest (EoI) "for 3rd phase drilling inclusive of making access & preparation of site, water carting for drilling etc in Licenses area nos 3450 L & 3451L, Moatize Coalfield, Tete Province, Mozambique.

"In order to establish coal resource base, Coal India Africana Limitada (CIAL), a subsidiary of Coal India Ltd, plans to continue exploration through outsourcing. Bids are invited from the interested bidders for the job."CIL had earlier informed an inter-ministerial panel that the drilling of blocks in Mozambique had started in June, 2013. The selection of agency for the further drilling of 30,000 metre was completed in May, 2013.

The panel reviews the performance of maharatna firms, including Coal India.The first stage of drilling of the mines had been completed in May last year. The contract for initial drilling was awarded in November 2012.CIAL had won 5-year licence for exploration and development of mines in Mozambique in August, 2009.Two coal blocks -A1 and A2- at Motaize, in Tete Province of Mozambique, are spread over 200 sq km.

CIL had registered its own subsidiary CIAL in mid-2009.Coal Minister Sriprakash Jaiswal had earlier said that the acquisition of coal mines overseas should be done in an aggressive manner to meet India's energy requirements.In order to tide over the shortages of the fossil fuel, the government is also proposing to import coal.
http://www.business-standard.com/art...2900876_1.html
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Old April 29th, 2014, 09:02 PM   #6
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Morocco to drill 30 oil and gas wells this year

By Aziz El Yaakoubi

MARRAKESH, Morocco, April 29 (Reuters) - Morocco will drill 30 oil and gas wells in 2014 as part of the North African kingdom's planned expansion of exploration, its energy minister said on Tuesday.

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Morocco has awarded dozens of permits to oil companies in the past few years, helped by its relative stability compared with other North African countries and by increasing indications of potential offshore and onshore reserves.

The country is also preparing a draft law on the mining industry to ease bureaucracy and attract more investments, Energy and Mines minister Abdelkader Amara said."We are stepping up our searches. The more we drill, the more we get closer to the discoveries," Amara told Reuters on the sidelines of an energy conference."Since Moroccan independence (in 1956), we drilled only 300 wells. And in 2014 alone we are planning 30 wells."

Morocco has attracted companies such as Chevron, Cairn Energy and BP, which are benefiting from favourable contracts awarded by the Moroccan Office of Hydrocarbons and Mining (ONHYM).BP is the latest oil major to enter Morocco, announcing a deal with Kosmos Energy this week to take a share in three offshore blocks. Drilling will begin later this year.

Cairn Energy said earlier that it has began drilling at its second well off the Moroccan coast.They follow U.S. major Chevron, which said in January that it had taken up three offshore blocks.Excitement over Morocco's potential has grown as technology has helped firms to discover new oil and gas fields over the past decade in regions that were formerly overlooked."We are trying to market the Moroccan destination for oil exploration and until now we have succeeded to attract investments for the most important regions," Amara said. (Editing by Patrick Markey and David Goodman)
http://af.reuters.com/article/commod...BrandChannel=0
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Old April 29th, 2014, 09:05 PM   #7
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FAR commences with oil exploration drilling

FAR Limited has commenced with drilling at its 15% owned exploration well (FAN-1) offshore Senegal.

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The exploration well will be used to test a stacked fan structure with the potential to contain approximately 900 million barrels of oil, approximately 135 million barrels of which will be owned by FAR.

The company has two well programmes lined up, with FAN-1 being the first well to be drilled. FAN-1 is located on the North fan prospect with water depth of 1 500 metres deep. Te second well is located within 1 100 metres of water and will be targeting a shelf edge prospect. The two wells will be the first deep water wells drilled in Senegalese waters.

Together, the two wells will test over 1.5 billion barrels of unrisked prospective resources. The company anticipates that the funds obtained under the farm-out agreement, with Cairn Energy Plc and ConocoPhillips, will exceed the FAR’s share of the combined cost of the two wells.

FAR’s Managing Director, Cath Norman, commented, “Our shareholders and the FAR team have been eagerly awaiting the spud of this first Senegalese well and I am delighted to make this announcement. We have high hopes for these two wells which have the potential to be company makers for FAR. The next year is going to be very exciting for our company with five potential high impact well to be drilled in our West and East African exploration permits. Of course exploration has its risks but we are confident that FAR can maximize the value from these two exploration wells. Success in either of these wells opens the door to a large play fairway of follow on drill targets which are very significant for FAR”.
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Old April 29th, 2014, 09:08 PM   #8
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Makomo gets dedicated line to power washing plant

BULAWAYO, April 25 (The Source) – Zimbabwe’s second largest coal mining company has entered into a power deal with the Zimbabwe Electricity Supply Authority to supply uninterrupted electricity to its recently installed $14 million coal washing plant that would triple its output.

