jueves, 6 de julio de 2017

Tanzania-focused miners face fresh challenges as country passes new laws

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Africa News Digest
Friday 7 July 2017
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The two new laws allow the government to force mining and energy companies to renegotiate their contracts.

While major global companies are part of Ghana's mining sector, illegal gold extraction is a chronic issue in the country and deadly accidents are frequent.

The 126-carat is the latest in a string of major discoveries Gem Diamonds have made at Letšeng this year.

Combined worth of 50 largest mining companies grow to $768 billion during first half of 2017, but a few big names drop down rankings.

President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.

The company also evacuated all of its employees at Namoya mine after trucks belonging to a contractor were caught in crossfire between soldiers and a local self-defence militia.

Only five out of the 19 illegal workers believed to have been at the pit when the accident happened have been rescued since Sunday.

Endeavour pays 48% premium to acquire Avnel Gold and its "shovel ready" Kalana project in Mali.

The company, which owns the Cullinan mine that has produced the two largest diamonds in the British Crown Jewels, said output and revenue will be lower than market expectations.

Measure is part of a restructuring aimed at "protecting the viability" of the company's South African business over the long-term, AngloGold said.

The South African firm has secured control of the gemstones producer and plans to delist it.

The company, which has been present in the south-eastern African country for more than a decade, says that by 2021 will be producing 3,000 tonnes of rare earths per year.

Gemfields has been at the centre of a bidding war between the South African private equity group and Fosun Gold, a unit of Fosun International.

Hundreds of villagers near the North Mara gold mine in Tanzania invaded the mine for several days last week in an attempt to steal gold ore.

South Africa-listed Pallinghurst now needs just 60% of Gemfields' shareholders to back its unsolicited takeover offer.

The precious stones miner has recommended shareholders to accept offer, despite considering it "unfair."

Workers at the mine downed tools over a week ago, angered by the company's actions to eradicate illegal miners from its operations.

The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.

Them mv SS Nujoma is the sixth diamond exploration vessel to join the fleet of Debmarine Namibia, a 50/50 joint venture between the government of that African country and De Beers.

It sold $54.8 million worth of rubies, a record high for any Gemfields auction and a 24% increase in revenue from the previous record.

Barrick confirmed chairman John Thornton met President John Magufuli for talks Wednesday, but didn't mention the details of what, if anything, had been agreed.

Gemfields, which mines for emeralds and amethysts in Zambia and for rubies in Mozambique, had already received a buyout offer from largest shareholder Pallinghurst Resources.

Government accused the gold miner of operating illegally in the country and said it has been evading taxes.

The last time Gem Diamonds had had made a significant discovery at its Letšeng mine before April this year was in 2015.

Democratic Republic of Congo's government has formally requested financial support from international donors as it confronts a worsening economic crisis, a letter seen by Reuters on Thursday showed.

Case has potential to set precedent for other foreign claims.

Two of them are foreign firms.

The funds from Beijing would contribute towards building 1,400 km of a planned 4,000 km railway network, which would connect bauxite mines and production sites.

The firm, a joint venture between De Beers and the southern Africa country's government, plans to extend the lifespan of its Jwaneng mine beyond 2024.

Kumba Iron Ore Limited today announces the appointment of Mr Bothwell Mazarura as Chief
Financial Officer and Executive Director, effective 1 September 2017.

South Sudan doesn't officially export gold, but experts consider it the world's most promising frontier exploration destination.

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