Conrad's Congo Club / Mining stocks in the DRC

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D.R.Congo tries to elbow way into Africa oil club

 

http://uk.reuters.com/article/worldNews/idUKLE5298020080814

 

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Nevada Bob's announces signing of definite agreement in connection with its change of business

 

TORONTO, Aug. 18, 2008 (Canada NewsWire via COMTEX News Network) --

 

Further to its press release dated June 6, 2008 announcing its proposed change of business, Nevada Bob's International Inc. (the "Company") (TSXV - NBI.U) is pleased to announce that it has entered into a share purchase agreement (the "Definitive Agreement") to acquire 100% of the issued and outstanding shares of Loncor Resources Inc. ("Loncor"), all of which such shares are held by Arnold Kondrat (the "Vendor"). Loncor is a private company continued under the laws of Ontario that holds as its primary asset all of the shares of Loncor Resources Congo SPRL ("Loncor Congo").

 

Loncor Congo, a wholly-owned subsidiary of Loncor, is a private company existing under the laws of the Democratic Republic of Congo ("DRC") that controls four exploration permits in the Bas Province of the DRC and 46 exploration permits in North Kivu in the DRC. The Definitive Agreement establishes the terms and conditions upon which the parties thereto will complete the acquisition. The acquisition will constitute a change of business ("COB") for the Company under the policies of the TSX Venture Exchange (the "Exchange"), resulting in the Company becoming a mining issuer. In connection with the COB, it is intended that the Company will amalgamate with Loncor and change its name to "Loncor Resources Inc."

 

The acquisition is subject to Exchange approval and the acceptance of the Company's shareholders. The Company intends to seek shareholder approval of the COB transaction and related matters by way of written consent in accordance with the rules of the Exchange. As such, the Company will submit a "Filing Statement" to the Exchange no later than August 20, 2008 for initial review in accordance with Exchange policy and a copy of same will be available at www.SEDAR.com once the Exchange has conditionally approved the matters referred to therein. For further information about the COB, please refer to the press release dated June 6, 2008, a copy of which is available at www.SEDAR.com.

 

To acquire Loncor, the Company will issue to the Vendor 3,000,000 common shares of the Company valued at US$0.17 per common share representing a deemed aggregate purchase price of US$510,000, in exchange for all issued and outstanding shares of Loncor. Currently the Company has 24,753,247 common shares issued and outstanding.

 

Currently the Company's primary business is the licensing of the right to use the Nevada Bob's trademarks in connection with operating retail golf stores internationally, excluding the U.K., Europe, Canada and the United States, and certain other golf related, non-Nevada Bob's trademarks internationally, including the U.K., Europe, Canada and the United States. Upon completion of the COB the Company intends to dispose of its existing licensing business.

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Tiger Resources Limited Announces High Grade Intersections Over Wide Drill Intercepts From Resource Drilling at the Kileba Copper Deposit

PERTH, Western Australia, Aug. 19 /CNW/ - Emerging copper producer Tiger

Resources Limited (ASX / TSX: TGS) ("Tiger" or the "Company") is pleased to

announce further significant resource diamond drilling results from the Kileba

Copper Deposit, located within the boundaries of the Kipoi Project.

<<

HIGHLIGHTS

 

Significant Drill Intersects

 

KLBDD009: 136.5m @ 0.7% Cu, including 7m @ 11.8% Cu and

9.0m @ 8.5% Cu

 

KLBDD011: 48.5m @ 2.7% Cu and 35.3m @ 2.5% Cu, including

6.0m @ 7.2% Cu

 

KLBDD012: 17.0m @ 1.8% Cu, 28.0m @ 1.6% Cu and

28.0m @ 1.2% Cu

 

KLBDD013: 70.5m @ 1.7% Cu

 

KLBDD015: 22.0m @ 1.3% Cu and 37.5m @ 2.4% Cu

 

KLBDD022: 46.9m @ 1.7% Cu and 51.9m @ 3.9% Cu

 

KLBDD024: 13.0m @ 2.4% Cu and 63.0m @ 1.0% Cu

 

 

- High grade copper mineralisation delineated over a strike length of

550m to a depth of over 200m.

 

- Mineralisation remains open along strike for a minimum of a further

800m.

 

- Further resource drilling planned to expand mineralisation.

 

- Initial resource estimate planned for fourth quarter 2008.