Makomo Resources general manager Simon Mabvira told The Source at the ongoing Zimbabwe International Trade Fair in Bulawayo that the Zimbabwe Electricity Distribution Company was now working on the project.

“They will connect the line to the grid that runs to Lupane. Once we have dedicated power, we hope to fully utilize the washing plant. Offhand I am not sure about the quantity of electricity the dedicated line will give us but it will be enough to run the plant,” he said.

Mabvira added they have also received tanks from South Africa to store the bulk of the water that will be used at the plant.The company is expecting to triple output to 300,000 tonnes per month once the machine runs on full capacity.Makomo Resources is jointly owned by local and foreign investors on a 60/40 percent basis.It is one of the five companies that was awarded the licence to mine coal in Matabeleland North by the government

- See more at: http://source.co.zw/2014/04/makomo-g....hFxGPqsR.dpuf
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Old April 29th, 2014, 09:11 PM   #9
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Australian miner strikes rich Gwanda gold vein

BULAWAYO, April 28 (The Source) – A Zimbabwe-focused Australian miner Prospect Resources says it has discovered a gold belt producing up to 12.3 grams per tonne from a promising maiden drill campaign at its Prestwood Mine near Gwanda and plans to begin production ‘quickly.’

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Prestwood Mine lies within an almost contiguous block of claims covering about 25km of the gold bearing Gwanda Greenstone Belt and is located approximately 112km south east of Bulawayo. Historically, the mine produced approximately 499kg of gold.

“Prospect is delighted with the results of the drill program at the Prestwood Mine , which have helped validate its development plan to bring the project into production as a high grade gold mine in the near term,” the company said in a trading update.“The company now plans to proceed quickly with shaft rehabilitation and then underground drilling.”

Prospect, through its Hawkmoth Mining and Exploration, acquired the claims in February this year, covering nine mines that were prematurely closed in the 1970s, including Sally and Colleen Bawn mines and claims surrounding Farvic Mine.

Currently with a market of almost $5 million, Prospect, which publicly trades on the Australian Stock Exchange, believes the value of the mine would increase once gold production begins.

The results of the maiden drilling programme, Prospect said had given the company confidence to proceed quickly with shaft rehabilitation at the mine, including reestablishment of mains power.The company is confident it will subsequently be possible to quickly bring Prestwood into production as its first high-grade gold mine,” the company added.

- See more at: http://source.co.zw/2014/04/australi....BFoARFQR.dpuf
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Old April 29th, 2014, 09:27 PM   #10
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Lithium mining can catapult economy – Bloch

Zimbabwe can easily become Africa’s fifth largest economy if it fully exploits its mineral wealth including extracting lithium which fetches high prices on international markets, economist Eric Bloch has said.

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Speaking during a public lecture held at the National University of Science and Technology (NUST) in Bulawayo, organised in conjunction with the Confederation of Zimbabwe Industries (CZI) on Monday, Bloch said exploring lithium deposits was likely to contribute to the country’s economic revival.“In Zimbabwe, we have many minerals that lie idle, lithium being one of those. However, we are not producing an ounce of lithium,” he said.It is estimated that over 11 million tonnes of caesium-petalite resources exist in Bikita, making it the largest known such deposit in the world.

Bloch said the mining sector has been experiencing immense growth over the last years yet the country was only scratching the surface.“If the country explores all of its minerals there will be industrial recovery and development, trade will increase and by 2020 we will have the fifth strongest economy in Africa and it will take three years to get the economy back to where it was before we destroyed it,” he said.

“We will have other countries asking how we did it, because so far we are also seeing significant improvements in tobacco which at the close of last year produced 170 million kilogrammes,” added Bloch.

Gold has remained the mainstay of mineral production in the country accounting for more than 30% of the total value produced in 2013.In 2013 gold production stood at 14 065 kg, down 4, 49% from 14 742kg in 2012.Zimbabwe’s diamond extracts from Marange in Manicaland and Murowa in the Midlands provinces are believed to have supplied up to 25% of global demand and make $2.5 billion annually but have failed to live up to expectations in terms of their contribution to the national fiscus due to a parrell goverment being formed by zanu -pf during the GNU.

