sharing in governance of extractive industries

GOXI's Blog – June 2011 Archive (17)

South Africa mine nationalisation talk may cut output - Bloomberg

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…


Added by GOXI on June 30, 2011 at 15:26 — No Comments

Russia joins China’s fight for Zim diamond control - SW Radio Africa

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…


Added by GOXI on June 23, 2011 at 14:07 — No Comments

World Gold Council says it has produced draft plan to combat "Conflict Gold" - Bloomberg

Gold producers are planning to join the diamond industry to create a system to certify that bullion purchases aren’t funding conflict in Africa.

President Barack Obama signed in July an amendment in the U.S. financial reform bill requiring U.S. companies that buy minerals from the Democratic Republic of…


Added by GOXI on June 23, 2011 at 14:00 — No Comments

Zambia scoffs at Zimbabwe and South Africa mine nationalization schemes - Mining.com

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.”…


Added by GOXI on June 23, 2011 at 13:43 — No Comments

More Zambia miners face tax issues - Reuters

Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (…


Added by GOXI on June 23, 2011 at 13:30 — No Comments

Ivorian gold output can double in two years - Reuters

* Industry sees Ivory Coast gold output doubling…


Added by GOXI on June 16, 2011 at 8:26 — No Comments

Ethiopian mineral exports to surge - Ethiopian Review

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

Report: Zimbabwe to use Marange diamonds proceeds to repay Chinese for military support

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…


Added by GOXI on June 16, 2011 at 8:12 — No Comments

Invitation for inputs to the Natural Resource Charter - Professor Paul Collier

Dear Colleagues,

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…


Added by GOXI on June 13, 2011 at 16:30 — No Comments

Mine 2011: The game has changed - PWC

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.

  • Combined net profits hit $100 billion
  • Operating cash flows up 59%, leaving more than $100 billion cash on hand
  • Emerging market miners outperform traditional…

Added by GOXI on June 9, 2011 at 10:18 — No Comments

African Barrick Gold tumbles to record low on Tanzanian mining 'super tax' plan - Bloomberg

By Thomas Biesheuvel



Added by GOXI on June 9, 2011 at 10:00 — No Comments

South Africa's diamond regulator allows rough diamond imports from Zimbabwe

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…


Added by GOXI on June 8, 2011 at 1:00 — No Comments

European bank freezes Glencore loans over 'tax evasion.' - Business Day


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…


Added by GOXI on June 2, 2011 at 12:13 — 1 Comment

Barrick beefs up security at troubled Tanzanian mine - Reuters Africa

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…


Added by GOXI on June 2, 2011 at 11:30 — No Comments

Zambia agrees to sell Equinox stake for $160 million - Bloomberg Businessweek

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.…


Added by GOXI on June 2, 2011 at 11:30 — No Comments

WFDB urges KP to kickstart Zimbabwe diamond trade - Professional Jeweller

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…


Added by GOXI on June 2, 2011 at 11:19 — 1 Comment

Botswana: Record Q1 Diamond Exports - IDEX

(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…


Added by GOXI on June 2, 2011 at 11:04 — No Comments

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