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Congo May Review Oil-Exploration, Production Deals, Mende Says

 

By Franz Wild

 

Aug. 13 (Bloomberg) -- The Democratic Republic of Congo may review oil-exploration and production agreements to force companies to develop infrastructure in the central African nation, Hydrocarbons Minister Lambert Mende said.

 

Oil companies will also have a greater responsibility to help communities in areas where they operate, Mende said in remarks broadcast on Radio Okapi, a Kinshasa-based broadcaster, today.

 

Congo will review its tax laws for oil companies who need ``to do a lot more'' than they are doing currently, Mende said.

 

Paris-based Perenco SA is Congo's only oil producer, pumping 25,000 barrels of crude oil a day. Tullow Oil Plc, Heritage Oil Ltd., Soco International Plc and Surestream Petroleum Ltd. are among companies that have oil-exploration agreements in the country.

 

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net.

Last Updated: August 13, 2008 06:10 EDT

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Media ignores Canada's record in the Congo

http://www.rabble.ca/news_full_story.shtml?x=74392

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08.22.08 Mining Weekly : Canadian, Chinese owners target 2011 commercial start-up for new DRC copper mine

http://www.congoforum.be/en/nieuwsdetail.a...liteit=selected

 

By: Liezel Hill

A new high-grade copper mine in the Democratic Republic of Congo's Katanga province could be in commercial production by 2011, International Barytex Resources (IBX) CEO Alf Hills said in Toronto on Thursday.

IBX has an option to earn an effective 65% in the Shituru project, which, if fully exercised, would give Chinese partner Megatrends Ever Noble about a 10% stake in the project and DRC State miner Gecamines will hold the remaining 25%.

 

A feasibility study on the project is being carried out by South Africa's Bateman Engineering, and is scheduled for completion by the end of the third quarter.

While the project won't win any prizes for scale, its high grades are what drew IBX's attention, Hills said.

According to a January 2008 scoping study, the project has an indicated resource of 7,9-million tons, at 4,4% copper, for a resource of 347 000 t of copper. Inferred resources currently stand at 2,2-million tons, at 2,7% copper, for 58 000 t of copper.

The scoping study envisaged a 34-million ton a year copper cathode operation with a nine-year mine life.

The feasibility study has focused on the low acid-consuming, higher grade ore during the initial years of production, which will keep costs low and processes simple, Hills said.

Capital costs were estimated at $228-million in the scoping study, although the feasibility study numbers will likely be larger.

The company has already had encouraging preliminary talks with potential funders, and will begin more formal discussions once the feasibility study has been finalised.

 

“Generally we find that it Europe and South Africa there's a lot of appetite to lend into the DRC....they're not afraid of the DRC,” Hills said.

The Shituru mine will require relatively little investment in infrastructure, and is accessible from an existing paved road.

The company has also signed a memorandum of understanding with the State power utility, and has begun negotiations towards an electricity-supply agreement.

 

TAKEOVER TARGET?

 

Hills said that, although the company would have to consider any takeover offer, either from its Chinese partner, which already owns about 6% of IBX, or another party, it remained focused on bringing Shituru to production.

“Our view would be that we believe that this is small enough to be developed by this company,” he commented.

“That said, if someone wants to make an offer ...we would have to consider it.”

 

MINING CONTRACT REVIEW: END IN SIGHT

 

Commenting on the mining contract review under way in the DRC, Hills echoed comments made last week by Anvil Mining CEO Bill Turner, that the process appeared to be heading towards a conclusion.

“We were advised in July that Gecamines would be sitting down with each of the people that they have contracts with, and discussing any amendments to the contracts and if that gets amicably concluded, the government will sign off on the contract. And if not, it will go to a tribunal in Kinshasa,” He said.

“It's still a bit painful, but at least we've got a process.”

IBX expects to hold discussion with Gecamines in September.

The DRC contains about a tenth of the world's copper reserves.