Platinum production was at 13 065 kg with a value of $754,006 million.The white metal increased by 24,1% from 2012’s 10 524 kg.
Zimbabwe is targeting to become one of the top five gold producing countries in Africa within the next three years with 50 tonnes

With 45 billion tonnes of iron ore, BIMCO has the largest reserves of iron ore in the world. Why such a huge asset which used to make $5 billion for the country per year is lying Idle and why the $750 million the strategic partnership agreement between the Government, Zisco and Essar has been put on hold for over 3 years by the Govt is something that boggles the mind .

According to the partnership agreement seen by The Herald, Government owned 89 percent of Zisco Holdings from which it is set to offload 60 percent of its shares to Essar. As a result, Essar was supposed to get 53,40 percent of the stake in the New Zimsteel that is proposed to replace Zisco as the new joint venture.

Similarly, this should in turn enable Essar to acquire 53,40 percent of the New Zim Minerals earmarked to replace BIMCO, a Zisco subsidiary that owns the 45 billion tonnes of iron ore reserves which are in the eye of the new controversy along with three billion tonnes of limestone.

ArcelorMittal, the world’s largest steelmaker with revenues of $150 billion, controls only 19 billion tonnes of iron ore while compared to zimbabwe's 45 billion. Vale, the world’s largest supplier of iron ore has 10 billion tonnes of the mineral.

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Old April 29th, 2014, 09:56 PM   #11
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Ethiopia: Canadian Mining Firm Tapped Gold in Tigray

Tigray Resources Inc., a Canadian mining firm working in Ethiopia has announced that it has found gold and copper in the Tigray State, according to The Reporter. The company said it found the minerals on its second phase drilling and after it completed a 1117 meters drilling.
Quote:
Tigray Resource posted on its website that after it drilled six more holes mainly in Adiyabo, a place in Tigray, it intersected 28.20 meters at 8.50 grams per ton gold and 0.24 percent copper . The company also stated, it intersected a 7.55 meters at 13.18 grams per ton gold and 0.27 percent copper, from 179.75 meters drill depth.

The President and Chief Executive Officer of Tigray Resources, Andrew Lee Smith, articulated these discoveries show the potentials Ethiopia and in particular the Tigray State. He added “The robust drill interactions is a testament to the potentials for drill intersections for the significant discovery that the region of Ethiopia possesses.”

And in relation to diamond drill, it was able to intersect some 179 grams per ton at six holes drilled at the Mato Bula phase two diamond drill, Tigray Resources said.

The State of Tigray has been the center of attention for multinational mining corporations following the unexploited mineral deposit. Local artisanal miners are also producing gold in the region.

Tigray Resource Incorporation is a Vancouver based Canadian mineral exploration company. The company has two outreaches; in Africa as well in the Middle Eastern countries. Some of the companies Tigray Resource works with are; Ezana Mineral Development Private Limited Company and East Africa Metals Incorporate.

Source: Reporter
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Old April 29th, 2014, 09:59 PM   #12
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Govt, Essar Agree On Zisco

BULAWAYO — Industry and Commerce Minister Mike Bimha says they are close to a deal to allow Indian conglomerate Essar Holdings to start operations at the defunct Zimbabwe Iron and Steel Company (ZISCO) in Redcliff.

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Essar Holdings in 2011 signed a US$750 million takeover deal for one of Africa’s largest integrated steel works, which subsequently changed its name to NewZim Steel. But the Indian firm has not started operations due to failure by government to release iron ore mining claims which were part of terms for the takeover agreement. When the deal was signed ZISCO had a foreign debt of US$300 million and domestic liabilities amounting to US$72 million.

The agreement was such that the investor would take over the foreign debt and also assume 60 percent of the local debt while government would pay off 40 percent. Government retains a 40 percent shareholding in the new company. Essar Holdings has already met its obligations but government has failed to reciprocate due to its precarious financial position, something which has been stalling the deal. This has resulted in former ZISCO workers, who should now be on the NewZim Steel payroll, failing to get salaries over the past three years.
New ZimSteel’s domestic liabilities have consequently ballooned to US$200 million. Bimha told captains of industry and commerce in Bulawayo last week that his ministry had re-engaged Essar and reached an agreement on how the domestic debt would be dealt with. “So what we have been doing in the past two weeks is that there are officials from Essar Holdings and officials from my ministry who have been looking at addressing these other things which will now pave way for the (commencement of operations),” said Bimha. “Most of the work has now been done. We have agreed on how we are going to address this US$200 million debt.” He said he would soon be in a position to give a detailed update on the deal.
“I am very confident that probably within a week we should be able to make an announcement of the road map on the operationalisation of ZISCO,” he said. He said between October and December last year, they issued a special grant to Essar, together with the Zimbabwe Mining Development Corporation, to do exploration works and gave Essar some claims of iron ore in Redcliff and Buchwa.
Bimha said government had also agreed with Essar on how the latter would get the coking coal and the thermal coal to put up a power plant in Hwange. He said: “We have also agreed that Essar will also come up with a power generation unit which will be based in Redcliff to ensure that there are no disruptions in terms of power supply to the plant.” Bimha said he had visited Essar’s Indian head office to seek assurance that the company was still interested in the Zimbabwe project.

