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International Barytex Says Congo Copper Mine Held Up Over Title

 

Oct. 16 (Bloomberg) -- International Barytex Resources Ltd., a Canadian company planning to develop a copper mine in the Democratic Republic of Congo, said it can't access funding until the government confirms its title to the project. ...

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

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La Quinta Outlines Significant Gold Bearing Quartz Zone Covering 700 Metres on Kabotshome Property in the Maniema Gold Belt

 

10/16/2008 2:35:14 PM

VANCOUVER, BRITISH COLUMBIA, Oct 16, 2008 (Marketwire via COMTEX News Network) --

 

La Quinta Resources Corporation (TSX VENTURE:LAQ) (the "Company") is pleased to announce the discovery of a major quartz zone which is open ended and covers at least 700 metres in the Kabotshome area. Kabotshome forms part of the 7,626 square kilometer exploration area covered by 32 claims optioned and Joint Ventured from Wa Balengela Kasai Investments Congo sprl (WBK). The 32 principal permits which are contiguous to Banro Corporation's Lugushwa and Namoya major gold projects were granted to WBK under the new mining laws, and were issued to WBK by the Mines Ministry in March 2008.

 

The quartz zone was discovered by the JV Company geologists as part of an initial reconnaisance program. It has been traced over 700 metres and an initial reconnaisance sample of the structure assayed 4.12 grams per tonne gold. This work was carried out under the supervision of Michel Cormier, the Company's President, who is a Geological Engineer and a Qualified Person, in Canada. Work is now underway to complete a trenching program on this quartz occurrance to determine its true extent. Kabotshome has a long history of gold production under the Belgian era of the DRC.

 

Concurrently, LAQ in Canada has commissioned a satellite structural interpretation of the area between Banro Corporation's Lugushwa and Namoya multi million ounce gold properties. This area also falls into the 32 claims joint ventured by LAQ, which directly abutts the boundaries of both Lugushwa and Namoya. The structural interpretation work carried out by Earthmetrix of Montreal, Quebec, has clearly identified a number of very similar structural settings on the 32 claim area, which precisely mirror the structural setting of both Lugushwa and Namoya and these will form the focus of the next major prospecting and exploration program in this area.

 

Separately, in Mexico the Company has made a decision to allow its gold exploration leases in Sonora state to lapse, in order to preserve funds, and concentrate all the Company's resources on the work in the DRC.

 

La Quinta Resources Corporation is a junior exploration issuer listed on the TSX:V under the symbol LAQ. The company's aim is to add shareholder value by growing its resource base, through exploration of its two high quality DRC gold projects covering 7,626 square kilometers of the Maniema - South Kivu gold belt. The Company is led by a highly skilled, experienced Board and management team with significant successes in finding and developing early stage gold and base metals.

 

ON BEHALF OF THE BOARD

 

Malcolm JA Swallow, Chairman and CEO

 

SEC 12G file #82-35061

 

SOURCE: La Quinta Resources Corporation

 

La Quinta Resources Corporation Glen Watson Senior Vice President and Director of Corporate Development (604) 685-1818 x101 or Toll Free: 1-877-891-4653 Email: info@laquintaresources.com Website: www.laquintaresources.com

Copyright © 2008 Marketwire. All rights reserved.

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Congo Diamond Miner Says October Output to Drop 50% (Update1)

 

Oct. 21 (Bloomberg) -- The Democratic Republic of Congo's state-owned diamond miner, La Societe Miniere de Bakwanga, said production will drop more than 50 percent this month, partly because of a strike by workers over unpaid wages.

 

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

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Camec acquires 50 % SMKK for US$85m

 

http://www.thomsonmergernews.com/story.asp...torycode=281722

 

Quote

Camec acquires DRC assets - Phil Edmonds’ Central African mining company pays US$85m for 50% stake in copper and cobalt JV with state

 

Central African Mining & Exploration Company (Camec), the Aim-listed Africa-focussed mining company chaired by Phil Edmonds, has agreed to acquire a a 50% interest in Societe Miniere of Kabolela and Kipese Sprl (SMKK), a joint venture company with copper and cobalt assets in the Democratic Republic of Congo.