 

Editor: Liezel Hill

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Blue Ribbon Capital Corp. announces details of qualifying transaction with Kilo Goldmines Inc.

http://www.tradingmarkets.com/.site/news/S...20News/1848363/

Upon completion of the Qualifying Transaction, Kilo's current management will assume management responsibilities for Blue Ribbon. Kilo will have the right to appoint up to six directors to the board of the resulting company. It is expected that those directors will include Peter Hooper, James Mustard, Jacques Bouchard, Jack Tindale and David Carbonaro. The incoming officers will be: Peter Hooper, President and Chief Executive Officer, Paul Andersen, Chief Financial Officer and David Carbonaro, Corporate Secretary. Moto Goldmines Limited ("MGL"), the company from which Kilo has acquired rights to certain of its properties in the DRC, including the Masters Property, currently owns 4,000,000 common shares of Kilo, or approximately 17.5 % of Kilo's issued and outstanding common shares. MGL will also be issued, prior to the closing of the Qualifying Transaction, such number of additional common shares of Kilo so that the number of Blue Ribbon Shares that will be held by MGL upon the completion of the Qualifying Transaction shall constitute 20% of the resulting public company's issued and outstanding common shares. The following are brief descriptions of the proposed directors and officers that will, collectively, assume management responsibility for Blue Ribbon upon completion of the Qualifying Transaction:

 

BRQ.P

http://www.stockhouse.com/tools/?page=%2Ff...ymbol%3DV.BRQ.P

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Afrimex Mineral Trade Helped Congo Rebels, U.K. Says (Update1)

http://www.bloomberg.com/apps/news?pid=206...mp;refer=africa

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

http://www.bloomberg.com/apps/news?pid=206...id=agvETT3Wt46g

 

Congo Seeks to Double Stake in Freeport Mine Project (Update2)

By Franz Wild

 

Aug. 28 (Bloomberg) -- Congo's government wants to more than double its stake in a joint venture with Freeport-McMoRan Copper & Gold Inc., which is developing one of the world's largest unexploited copper and cobalt deposits in the country.

 

The state wants to increase its share of the $1.9 billion Tenke Fungurume project to 45 percent, from the current 17.5 percent, Gaby Matshafu, deputy Chief of Staff at Congo's Mines Ministry, said in an interview late yesterday in Kinshasa. Lundin Mining Corp. owns a quarter of the venture.

 

Congo, which has a third of the world's cobalt and 4 percent of all copper, is seeking to boost revenue from mining by improving the terms of contracts with mining companies in the government's favor. Deals being scrutinized include those with Freeport McMoRan Copper & Gold Inc., the largest publicly traded copper producer, and AngloGold Ashanti Ltd., Africa's biggest gold miner.

 

The original Tenke Fungurume contract was concluded ``after an international call for tender,'' Matshafu said. ``They have to live up to their commitments.'' Freeport and Lundin will also be asked to increase their signing bonus to $250 million, from $100 million.

 

In 1996, when Lundin signed the original contract on Tenke Fungurume, the company agreed to pay a $250 million signing bonus and for the government to own a 45 percent stake. Those terms were amended in 2005, reducing the signing bonus to $100 million and Congo's shares to 17.5 percent. Freeport acquired 57.75 percent of the project when it bought Phelps Dodge Corp. last year. Lundin currently owns 24.75 percent of the project.

 

Mining-Contract Review

 

The government will today announce the terms of reference on which agreements with mining companies are to be renegotiated, Matshafu said.

 

The Mines Ministry's terms of reference will be based on a November 2007 report by a government commission, which studied the individual contracts and proposed changes, Matshafu said.

 

``At some points the ministry has left the commission's recommendations though,'' he said. The 2007 report suggested Congo reconstitute the terms of the original Tenke Fungurume agreement.

 

The state also wants to take majority stakes in projects that haven't submitted feasibility studies to the Mines Ministry, Matshafu said. At least sixteen of the 61 contracts being reviewed by the government have provided project proposals, he said.

 

``We said we want 51 percent for all those without a feasibility study,'' Matshafu said. ``Where there's already a functioning operation, we're not going to push in and disturb things.''

 

Freeport, Katanga, Anvil

 

Companies that have submitted feasibility studies to the Mines Ministry include Phoenix-based Freeport, Katanga Mining Ltd. of Canada and Australia's Anvil Mining Ltd. and Moto Goldmines Ltd., Matshafu said. Those agreements will remain largely unchanged, he said.

 

Freeport and Lundin are ``an exception,'' Matshafu said, referring to the government's plans to increase its stake in the Tenke Fungurume project. The ministry's terms are negotiable.

 

``The terms of reference are a guideline,'' he said. ``There's room for movement on either side.''

 

No one answered the phone when Bloomberg News contacted Freeport's head office in Phoenix outside regular business hours. An e-mail to the company seeking comment wasn't immediately responded to. Lundin spokesman Robert Eriksson was not immediately available for comment when contacted at the company's office in Sweden.