“A month ago I had an opportunity to go to India for a partnership summit and I took the opportunity to go and see shareholders of Essar who are based in Mumbai particularly to ask them whether they were still committed now that the government had completed the side of its own bargain,” said Bimha.
“I was given the commitment by the shareholders of Essar that they were totally committed to ensure that this project is implemented and that the vice chairman of that company was prepared to come to Zimbabwe for him to see the closure of the transaction of this agreement and secondly for him to come to Zimbabwe to reassure the leadership that Essar as a company was still committed.”
Bimha also said steel would not be immediately available once operations resume at the NewZim Steel.

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Old April 29th, 2014, 11:53 PM   #13
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4 foreign companies to mine Nigeria’s gold, iron ore




,Abuja – Malam Mohammad Amate, the Director-General, Nigerian Cadastre Office, Abuja, on Sunday, said four foreign companies would begin mining of gold and iron ore in the country this year.

Amate made the disclosure in an interview in Abuja.

He said the mining activities of the companies would be carried out in Kebbi, Osun and Kogi states.

He added that Mines Geotechniques Nig. Ltd., an Australian firm, and Northern Numero Resources Ltd. from the UK were granted licences to mine gold in Kebbi.

The director-general said two other Australian companies, Segilola Nigeria Ltd. and KCM Mining Ltd. would mine gold in Osun and iron ore in Kogi, respectively.

The companies had completed exploration programmes in areas approved for them and they would commence actual mining this year, he noted.

He explained that KCM Mining Ltd., which started exploration activities about four years ago in Kogi, completed the exercise last year and had delineated about 500 million tonnes of iron ore.

Segilola Nigeria Ltd., also an Australian company, would operate in Osun, and had concluded exploration programmes and had delineated more than one million ounces of gold there.

The director-general said the four firms that would commence mining activities this year were among 20 foreign companies granted mining exploration licences by the Federal Government.

Aside from Australia, he said, other firms from Canada, UK, Italy, China, Niger, India, South Africa and Ukraine had indicated intention to mine mineral resources in Nigeria, noting that some of the firms were at various levels of exploration.

“The companies have to conduct exploration first before mining to ensure that the area is rich in minerals or not and to know the types of minerals therein,’’ he explained.

Amate said the Ministry of Mines and Steel Development had put necessary policies in place to encourage investment in the solid minerals sector.

He added that investors had started showing interest in the sector, with most of them coming from outside the country.

“You can see the number of foreign companies that are coming to take exploration licences and have even carried out exploration programmes.

“We are now getting foreign mining companies that are coming to invest in Nigeria and it is a good thing for the industry.

“Mining is a major sector that employs a lot of labour and with the coming of the mining companies, many Nigerians will be employed.’’

He, however, added that “we insist that any company that wants to pick up a licence must employ qualified Nigerians and the companies are complying.’’

He said Nigeria was the only country in Africa that had 100 per cent geological data generated through airborne geophysical survey, which was done through sustainable management of mineral resources programmes. (NAN)
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Old May 2nd, 2014, 11:45 AM   #14
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....

Last edited by THE EZE; May 6th, 2014 at 02:33 PM.
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Old May 4th, 2014, 09:07 PM   #15
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Originally Posted by THE EZE View Post
LOL Africans are too stupid to mine their own gold, how embarrassing.
Just Shut up!
most African companies don't have the technical know how yet, how does that make Africans stupid?
the average Westerner or Asian dosen't know how Copper is mined.. how does it make them stupid?

Maybe YOU are stupid.
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Old May 5th, 2014, 07:57 AM   #16
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Originally Posted by THE EZE View Post
LOL Africans are too stupid to mine their own gold, how embarrassing.
They know how to do so. FYI

Gold, Iron, Copper has been mined in African regions for very longtime, veery long before arriving of Europeans.

