Conrad's Congo Club / Mining stocks in the DRC

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Signature shares soar on Ghana project option

12th May 2009, 11:30 WST

 

Shares in former juice bar operator turned explorer Signature Metals soared higher today after the company said it had acquired an option to buy 70 per cent of the Konongo gold project in Ghana.

 

Under the deal, Signature must conduct a study of the project within 12 months to earn the option to acquire Mwana Africa’s 70 per cent stake in the project.

 

http://www.thewest.com.au/default.aspx?Men...ontentID=141150

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Statement by IMF Managing Director Strauss-Kahn at the conclusion of his visit to Democratic Republic of Congo

http://www.reliefweb.int/rw/rwb.nsf/db900S...H8?OpenDocument

 

Camec says DRC completed administrative process in licence review

http://www.miningweekly.com/article/camec-...view-2009-05-19

Camec said that it had now formalised the ongoing terms of the joint-venture (JV) agreement with State-owned Gécamines. These terms included an agreement to pay a royalty to Gécamines of 2,5% of the turnover from Camce’s licences in the DRC on a quarterly basis.

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San Anton Capital Inc. Announces Proposed Qualifying Transaction With Chevalier Resources Inc.

http://www.earthtimes.org/articles/show/sa...es,833303.shtml

 

MONTREAL, QUEBEC -- 05/20/09 -- San Anton Capital Inc. ("SAN ANTON") (TSX VENTURE: TON.P) is pleased to announce that on May 20, 2009 it has signed a Letter of Intent (the "Letter of Intent") with Chevalier Resources Inc. ("CHEVALIER"), an arm's length party, for the potential acquisition of all the issued and outstanding shares of CHEVALIER whether directly or by way of other arrangement (a "Business Combination") such Business Combination to constitute the Qualifying Transaction, as defined in the Policy 2.4 of the TSXV, of SAN ANTON (the "QT").

 

About Chevalier Resources Inc.

 

CHEVALIER is a Canadian private mineral exploration and development company involved in base metal projects in the Katanga Province of the Democratic Republic of Congo ("DRC"). CHEVALIER holds 57% of the shares of Luisha Mining Enterprises Sprl., a DRC company, which owns a 100% interest in the Luisha Permit, (the "Luisha Property"), including an open pit which was mined for high grade copper in the 1940s and waste piles. The Luisha Property covers an area of 16.2 km2 underlain by Roan Group sediments, which host most of the large and high grade copper-cobalt deposits in the Central African Copper belt of Zambia and the DRC. CHEVALIER's objective is to identify copper-cobalt mineralization of economic interest on the Luisha Property through a comprehensive exploration program. A NI-43-101 compliant report on the Luisha Property has been prepared on behalf of Chevalier by Strathcona Mineral Services Limited and will be made available on SEDAR in due course.

 

CHEVALIER also holds a 60% interest in the Busanga Tin Project (the "Busanga Project"). Located about 160 km to the north of the mining town of Kolwezi, the Busanga Project covers 74 km2 of prospective geology for high grade alluvial and hard rock tin mineralization. Alluvial mining in the early 20th Century extracted significant quantities of cassiterite (SnO2) from the alluvial terraces of the Lualaba River, a major waterway that crosses the Busanga Project.

 

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Moto Goldmines:

 

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Moto completes transfer of 10 exploration permits

 

2009-05-28 10:26 ET - News Release

 

MOTO ANNOUNCES COMPLETION OF THE TRANSFER OF EXPLOITATION PERMITS

 

Moto Goldmines Ltd. has completed the transfer of relevant portions of the 10 exploitation permits covering the area of the Moto gold project from l'Office des Mines d'Or de Kilo-Moto (Okimo) to the joint venture company Kibali Goldmines SPRL (formerly Borgakim Mining SPRL).

 

During the registration process, the project area was revised from 2,143 to 2,161 carres (approximately 1,836 square kilometres) to take into account the requirement for the transfer of whole carres as required by the DRC mining code. The exploitation permits for the project area will be held directly by and for the benefit of Kibali.