 

Last month, Freeport said it is cooperating with the government to resolve unspecified matters, while continuing with its project-development activities.

 

``Our mining contract was negotiated transparently and approved by the government of the DRC following extended negotiations, and we believe it is fair and equitable, complies with Congolese law and is enforceable without modifications,'' William Collier, Freeport's spokesman, said in an e-mailed response to questions on July 10.

 

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net.

Last Updated: August 28, 2008 07:50 EDT

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Independent Nickel Corp., Apogee Minerals – Lee's Manager Picks

http://network.nationalpost.com/np/blogs/t...ager-picks.aspx

 

Buy Recommendations:

 

Independent Nickel Corp.

Moto Goldmines Limited

Apogee Minerals Ltd.

 

Short Recommendation:

 

Pan American Silver Corp.

 

"Moto Goldmines Limited is a gold exploration and development company. Their principal focus is to progress the Moto Gold project in the north-east region of the Democratic Republic of Congo. In February 2008, Moto reported over 25 million ounces of gold in its 70%-owned project. The company is chaired by Sir Sam Jonah, one of Africa's leading businessmen and non-executive president of AngloGold Ashanti Limited. The stock is currently at a two year low of approx $2.33, down from a recent peak of $6 in February. Currently at $200-million market capitalization, it is $100-million cheaper than the hopeless Crystallex in Venezuela."

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someone speek french here?

 

http://www.cpvi.net/docs/tdr_reneg_min.pdf

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the end of Brinkleys uranium dream in the DRC:

 

http://www.iii.co.uk/news/?type=afxnews&am...;action=article

 

LONDON (Thomson Financial) - Brinkley Mining Plc. said it will terminate its operations in the Democratic Republic of Congo (DRC) and Chad with immediate effect following a strategic review of its assets.

 

The company said that ceasing the operations in both countries is under way and should be complete by end-September.

 

Brinkley Mining said it does not expect this process to incur any material expenses.

 

For its first-half results, the company had written down the value of its Chad exploration assets by 550,000 pounds due to the findings of a review of the initial geological assumptions and the increased political profile for the country.

 

The company had also written down the value of its commercial rights and deferred exploration expenditure the DRC by a further 6.3 million pounds due to the uncertainty surrounding enforcement of the current agreements.

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Tiger Resources (ASX:TGS)

Kipoi Project Definitive Feasibility Study

http://www.stocknessmonster.com/news-item?...SX&N=419980

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http://www.okimo.org/

 

http://translate.google.de/translate?u=htt...de&ie=UTF-8

 

 

OKIMO or awakening of a giant mining gold

 

L'office des mines d'or de Kilo-Moto a débuté ses activités minières il ya plus d'un siècle. The Office of the gold mines of Kilo-Moto began its mining activities there are more than a century. Il est passé par toutes les révolutions technologiques, sous plusieures formes juridiques, il a produit plus de 500 tonnes d'or fin et a contribué considérablement à l'essor économique à l'aube du développement de la RDC. He went through all the technological revolutions in several legal forms, it has produced over 500 tons of gold and contributed significantly to economic growth at the dawn of the development of the DRC.

 

Plusieurs facteurs endogènes et exogènes sont à la base des contre-performances qui se sont succédées sur plusieurs années. Several endogenous and exogenous factors are the basis of performance against that succeeded over several years. Pour palier à cet état, l'OKIMO s'est résolu à se jeter avec détermination dans un programme ambitieux mais réaliste de relance des ses activités minières. To make up for this state, OKIMO was determined to throw himself vigorously in an ambitious but realistic to relaunch its mining activities. Pour réussir ce pari du développement l'OKIMO dispose d'un atout indéniable: sa banque de réserves aurifères qui ont la particularité d'être concentrées dans une seule province. To meet this challenge of developing OKIMO has an undeniable asset: its bank gold reserves that have the distinction of being concentrated in one province. Ces réserves mise à jour par ses propres efforts et avec le concours important de ses partenaires le place parmi les réserves importantes connues à travers le monde. These reserves updated by its own efforts and with the assistance of its important partners among the reserves known throughout the world.