Industrial scale mining is the one a bit challenging and that is because not that many places got gold to begin with. Industrial mining also requires 50s of millions of dollars to set up.

Most Africans countries are just entering the industrial ventures and Mining schools should follow this industrial trend.



Don't show up here again insulting people on thing you know nothing about.......you'll see yourself banned.
....
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Old May 6th, 2014, 02:39 PM   #17
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Originally Posted by BUTEMBO21 View Post
They know how to do so. FYI

Gold, Iron, Copper has been mined in African regions for very longtime, veery long before arriving of Europeans.

Industrial scale mining is the one a bit challenging and that is because not that many places got gold to begin with. Industrial mining also requires 50s of millions of dollars to set up.

Most Africans countries are just entering the industrial ventures and Mining schools should follow this industrial trend.



Don't show up here again insulting people on thing you know nothing about.......you'll see yourself banned.
....
Whether I get banned from a website or not doesn't bother me in the slightest, what bothers me is the fact that Africans have to rely on other races from other continents to mine African gold and minerals, gold is the most valuable resource in the world and the majority of it is on the Africa continent but who profits off of it? Africans? No, Europeans do, Asians do, Arabs do, they then sell it for 10x the amount they spent mining it for to a bunch of idiots, the same goes for diamonds and all the other minerals the continent has being getting robbed of for over 400 years, if you think that's ok, I feel sorry for you.


I deleted my comment as it may have seemed a bit childish and immature the way it was worded, not because some guy threatened to ban me.
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Old May 6th, 2014, 03:02 PM   #18
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Originally Posted by THE EZE View Post
Whether I get banned from a website or not doesn't bother me in the slightest, what bothers me is the fact that Africans have to rely on other races from other continents to mine African gold and minerals, gold is the most valuable resource in the world and the majority of it is on the Africa continent but who profits off of it? Africans? No, Europeans do, Asians do, Arabs do, they then sell it for 10x the amount they spent mining it for to a bunch of idiots, the same goes for diamonds and all the other minerals the continent has being getting robbed of for over 400 years, if you think that's ok, I feel sorry for you.


I deleted my comment as it may have seemed a bit childish and immature the way it was worded, not because some guy threatened to ban me.
i think africans go into partnership with other countries because they don't have the capital to do it themselves ...you need to invest a lot of money to mine stuff and most african countries don't have the capital to do so

the best agreement is to have a 50/50 partnership and craft laws that encourage and enforce benification thus preventing the minerals being sold in raw form thats were most africans get it wrong we are not processing the minerals before we sell them

but there is nothing wrong with having foreign partners
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Old May 6th, 2014, 03:20 PM   #19
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Zimbabwe Seeks New Mineral Reserves Through State Mining Company

Zimbabwe is equipping the state-owned Mining Promotion Corp. to drive the search for new mineral reserves together with external partners, Mines Minister Walter Chidakwa said.

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Minerals exploration and the potential for finding new reserves could help the southern African country update its database and attract fresh investors in its mining industry, Chidakwa said by phone yesterday from the capital, Harare.The MPC’s board of directors will start recruiting a chief executive officer “and put in place a team that will drive the exploration activities,” Chidakwa said.

Zimbabwe has the world’s biggest platinum and chrome reserves after South Africa. It also has some of africa's largest deposits of gold, coal and iron ore. Mining is the biggest source of foreign exchange, with platinum group metals and gold leading tobacco as the nation’s largest exports. The nation hasn’t done detailed, countrywide minerals exploration in almost three decades, which has resulted in the government relying on private investors to quantify resources, Chidakwa said.

Efforts to conduct any exploration have been stymied by lack of equipment and skills, Zimbabwe Geological Survey Director Themba Hawadi told the Zimbabwe Broadcasting Corp. on Jan. 19.


The government has set aside $5 million to finance the company, which will outsource most exploration work.“There are certain areas they must outsource because they might not have the expertise or the equipment,” Chidakwa said.

Zimbabwe Mining Development Corp., another state-owned company, has over the past years conducted limited exploration without discovering minerals, Chidakwa said.“There has been some bit of exploration but perhaps not sufficient,” Chidakwa said. “If there are any new discoveries it will make it easier to attract prospective investors. Decisions on investment will be taken much faster.”

