vssmnn Posted July 8, 2009 Author Report Share Posted July 8, 2009 Banro hunts for Congo mine partner http://www.miningmx.com/news/gold_and_silv...-congo-mine.htm Link to comment Share on other sites More sharing options...
vssmnn Posted July 10, 2009 Author Report Share Posted July 10, 2009 Investors should note that our model excludes any contribution from Moto Gold Mines Ltd. (TSX-MGL), pending completion of its proposed merger with RBI. On June 1, the two companies agreed to a friendly business combination, whereby MGL shareholders would receive 0.45 of an RBI share for each share held. Moto owns a 70%-interest in the advanced Moto gold project in the Democratic Republic of Congo. Based on a recent optimization study, the project is expected to produce 485,000 oz in the first five years of operations, at lower cash costs than the Tasiast and Chirano gold mines, hence is viewed by us as an excellent fit to RBI’s portfolio. http://www.baystreet.ca/articles/research_...ldForecasts.pdf Link to comment Share on other sites More sharing options...
vssmnn Posted July 13, 2009 Author Report Share Posted July 13, 2009 Trilliant Exploration Acquires Minority Stake in Global Diamond Resources, Plc $2.42 Million Investment Focused on Diversification Into Africa's Diamond Resources.... ...About Global Diamond Resources Global Diamond Resources Plc (GDR), www.globaldiamondres.com, previously known as Lesotho Diamond Corporation Plc has secured mining leases and prospecting licenses in Lesotho, the Democratic Republic of Congo ("DRC") and Botswana. In the next five years GDR has a commercial objective of producing a million carats per annum through its major kimberlite diamond operation at The Kao Diamond Mine and its alluvial operations in the DRC. The Kao Diamond Mine (Pty) Ltd. is the largest of GDR's major diamond assets and is currently being developed in three stages. Stage 1 of GDR's development plan is the trial mining phase of 188 tph DMS operation, Stage 2 and 3 are being planned to treat 900 and 1400 tph DMS capacity respectively. ... Link to comment Share on other sites More sharing options...
vssmnn Posted July 13, 2009 Author Report Share Posted July 13, 2009 some stuff around Sam Jonah (MGL): ...the FI has been informed that Dr. Sam Jonah who is on the board of Standard Bank has been the main mover of South African acquisitions in Ghana. Dr. Jonah is also on the board of Vodafone UK which last year acquired 70% stakes in Ghana Telecom. He also served on the board of Anglogold-Ashanti after golden shares of the Ghana government hab been sold to Anglogold... http://www.peacefmonline.com/index.php?opt...t&Itemid=18 Link to comment Share on other sites More sharing options...
vssmnn Posted July 15, 2009 Author Report Share Posted July 15, 2009 China to establish giant oil palm plantation in DR Congo http://news.mongabay.com/2009/0710-drc_china_palm_oil.html July 10, 2009 ZTE Agribusiness Company Ltd, a Chinese firm, plans to establish a one million hectare oil palm plantation in the Democratic Republic of Congo (DR Congo) for biofuel production, reports China state media. Zhang Peng, ZTE's regional manager, told Xinhua that the plantation could yield up to 5 million tons of palm oil per year, 90 percent of which could be converted to biodiesel. He claimed that the plantation would employ "thousands" of local Congolese workers. Xinhua didn't specify whether production would be for local consumption or export, nor did it note the location of the plantation. Current oil palm production in DR Congo stands at around 240,000 metric tons, while demand is expected to grow to 465,000 metric tons in 2010 and 540,000 metric tons in 2015. Gas and diesel imports to DR Congo were 251,000 metric tons in 2006 according to the IEA, suggesting that biodiesel production from palm oil could meet the country's entire demand for diesel and palm oil. ZTE announced in 2007 that it would invest $1 billion in a 3 million hectare plantation. It's unclear in the new announcement whether the firm has scaled back its plans or is simply starting on the first phase of development. DR Congo was the world's second largest palm oil producer in the 1960s but years of economic decline have left it as a minor producer. no mining, but why not... Link to comment Share on other sites More sharing options...
