Conrad's Congo Club / Mining stocks in the DRC

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http://www.mediacongo.net/show.asp?doc=6930

 

Scandale minier, Sauvetage de la Gecamines : le courage politique s’impose

 

According to the Zimbabwean TheHerald GECAMINES is a company build by our mwana Kalaa Mpinga (LOL)

 

Zimbabwe: DRC firm keen to supply copper, cobalt products (4/09/07)

 

A Democratic Republic of Congo company, Gecamines has expressed interest in establishing partnership with Zimbabwean companies to supply copper and cobalt products.

 

The company, which was taking part at the Harare Agricultural Show, which ended on Saturday, is a leading producer of copper and cobalt products. The company produces over 30 000 tonnes of copper and cobalt annually and has a wide market worldwide. Company spokesperson Mr Emani Misengo said the company was ready to supply Zimbabwe with copper and cobalt products.

 

"We are looking for businesspeople and companies we can link with so that we can embark on joint ventures," Mr Misengo said. He said before the war in the mineral-rich country the company was producing over 470 000 tonnes of copper and cobalt annually but this had declined. However, he noted that production was beginning to improve as the country has started to stabilise after the war. Copper and cobalt products are used to manufacture electricity cables and also by mobile phone manufacturers and the military.

 

The company has offices in Belgium, Tanzania and South Africa. Gecamines is part of the empire being built by Congolese businessman, Mr Kalaa Mpinga who also owns Bindura Nickel Corporation here, subsidiary to Mwana Africa. – The Herald

 

http://metalsplace.com/news/?a=14457

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Mwana holds controlling stake in target SouthernEra

http://www.miningweekly.co.za/article.php?a_id=116354

Published: 6 Sep 07 - 11:16

 

Diversified miner Mwana Africa, which launched a bid for SouthernEra in March, said on Thursday that it had successfully acquired control of the diamond company.

 

Mwana now owned a 69,4% stake in SouthernEra, a company that owned the controlling stake in the Klipspringer mine, in South Africa.

 

Mwana Africa offered to acquire all the class A common shares of SouthernEra for one ordinary share of Mwana, for every 2,28 SouthernEra shares held.

 

The offer closed on Wednesday afternoon.

 

The company said that it would allow SouthernEra shareholders additional time to tender their shares to the offer, and that it had extended the offer to September 17.

 

"The challenge over coming months is to capitalise on the huge opportunity in the diamond industry in Africa, most particularly in the Democratic Republic of Congo, and to bring together assets that give us extraordinary capability. Our portfolio and management team, recently boosted by the acquisition of Gravity Diamonds, mean Mwana is now a potent force in the region,” Mwana Africa chairperson Oliver Baring commented.

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DRC and Uganda ease oil tensions

 

KINSHASA, 09/09 - The leaders of the Democratic Republic of Congo and Uganda have agreed to pull troops from their common border to ease tensions over the oil-rich Lake Albert. The deal to withdraw troops immediately was signed by Ugandan President Yoweri Museveni and DR Congo President Joseph Kabila as they held talks in Tanzania. The leaders agreed to co-operate on oil exploration in Lake Albert and to lay a joint pipeline to distribute any oil.

 

Uganda has twice invaded DR Congo, saying it was harbouring rebels. In the past month alone, skirmishes along the border have killed at least four people - three Ugandans and a British oil contractor. At the meeting in the north-eastern Tanzanian town of Arusha, Mr Museveni and Mr Kabila agreed to move their troops 150km (90 miles) from their mutual border.

 

We are determined to see long-term peace reign among the two countries. Next time we meet, we won`t discuss about border problems, but we will be discussing developmental issues .

 

They will also move refugee camps 150km from the border to improve security, Ugandan Foreign Affairs Minister Sam Kutesa said.

A joint team will draw up borders within contested areas of the lake as part of the deal. Mr Museveni and Mr Kabila agreed to meet once a year to improve bilateral ties.

 

"Black Africans are always at each other`s throats," Mr Kabila said. "We are determined to see long-term peace reign among the two countries. Next time we meet, we won`t discuss about border problems, but we will be discussing developmental issues."

 

In October, Mr Museveni announced Uganda had found oil in the lake area, saying production could begin in 2009 with initial output of up to 10,000 barrels a day. Relations between the two countries remain fraught - Uganda has twice invaded Congo, claiming it wanted to flush out Ugandan rebels.

The second invasion sparked a 1998-2003 war that drew in five other countries. Meanwhile, the United Nations has urged dissident DR Congo troops to re-join the country`s army. Thousands of DRC refugees have entered Uganda amid rebel clashes The eastern part of DR Congo remains unstable amid recent fighting between rogue Congolese Gen Laurent Nkunda and government forces.