 

Sur base de ses potentialités, l'OKIMO a mis en place une politique de redressement qui comprend: L'exploitation de rejets miniers (tailings) à haute teneur disséminés dans ses concessions; le partenariat avec d'autres sociétés minières pour développer les périmètres amodiés pour une exploitation d'or à grande échelle. On the basis of its potential, OKIMO has introduced a reform policy which includes: The exploitation of mining waste (tailings) high spread in its concessions; partnership with other mining companies to develop stores amodiés for a gold on a large scale. l'exploitation dans les périmètres non amodiés ainsi que l'exploitation dans les zones exclusives de recherche pour la maîtrise de nos ressources géologiques. Operating stores in non amodiés and exploitation in the areas of research for exclusive control of our geological resources.

 

La combinaison de tous ces paramètres permettra à l'OKIMO de relever et d'accroître sa production aurifère dans une échelle respectable, d'intensifier les travaux d'exploitation afin de valoriser les renseignements géologiques pour disposer des mines des mines de relève pour une exploitation industrielle moderne. The combination of all these parameters allow the OKIMO to identify and increase its gold production in a respectable level, to intensify the work of operation in order to enhance the geological information to dispose of mines mines respite for exploitation Modern industrial.

 

Il ya lieu de signaler également que l'OKIMO dispose des potentiellités dans les domaines de l'Energie et Agro-Pastoral. It should also be noted that the OKIMO has potentiellités in the fields of energy and Agro-Pastoral.

 

Aussi pour mener à bien ses entreprises l'OKIMO recherche les voix et moyens de financer ses projets en partenariat avec des firmes jouissant de capacités financières et techniques afin de relever le défi du développement. Also to carry out its undertakings to OKIMO research voices and means to finance its projects in partnership with companies enjoying financial and technical capacity to meet the challenge of development.

 

Willy Bafoa Willy Bafoa

Administrateur Délégué Général Managing Director General

 

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http://www.spintelligent-events.com/ipad-c...mme-english.pdf

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DRC briefs mining executives on review terms

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

Friday , 05 Sep 2008

 

The Ministry of Mines of the Democratic Republic of the Congo (the DRC) today brought together a gathering of executives of the DRC parastatal mining companies and from the private sector firms to brief all parties in full on the Terms of Reference for the Mining Contracts Review (see separate attachment for the text).

 

The meeting has facilitated an open exchange of information and ideas, and a robust Question & Answer session provided all those attending with a constructive opportunity to make representations and to seek guidance on the process and progress of the review.

 

Among those in attendance were:

 

Representatives of the Mining Companies, including:

 

• Anvil Mining

 

• Borgakim

 

• GTL/Sprl

 

• Ivanohe

 

• Katanga Mining

 

• MUMI

 

• MMK

 

• MSK

 

• Mwana Africa

 

• Roan Prospecting

 

• Ruashi Mining

 

• Tenke Fungurume

 

For the DRC State-Owned Mining Companies

 

• Mr Paul Fortin, CEO, Gécamines

 

• Mr Willie Bafoya, Directeur Générale, OKIMO

 

• Mrs Tousse, Deputy CEO, MIBA

 

• Mr Omer Kyalimba, General Manager, SAKIMA

 

• Mr Kabeya, Kinshasa Bureau Head, KISENGE

 

For the DRC Government / Ministry of Mines

 

• Mr Victor Kasongo, Deputy Minister of Mines

 

• Mr Jean-Felix Mupande, Directeur Générale, the Mining Cadastre

 

• Mr Alexis Mikandji, Chief of Staff

 

• Mr Gaby Matshafu, Deputy Chief of Staff

 

H.E. Victor Kasongo, Deputy Minister of Mines, gave a speech in which he outlined key aspects of the Terms of Reference. Of the 61 mining companies in the renegotiation process, 14 have already satisfied all the DRC criteria. The others are still in negotiations.

 

Mr. Kasongo stressed that, while every mining company will be expected to abide rigorously by DRC law, an ultimate aim is to encourage international investment on internationally acceptable criteria of fairness and transparency.

 

A major future initiative is the transformation of the state owned companies into commercial companies. Mr Kasongo said,

 

"The President of the Republic has enacted four laws on the reform of stateowned companies. One of these allows them to be converted into commercial companies.

 

"As a result, the current state-owned mining companies will be commercial companies, under a new label, and they will have access to all the financial and legal tools to finance their activities and defend their shares, just the same as any other commercial company."