 

The consideration for the acquisition is US$85 million in new Camec shares to be paid to the Congo based corporation La Compagnie Financiere de Participations Internationales (Cofiparinter). The remaining 50% of SMKK is held by Gecamines, the DRC state owned mining company.

 

SMKK is a joint venture company which controls the Kabolela Copper-Cobalt Project. The mineralised zones are located within the Lufilian Arc, which hosts the Katangan and Zambian Copper Belts.

 

The consideration for the acquisition is based on an independent valuation conducted by South African based mining advisor Venmyn.

 

Camec Managing Director Andrew Groves said, "Notwithstanding the present difficult economic climate, this acquisition represents an important opportunity to add a further significant deposit to our portfolio. It is in line with the Company's longer term policy of consolidation of copper and cobalt assets in the DRC and I believe underlines our strong commitment to the country going forward.

 

Unquote

 

The price of US$170m (100%) looks extremely high, six or seven times more than the valuation by Tiger Resources not so long ago. See http://www.goldinvest.de/public/data/docum...51014145532.pdf. Does anyone disagree and could explain?

 

The regulatory aspects are not less puzzling. Expert comments are invited on this interesting case, which could illustrate well how the European Directive on Takeover Bids is really implemented in the UK. In short, this new "assets for shares" deal (the third this year for CAMEC) is carefully structured to prevent the main shareholder, a group of people composed of Mr. Dan Gertler, an Israeli citizen, and several associates, to be exposed to the consequences of an "action in concert" as they are defined by the current UK Takeover Code: a mandatory offer to acquire the shares of other stockholders at a much higher price than today. However, it remains to be seen whether THE PANEL ON TAKEOVERS AND MERGERS will concur and endorse the scheme which circumvents the rules fixing the control threshold. Further disclosures of the ultimate beneficiaries of all parties that are concerned may and should probably be required by the PANEL: this information may enable to conclude that Mr. Gertler and his partners should be considered to be “acting in concert” with the offeror La Compagnie Financiere de Participations Internationales (Cofiparinter), notwithstanding any other 'conflict of interest' situations. Then , the two parties may be required to do so ‘as a means of protecting the minority shareholders of the company' with the obligation to make a (Rule 9) mandatory bid to be set out at an equitable price, the dispensation from the highest price being irrelevant in the circumstance.

 

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La Compagnie financière de participations internationales (Cofiparinter) - Société Anonyme.

Siège social: L-1724 Luxembourg, 3B, boulevard du Prince Henri.

R. C. Luxembourg B 55.802.

Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 16 novembre 2005, réf. LSO-BK04470, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 21 novembre 2005.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

(100266.3/3842/11) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 novembre 2005.

 

__

 

...but who is it really?

 

 

 

__

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La Compagnie financière de participations internationales (Cofiparinter) - Société Anonyme.

Siège social: L-1724 Luxembourg, 3B, boulevard du Prince Henri.

R. C. Luxembourg B 55.802.

Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 16 novembre 2005, réf. LSO-BK04470, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 21 novembre 2005.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

(100266.3/3842/11) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 novembre 2005.

 

 

 

...but who is it really?

 

http://www.marketwire.com/press-release/Me...Inc-444897.html

 

 

There was some trouble between Tiger and Cofiparinter in 2005 because DRC Properties (but now old stuff):

 

3. May 2005

TIGER RESOURCES LTD ENTERS INTO AN AGREEMENT

TO ACQUIRE COPPER/COBALT PROJECTS – IN WORLD CLASS ZAMBIA CONGO COPPER BELT

Tiger Resources Ltd (Tiger) is pleased to announce that together with its Congolese partner Groupe

Orgaman (Orgaman) it has entered into an agreement with Compagnie Financiere Des Participations

Internationales Societe Anonyme (Cofiparinter SA) to acquire an initial 39% (increasing to 60%) interest in

Societe Miniere de Kabolela et de Kipese (‘SMKK’).

http://74.125.39.104/search?q=cache:mTGMb5...;cd=3&gl=de

 

and some (old stuff) relations to Melkior Resources

http://www.marketwire.com/press-release/Me...Inc-444897.html

 

snm_title.gif

http://www.stocknessmonster.com/news-histo...X&Year=2008

 

21st Consolidation of project interests around Kipoi Resource

http://www.stocknessmonster.com/news-item?...SX&N=425418

 

 

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To: CV

 

Thank you a lot. I wonder whether Tiger Resources will emerge stronger after this difficult period for mining ventures but their latest press releaseshows that they seem to keep faith. With respect to SMKK, I ignored the 2000 documentation. However, I had already read the documents describing the 2005 deal, the subsequent struggle, as well as eventually Tiger's decision to give up in 2006 after this painful arm twisting and despite a successful litigation process with Cofiparinter. After reading carefully all that, still, it is impossible to figure out who is really behind Cofiparinter and in full control of the commands to tangle and untangle the SMKK deals. Just too bad. Should you have a clue...