vssmnn Posted July 16, 2009 Author Report Share Posted July 16, 2009 MGL Take Over Battle starts!!! Randgold Resources Proposes Business Combination With Moto Goldmines LONDON, Jul 16, 2009 (MARKETWIRE via COMTEX News Network) -- RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS Nasdaq Trading Symbol: GOLD ("Randgold") NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION Randgold Resources Limited today announced that it has approached the Board of Directors of Moto Goldmines Limited ("Moto") (TSX: MGL) (AIM: MOE) and proposed to enter into an arrangement agreement providing for the exchange of each outstanding common share of Moto for the equivalent of C$5.00 per share (as at 15 July 2009) (the "Proposed Randgold Transaction"). Under the Proposed Randgold Transaction, Moto shareholders would receive 0.07061 of an ordinary share of Randgold (or, where applicable, 0.07061 of an American Depositary Share ("ADS") of Randgold) per Moto share. In addition, Moto shareholders would be provided the option to elect to receive (in lieu of Randgold shares or ADSs) cash consideration of US$4.47 per Moto share (C$5.00 based on the noon exchange rate published by the Bank of Canada on 15 July 2009) in respect of all or some of their Moto shares, subject to proration based on an aggregate maximum cash amount payable to all Moto shareholders under the Proposed Randgold Transaction of US$244 million. Assuming full take-up of the cash alternative Randgold would expect to issue a total of approximately 3.9 million shares (including shares represented by ADSs) and pay a total cash amount of approximately US$244 million to Moto shareholders. As detailed more fully below, the Board of Randgold believes that the Proposed Randgold Transaction is superior to the transaction proposed by Red Back Mining Inc. ("Red Back") in the Red Back Agreement (as defined below) (the "Red Back Transaction"). Based on the closing price of Randgold ADSs on 15 July 2009 of US$63.26 per ADS, the Proposed Randgold Transaction values Moto at approximately US$488 million (C$546 million) and represents a premium to Moto shareholders of: * approximately 7%, based on the closing price of Moto's common shares on the Toronto Stock Exchange and the closing price of Randgold's ADSs on NASDAQ, adjusted to Canadian dollars, as at 15 July 2009; * approximately 12%, based on the 20-day volume-weighted average price of Moto's common shares on the Toronto Stock Exchange and the 20-day volume weighted average price of Randgold's ADSs on NASDAQ, adjusted to Canadian dollars, to 15 July 2009; * approximately 11%, based on the closing price of Moto's common shares on the Toronto Stock Exchange as at 29 May 2009, the last business day prior to the announcement of the Red Back Transaction and the closing price of Randgold's ADSs on NASDAQ, adjusted to Canadian dollars, as at 15 July 2009; and * approximately 60%, based on the 20-day volume-weighted average price of Moto's common shares on the Toronto Stock Exchange to 29 May 2009, the last business day prior to the announcement of the Red Back Transaction and the 20-day volume weighted average price of Randgold's ADSs on NASDAQ, adjusted to Canadian dollars, to 15 July 2009. Joint Venture with AngloGold Ashanti Randgold and AngloGold Ashanti Limited ("AngloGold") have agreed to cooperate in respect of the Proposed Randgold Transaction. In that regard, AngloGold has agreed to fully fund the cash alternative described above in partial payment for an indirect 50% interest in Moto which it would acquire upon completion of the Proposed Randgold Transaction. Pursuant to AngloGold's agreement to acquire its indirect interest as described, as is customary for transactions of this nature, an application has been made by AngloGold and is currently under consideration by the South African Reserve Bank. In addition, following completion of the Proposed Randgold Transaction, AngloGold would be jointly responsible with Randgold for funding the development of the Moto Gold Project for the collective benefit of the shareholders of all three companies. Randgold would be appointed operator of the project. Randgold and AngloGold have received the full support from their respective boards of directors for the Proposed Randgold Transaction. Neither Randgold nor AngloGold requires shareholder approval in order to proceed with the Proposed Randgold Transaction. Link to comment Share on other sites More sharing options...
vssmnn Posted July 16, 2009 Author Report Share Posted July 16, 2009 Banro seeks Twangiza loan Project Finance Magazine (subscription) - 34 minutes ago Canadian miner Banro Resources plans to raise a similar size bank loan to the C$100 million ($89.4 milion) it raised in June via a share offering. ... http://www.projectfinancemagazine.com/defa...&SID=721344 if this become true... Link to comment Share on other sites More sharing options...
