Regional News - Africa June 2017

Acacia Accused of Under-reporting Mineral Exports

A damning report published in Tanzania claims London-listed Acacia Mining has been under-declaring exports, making a quick end to a ban on mineral sales from the country unlikely. In late May, Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency, on the basis of the report. In a televised speech, Magufuli said Acacia Mining declared gold, copper, and silver in its mineral sand exports, but did not declare other precious metals in the consignments.

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Norilsk Considers Legal Action Against Botswana

Norilsk Nickel has served notice that it intends to commence legal proceedings in Botswana against the government of Botswana in respect to its involvement in the trading of BCL Ltd. and BCL Investments Pty Ltd., with a view to recovering the roughly $271 million (plus damages and other costs) that they are owed in relation to the sale of a 50% interest in the Nkomati mine in South Africa and the $6.4 million they are owed in relation to the sale of the Tati mine in Botswana. The government of Botswana is the ultimate shareholder of BCL through its corporate vehicle MDCB.

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Regional News - Africa May 2017

Ivanhoe Starts Work on Shaft 2 at Platreef

Ivanhoe Mines is initiating early-works construction for Shaft 2 at the Platreef platinum-group-metals, nickel, copper, and gold project on the Northern Limb of South Africa’s Bushveld Igneous Complex. Ivanhoe owns 64% of the project through its subsidiary, Ivanplats, and is directing all mine development work.
The early-works program includes excavation of a surface box cut to a depth of approximately 29 m below surface and construction of the concrete foundation for the 103-m-tall concrete headframe that will house the shaft’s permanent hoisting facilities.
Ivanhoe expects the early-works construction to take approximately 12 months to complete. Cost of the work is estimated at R70 million ($5.5 million).

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Bristow: Gold is Heading for a Supply Cliff

Gold production is heading for a ‘supply cliff’ because of a chronic lack of exploration, says Randgold CEO Mark Bristow. He told E&MJ that the search for fresh deposits had fallen to almost nothing. “There has been a complete lack of investment in exploration and we are headed for a supply cliff. If any new demand over what is currently experienced were to occur, it will drive the price,” he said.
Bristow is arguably one of the most successful gold bosses right now. He has turned London based but Africa-focused Randgold into a $7 billion company, and is the only gold producer in the Ftse 100 index. Randgold has built, financed and operates five gold mines in Africa — Loulo, Gounkoto and Morila in Mal; Tongon in Côte d’Ivoire and Kibali in the Democratic Republic of Congo. The company also has a major project at Massawa in Senegal and a portfolio of exploration projects in the most prospective gold belts of West and Central Africa.

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Kimberley Court Issues Liquidation Order to Rockwell Diamonds

A judge in Kimberley, South Africa, during late March, issued an interim liquidation order against three subsidiaries of Rockwell Diamonds: Rockwell Resources RSA (Pty) Ltd., HC van Wyk Diamonds Ltd and the Saxendrift Mine. Interim liquidators have been appointed by the Master of the High Court, in accordance with requisitions by the major creditors. However, in view of further filings by Rockwell, they will not take control of the three companies, which remain in operation. Rockwell, an alluvial diamond miner, is known for producing large, high quality gemstones.

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Regional News - Africa - April 2017

Trevali Buying Glencore Interests in Rosh Pinah, Perkoa

Trevali Mining has entered into definitive agreements with Glencore PLC and certain of its subsidiaries to acquire a portfolio of zinc assets from Glencore, including an 80% interest in the Rosh Pinah mine in Namibia, a 90% interest in the Perkoa mine in Burkina Faso, an effective 39% interest in the Gergarub project in Namibia, an option to acquire 100% interest in the Heath Steele property in Canada, and certain related exploration properties and assets for an aggregate purchase price of approximately $400 million.

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Teck Sells Interest in Haib to Deep-South Resources

Teck Resources Ltd. announced it has entered into a definitive agreement to sell its 70% interest in Haib Minerals Ltd. to Deep-South Resources Inc., who holds the remaining 30% interest in Haib. Haib holds a 100% interest in the Haib copper project located in Namibia.

As part of the consideration under the sales agreement, Teck will receive 13.6 million common shares of Deep-South at closing. The shares issued on closing, together with the 4.17 million common shares currently held by Teck, will result in Teck holding approximately 35% of Deep-South’s outstanding shares on an undiluted basis.

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Regional News - Africa - March 2017

B2Gold Targeting October Production Start at Fekola

B2Gold reported that construction of its Fekola gold mine in southwest Mali is ahead of schedule and now on target for an October production start. The company completed a revised geological resource model for Fekola in the third quarter of 2016, followed by updates to open-pit mine designs and production plans that reflect an increase in planned mill capacity to 5 million metric tons per year (mt/y). Based on these production plans, B2Gold now expects Fekola to produce an average of 375,000 to 400,000 ounces per year (oz/y) during its first five years of production from 2018 through 2022.

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Glencore Purchases Stakes in Mutanda and Katanga


Glencore has purchased the Fleurette group’s remaining 31% stake in Mutanda Mining Sarl for $922 million and a 10.25% stake in Katanga Mining Ltd. for $38 million. Fleurette and its affiliates owe outstanding loans to the Glencore group over the Mutanda shares, amounting to $556 million, of which $120 million comprises accrued interest. In addition, Glencore has acquired shareholder loans owed to the Fleurette group by Mutanda Mining Sarl of $130 million. Accordingly, the aggregate cash consideration payable by the Glencore group is $534 million.

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Asanko Gold Receives Key Permits for Expansion

Asanko Gold has received both the environmental permit and the mine operating permit required for an expansion of production at its Asanko gold operations in southwest Ghana. Current open-pit mining and processing operations reached commercial production in April 2016. Plant throughput capacity is 3.6 million mt/y, and gold production capacity is 190,000 oz/y.

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Anglo Sells Union Mine to Siyanda Resources

American Platinum has agreed to sell its 85% interest in the Union mine in South Africa and 50.1% interest in MASA Chrome Co. to a subsidiary of Siyanda Resources. Anglo American Platinum will retain the Mortimer smelter operation.

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