 

KH

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http://www.radiookapi.net/index.php?i=53&a=20647

 

(Borgakim = Moto Goldmines JV)

 

Watsa : prochaine délocalisation des occupants de la concession de l'Okimo

 

Province Orientale | 13 Octobre 2008 à 15:18:35

 

Several thousand people currently occupy the site around the town of Durba and Doko, in territory of Watsa. Ils devront être délocalisées pour permettre l’exploitation de l’or par Borgakim dans ce site. They will be relocated to allow the exploitation of gold by Borgakim on this site. Un atelier a été organisé par les responsables de l’ Okimo et de Borgakim pour réfléchir sur la problématique de la délocalisation et la relocalisation, note radiookapi.net A workshop was organized by leaders of the OKIMO and Borgakim to reflect on the issue of outsourcing and relocation, note radiookapi.net

 

Environ 30 participants, dont les députés nationaux ressortissant de Watsa, les députés provinciaux ainsi que des experts, ont pris part à ces assises. About 30 participants including members of national citizen Watsa, MLAs and experts attended the meeting. Selon l’administrateur délégué de l’Okimo, il s’agissait de recueillir les différentes propositions avant d’entreprendre un dialogue social avec la population concernée. According to the managing director of the OKIMO was to collect the various proposals before starting any dialogue with the affected population. Ceci, pour que cette opération se passe dans la satisfaction de tous. This, so that this happens in everyone's satisfaction.

 

Selon les participants, cette délocalisation doit se dérouler conformément aux respects des différentes normes internationales en la matière. Participants said the relocation should take place in accordance with respect for different international standards. Notamment, la création de conditions suffisantes pour un développement harmonieux de cette population. In particular, the creation of adequate conditions for a harmonious development of this population. Honorable Budu Tandema, député national élu de la circonscription de Watsa, explique : « Nous avons pensé [que c’était] mieux de nous retrouver ici à Kisangani en une journée pour faire une réflexion participative sur la matière. Honorable Budu Tandem, MP-elect of the national constituency of Watsa, explains: "We thought [it was] the best of us here in Kisangani in a day to make a participatory reflection on the matter. Il s’agit donc de voir comment procéder à ce dialogue social que nous voulons instaurer, pour que ce processus soit participatif de la base jusqu’au sommet, afin que nous arrivions à atteindre les objectifs. It is therefore to see how this dialogue that we want to establish, for this process is participatory bottom to top, so that we can achieve the objectives. Soit la mise sur pied, l’exécution ou la construction de nouvelles mines, de nouvelles usines, et produire de l’or, mais en tenant compte des conditions sociales des personnes qui seront affectées par ce projet. Either the development, implementation or construction of new mines, new factories and production of gold, but taking into account the social conditions of people who will be affected by this project. Le principe étant de les mettre en dehors des zones concernées par le projet. The principle is to put them outside the areas affected by the project. » "

 

Selon Louis Watum, directeur général de Borgakim et administrateur de Moto Gold Mines, le résultat de la prospection ainsi que l’étude de faisabilité effectués dans cette concession en 2007 dégage une réserve de 650 tonnes d’or. According to Louis Watum, Borgakim CEO and a director of Moto Gold Mines, the result of exploration and feasibility study carried out this concession in 2007 has a reserve of 650 tons of gold.

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Copper Price Drop Threatens Financial Recovery at Gecamines

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

 

Tin price spike shows Congo's growing origin role

Thursday October 30 2008

 

DAKAR, Oct 30 (Reuters) - Renewed fighting that has forced thousands to flee for their lives in Congo this week has had a disproportionately large effect on tin prices as international buyers increasing rely on the relatively small producer.

