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Mining tycoon’s $1bn manganese project nears collapse

By: Bloomberg     9th December 2016 A unit of Timis Mining that says it was forced to stop developing the world’s largest manganese deposit may seek as much as $4-billion in damages from Burkina Faso because the suspension of mining will endanger its other projects in West Africa. Pan African Minerals’ $1-billion Tambao project... 

Tanlouka gets environmental permit

By: Esmarie Swanepoel     9th December 2016 ASX-listed West African Resources has been awarded an environmental permit for its Tanlouka gold project, in Burkina Faso. “The approval of the environmental and social impact assessment (ESIA) is a major achievement and brings us to the final stages of the permitting process for Tanlouka,” said... 

Sarama appoints veteran accountant as CFO

By: Henry Lazenby     7th December 2016 West Africa-focused gold explorer Sarama Resources has appointed 30-year certified practising accountant Lui Evangelista as its CFO, replacing Nick Longmire who has resigned to pursue personal interests. Evangelista brings 30-years’ experience to the position, and president and CEO Andrew Dinning... 

Burkina Faso says dispute with Timis shouldn’t go to court

By: Bloomberg     7th December 2016 Burkina Faso said Timis Mining shouldn’t go to court until it has exhausted local mediation over a dispute about one of the world’s largest manganese deposits that the company says stems from the government’s deliberate blocking of the project. “The problem can’t go to the courts before we’ve... 

Timis companies seek $385m from Burkina Faso over mining dispute

By: Reuters     6th December 2016 Three companies belonging to Romanian-Australian businessman Frank Timis's Pan African Minerals Group are seeking $385-million from Burkina Faso via mediation, accusing it of blocking development of one of the world's biggest manganese mines. According to an arbitration request addressed to the... 

Perseus settles Amara mining contractor dispute

By: Henry Lazenby     2nd December 2016 West African gold producer Perseus Mining has inked a settlement agreement with mining contractor BCM International and its subsidiaries over a dispute between BCM and various members of the Amara Mining group, which Perseus acquired earlier this year. The dispute with BCM related to outstanding... 

Gold producer Acacia Mining raises exploration budget by 30%

By: Reuters     30th November 2016 Gold producer Acacia Mining will increase its exploration budget for 2017 by nearly 30% to expand in Africa and helped by a higher gold price, the London-listed company said on Wednesday. Acacia, which is also listed in Tanzania, will spend $25-million in 2017 to increase drilling for new mines... 

Avocet strikes a deal with SMB employees, Inata gold released

By: Megan van Wyngaardt     28th November 2016 LSE-listed Avocet Mining has reached a temporary agreement with former employees of Société des Mines de Bélahouro (SMB) regarding a recent gold seizure at the group’s Inata gold mine, in Burkina Faso. A gold shipment containing about 1 400 oz from mine, seized in October, was released on Monday... 

Nordgold reports robust Q3 performance

By: Anine Kilian     14th November 2016 Russian gold miner Nordgold reported an 11% quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $131.8-million in the third quarter ended September 30. Net profit was up 4% quarter-on-quarter, while all-in sustaining costs were $955/oz in the... 

Iamgold revenues rise on strong performance at key assets

By: Henry Lazenby     9th November 2016 The TSX-listed stock of Canadian miner Iamgold on Tuesday rose as much as 13% to C$6.02 apiece after the company late Monday reported strong third-quarter operating and financial performance metrics. Revenues from continuing operations for the quarter ended September rose 36% year-on-year to... 

Judge orders lifting of Avocet gold seizure

By: Anine Kilian     8th November 2016 LSE-listed Avocet Mining’s share price rose 28.7% on Tuesday morning, after it announced that a judge in Burkina Faso had ordered the lifting of the seizure of a gold shipment last month. The seizure of a 1 400 oz gold shipment was affected by bailiffs acting on behalf of former employees of... 

Teranga raises A$65m to advance Banfora

By: Esmarie Swanepoel     2nd November 2016 Dual-listed Teranga Gold has announced plans to raise A$65-million through an equity raising to develop the recently acquired Banfora gold project, in Burkina Faso. Teranga said on Wednesday that the company had entered into agreements to offer 62-million shares, at a price of A$1.05 each, for... 

