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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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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