The Democratic Republic of Congo produces an estimated 4 percent of the world's tin, making it the world's sixth-biggest supplier, but buyers are relying more on metal from the central African country as major producer Indonesia cuts output...

http://www.guardian.co.uk/business/feedarticle/7959077

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Marketcap. around 20 Mio. £

 

RNS Number : 3930G

Mwana Africa PLC

22 October 2008

 

22nd October 2008

 

Mwana Africa PLC

 

Strategy Update

 

In view of recent changes in economic conditions and falls in commodity prices, the Board of Mwana Africa PLC ("Mwana" or the "Company") has reviewed the company's strategy for its extensive exploration programme and its existing operations in South

Africa and Zimbabwe. The Board has decided that, in the current conditions, Mwana's priorities should be to seek to conserve, as far as is reasonable, its existing cash balances by scaling back its exploration activities, and to preserve the integrity of

its principal operating asset, BNC, in which Mwana holds a 52.9% stake. The Board believes that these actions will enable Mwana to retain the flexibility to take advantage of investment opportunities that may arise in due course.

 

Cash Position

 

Following the receipt of proceeds from the £25m placing completed in June, Mwana had cash balances of £26m (unaudited, and excluding cash balances held by BNC) as at 30th September 2008. Mwana recognises that cash is an especially precious resource in the current economic environment.

 

Exploration Focus

 

Over the past six months, good progress has been made in developing the exploration programme across Mwana's portfolio of base metal, gold and diamond prospects. However, following recent changes in economic conditions, it has been decided to scale

these back significantly, while ensuring that conditions to retain exploration rights are satisfied, until the funding environment and the outlook for commodity prices have stabilised.

 

Base Metals

 

Mwana is conducting base metals exploration in Katanga, in the south east of the DRC, in part through a joint venture option agreement with Anglo American. Mwana is proceeding with a Preliminary Feasibility Study, expected to be completed within the

next six months, for the Kibolwe copper prospect. The pace of exploration activity elsewhere in Mwana's part of the concession is being reduced, in part due to the onset of the rainy season. Mwana expects to resume exploration in 2009 with a reduced

exploration programme.

 

Gold

 

At the Zani-Kodo gold prospect in the DRC, Mwana intends to conclude calculation and classification of resources for the Kodo Main and Kodo North zones, from which assay results from recently completed drilling programmes are awaited. The results of

these calculations are expected in early 2009. Early-stage exploration, which has been commenced at several other district-scale prospects in the region, will be curtailed. Gold exploration activities in Ghana will be substantially reduced.

 

Diamonds

 

In diamonds, Mwana has a significant portfolio of prospects in the south west of the DRC. Mwana intends to maintain the pace of its externally funded kimberlite exploration programme, conducted under a joint venture agreement with BHP Billiton. Other

kimberlite exploration in the DRC and South Africa, and development work on the company's alluvial prospects will be curtailed.

Operations Update

 

BNC is currently loss-making, having been seriously affected by by continuing challenging conditions in Zimbabwe and, more recently, the sharp fall in global nickel prices. BNC is taking steps to reduce costs and the rate of cash outflow. Discussions have commenced with stakeholders to develop plans to lower the cost of supply from BNC's mines while maintaining its refining and smelting capacity, and to ascertain the availability of external funding. Mwana will make available limited funds to support

BNC provided that conditions are appropriate.

 

The ramp up in production from the Klipspringer diamond mine in South Africa remains broadly on target. Operating costs (expressed in US dollars) have fallen as a result of the decline in the value of the South African Rand; however this benefit is

expected to be offset by recent softening in the market price of diamonds.

Interim Results

 

The company expects to report its half year results on 10 December 2008.

 

A full version of this press release is available for download from the Company's website; www.mwanaafrica.com.

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KH,

 

There are two entities

COFIPARINTER, COMPAGNIE FINANCIERE DE PARTICIPATIONS INTERNATIONALES SA

&

COFIPARINTER MINING HOLDING S.A.