vssmnn Posted July 18, 2009 Author Report Share Posted July 18, 2009 Kilo Goldmines appoints Eckhof president, CEO http://finance.yahoo.com/news/Kilo-Strengthens-Management-ccn-1042471291.html?x=0&.v=1 2009-07-16 17:29 ET - News Release Mr. Peter Hooper reports KILO STRENGTHENS MANAGEMENT AHEAD OF ACCELERATING EXPLORATION Kilo Goldmines Ltd. has strengthened its management team in preparation for a significant increase in corporate and exploration activity. The company is well advanced on its exploration program at its core gold project in the Democratic Republic of the Congo (DRC). The board of directors has recently appointed Klaus Eckhof president and chief executive officer of the company and Peter Hooper has been appointed executive chairman. This change aligns management skills and experience with the expected development of the company's future growth. Mr. Hooper will continue to manage much of the day-to-day operations of the company from the Toronto office. Mr. Eckhof will play a key role in leading the company's corporate growth and decision making on the exploration program's overall focus. Mr. Eckhof is a geologist with 20 years experience developing mineral deposits throughout Africa, South America, Asia, Australia and Russia. Mr. Eckhof worked for Mt. Edon Goldmines as the business development manager before it was acquired by Teck Corp. In 1994, he founded Spinifex Gold and Lafayette Mining, both successfully delineated gold and base metals. In late 2003 Mr. Eckhof founded Moto Goldmines which acquired the Moto gold project in the Democratic Republic of Congo where he and his team delineated over 20 million ounces and delivered a feasibility study within four years from commencement of exploration. "I am very excited to once again head up an exploration company with the kind of potential that exists in the eastern DRC. Given Moto's success in this vast underexplored region, I believe that Kilo's concessions also hold great promise and it is a very stimulating time to be undertaking our first phase of exploration," stated Mr. Eckhof. "I am certain that new discoveries can and will be made." "I want to welcome Klaus to his new position at Kilo -- and on behalf of all shareholders, I look forward to his vision and energy in leading Kilo's growth in the coming year," stated Mr. Hooper. Kilo drilling update The company is currently evaluating active artisanal gold workings on Permis de Recherche in Orientale province of the Democratic Republic of Congo with two diamond drills. About 1,700 metres of a planned minimum of 6,000 metres have been completed to date. Analytical results are anticipated in several months and they will be announced as they become available. About the Kilo-Moto gold belt Kilo has over 14,000 square kilometres of claimed property mainly (95 per cent owned) in the Orientale province of the DRC. The Archaean Congo Craton has two major gold belts: the Kilo-Moto gold belt in Oriental province in the northeast and the Twangiza-Namoya gold belt in Kivi province, in the east of the country. Recent gold exploration has also focused on Katanga province in the southeast. The Kilo-Moto granite-greenstone belt represents a significant opportunity as it is the last large greenstone belt in the world to be looked at through the lens of modern exploration techniques. Kilo also has significant iron ore interests and recently finalized a deal whereby Rio Tinto was granted an option to earn into a joint exploration program. Rio Tinto has made important procurements in establishing infrastructure in preparation for an increased exploration effort. Link to comment Share on other sites More sharing options...
vssmnn Posted July 25, 2009 Author Report Share Posted July 25, 2009 Congo's laborers find harsh conditions at Chinese-run plants http://www.mcclatchydc.com/world/story/72419.html "They keep their workers in really the bare minimum of conditions," said Jean-Pierre Muteba, a Congolese trade union leader. "They operate right on the limits of what is legal." Link to comment Share on other sites More sharing options...
vssmnn Posted July 27, 2009 Author Report Share Posted July 27, 2009 Randgold Resources enters into Irrevocable Commitment to implement the Proposed Randgold Transaction with Moto Goldmines http://pdf.reuters.com/Regnews/regnews.asp...90727:Rnsa3309W ................... Brazilian miner Vale takes a shot a Phil Edmonds' Camec http://www.telegraph.co.uk/finance/newsbys...onds-Camec.html Link to comment Share on other sites More sharing options...
vssmnn Posted July 28, 2009 Author Report Share Posted July 28, 2009 BAA = Randgolds DRC-worst case-target??? http://www.mineweb.com/mineweb/view/minewe...3&sn=Detail The Moto bid looms on the horizon and if successful in securing this at a reasonable cost Randgold will move up yet another step in the gold production hierarchy. If Moto falls though then the company has other targets in sight. Given that it is prepared to stick its neck out and go for a DRC project, then the fallback next in line could be Banro's Twangiza/Namoya projects a little further to the south. Link to comment Share on other sites More sharing options...