 

Maj-Gen Bikram Singh, commander of the UN DR Congo peacekeeping mission (Monuc), encouraged Gen Nkunda`s troops to reintegrate into the army and help restore peace to the country. An earlier attempt to reintegrate the rebels a few months ago failed. Though a ceasefire is in place, there are real doubts whether it can hold, says the BBC`s Karen Allen in Goma. There have been reports of skirmishes near Virunga national park, home to Congo`s famous mountain gorillas, and the army and Monuc are watching developments closely, our correspondent says. Up to 35,000 DR Congo refugees have entered Uganda since Monday due to the fighting, the UN has said.

 

http://www.angolapress-angop.ao/noticia-e.asp?ID=559108

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http://www.afriquecentrale.info/central.ph...p;d=3&i=857

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like expected...a major:

 

Anglo American eyes miner as Edmonds abandons bid

 

http://business.timesonline.co.uk/tol/busi...icle2412762.ece

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like expected...a major:

 

Anglo American eyes miner as Edmonds abandons bid

 

http://business.timesonline.co.uk/tol/busi...icle2412762.ece

 

BHP in running for Congo copper mine (Felicity Williams September 10, 2007 12:00am)

 

The world's biggest mining company is running a ruler over Canadian-owned Katanga, the majority owner of the Kolwezi copper-cobalt mine complex in the Democratic Republic of Congo, Britain's Sunday Times newspaper reported yesterday.

 

However, BHP Billiton was just one of the potential suitors eyeing Katanga, with fellow mining giant Anglo American emerging as the most likely buyer, the report said.

 

http://www.news.com.au/heraldsun/story/0,2...from=public_rss

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Operational cost per pound of copper in the DRC

 

Katanga calculates the total operational cost per pound of copper over the life of the project at US$0.20 - among the lowest in the world

 

http://www.mineweb.net/mineweb/view/minewe...7&sn=Detail

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http://www.africanmetals.com/news/2007/070724.htm

 

Feroz Sultan (B.Sc. and M.Sc. in Petroleum Geology), the Qualified Person, has reviewed the contents of this news release

 

http://www.zoominfo.com/people/Sultan_Feroz_557602588.aspx

 

http://www.zoominfo.com/people/Sultan_Feroz_615918799.aspx

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La Quinta Resources:

Canadian firm progresses exploration at DRC gold prospect

http://www.miningweekly.co.za/article.php?a_id=116520

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and read this:

 

http://www.asx.com.au/asx/statistics/showA...?idsID=00757987

 

http://www.asx.com.au/asx/statistics/showA...?idsID=00757980

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DRC- Mining reviewing ...all companies here:

 

http://www.dyor.de/content/view/12/4/

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http://www.forumrdc.org/index.php?option=c...86&Itemid=2

 

COMMUNIQUE DE PRESSE 001/CP/OSISA/RDC

 

Johannesburg, le 11 Septembre 2007

 

 

 

 

 

VERSION ANGLAISE

 

The Open Society Initiative for Southern Africa (OSISA) has issued a letter inviting companies implicated in a report – compiled by organisations of the Congolese Civil Society Forum (CCSF) – to act before the report is circulated to public institutions, as well as international financial institutions involved in the mining sector in the Democratic Republic of Congo (DRC) on 15 October 2007.

 

Experts from CCSF produced a draft report on 12 so-called questionable contracts, which was sent to the companies concerned for their response. The companies include:

 

(5) L’Entreprise Minière Kisenge Manganèse for the contract signed on 3 November 2006 with Orama Limited.

 

(6) Contracts signed between Gécamines and:

 

a. Kinross-Forest Ltd: Dima-Kamoto-T17-Luilu, signed in February 2004;

 

b. Global Enterprises Corporate Ltd: KOV, Kananga and Tilwezembe on 9 September 2004;

 

c. Lundin Holdings Ltd: Tenke – Fungurume on 28 September 2005;

 

d. Congo Minerals: Ruashi-Etoile, signed in September 2000; (= Tiger Resources)

 

e. Cobalt Metals Company Ltd: Ruashi, signed in June 2000; and

 

f. Congo mineral developments Ltd: Mine waste of Kingamyambo, valley of Musonoie and Kasobantu, of 23 March 2004.

 

(7) Contracts signed between Minière de Bakwanga (Miba) and:

 

a. De Beers centenary AG on 9 November 2005;

 

b. Indo Afrique Mining Ltd on 5 May 2006; and

 

c. BCM Congo exploration Sprl on 23 January 2007.

 

(8) Contracts signed between l’Office des mines de Kilo Moto (OKIMO) and:

 

a. Mwana Africa Holdings Ltd on 20 June 2004;

 

b. Borgakim Mining Sprl on 11 July 2005. (= Moto Goldmines)

 

The experts opine that the mining contracts, concluded in a political context characterised by a breakdown in administration of the State, involve important assets that are part of the national wealth of the country, and needed to be revised to benefit the majority of the Congolese.