 

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Red Back Mining and Moto Goldmines Enter Into Business Combination

http://newsblaze.com/story/200906010604060...c/topstory.html

 

 

Red Back Mining Inc. ("Red Back") (TSX:RBI) and Moto Goldmines Limited ("Moto") (TSX:MGL)(AIM:MOE) today announced that they have entered into an arrangement agreement pursuant to which each outstanding common share of Moto will be exchanged for 0.45 of a common share of Red Back.

 

Based on Friday's closing price of Red Back's common shares of C$10.45 per share, the transaction value is approximately C$513 million. This represents a premium to Moto shareholders of approximately 40% based on the 20-day volume-weighted average of both companies' common shares on the TSX.

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Kilo-Rio Tinto Joint Venture Moves Forward With Completion of Conditions Precedent

http://in.sys-con.com/node/984344

TORONTO, ONTARIO -- (Marketwire) -- 06/01/09 -- Kilo Goldmines Ltd. ("Kilo") (TSX VENTURE: KGL) announced today that it has completed the 'Conditions Precedent' as per the Earn-in with Option to Joint Venture Agreement in respect of the Iron Ore Project, Democratic Republic of Congo' signed November 13, 2008 with Rio Tinto Mining and Exploration Limited ("Rio Tinto").

 

The existing Research Permits have been extended to include iron by the DRC regulatory bodies.

 

The Rio Tinto managed exploration programme is making progress. Rio Tinto has imported the required vehicles and equipment and has constructed an exploration camp. Recruitment and training of local staff has been undertaken and local stakeholder engagement is underway.

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Moto Goldmines

 

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and who will take over BANRO

 

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Kilo-Rio Tinto Joint Venture Moves Forward With Completion of Conditions Precedent

http://in.sys-con.com/node/984344

 

 

Rio Delays Drilling at Projects; Adds Congo Prospects

 

June 3 (Bloomberg) -- Rio Tinto Group, the world’s third- largest mining company, delayed the study of a nickel and a bauxite project after cutting exploration spending this year.

 

At the same time, the company picked up new diamond and iron ore prospects in the Democratic Republic of Congo and Canada, said Eric Finlayson, head of exploration. Drilling at the nickel deposit in Minnesota and the bauxite one in Brazil were delayed as Rio cut 2009 exploration spending to conserve cash and help pay off debt, he said. Rio said in March it would slash its exploration budget 60 percent to $100 million. ......

 

,,The Congo diamond venture with BRC DiamondCore Ltd. and the iron ore prospects in the north of the country are joined by a new accord with a junior company for land around Rio’s Diavik diamond mine in Canada, Finlayson said. The Congo prospects “are exciting projects in a challenging environment,” he said.

 

<a href="http://www.bloomberg.com/apps/news?pid=20601081&sid=acT.crfPn18E&refer=australia" target="_blank">http://www.bloomberg.com/apps/news?pid=206...refer=australia</a>

 

 

Rio Tinto takes first steps in Congo

http://www.theaustralian.news.com.au/story...018-643,00.html

[littledavesab]

from my email inbox today, the ramping style of THE RIGHT SIDE

 

A giant opportunity most investors will never hear about

 

Congo really isn’t the sort of place that comes to mind when you are thinking of where to invest. But the profit opportunity here is colossal – and it is easy for you to play it right here on London’s stock market.

 

The country holds practically every mineral known to man, from gold and diamonds to very rare metals like coltan. And the country could, literally, become the powerhouse of Africa. A single proposed mega-dam on the mighty Congo River, the Grand Inga project, could increase Africa’s total electricity supply by 30 – 50%. There is a shed-load of money at stake here.

 

But there’s a big problem here: the Congo is dirt poor. So it needs huge amounts of foreign investment to bring its resources to market. The big question is who is going to get the prize deals to develop this country’s wealth?

