Regional News - Africa October 2017

Endeavour Starts Building Ity CIL Project in Cote d’Ivoire

Endeavour Mining has started construction of its Ity carbon-in-leach (CIL) project in Cote d’Ivoire, where its Ity heap-leach operations have been in production for more than 20 years. Based on current reserves, the CIL project is expected to add 14 years to Ity mine life. Average annual production over the first five years is forecast at 235,000 ounces per year (oz/y) at all-in sustaining costs of $494/oz. Initial capital expenditures are estimated at $413 million.

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Hummingbird Nearing Startup at Yanfolila

Hummingbird Resources expects to complete commissioning of its Yanfolila gold project in western Mali during the fourth quarter of 2017 and to pour its first gold before year-end. Preproduction mining by contractor African Mining Services (AMS) began on schedule in August, and ore was being stockpiled in advance of its introduction into the process plant. AMS currently has one Liebherr 9150 excavator, one Liebherr 9250 excavator, six Cat 777 trucks, five Cat D9 dozers, one Cat 336 excavator, and two Cat 980 front-end loaders on site.

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Feasibility Study Supports Teranga’s Bandore Project

Teranga Gold has reported positive results from a feasibility study of its open-pit Banfora gold project in southwest Burkina Faso. Base case highlights from the study include average mill feed grade of 1.88 grams per metric ton (mt) of gold and average production of 119,000 ounces per year (oz/y) over a mine life of nine years. Preproduction capital expenditures are estimated at $232 million.

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Reinventing the Gemstone Market

The takeover of London-listed precious stone producer Gemfields by majority shareholder Pallinghurst in late June is the coming together of a plan to create a de Beers-type marketing platform for gemstones. Gemfields produces emeralds and amethysts in Zambia and rubies in Mozambique. Brian Gilbertson, chairman and founder of South African-based Pallinghurst, said he wants to create the same value chain for gems that De Beers created for diamonds.

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Regional News - Africa September 2017

DFS Supports Development of Ivanhoe’s Platreef Project

Ivanhoe Mines has released positive results from an independent definitive feasibility study (DFS) for the planned first phase of its Platreef underground platinum group metals (PGMs), gold, nickel, and copper mine and concentrator in South Africa. First-phase development is based on plant throughput of 4 million metric tons per year (mt/y), producing 476,000 ounces per year (oz/y) of platinum, palladium, rhodium and gold (3 PGMs + gold), plus 21 million pounds per year (lb/y) of nickel and 13 million lb/y of copper, in concentrates.

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Endeavour Mining Acquires Mali Gold Project, Sells Ghana Gold Mine

In separate transactions, Endeavour Mining has announced agreements to acquire Avnel Gold Mining and its 80% interest in the Kalana gold project in southern Mali, and to sell its 90% stake in the Nzema gold mine in southwest Ghana to BCM International Ltd. Consideration for the Avenel purchase is Endeavour shares valued at approximately $122 million. Consideration to be received by Endeavour for the Nzema sale is cash totaling up to $65 million.

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Regional News - Africa August 2017

Tanzania Slaps Huge Tax Bill on Acacia

The government of Tanzania has sent Acacia Mining a bill of $190 billion in unpaid taxes and fines for years 2000 to 2017. This comes after the government alleged Acacia underdeclared export revenues. Bulyanhulu Gold Mine Ltd. and Pangea Minerals Ltd., the owners and operators of the Bulyanhulu and Buzwagi mines, respectively, received a series of Notices of Adjusted Assessment from the Tanzania Revenue Authority for historical corporate income tax, covering the periods 2000 to 2017 for Bulyanhulu Gold Mine and 2007 to 2017 for Pangea Minerals. The assessments follow on the findings of the First Presidential Committee, which were announced on May 24 and the Second Presidential Committee announced on June 12

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AngloGold Starts Process to Shut Down 2 Mines

AngloGold Ashanti announced on June 28 that it was beginning a consultation process with employees in terms of section 189 and 189A of South Africa’s Labour Relations Act that would lead to placing its Kopanang gold mine and the Savuka section of its TauTona gold mine on care and maintenance.

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Regional News - Africa July 2017

Acadia, Tanzania Discussing Export Dispute

Acacia Mining PLC and Tanzania agreed in June to hold talks aimed at resolving a dispute that has been brewing over an export ban, after Barrick Chairman John Thornton met with the country’s president, Dr. John Magufuli. Barrick holds a controlling interest in Acacia (63.9%).

“I feel very optimistic that we will reach a resolution, which is a win-win,” Thornton said. “We will be sitting down soon with a team designated by the president and our own team.”

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Platinum Group Metals Reports on Waterberg DFS

Platinum Group Metals Ltd. reported that engineering work is under way to support a definitive feasibility study (DFS) of its Waterberg project on the northern limb of South Africa’s Bushveld Complex. Included in the work are infill drilling, resource modeling, mine plan optimization and infrastructure engineering. Engineering and design work to reduce and improve underground development and to optimize project scale and return will also be part of the DFS.

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