 

OSISA urges the companies implicated to respond to the report, before the report is publicly released. After submission of the report to public institutions, OSISA intends to work with a larger number of NGOs and churches, to ensure that the recommendations made to company managers and political decision-makers are implemented.

 

Issued by OSISA, DRC Programme.

12th floor , 23 Jorissen Street, Braamfontein

Johannesburg 2017

Tel: (27 11) 403-3414/5/6, Fax: (27 11) 403 2708

E-mail: osisainfo@osisa.orgCetDi

Website: www.osisa.org

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Picked up a few shares of Moto Goldmines, @ 2.80 , stock looks cheap here, and I see a nice 20 % flip coming next week or sooner.

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http://www.stuff.co.nz/stuff/4202285a6026.html

 

The Governor of Katanga Province, His Excellency Moise Katumbi, told conference delegates that major changes in his nation's political landscape, higher metals prices and a new mining code introduced in 2003 under the guidance of the World Bank had "tipped the risk/reward balance in favour of investing in the DRC".

 

Remaining problems, however, include illegal artisanal mining, and the need to develop human resources and infrastructure.

 

Mr Katumbi congratulated companies such as First Quantum Minerals Ltd, Tiger Resources Ltd and Moto Goldmines Ltd for being pioneering Australian firms in the DRC

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KABILA AND THE KENGO BOYS

Machinations of the DRC mining legacy review

http://www.mineweb.net/mineweb/view/minewe...0&sn=Detail

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My personal Congo Overview here for public:

 

>>>KLICK<<<

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Conrad,

 

Which of the companies are currently drilling? Do you follow by those parameters?

 

Thanks

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Conrad,

 

Which of the companies are currently drilling? Do you follow by those parameters?

 

Thanks

 

I have knowless for drillings from ELN, ELM, TGS, MWE, MWA, MGL, BAA, LAQ, LIN.. perhaps AFR how it seems ... (all pioneer-grassroot exploration)

LIN later this year in Tshikapa

 

ELM: Tiger has been very good and are lending ELM the aircore rig for a week out of their busy schedule. Planning to mobilise the rig this coming weekend and start drilling by next week. (04.Sep.2007)

 

Regards

 

PS: Wait for result of DRC-reviewing for ELM..

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UPDATE 1-Congo minister says Brinkley deal not valid

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Moto looks like it might be starting a new uptrend

 

Chart based on TA starting to look good!

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might have already been posted:

 

Tuesday, August 14, 2007

Moto Goldmines waits on DRC Government review

Story link: Moto Goldmines waits on DRC Government review by Gill Montia

Moto Goldmines waits on DRC Government review

 

Moto Goldmines Ltd (MGL), the gold exploration and development company with operations in the Democratic Republic of Congo (DRC), is still awaiting the outcome of a review of mining contracts announced by the government of the DRC, in April of this year.

 

The DRC’s minister of mines has appointed a commission to review over 60 mining agreements and a report was expected by July, but is likely to be delayed by a month or two.

 

The delay has created uncertainties that could put back construction at MGL’s project, which is a joint venture with OKIMO, (30%) and Orgaman sprl (10%).

 

OKIMO is the state owned company and registered holder of the mineral rights to the MGL project; MGM controls 60% equity over the 2,350 square kilometre concession that is in northeastern DRC.

 

During the three months to the end of June, the company recorded a loss of A$3.5 million, down from A$5.97 million at the same period of 2006.

 

Expenditure during the period increase as a result of an enlarged workforce and growth in corporate costs such as maintaining listings on the TSX and AIM, as well as maintaining additional offices in Johannesburg and Kinshasa.

 

MGL has completed geological modelling and open pit designs for the DRC project and metallurgical test work is significantly advanced.

 

The company will be issuing its next resource update at the end of the year.

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MGL premarket BID and ASK sitting @ 3.40

 

Might come down before the open, but very encouraging!!

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doesn't look like it materialized into anything...

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China to Lend DRC $5 Billion to Develop Infrastructure

 

By VOA News 18 September 2007

 

China has agreed to lend the Democratic Republic of Congo $5 billion to modernize the country's infrastructure and develop its mining industry.

Chinese and Congolese officials signed the draft loan agreement in the DRC capital, Kinshasa, on Monday.

 

Under terms of the deal, the DRC will borrow $3 billion to build new infrastructure, including a major highway, a railway, 31 hospitals, 145 health centers and two universities. The highway will link Kisangani in northeastern Congo to Kasumbalesa near its southern border with Zambia. The railway will connect Congo's southern mining heartland to the western port of Matadi.

 

Congo's government will use the remaining $2 billion to upgrade its aging mining infrastructure through joint ventures with Chinese companies.

 

Beijing is keen to gain access to raw materials from Africa to feed the fast-growing Chinese economy.