 

In fact, the prize here is so big that Nicolas Sarkozy took time out just before the G20 summit in March to pay an official visit to the Congo. He was there to help French companies get a slice of the country’s wealth. Now, when the French president flies off to Africa at the very height of the global financial crisis, you know that there is a lot at stake here. And what’s really putting the fear of God into them is China…

 

You see, in April last year, China struck a deal to invest $9 billion in the Congo. They have agreed to build thousands of kilometres of new roads and railway tracks, and hundreds of new schools and clinics across the country. In return, the Congolese gave China rights over mines containing more than 10 million metric tons of copper and 600,000 tons of cobalt. The mines will be run by Chinese state-owned companies Sinohydro Corp. and China Railway Engineering Corp. And they could end-up making a $42 billion profit on their investment.

 

Other Chinese companies are also piling-in. China’s ZTE Corp, for example, has signed an agreement to set-up a palm oil plantation in Congo. The scale of the project is mind-blowing. They’re putting in $1 billion to set-up a three million hectare plantation. Western companies are finding it hard to compete against money like that, with the credit crunch cutting them off from easy money. So they risk being left out of one of the biggest development opportunities out there.

 

The simple fact is that China has outflanked the Western powers across much of Africa. And it has positively steamrolled them in the Congo...

 

So now, the Western countries are relying on the IMF to put the squeeze on China. Its Managing Director, Dominique Strauss-Kahn, has said that he won’t write-off $10 billion of Congo’s foreign debt unless the terms of the Congo-China agreement are changed. And he is withholding another $500 million in financial support. The IMF says that the deal will leave the Congo facing a huge liability if the projects fall through.

 

The IMF’s argument is a complete load of drivel. China is bearing most of the risk from its investments. What this is about is access to Congo’s natural resources. Strauss-Kahn is a former French finance and industry minister. And he is acting to protect the interests of the Western countries that dominate the IMF.

 

But the plan may actually backfire. Congo’s government has rejected the IMF’s criticism and they’ve latched on to the Chinese dragon to fund the country’s development. The more pressure the IMF places on the Congo government, the less inclined they are going to be to let Western companies in on the best deals.

 

How to grab yourself a slice of the Congo’s wealth

 

Still, you can grab a slice of Congo’s mineral wealth through several public-listed companies that are already in there. The Canadian-listed gold miner, Banro (ticker: BAA.CN) owns several prize gold mines in Congo. And the American mining giant Freeport McMoran (ticker: FCX.US) and its partner, Lundin Mining (ticker: LUN.CN) operate the huge Tenke Fungurume copper mine in southern Congo

 

Then there is London-listed Central African Mining & Exploration Company or CAMEC (ticker: CFM.LN). It owns the massive Mukondo copper mine in Katanga province. These are all interesting investments, but they face real political risks.

 

The Tenke Fungurume mine has just started production, for example. But it is bogged down in negotiating the final terms of operation with the government. And CAMEC has a habit of rubbing the Congolese government up the wrong way. Not very smart in a place like this.

 

These are all high-risk plays. But bold investors could find themselves very well rewarded.

 

Best regards,

 

Manraaj Singh

For The Right Side

 

P.S. My top play on the Congo owns what could be country’s finest mining property. And best of all, it has the political connections to make that project work. To find out about this company, as well as my other top African play, click here.

 

Note: Your capital is at risk when you invest in shares, never risk more than you can afford to lose. Seek independent financial advice if necessary.

 

 

 

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Monday, June 08, 2009

Banro's update of Twangiza feasibility study raises 2P reserves by 23.7 pct

 

Banro Corp (TSX: BAA) said an update to the feasibility study of its wholly-owned Twangiza project on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo has added 882,000 ounces of gold production.

 

The proven and probable reserves at Twangiza have thus increased 23.7 percent to 4.54 million ounces of gold from the previous figures which were published in January 2009.

 

Initial capital costs have decreased by 7.9 percent from US$409.65 million to US$377.43 million. These initial capital costs include a contingency of US$35.5 million.

 

Life of mine has increased from 15.06 years to 20.86 years.