jerpy Posted August 6, 2009 Report Share Posted August 6, 2009 KINSHASA, Aug 6 (Reuters) - Democratic Republic of Congo has cancelled a copper and cobalt mining contract with a unit of First Quantum (FM.TO)(FQM.L) following a review of major contracts launched two years ago, a deputy minister said. "KMT's contract was cancelled in accordance with its own provisions," deputy mines minister Victor Kasongo told Reuters late on Wednesday, referring to First Quantum's Kingamyambo Musonoi Tailings (KMT) unit. He said the unit had failed to begin commercial exploitation within the agreed timeframe. Kasongo also said the government has given two months to Tenke Fungurume Mining, the giant copper and cobalt project backed by Freeport McMoran (FCX.N), to complete the review of its mining contract in the country. Separately, a statement on the government website said four other mining contracts had cleared the review. They included deals with AngloGold Ashanti (ANGJ.J), Banro (BAA.TO) and Mwana Africa (MWA.L). http://www.reuters.com/article/marketsNews...670666920090806 Link to comment Share on other sites More sharing options...
vssmnn Posted August 10, 2009 Author Report Share Posted August 10, 2009 Link to comment Share on other sites More sharing options...
vssmnn Posted August 12, 2009 Author Report Share Posted August 12, 2009 +++interactive map+++ http://www.ipisresearch.be/maps/MiMiKi/Areas/web/index.html Link to comment Share on other sites More sharing options...
vssmnn Posted August 12, 2009 Author Report Share Posted August 12, 2009 SOCO targets Congo oil exploration, posts H1 profit http://www.reuters.com/article/rbssEnergyN...C21463220090812 Chief executive Ed Story told Reuters he hoped to find around 500 million barrels of oil from campaigns in the Democratic Republic of Congo (DRC) and the neighbouring Congo Republic, on top of an anticipated 100 million new barrels in Vietnam. "The next 12 months will demonstrate whether or not we are right," Story said in a telephone interview. Link to comment Share on other sites More sharing options...
vssmnn Posted August 13, 2009 Author Report Share Posted August 13, 2009 Banro acquires refurbished process plant to fast track gold production at its Twangiza project TORONTO, Aug 13, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to announce that it has entered into an agreement to purchase a refurbished gold processing plant (the "plant") capable of achieving a throughput capacity of 1.3 million tonnes per annum. The closing of the purchase of the plant is expected to occur on or about September 21, 2009. This acquisition supports the Company's strategy of advancing production through a staged approach which will focus initially on the processing of oxide material at the Company's wholly-owned Twangiza gold project in the Democratic Republic of the Congo (the "DRC"). It is planned that the plant will be transported by sea from Australia, via the Mombasa port in Kenya, and then by road to the Twangiza project site in the DRC, where it will be erected and commissioned over the next 24 months. The Company intends to further optimize this timeline as the project moves forward. The refurbished plant comprises a crushing plant, two ball mills, carbon-in-pulp (CIP) section, gold room and a laboratory. The Company's consultants, SENET Engineering, estimate the total cost of purchasing and delivering the plant to Twangiza to be less than US$15 million, which represents significant savings in time and cost to Banro. SENET Engineering has been selected as the overall project manager and will also manage the erection and commissioning of the plant. The Company intends to operate the plant as part of a low-cost "phase one" oxide mining operation, to be expanded in subsequent years. It is estimated that annual production from this first phase plant will be between 80,000 and 110,000 ounces of gold per annum at a total operating cash cost of less than US$400 per ounce. The Company estimates the capital cost for phase one of the project (which phase is planned to use diesel power rather than hydroelectric power) to be approximately US$145 million, including contingencies. The Company has initiated discussions with a number of parties to arrange debt financing to supplement the equity financing which closed on June 25, 2009. Link to comment Share on other sites More sharing options...
vssmnn Posted August 16, 2009 Author Report Share Posted August 16, 2009 Tin, Tantalum and Tungsten: The New Blood Diamonds http://www.huffingtonpost.com/janet-rangan...n_b_255982.html Link to comment Share on other sites More sharing options...