 

COFIPARINTER, COMPAGNIE FINANCIERE DE PARTICIPATIONS INTERNATIONALES SA set up 1996

Company Number B0055802

ARIELLE COMPANY LIMITED 1246 shares

BILFORD INVESTMENT INC 4 shares

Both are registered in the British Virgin Islands at Tortola, Wickham’s Cay, Road Town, Iles Vierges Britanniques

 

COFIPARINTER MINING HOLDING S.A. set up in 1990

Company Number B0031667

under this number the names have been

SOPARINTER, SOCIETE DE PARTICIPATIONS INTERNATIONLES

COFIPARINTER MINING HOLDING S.A.

SAMM INVESTMENT HOLDINGS SA

 

Both structures are adminstered by société AUDITEX, S.à r.l., a Luxemburg Company.

 

Any help?

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Arn,

 

Yes, together with the info provided by CW, we make progresses. Thank you for your interest. In the 1996 documents a powerful and well connected Congolese family appears, the Mukeba tribe. Though the principal coordinator is David Mukeba Kanumubadi, a Congolese businessman with operations in Belgium and in Congo, as they say at Melkior, one cannot ignore that his relative (?) Tshimanga Mukeba, is attorney general of the Democratic Republic of the Congo (DRC), and very close to the Ruler. However, he is close also to the day-to-day business. For instance, (http://www.mineweb.net/mineweb/view/mineweb/en/page36?oid=26150&sn=Detail) we learned last year that he informed Boss Mining sprl, and Mukondo Mining sprl, that relevant licences, as purportedly transferred by DRC parastatal Gecamines in February 2004, had been annulled and voided. Thanks to the friendly but very costly help of Dan Gertler whomade a fortune out of that, this difficulty was solved a few months after. Meanwhile, a new development occured this morning. The full story is here: http://www.londonstockexchange.com/LSECWS/...&source=RNS. In short, "...as a follow up of the SMKK 50 pcent stake Acquisition, CAMEC has received notification from Kara Enterprises Limited that it holds 230,978,260 Ordinary Shares, representing 8.24% of the issued share capital and voting rights of the Company...". No more Cofiparinter! We are after a moving target. These folks create legal, probably offshore, possibly Luxemburg, entities and transfer assets faster than a speeding bullet. Kara Enterprises, unheard before, has all chances to be a newcomer in the African mining business is and probably an offshore entity but, at this stage, the country of registration, the ultimate owners, etc. are not known. Indeed, this three-card trick becomes more and more interesting. Incidentally, if you want to be convinced that the weather is better today than it was yesterday read that: http://www.bloomberg.com/apps/news?pid=new...id=aca.gAcrNT_M. None of Gecamines' partners are likely to have their contracts cancelled after renegotiating them. Wow. To sum up, if it looks like a dung heap and smells like a dung heap, it is probably a dung heap. In December, we knew that Dan Gertler owned some kind of put enabling to take the full control of SMKK. Today, we see an unknown entity having full control of the SMKK assets making a deal with Gecamine and becoming a key shareholder of CAMEC at incredibly attractive terms. Who is it? Two possibilities. First one, the most obvious, Dan Gertler is in control of 33 percent that he acquired six months ago with the right hand and 8 percent that he just acquired with the left hand. Second one, a "good friend" (you name him: Billy Rautenbach, the buccaneer, Phillipe Edmonds, the one-time England test cricketer, Andrew Groves, the son of a policeman, the retired Billy Rautenbach, the Mukeba Tribe, whoever really, or an association of a few of them) is in control of the 8 percent stake. In both cases the concerted action is in the air with all regulatory consequences, which should please a lot a few current shareholders. A lot of money at stake!

 

KH

 

 

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Andulela Investment

http://www.andulelaholdings.com/about.html

 

Vision

Andulela seeks to hold primarily South African strategic investments in mining and related companies outside the coal sector.

 

Jonah's DNR Capital now trading as Andulela Investment

http://www.miningweekly.com/article.php?a_id=145441

 

http://allafrica.com/stories/200810200153.html

Andulela had considered copper tailings retreatment projects in the Democratic Republic of Congo as well, but had not done any detailed work on them.

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Dan Gertler

 

Ordonnance n° 08/022 portant approbation du Contrat de partage de production conclu entre la RDC et l’Association Nessergy Ltd

 

http://www.glin.gov/view.action?searchDeta...eryType=BOOLEAN

 

imgadnw4.jpg

 

JOSEPH KABILA DONNE LE PETROLE DU CONGO A DAN GETLER

http://www.congo2000.net/forums/topic21776.html

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