 

Banro President and CEO Mike Prinsloo said: "On the back of these encouraging updated Feasibility Study outcomes, we are in a position to start development of the Twangiza project. The development of the project has full support from central and regional governments."

 

Market Cap (Mil)

116.04

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TORONTO, June 9 (Reuters) - Production at the Tenke-Fungurume copper-cobalt mine in the Democratic Republic of Congo is higher than expected and should end up exceeding long-term forecasts, the chief executive of part-owner Lundin Mining (LUN.TO) said on Tuesday.

 

http://www.reuters.com/article/rbssIndustr...938764720090609

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:o

Fancy a private jet? A diamond mine camp from the DRC? A Lambo?

 

These and other more exotic items are making their appearance in the auction press of late as more and more companies and individuals are forced to sell assets or enter liquidation.

 

Aside from that, on Wednesday morning you could've bagged Gem Diamonds's entire mining camp and accommodation from its halted DRC project (SLH Trading (Pty) Ltd in liquidation).

 

Included in Wednesday's Gem Diamonds auction were 73 park homes and site offices, 23 ablution blocks as well as complete camp infrastructure including safety equipment, furniture, a canteen, supplies, and appliances.

http://www.moneyweb.co.za/mw/view/mw/en/pa...9&sn=Detail

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a very beautyfull collection of Katanga-pictures:

 

 

http://www.inchi-yetu.be/

 

 

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Muzito's government is in the process of finalising a drawn-out review of mining contracts with six major firms, including AngloGold ( AU - news - people ) Ashanti, Banro, First Quantum, Gold Fields ( GFI - news - people ), Freeport-MacMoRan and Mwana Africa.

http://www.forbes.com/feeds/afx/2009/06/11/afx6534358.html

 

BAA - next Takeover Target like Moto Goldmines ???

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Banro to issue $100m of common shares

http://www.thestar.com/business/article/652115

 

Canadian gold-exploration company Banro Corp. says it will issue more than 43 million of its common shares for total gross proceeds of C$100 million to help fund its gold projects in the Democratic Republic of Congo.

The equity offering would increase the number of Banro shares outstanding by nearly 70 per cent.

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Red Back Mining - Activities:

 

[gloryforixseal]

this is going to be an interesting fight, Congo is a huge guy and weve et to see Cain properly tested by someone as good as Kongo

 

this will tell us just how much Valasquez has but im not sure that Kongo can show anymore than he already has

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Banro to start construction on DRC gold mine following successful capital raising

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

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L'ADG de l'OKIMO en campagne de vulgarisation de la réforme des entreprises du Portefeuille

http://www.mediacongo.net/show.asp?doc=12938

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the diamond tycoon Dan Gertler

Ace of diamonds

http://www.haaretz.com/hasen/spages/1097400.html

 

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BRC DiamondCore to sell alluvial projects

http://www.busrep.co.za/index.php?fSection...ticleId=5065410

 

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Tiger Resources Closes A$10.37 million Financing and Share ...

http://www.newswire.ca/en/releases/archive...9/25/c9897.html

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Camec Signs Cobalt Sales Accord With Zhejian Galico

July 6 (Bloomberg) -- Central African Mining and Exploration Co., a producer of copper and cobalt, agreed to sell output of cobalt concentrate from its Mukondo Mountain operation in the Democratic Republic of Congo to Zhejian Galico Cobalt & Nickel Materials Co.

http://www.bloomberg.com/apps/news?pid=206...id=a2njAvA.mN5E

 

 

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Tenke Fungurume running above nameplate – Lundin

“This is not just an everyday occurrence...we are seeing one of the world's great orebodies coming into production,” he said in a presentation.