vssmnn Posted August 18, 2009 Author Report Share Posted August 18, 2009 Loncor issues update of its Bas Congo exploration program TORONTO, Aug. 18 /CNW/ - Loncor Resources Inc. (the "Company") (TSX-V: LN) is pleased to report that, further to its May 19, 2009 press release, the Company commenced in July 2009 Phase II of its recommended gold exploration program at its exploration permit areas in Bas Congo province in the Democratic Republic of Congo (the "DRC"). The properties are located approximately 250 kilometres southwest of the capital city of Kinshasa and approximately 100 kilometres north of the town of Matadi on the Congo River. A total of 417 soil/saprolite samples and 12 rock samples have been collected on the Block B target containing a local topographic elevation which appears to be the source of a number of gold bearing streams. Samples were obtained along four lines of approximately 400 metres, positioned 80 metres apart, with a sample spacing of approximately 8 metres. The lines were oriented in a northeast to southwest direction in order to cut across the regional structural fabric of the area. Soil samples were obtained at approximately 0.4 meters depth, with one or more saprolite samples also being obtained at 1 metre intervals. Average pit depth was 1.1 meters, with the deepest pit being 3.5 meters. The Block B target area is dominated by phyllites and sericite schists belonging to the Neoproterozoic West Congo Belt. These metamorphosed sediments are intruded by quartz veinlets, veins and stockworks of unknown age and in places contain trace amounts of pyrite. The Block B target was identified as the most promising of three target blocks surveyed by the Company during its 2006 orientation pitting program at its Bas Congo permit areas and yielded a maximum gold value of 1.96 ppm. A sample spacing of 50 metres was used for the 2006 orientation survey, with samples obtained along two 700 metre lines spaced 300 metres apart. The samples collected in the recent Phase II survey have been dispatched to the SGS Laboratory facilities in Mwanza, Tanzania for gold analysis by fire assay. Results are pending. Link to comment Share on other sites More sharing options...
vssmnn Posted August 20, 2009 Author Report Share Posted August 20, 2009 Loncor Resources’ Gold exploration programme gathers pace http://www.proactiveinvestors.com/companie...-pace-2228.html Looting Africa: Canadian Company Eyes Gold in Democratic Republic of Congo http://towardfreedom.com/home/content/view/1643/1/ Link to comment Share on other sites More sharing options...
vssmnn Posted August 27, 2009 Author Report Share Posted August 27, 2009 Gem Diamonds to quit DRC Brendan Ryan | Wed, 26 Aug 2009 10:03 [miningmx.com] -- GEM Diamonds has decided to exit its operations in the Central African Republic (CAR) and the Democratic Republic of Congo (DRC). http://www.miningmx.com/news/diamonds/gem-...to-quit-drc.htm Link to comment Share on other sites More sharing options...
vssmnn Posted August 29, 2009 Author Report Share Posted August 29, 2009 Congo’s Sicomines Confirms Extent of Copper Find http://www.bloomberg.com/apps/news?pid=206...id=aYGx9eHcNy_A http://sicomines.com/chinese/index/ Link to comment Share on other sites More sharing options...
jerpy Posted September 2, 2009 Report Share Posted September 2, 2009 Promising Gold Resource defined for Kodo portion of the Zani-Kodo trend and Government approval of renegotiated OKIMO JV contract http://www.mwanaafrica.com/ir/press/2009/press_02sep09.asp Link to comment Share on other sites More sharing options...
vssmnn Posted September 2, 2009 Author Report Share Posted September 2, 2009 Promising Gold Resource defined for Kodo portion of the Zani-Kodo trend and Government approval of renegotiated OKIMO JV contract http://www.mwanaafrica.com/ir/press/2009/press_02sep09.asp Mwana Africa receives approval for DRC agreement, releases maiden resource for Zani-Kodo Prospect http://www.proactiveinvestors.co.uk/compan...spect-7731.html Link to comment Share on other sites More sharing options...
vssmnn Posted September 2, 2009 Author Report Share Posted September 2, 2009 DRC shake-up ends in shake-down A clue lies in the treatment of other DRC mining operators - affirmation of their licences has coincided with payments to various state agencies. Aim-traded CAMEC and partners paid $2m to state mining agency Gecamines in respect of their Katanga licences; and earlier this week, much smaller Aim player Mwana Africa announced that licence renegotiation for its promising Zani-Kodo gold project also involved $600,000 paid to two other state mining agencies. As an unnamed executive from another DRC miner says,"It's the same old game. All they do is put their hands in the air to try to get another chunk of money out of you." http://www.investorschronicle.co.uk/Compan...n-shakedown.jsp Link to comment Share on other sites More sharing options...
vssmnn Posted September 2, 2009 Author Report Share Posted September 2, 2009 A NEW GOLD STORY More Congolese gold for investors to ponder http://www.mineweb.com/mineweb/view/minewe...8&sn=Detail Link to comment Share on other sites More sharing options...
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