“I can confirm the willingness and commitment of the ministry to support the work of MPC including provision of the initial $5 million injection needed to kick start the work,” Minister Chidhakwa said.“I can safely tell you that we know where to get the money and we are only waiting for regulatory approvals from the Treasury,” he said“This company should make sure that identified (mineral) deposits will be allocated to State institutions and made available to private organisations for optimised sustainable development and operations for the benefit of the nation,” the mines minister said yesterday.

Mines and Mineral Development Permanent Secretary Professor Francis Gudyanga will chair the board on interim basis.The other board members are Mr David Murangari, Mr Ambrose Made, Professor Amon Murwira, Mrs Bertha Muzangaza, Mr Brains Muchemwa, Mr Mabasa Hawadi and Ms Catherine Machokoto.

MPC’s main role would be to quantify the amount of gold, diamonds, platinum, graphite and iron ore resources the country has.
The minister said the company will anchor the generation of geological database for use by the industry right away and in the future.

Minister Chidhakwa added that his ministry is in an unenviable position where some private sector organisations know more about the country’s minerals deposits than the Government.Operationalisation of mineral exploration company will enable Government to get more geological data as well as mineral knowledge.“Many of us claim that Zimbabwe is the richest country on earth with respect to untapped natural resources, therefore this move will enable us to evaluate the country’s minerals,” said the minister.

He said that the mineral information will give investors information on operations and open room for new investment in Zimbabwe. It will also complement efforts undertaken by the private sector.In an interview with The Herald Business last year, Chamber of Mines ex-chief executive Mr John Chikombero said the minerals sector is vastly under-explored hence the need for investment in exploration.The country lacked modern technology to explore and create a mineral database. Zimbabwe is endowed with over 40 different minerals.
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Old May 6th, 2014, 03:32 PM   #20
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Botswana coal to benefit from heavy haul rail projects

African Energy Resources' (ASX:AFR) coal project in Botswana stands to benefit by two major rail projects being developed, one that is aimed at transporting coal from Botswana into South Africa to be used by state‐electricity generator Eskom.

Quote:
Yesterday, AFR also announced a capital raising of up to $4.5 million through a placement and a non-renounceable issue to advance its portfolio of coal and power projects in Botswana.There is a massive 2.5 billion tonne coal resource base at Sese. AFR also acquired the 2.4 billion tonne Mmamabula West Coal Project in south‐east Botswana which increases total in‐situ resources to 6.2 billion tonnes of thermal coal in Botswana.

Botswana‐South Africa Rail Link

Transnet Freight Rail recently announced that a 105km heavy‐haul coal rail link between Botswana and South Africa
will commence construction next year as part of a R300 billion infrastructure investment programme initiated by TFR.

TFR has allocated approximately R40 billion for the construction of this line which will link into existing coal heavy‐haul railway lines and is aimed at transporting coal from Botswana into South Africa to be consumed by state‐electricity generator Eskom, or exported via the seaborne market.

Emphasising the timeline, TFR CEO Siyabonga Gama said that construction of the rail link would commence next year: “We are finalising feasibility studies [and we] will start constructing the rail link in 2015, immediately after the completion of feasibility studies”.

The line will be designed to carry 40‐80 million tonnes per year. “We are planning to develop the Richards Bay Coal Terminal to support the expected [volumes] from Botswana and the Waterberg coalfield in South Africa”.

Trans‐Kalahari Railway

On 20th March, a Bilateral Agreement between the Governments of Namibia and Botswana for the construction of the 1,500km heavy‐haul Trans‐Kalahari Railway was signed at a ceremony in Walvis Bay.

The estimated capital cost of the project is approximately N$100 billion (US $10 billion) and construction work is expected to take five years.

As part of this development, the Walvis Bay Commodity Terminal will be built with an annual capacity to handle 65 million tonnes of coal. The project is receiving the highest level of support from each government, including the Coal Development Unit in Botswana and the appointment of a Namibian ministerial committee to ensure the project is delivered.

Analysis

The emergence of these two heavy‐haul freight corridors will complement the two existing cape‐gauge corridors that are available for the export of coal from Botswana, opening up markets for future coal produced from AFR's Sese project.

The massive 2.5 billion tonne coal resource base at Sese, which owned by AFR which provides the resource base to benefit from the rail projects.

Add in the acquisition by AFR of the 2.4 billion tonne Mmamabula West Coal Project in south‐east Botswana which increases total in‐situ resources to 6.2 billion tonnes of thermal coal in Botswana adds to the market potential of AFR's future coal produced with rail developments under way.
The rail projects will materially assist in the evolution of AFR's Sese project and we consider it to be value accretive to AFR.
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