He also said that he expects that the Tenke asset will produce “surprises to the upside” over the next five or ten years.

http://www.miningweekly.com/article/tenke-...ndin-2009-06-10

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Révisitation ou renégociation des contrats miniers : le gouvernement entretient le flou

Kinshasa, 04/07/2009 / Politique

Le grand silence

http://www.digitalcongo.net/article/59307

 

 

 

>>>> DR Congo PM faces no confidence vote

http://www.iol.co.za/index.php?set_id=1&am...82206475C247157

 

By Didier Munsala

 

Kinshasa - Congolese opposition members of parliament have tabled a vote of no confidence in Prime Minister Adolphe Muzito, lawmakers said on Thursday, days after President Joseph Kabila took over control of public spending.

 

The proposed vote comes amid strained relations between the president and prime minister, who differ on key economic issues including a $9 billion Chinese mining deal and the struggling country's relationship with the International Monetary Fund.

 

"The petition for a motion of no confidence was handed in yesterday," opposition MP Jean-Lucien Busa told Reuters, adding that parliamentary by-laws called for a vote within 48 hours.

 

But procedures are frequently delayed and Congo's parliament is due to start a three month summer recess on June 15 so an extraordinary session will have to be called if the vote is not held in time.

 

Muzito's government is in the process of finalising a drawn-out review of mining contracts with six major firms, including AngloGold Ashanti, Banro, First Quantum, Gold Fields, Freeport-MacMoRan and Mwana Africa.

 

The vote, secured with 50 signatures from MPs, follows Kabila's decision last week to take all public spending decisions away from Muzito's government, which is trying to lead the mining-dependent economy through the financial crisis.

 

"Eight months after the establishment of Muzito's government, nothing has been done to ease the growing misery of the Congolese people," Clement Kanku, an opposition lawmaker, said when he tabled the vote on Wednesday.

 

"To the contrary, the situation has got worse. That is why I have called for an evaluation of the work carried out by Muzito and his team," he said, highlighting the economic, security and social concerns.

 

Although it was proposed by Congo's weak opposition, diplomats and local analysts said the vote might receive the backing of the pro-Kabila parliamentary majority as a way of allowing the president to remove Muzito from a distance.

 

Since becoming president, Kabila, who hails from the Swahili-speaking east of the country, has relied on an alliance with Muzito's PALU party, which traditionally draws support from westerm Congo. But the relationship is often strained.

 

With an economy that is heavily dependent on revenue from its copper and cobalt mines, Congo has been hit particularly hard by the global economic crisis, with demand for resources drying up, leading to a slide in the Congolese franc.

 

Three years after post-war elections were held to end a decade of conflict and chaos, Congo is struggling to take full control of its lawless east, despite the support of the world's largest United Nations peacekeeping mission. - Reuters

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NAMAKWA DIAMONDS LTD PRODUCES 4,200 CARATS IN 3RD QUARTER 2009

08 July 2009

http://www.diamondintelligence.com/magazin...ne.aspx?id=8000

 

Activities in the DRC

 

The DRC project has now been completed on time and within budget. Namakwa is currently the only large-scale diamond company still active in the DRC and will consider expanding its base subject to diamond price prospects.

 

One mobile 10tph DMS sampling plant was commissioned in December 2008 and two 30

tph DMS plants were commissioned in May 2009 and trial mining commenced in the indicated areas as per the geology reports that are currently being verified by Venmyn.

 

During the third quarter of 2009, 4,010 carats were recovered from these areas at a grade ranging from 5.43 cpht to 40 cpht at an internal valuation of US$70 per carat. The total cash cost, including the DMS plant commissioning cost, incurred in the quarter was US$1.2 million, which increase to US$ 1.6 million taking into account diesel still in inventory. Unit costs during the quarter were high due to the commissioning cost being expensed, the production build-up and the low volumes mined in the trial mining phase.

 

To date in excess of 120,000 tons have been processed from the two concessions that are actively being trial mined. Results to date demonstrate Namakwa's ability to develop world class alluvial operations in remote areas. The DRC operation will continue to be evaluated based on the results of the trial mining as well as rough diamond prices. The carats recovered during Q3 09 relates to production utilising mainly the sample plant and production will be ramped up in Q4 09 following the commissioning of the two DMS plants during May 2009.