 

Further goals and ambitions of the Terms of Reference and the review process itself are to set positive conditions for the SME sector of the DRC who support the mining industry, thereby encouraging domestic growth and opportunities.

 

- ends -

 

For further information please contact:

 

Bell Pottinger: +44 (0) 207 861 3232

 

Roger Carroll / Helen Tarbet / James Doherty (+44 (0)7799 037 279)

 

Notes to Editors

 

1) The Terms of Reference Document

 

Please note that the Terms of Reference document accompanying this news release is a translated version of the French original, and it does not constitute an official or legally approved or binding document. It is intended for general reference purposes only.

 

2) The DRC Mining Contracts Review - Explanatory Notes

 

The background

 

• Nearly all 61 DRC mining contracts have been giving the private companies rates of return excessive compared with those of other countries in the region. A major reason was the instability of the DRC when some contracts were entered into. Now stability has returned. So it is time to normalise relations between DRC and the private companies it partners, in order to develop mining in the mutual interests of the Congo citizens and the company shareholders.

 

• The DRC Government received some months ago the findings of the Mining Contracts Review Commission and then notified each party about the resultant criticisms and requirements relevant to that party.

 

• The Government then set up a panel to oversee the negotiations between the private mining companies and the state entities (the "para-statals"), such as Gecamines.

 

What happens next?

 

• The process has now reached an advanced stage. The companies have now been separated into three categories, based on how far they meet, or fail to meet, the required criteria.

 

• GREEN LIGHT COMPANIES: Thus 14 companies have successfully produced feasibility studies of the future development of the DRC mining assets. On a traffic lights analogy, these "green light companies" are now entering final stage negotiations with the state entities.

 

• ORANGE LIGHT COMPANIES: A further 25 companies are in an "orange light" phase, by virtue of making some though not yet enough progress. They now need to renegotiate and modify their contracts. They have another 12 to 18 months to produce a viable plan for an ongoing public/private partnership.

 

• RED LIGHT COMPANIES: The remaining 22 companies have contracts so far out of line with mainstream international practice as to warrant DRC Ministry of Mines - Press Release - 05 September 2008 Page 4 of 4 cancellation. They must now seek to negotiate all over again as from the beginning - rather than to negotiate modifications to an existing contract. At least three of the worst offenders have little chance of retaining a foothold in DRC.

 

• The renegotiation process is about known existing assets. The terms which DRC will insist on for shared ownership of future discoveries of mineral reserves will be based on the standard international practice of countries such as South Africa and Zambia: including a customary 51%/49% share between the parastatals and the private companies.

 

• Also in line with standard international practice, there will be an element of compulsory sub contracting to be given to Congolese owned firms, to increase local employment and family living standards.

 

• However, the shareholding of existing contract companies, although in many instances far less favourable for the DRC and falling short of international comparisons, is not expected to be changed - in recognition of the commitment made by those companies during the substantially less stable periods now past.

 

3) Mining in the DRC 10 million people or 16% of the Congolese population are directly or indirectly dependent on small scale mining. In the 1980s, the mining sector contributed 25% of total tax receipts, 75% of total exports and 25% of GDP. In 2005, the Congolese government reported USD 27 Mio. tax receipts from the mining sector (2.4% of total fiscal receipts). Furthermore the sector contributed 0.24% of GDP. The DRC is an often cited example of the so-called "paradox of plenty." Extremely rich in natural resources (80% of world wide resources of Coltan, 10% of world wide resources of copper), the population suffers extreme poverty (80% of the Congolese population lives on less than US$ 0.20 a day).

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Congo prepares to sell off mining assets

By Rebecca Bream in London

Published: September 8 2008

http://www.ft.com/cms/s/0/e52dd4a4-7d35-11...?nclick_check=1

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China Development Bank Rescuing OKIMO

Africa Intelligence - France

China Development Bank (CDB) and the Congolese government have signed an accord that could lead to restarting the Office des Mines d’Or de Kilo-Moto (OKIMO) ...

http://www.africaintelligence.com/C/module...c_i_id=48277786

 

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RBC Equity Research

Tiger Resources (ASX.TGS)

September 8, 2008

http://www.tigerresources.com.au/aurora/as...GS%20080908.pdf

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Huge prizes for miners

Ceri Jones

10.09.08

http://www.iii.co.uk/articles/articledispl...section=Markets

 

 

....Miners in the Congo with relatively undeveloped world class reserves include Moto GoldMines (MOE), the Perth-based group with operations in the Ituri Province in the northeast, and Banro, a Canadian-based gold exploration company with four wholly-owned properties along a major gold belt. Moto has recently made some progress in its licensing agreements, while Banro's licences were awarded under the current regime and so should not be as hazardous as earlier license awards.

