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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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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