Endeavour lifts Q3 profit as production grows

By: Henry Lazenby     1st November 2016 West Africa-focused Endeavour Gold has reported a quarterly increase of 19% in adjusted net earnings from continuing operations to $33-million, or $0.25 a share. This was above analyst expectations of $0.18 a share, off of revenue of $119-million. 

Avocet temporarily suspends Burkina Faso mine

By: Megan van Wyngaardt     27th October 2016 LSE-listed Avocet Mining’s share price fell by 38.5% on Thursday as it announced that it would temporarily suspend operations at its Inata mine, in Burkina Faso. This followed the seizure of a 1 400 oz gold shipment by bailiffs acting on behalf of former employees of Société des Mines de... 

Avocet dealt blow as 1 400 oz of gold is seized in labour row

By: Megan van Wyngaardt     24th October 2016 LSE-listed Avocet Mining’s shares fell by 24.5% from 83.12p a share at Friday’s close to 62.75p apiece on Monday morning, following the news that a gold shipment containing about 1 400 oz from the Inata gold mine, in Burkina Faso, had been seized. Bailiffs acting on behalf of former employees of... 

Plastics|SA joins DTI on trade mission to Ghana

     19th October 2016 Exciting export opportunities exist for the South African plastics industry as part of the plastics industry’s Export Development Programme. Plastics|SA was recently part of a delegation that joined the Department of Trade and Investment on a special trade mission to Accra, Ghana. The delegation... 

BioTherm Energy secures 20 MW solar project in Ghana

By: Anine Kilian     23rd September 2016 Independent power producer BioTherm Energy has won the tender to develop a 20 MW solar project in Ghana. The company will build, own and operate the facility under a 20-year power purchase agreement. 

On-The-Air (23/09/2016) 

By: Martin Creamer     22nd September 2016 South Africa has plummeted to an abysmally low level in the World Bank’s 160-country cost-of-doing-business rankings. Fundamental calculations of risk are putting South Africa behind countries like the DRC as an investment destination. Developing mine heritage sites has payoff... 

Production starts at Nordgold’s Bouly operation

By: Megan van Wyngaardt     19th September 2016 Gold production has started at Nordgold’s Bouly operation, an expansion of the company’s flagship Bissa mine, in Burkina Faso. The greenfield deposit is expected to produce 120 000 oz/y over a ten-year mine life, with an all-in sustaining cost of $730/oz. 

Policy environment failing South African mining – professor

By: Martin Creamer     15th September 2016 South Africa’s policy environment is failing its mining industry, which is suffering an inability to attract investment. In terms of the weighted average cost of capital (WACC), South Africa is trailing many other mining jurisdictions owing to its unstable political economy. 

Industry leaders attending the DMCC Precious Metals Forum in Accra, call on airlines and associations to ban the hand-carriage of gold

     13th September 2016 Over 130 industry delegates descended on Ghana’s capital Accra on 7 September, to attend DMCC’s second Africa Dubai Precious Metals Forum held at the Kempinski Hotel.   Government ministers, regulators, mining industry professionals, security experts, airlines, logistics facilitators and... 

Nexus progresses work programmes at Bouboulou project

By: Megan van Wyngaardt     9th September 2016 TSX-listed Nexus Gold on Friday reported that its second- and third-stage work programmes for the Bouboulou concession, in Burkina Faso, aimed at defining a resource and publishing an estimate, are expected to start in early 2017. The Bouboulou exploration permit, which covers 38.8 km2, is... 

Big bet on agriculture pays off for African nations

By: African News Agency      6th September 2016 A decade of paying intense attention to farming has generated “the most successful development effort” in African history, according to a report released by the Alliance for a Green Revolution in Africa (AGRA) at the UN’s African headquarters on Tuesday. Analysis of AGRA’s 2016 African... 

Africa’s fastest-growing gold producer says more to come

By: Bloomberg     31st August 2016 Burkina Faso said it has more gold waiting to be discovered as the nation where output jumped more than 20 times in a decade reviews its geological records. The government wants to help companies that are already operating in the West African nation to lengthen the lives of their mines and make... 

Nordgold reports y/y profit loss, lowers production guidance

By: Anine Kilian     30th August 2016 Diversified low-cost gold producer Nordgold’s net profit for the six months ended June 30 was down 30% year-on-year to $94.1-million, compared with the corresponding period in 2015, while half-year revenue decreased by 19% to $520.4-million for the year ended June 30. This could be attributed to... 