Congo possesses a wealth of natural resources, such as cobalt, copper, gold and diamonds. Exploitation of these resources has been slowed by years of war.

Eastern Congo remains volatile but peace has held elsewhere in the country since landmark elections last year.

 

http://www.voanews.com/english/2007-09-18-voa34.cfm

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Brinkley hits back in DRC uranium fracas

 

Allan Seccombe Posted: Tue, 18 Sep 2007

 

[miningmx.com] -- BRINKLEY Mining, which is finalising uranium agreements in the Democratic Republic of Congo (DRC), believes there is a smear campaign to destroy the deal giving it the rights to large uranium prospects there, Brinkley Chairman Gerard Holden said on Tuesday.

 

“What we are seeing is that a lot of people as individuals and companies who realise the true potential of the agreements we have in the DRC and they are out to disrupt what we have got. People have been putting rumours into the market for some months now to damage us and get us out of the DRC,” Holden told Miningmx in an interview.

 

“What is very clear is that we are playing big-boy politics, and in a place like the DRC playing big-boy politics can get very ugly,” he said.

 

He declined to speculate who the parties might be but said he didn’t think it was uranium mining companies.

 

Britain’s Sunday Times ran a story on 16 September about Brinkley’s involvement with Nico Shafer, a convicted fraudster and businessman declared persona non-grata in the DRC, and a company connected to Shefer called Sentinelle Investments in helping Brinkley reach a memorandum of understanding with the DRC’s nuclear agency for the exploration, mining and export of DRC uranium.

 

The thrust of the Sunday Times story was Shefer’s involvement in the transaction could scupper the finalisation of the agreement, which needs to be signed off by DRC President Joseph Kabila, as the government moves to weed out corrupt transactions through a review of all mining agreements in the country.

 

Brinkley, which does not yet have exploration permits or mining permits, would fall outside this review, Holden said. “We are not subject to that review.”

 

Brinkley has a joint venture agreement with General Commission for Atomic Energy (CGEA), which is solely responsible for uranium matters in the DRC, Holden said. Brinkley’s wholly owned subsidiary Brinkley Africa holds 75% of the joint venture and the CGEA and DRC the rest.

 

Sentinelle had laid the foundations with the CGEA for about 90% of the transaction before Brinkley bought the deal through Brinkley Africa and completed it, he said, adding neither Shefer nor Sentinelle had any holdings in Brinkley or its subsidiary in the DRC Brinkley Africa.

 

Brinkley Africa was partnered by Narina Trust, which had no connection with Shefer or Sentinelle, in the MOU setting up the CGEA joint venture, Holden said. Narina has subsequently been bought out of Brinkley Africa to become a wholly owned subsidiary of Brinkley Plc.

 

Shefer is extremely well connected in the DRC, making a valuable consultant, Holden said, adding Brinkley’s reliance on him was sporadic and likely to become less as the company set up and established its own networks in the country.

 

“We’ll use whoever we need to at different times and if Nico can help then we will talk to him again,” he said.

 

The DRC’s deputy mines minister Victor Kasongo told Reuters on Monday that Brinkley’s deal with the DRC’s nuclear agency had “no value or validity” because there was no ministerial approval for the transaction.

 

Holden was at pains to point out that under the DRC’s mining laws uranium is classified as a “reserve substance” and falls outside the ambit of those laws. It is the responsibility for the CGEA to negotiate the exploration, mining and treatment of uranium. The mines ministry will be approached for exploration and mining permits, a point that is still some way off for Brinkley.

 

“We have not heard anything from our partners (CGEA) to say there are problems. All we’ve had is a series of rumours and now these attacks from Kasongo, who is essentially a junior minister,” Holden said. “As far as we’re concerned we entered a legally valid agreement and that still stands. If anything in that regard changes we will pursue legal remedies.”

 

Francois Lubala Toto, head of the CGEA, told Reuters, there was nothing wrong with the deal and it was awaiting Kabila’s signature. Toto sits on the review panel looking over the mining licence agreements.

 

Holden anticipates Kabila to sign off on the transaction in the first half of October, which would clear the way for the issuing of exploration permits.

 

Brinkley has taken legal advice within the DRC and is confident the memorandum of understanding (MOU) reached late in 2006 and signed by the then minister of mines and the minister of science to give the AIM-traded company first right of refusal on the exploration and development of any uranium property in the country.

 

In July this year, Brinkley signed amendments to the MOU with then scientific research minister Sylvester Bonane, who was subsequently fired, and prime minister. Holden said the reasons given by Kabila for Bonane’s departure did not include the agreement with Brinkley, contrary to the claim by Kasongo in the Reuters story.

 

A cabinet shuffle is expected in early October and it remains to be seen what role Kasongo will play in the new cabinet. It is thought a former mines minister might be reappointed to the top job.

 

http://www.miningmx.com/energy/565071.htm