 

Moto recently raised $55 million cash, while last week Banro filed a preliminary short-form prospectus, offering of $35 million of units. Both stocks are cheaper even than their peers and with this funding should be equipped to stay the course.

 

"There is a huge disconnect between the prices of shares in these regions and their potential value," says Andrew Pullar, a portfolio manager at the natural resources investment boutique Baker Steel. "As soon as the uncertainty lifts, shares will bounce, but calling the timing is not easy. The industry hopes that the position in the Congo will be clarified before the end of the year but that was the hope last year also."

 

Many investors will remember Ecuadorian start-up Aurelian, which had been sitting on a cool 14 million ounces of gold when, in April, it was decimated by a government ban on all mining exploration while new mining regulations were worked up.....

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+++FINAL ROUND+++FINAL ROUND+++FINAL ROUND+++

 

 

Congo Mining Companies Begin Contract Renegotiations (Update2)

 

By Franz Wild

 

Sept. 11 (Bloomberg) -- The Democratic Republic of Congo's state-owned gold miner began talks with Moto Goldmines Ltd. as part of its process of renegotiating mining contracts.

 

Representatives of the Balcatta, Australia-based company met with officials of Office des Mines d'Or de Kilo-Moto, or Okimo, to discuss its gold concessions in northeastern Congo, said Taty Kitume, personal assistant to Okimo Chief Executive Officer Will Bafoa.

 

``The negotiations started today,'' Kitume said by phone from Kinshasa, the capital. ``Moto Goldmines is first. Then will be AngloGold and then Mwana.''

 

Congo, which has a third of the world's cobalt and 4 percent of all copper, is seeking to boost revenue from mining by improving the terms of contracts with mining companies in the government's favor. The government is reviewing 61 deals, including those with Freeport-McMoRan Copper & Gold Inc., the largest publicly traded copper producer, and AngloGold Ashanti Ltd., Africa's biggest gold miner.

 

Last week, Congo's Mines Ministry published the terms of reference for the negotiations, which will be used by state- owned miners in talks with their private joint-venture partners.

 

La Societe Miniere de Bakwanga, Congo's state-owned diamond miner also known as Miba, will complete its negotiations by Sept. 20, Deputy Chief Executive Officer Christine Tusse said today by the phone from Mbuji-Mayi in central Congo.

 

``The Miba contracts don't pose any major problems so there's not much to renegotiate,'' Tusse said.

 

BHP Billiton Ltd., the world's largest mining company, and De Beers, the world's biggest diamond producer, have exploration deals with Miba that are under review.

 

Gecamines, the state-owned mining company, hasn't started negotiations yet, Chief Executive Officer Paul Fortin said in a mobile-phone text message today.

 

Talks ``should begin in approximately two weeks,'' he said.

 

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net.

Last Updated: September 11, 2008 07:57 EDT

 

http://www.bloomberg.com/apps/news?pid=206...mp;refer=africa

[vssmnn]

Rumours about Elemental Minerals (ASX:ELM):

The new Potash project is to be brought in still in this quarter!

see here: http://www.stocknessmonster.com/news-item?...SX&N=411107

 

[vssmnn]

Russia's Alrosa to prospect for diamonds in southern Congo

19:09 | 12/ 09/ 2008

 

MOSCOW, September 12 (RIA Novosti) - Russia's largest diamond producer Alrosa said on Friday it will prospect for diamonds in southern sectors of the Democratic Republic of the Congo.

The decision was made at a meeting between Alrosa CEO Sergei Vybornov and Congo President Joseph Kabila.

Alrosa has a number of diamond producing projects in neighboring Angola, where it has two joint ventures. The Russian company has a 32.8% stake in Catoca Ltd, and the LUO-Kamachia-Kamajiku mining company, where it controls 45%.

Alrosa accounts for 97% of Russian and 25% of global diamond output. It sold diamonds worth $146.7 billion in 2007. The main shareholders in the company are the Federal Property Fund (37%), private companies (23%), and the government of East Siberia's Yakutia Region (8%).