Avocet sees H1 production, earnings rise despite challenging market

By: Megan van Wyngaardt     26th August 2016 Despite a tough operating environment, Aim-listed Avocet has achieved a positive performance in the six months to June 30, producing 41 614 oz of gold at a cash cost of $913/oz. This was a slight improvement on the 39 859 oz produced at a cash cost of $1 021/oz in the six months to June 30, 2015. 

West African Resources repays $5m loan

By: Creamer Media Reporter      26th August 2016 ASX-listed West African Resources said on Friday it had repaid a $5-million loan to Macquarie Bank ahead of its maturity date on September 30. The repayment was made following the completion of a A$21-million capital raising, announced earlier this month. 

DRA enjoying rise in gold project share, eyeing more gold opportunities 

By: Martin Creamer     17th August 2016 Mining project house DRA, which has hit the gold project high spots in particularly West Africa, is now well poised to extend that gold triumph further into Central Africa, East Africa and also South Africa. DRA’s impressive penetration of the gold project market has been characterised by... 

Vital raises A$1m to step up activities in West Africa, Australia

By: Samantha Herbst     16th August 2016 ASX-listed junior Vital Metals has raised about A$1-million to advance ongoing gold exploration activities in West Africa, where it recently commenced drilling at its 100%-owned Kollo gold project, in Burkina Faso, to in-fill and extend high-grade gold mineralisation. The proceeds will also be... 

B2Gold launches $100m at-the-market offering

By: Henry Lazenby     13th August 2016 Canadian midtier gold producer B2Gold announced on Friday that it would distribute an at-the-market offering of $100-million worth of common shares from time to time through designated broker-dealers at prevailing market prices. The news resulted in the fast-growing Vancouver-based miner’s... 

IronRidge sets sights on Chad after Tekton deal

By: Natasha Odendaal     12th August 2016 Aim-listed IronRidge Resources has secured a first-mover advantage over a potential major new gold discovery in Chad after entering into a conditional share subscription agreement with private Singapore-registered company Tekton Minerals. The Africa- and Australia-focused mineral exploration... 

West African raises $21m to accelerate Tanlouka project

By: Natasha Odendaal     10th August 2016 ASX-listed West African Resources on Wednesday said it has received commitments for a $21-million raising for the continuing development of its Tanlouka gold project, in Burkina Faso. The funds, raised through the placement of 70-million shares at a price of A$0.30 apiece, allowed further... 

West African edges closer to mining permit

By: Megan van Wyngaardt     8th August 2016 Gold developer West African Resources has moved one step closer to being granted a mining permit for its Tanlouka gold project, announcing on Monday that it had received a favourable opinion by the Burkina Faso Ministry of Environment, Green Economy and Climate Change for its resettlement action... 

Endeavour increases 2016 production guidance

By: Natasha Odendaal     29th July 2016 TSX-listed Endeavour Mining has increased its full-year production guidance for the 2016 financial year, following the company’s March acquisition of True Gold’s 90% interest in the Burkina Faso-based Karma mine, which is in its ramp-up phase. The group on Friday said that it expected higher... 

Teranga Gold sets new production record

By: Megan van Wyngaardt     29th July 2016 Dual-listed Teranga Gold has recorded its “best ever” production for a second quarter, producing 52 540 oz in the three months ended June. This brought the company’s half-year production to 123 267 oz, spurred by its mill throughput surpassing one-million tons for only a third time in the... 

South Africa ranks moderately on food security index

By: Megan van Wyngaardt     27th July 2016 South Africa is ranked at 47 out of the 113 countries in this year’s Global Food Security Index (GFSI), reflecting a one-position decline from 2015, but an overall 0.6 point score increase. The country ranked first among its sub-Saharan African peers and landed in the top ten of... 

Stanbic receives Côte d’Ivoire banking licence

By: Anine Kilian     25th July 2016 Standard Bank, trading as Stanbic Bank, has been awarded a banking licence in Côte d’Ivoire.  The group opened a representative office in the country in December 2013, signaling a drive towards establishing a presence in Francophone West Africa. 

Mozambique reports unquantified diamond discovery

By: Keith Campbell     22nd July 2016 In Mozambique, the National Director of Mines last week confirmed that diamonds had been discovered in the Massangena district of the Gaza province. Talking to the Maputo newspaper Notícias, he refused to say how many diamonds had so far been found, but stated that exploration and prospecting... 

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