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Acacia Says Can’t Pay $300 Million Upfront That Deal with Tanzania Calls For

Acacia Says Can’t Pay $300 Million Upfront That Deal with Tanzania Calls For

Acacia Mining said it could not immediately pay the $300 million that its majority shareholder agreed to hand the government of Tanzania to settle a dispute that has crippled the company’s operations in the east African country. Acacia’s majority owner, Barrick Gold, said on Thursday it had agreed with Tanzania for Acacia to hand over […]

Zambia’s Economy To Grow 4.3 Percent This Year

Zambia’s Economy To Grow 4.3 Percent This Year

Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank said on Monday. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government […]

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Brite Star Aviation of Texas has signed an agreement with several Botswanan government agencies to build a 1.4 billion pula ($139 million) manufacturing and assembly plant in Selebi-Phikwe, the north-eastern mining town devastated by the closure of its copper and nickel mine. Brite Star, a closely held company based in Fredericksburg, plans to arrange funding in […]

South Africa Withdraws Plan for Moratorium on Mining Rights

South Africa Withdraws Plan for Moratorium on Mining Rights

South Africa’s Department of Minerals withdrew plans to impose a moratorium on granting and renewing mining rights and will explore other measures to ensure companies are compliant with the industry charter. Views submitted to the department about the potential impact of the freeze, particularly from junior miners, suggested that alternative means must be explored to […]

Miner Lonmin Cuts Costs, Builds Cash In Q3

Miner Lonmin Cuts Costs, Builds Cash In Q3

  Platinum miner Lonmin cut more costs and improved its mining performance in its third quarter, it said on Monday, but falling metal prices continued to weigh. Shares in the South Africa-focused company were up 7 percent in London by 0920 GMT, outpacing the wider sector. Lonmin has been struggling with shrinking profit margins due […]

Miners Vow to Fight South Africa’s New Black-Ownership Rules

Miners Vow to Fight South Africa’s New Black-Ownership Rules

South Africa’s latest mining overhaul could be mired in a long legal battle as producers vowed to stop the changes even as government said it’s time the black majority benefited from the country’s mineral wealth. Mineral Resources Minister Mosebenzi Zwane unveiled new rules for so-called black economic empowerment, including tougher ownership requirements, a community-development tax […]

Lundin Mining To Sell Stake In Tenke Mine Owner For $1.14 bln

Lundin Mining To Sell Stake In Tenke Mine Owner For $1.14 bln

Canada’s Lundin Mining Corp said it would sell its indirect stake in TF Holdings Ltd to an affiliate of Chinese private-equity firm BHR Partners for about $1.14 billion in cash. Bermuda-based TF Holdings owns an 80 percent interest in Tenke Fungurume Mining SA. Lundin owns an indirect 30 percent stake in TF Holdings, resulting in […]

GE Remains Committed To Africa’s Growth

GE Remains Committed To Africa’s Growth

Seven of GE’s top leaders have travelled to key African markets so far this year, signaling GE’s strong commitment to Africa. GE remains committed to partnerships which further develop Africa’s rich potential, particularly in oil & gas, power, and mining, as well as other sectors. Here’s what they say about Africa, in seven punchy soundbites. […]

Nigeria and South Africa: Forging Bonds Of Mutual Prosperity In Mining

Nigeria and South Africa: Forging Bonds Of Mutual Prosperity In Mining

The recent state visit to Nigeria by President Jacob Zuma marked the beginning of a new chapter in relations between Nigeria and South Africa. Both countries have shared a sometimes turbulent history; we have also at different times reveled in the joy of aligned moral purpose – at some point towards the dismantling of apartheid, […]

Diversification: FG To Set Up Intervention Fund For Mining

Diversification:  FG To Set Up Intervention Fund For Mining

Determined to realise its plan to diversify the economy and create jobs through the solid minerals sector, the Federal Government has put in place arrangement for the setting up of an intervention mining fund. According to the Minister of Solid Minerals Development, Dr Kayode Fayemi, the fund is designed as incentives for local miners and […]

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