sharing in governance of extractive industries
South Africa risks cutting the mine output that contributes 8.8 percent of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings Ltd. (IMP) said.
“Investors, the traditional suppliers of risk capital to this industry, are getting cold feet,” David Brown, 48, chief…Continue
Added by GOXI on June 30, 2011 at 15:26 — No Comments
By Alex Bell
16 June 2011
Russia is set to join China in controlling diamond mining in Zimbabwe, with the Federation’s state diamond group seeking a license to mine at the controversial Chiadzwa fields.
The Russian Ambassador to Zimbabwe, Andrey Kushakov, said recently that his country has pledged to invest in mining and infrastructure development in Zimbabwe as a way of supporting the…Continue
Added by GOXI on June 23, 2011 at 14:07 — No Comments
Gold producers are planning to join the diamond industry to create a system to certify that bullion purchases aren’t funding conflict in Africa.Continue
Added by GOXI on June 23, 2011 at 14:00 — No Comments
On Tuesday Zambia’s Finance Minister Dr Situmbeko Musokotwane mocked Zimbabwe and South Africa for planning to forcibly raise government stakes in foreign mines, saying “the Zambian miner in 1970s was a happier miner than a miner during the period of state ownership of the mines.”…Continue
Added by GOXI on June 23, 2011 at 13:43 — No Comments
Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (…Continue
Added by GOXI on June 23, 2011 at 13:30 — No Comments
* Industry sees Ivory Coast gold output doubling…
Added by GOXI on June 16, 2011 at 8:26 — No Comments
By Clara Ferreira-Marques
Ethiopia is set to hit its target of more than doubling mining exports to an annual $1 billion ahead of time, the country's mining minister told Reuters, as it promotes gold extraction, but also fertilizer ingredient potash.…
Added by GOXI on June 16, 2011 at 8:19 — No Comments
Zimbabwe is planning to use revenues from its Marange diamonds to pay the Chinese government's Anhui Foreign Economic Construction Group (AFECC) for designing and constructing a defense college for top military officers outside of Harare, reports Zimbabwe's Daily News.
According to the arrangement, China's Export-Import Bank, wholly owned by Beijing, will provide Zimbabwe with a US$98 million loan while…Continue
Added by GOXI on June 16, 2011 at 8:12 — No Comments
The Natural Resource Charter invites contributions from all stakeholders as part of its annual consultation and revision process.
The Charter is a ‘living document’; it is open for submissions to update and refine its recommendations based on emerging best practice, country experience, and expert evidence. We encourage you to pick up the latest copy of the text…Continue
Added by GOXI on June 13, 2011 at 16:30 — No Comments
Summary PWC report. See full report attached.
Last year we highlighted the growing optimism in the mining industry and demand fundamentals that were driving the industry back to boom times. The 2010 results have delivered on this expectation, but it is clear that the game has changed.
Added by GOXI on June 9, 2011 at 10:18 — No Comments
By Thomas Biesheuvel
Added by GOXI on June 9, 2011 at 10:00 — No Comments
In a show of solidarity with Zimbabwe, the South African Diamond & Precious Metals Regulator (SAD-PMR) has issued a communiqué to its members saying that South Africa would now accept rough diamond imports from its northern neighbor, who faces a continued international ban on its rough exports from the Marange alluvial diamond area.
"South Africa has taken a position in support of Zimbabwe regarding exports of rough diamonds. On that note, we will…Continue
Added by GOXI on June 8, 2011 at 1:00 — No Comments
By Ron Derby and Ricky Smith
THE European Investment Bank (EIB) has frozen all new loans to commodities trader Glencore and its subsidiaries, it said yesterday, citing "serious concerns" over corporate governance.
The European Union’s (EU’s) lending institution provided a $50m loan to Mopani Copper Mines, a Zambian subsidiary of Swiss-based Glencore, in 2005, to help pay for the modernisation of a copper smelter.
Mopani has been accused by non- governmental…Continue
DAR ES SALAAM (Reuters) - African Barrick Gold will erect new fences, build walls and install surveillance cameras to enhance security at its Tanzanian mine where five people were killed in a May 16 raid.
The unit of Barrick Gold Corp also said on Tuesday it was investigating unrelated allegations of corruption and human rights abuses at the troubled mine in Tarime district…Continue
Added by GOXI on June 2, 2011 at 11:30 — No Comments
By Anthony Mukwita
June 1 (Bloomberg) -- Zambia’s state-controlled mining company agreed to sell its 2.28 percent stake in Equinox Minerals Ltd. to Barrick Gold Corp. for more than $160 million, Zambia Consolidated Copper Mines Investment Holdings Plc said.
“After due consideration and consultation, the board of ZCCM-IH has accepted the offer,” from Barrick, it said in a statement published in the Lusaka-based Times of Zambia today.…Continue
Added by GOXI on June 2, 2011 at 11:30 — No Comments
May 31, 2011
The World Federation of Diamond Bourses (WFDB) has called on the members of the Kimberley Process (KP) to allow Zimbabwe to export rough diamonds from all diamond mining areas in the country, including Marange.
WFDB has made a plea for the KP members "to resolve their internal disagreements on the issue of rough diamond exports from Zimbabwe, and without any further delay take the essential and courageous decision to allow Zimbabwe to export rough…Continue
(May 23, '11, 6:57 Edahn Golan)
(IDEX Online News) – Botswana exported $462.5 million worth of polished diamonds in March, a 50.7% year-over-year increase in exports, based on figures released by the Bank of Botswana. This brings the country’s first quarter diamond exports to $1.019 billion, the highest value ever in the first quarter.
The exceptional level of exports, which include rough and polished diamonds, gained 34% over the first quarter of 2010 and is 0.2% above exports…Continue
Added by GOXI on June 2, 2011 at 11:04 — No Comments