 

http://en.rian.ru/business/20080912/116747636.html

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DRC Ministry of Mines contracts review interim status update

http://www.mineweb.com/mineweb/view/minewe...2&sn=Detail

 

..and the consequence:

 

Alrosa agrees with DRC on Sengamines takeover

RUSSIAN RUMBLE IN THE JUNGLE

http://www.mineweb.com/mineweb/view/minewe...8&sn=Detail

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http://www.israelidiamond.co.il/english/Ne...&objID=4061

 

Kabila asks Alrosa to Keep Diamond Deal Secret

16.09.08, 10:36 / Mining

 

Alrosa has agreed to start diamond prospecting in the Democratic Republic of Congo (DRC), at the request of President Joseph Kabila.

 

But Alrosa sources say that details of the undertaking and of a meeting Alrosa chief executive Sergei Vybornov had last week with Kabila, should be kept secret.

 

It is Vybornov's second meeting with Kabila this year; the first occurred, with comparably little disclosure, in March.

 

According to a new release, Vybornov met with Kabila on September 12 in Kinshasa. The official statement reports: "The discussion resulted in the decision that, in the framework of its cooperation with the DRC, ALROSA will carry out detailed exploration of a diamond deposit in the south of that African country."

 

A source close to Vybornov refused to identify the deposit. "In agreement with the Congo side," he said, "we do not say more than is disclosed in press-release we’ve published. We will be back to this question, but later."

Alrosa first opened talks with Kabila and the Congolese when Vybornov's predecessor, Alexander Nichiporuk, visited Kinshasa in April 2005. Alrosa's involvement in the DRC at the time also involved links to two Israelis, Arkady Gaydamak and Dan Gertler.

 

Gaydamak was active in introducing Nichiporuk in neighboring Angola; Gertler in DRC. Gertler was then personally close to Kabila, and through a company he and others ran called Emaxon Finance Corporation held the marketing concession for most of the DRC's diamond exports.

 

Alrosa's interest in Gertler is said to have been intended to buttress the break the Russian company had made with Lev Leviev, the biggest of the Israeli diamantaires, with whom, until then, Alrosa had been partnering for the sale of diamonds from the Catoca mine in Angola.

 

According to a letter on Alrosa letterhead, dated June 22, 2005, Nichiporuk purportedly made an offer to buy a 54% shareholding in the DRC's Sengamines mine and licenses for $60 million. The letter was later judged to be a forgery. However, Alrosa had already been studying a number of diamond assets in the DRC, including Sengamines.

 

In 2006, Nichiporuk's initiative in the DRC, as well as Angola, came under attack from his rival, Sakha region president, Vyacheslav Shtirov, who accused him of shorting investment in Sakha, and favoring Africa instead. Shtirov's campaign to oust Nichiporuk intensified through the year, and led, in February 2007, to his replacement by Vybornov.

 

A year elapsed before Vybornov ventured in Nichiporuk's footsteps in central Africa. He first met Kabila at an undisclosed location in the DRC on March 18, this year, following stops in Namibia, where he met President Hifikepunye Pohamba, and also Angola, where he met President Jose Eduardo dos Santos.

 

The communique issued after the Kabila meeting said Vybornov's talks focused on "issues related to cooperation between ALROSA and the DRC in diamond exploration and energy sector".

 

The ownership of Sengamines has been contested for several years.

 

In 2006, Mike Nunn, the South African chief executive of First African Diamonds, signed a purchase agreement for an 80% stake in Sengamines, while Societe Miniere de Bakwanga (MIBA), the DRC state diamond producer, held 20%.

 

The deal required returning Sengamines to exploration status, in order to assess the potential of the concession. The two partners agreed to change the name of the operating company to Entreprise Mini?re de Kasa' Oriental SARL (EMIKOR).

 

On March 29, at the traditional overview for shareholders which Alrosa leaders give each year at Mirny, both Vybornov and Alrosa board chairman, Deputy Prime Minister Alexei Kudrin, explained what they are doing in Angola and DRC as a hedge against the rising costs and technical risks of underground diamond mine production in Russia.

 

In the DRC there have been active measures to annul Nunn's First African Diamonds deal, and find a new source of finance and mining expertise for Sengamines.

 

There has also been a fierce challenge to the five-year old Emaxon marketing deal. In April of this year, MIBA officials announced that they had terminated the Emaxon deal, and would conduct open auctions of rough instead.

 

By: PolishedPrices