Conrad's Congo Club / Mining stocks in the DRC

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AngloGold DRC mine could invoke community unrest

http://www.busrep.co.za/index.php?fSection...ticleId=5327254

 

 

New report questions benefit of AngloGold Ashanti mine project to DRC communities

http://www.alertnet.org/thenews/fromthefie...26449792173.htm

 

New in Congo Club:

 

Ausenco secures US$130m contract

 

 

Ausenco Limited (AAX) said it had secured a US$130 million project to complete the Kinsevere Stage II copper project in the African nation of the Democratic Republic of Congo for Anvil Mining Limited (AVM). Ausenco said the contract was to provide Engineering, Procurement and Construction (“EPC”) work for the company following Anvil’s successful US$200 million debt and equity refinancing at the end of last year.

 

 

http://www.ausenco.com/

http://www.egoli.com.au/news/post/Ausenco-...m-contract.aspx

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BRC DiamondCore and Rio Tinto enter into agreement for exploration of iron ore in northern DR Congo

http://www.tradingmarkets.com/news/press-r...ngo-735713.html

 

 

El Nino Announces Non-Brokered Private Placement Close

http://www.prnewswire.com/news-releases/el...e-82826472.html

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Congo gold mine: boon or bane for Africa?

 

 

http://www.cafod.org.uk/content/download/1...RC_reportEN.pdf

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Questor share tips: Lonrho is a speculative play on African development

Questor believes that Lonrho, the pan-African based conglomerate, is one way to invest in African development, but it does carry risks.

 

http://www.telegraph.co.uk/finance/markets...share-tips.html

 

The hotels division operates three hotels in Mozambique and the Democratic Republic of Congo (DRC). Of particular interest is the group’s hotel in Lubumbashi, which is at the heart of a rapidly growing copper mining area in the DRC.

 

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Mazorro Resources Provides Update on Congo Exploration Permits

OTTAWA, ONTARIO, Feb 03, 2010 (MARKETWIRE via COMTEX News Network) --

 

Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE: MZO)(FRANKFURT: JAM) is pleased to provide an update with respect to the previously announced acquisition of exploration permits in the Democratic Republic of Congo ("DRC", see Press Release dated December 8, 2009).

 

During December 2009, the Company provided payment of the initial cash consideration due under the terms of the agreement with Congo Mining Company sprl ("CMC"). The Company has completed a process of evaluating quotations for an independent National Instrument 43-101 Technical Report on the six mineral permits located in eastern DRC. Wardell Armstrong International has been awarded the contract to complete the NI 43-101 report which incorporates the requirement for a site visit of the six mineral permits. Travel logistics and in-country planning have been finalized with the site visit anticipated to initiate within a weeks time.

 

Closing of the acquisition of the six exploration permits remains subject to a number of terms and conditions, including: the satisfactory completion of due diligence relating to the legal and proprietary title of the permits and historical geological information regarding the permits; and regulatory approval, including review and final acceptance of the TSX Venture Exchange.

 

The Company also announces that it has engaged Mr. Paul Lemmon, CIM, P. Geo., as a consulting geologist and to act as the Company's qualified person (as defined by National Instrument 43-101). Mr. Lemmon will oversee the exploration and technical work programs for the DRC permits.

 

 

 

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Banro reports initial exploration results at the newly-discovered Ntula Gold Prospect on its Twangiza Property

http://www.cnxmarketlink.com/en/releases/a...0/01/c5397.html

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Elemental Successfully Raised $8.75M

 

http://stocknessmonster.com/news-item?S=EL...SX&N=479425

 

4 February 2010 

 

 

Company Announcements Office 

Australian Securities Exchange Limited 

 

 

ELEMENTAL SUCCESSFULLY RAISED $8.75M 

 

The  Directors  of  Elemental  Minerals  Limited  are  pleased  to  advise  that  the  company  has 

successfully raised $8.75M by way of a placement of 25 million fully paid ordinary shares at 

an issue price of 35 cents each to private investors to provide funding for the 

Sintoukola 

Potash Project and additional working capital. 

 

Patersons Securities Limited acted as Lead Manager to the Placement. 

 

Shareholders  have  previously  approved  the  issue  of  20  million  shares  at  the  company’s 

annual general meeting held on 24 November 2009. 

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DRC considers new laws for gemstone mining: minister

http://af.reuters.com/article/investingNew...E6110IA20100202

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Kilo_Goldmines_Presentation_Januar_2010

 

 

 

 

http://www.kilogold.net/downloads/Kilo-Inv...resentation.pdf

 

New Homepage: http://www.kilogold.net/

 

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Great year' for Randgold as on way to 1 million oz/y gold by 2013

 

Probably the jewel in the crown though is Kibali (formerly known as Moto) in the DRC. Randgold is the operator and is partnered by AngloGold Ashanti - a combination which worked well at Morila. Both companies hold 45% with the remaining 10% held by DRC government entities. The takeover of Kibali was only completed in the second half of 2009 and Randgold mobilised its team on site in October and has already seen the indicated resource increased by 23% and reserves by 67%. Indicated and inferred resource is now at 19.76 million ounces and reserves 9.19 million ounces for a combination of open pit and underground mining. This would be a big mine and could cost $800 million or more to build given its remote location and lack of local infrastructure. Even so mining could be under way by 2014. It adds another degree of risk to the Randgold portfolio of projects given there is still some nervousness about the strength and control of the DRC central government in remoter areas of this big country.

 

http://www.mineweb.co.za/mineweb/view/mine...etail&pid=1

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Echoes From Davos:

 

Brazil Follows China Into Africa

February 8, 2010 - 7:42 pm

 

http://blogs.forbes.com/davos/2010/02/08/e...na-into-africa/

 

China's scramble for Africa's resources, and to a lesser extent India's has taken the spotlight, but Brazil's interest is growing. Last year, Roger Agnelli, Vale's chief executive, said that while Tete was its first big project in Africa, it was looking to invest in nickel and copper mining in DR Congo, Zambia and Namibia. Brazil's imports from Africa have risen more than sixfold from 2000's $3 billion. Its exports, largely food, have grown by eightfold over that time from $1 billion. Brazil's President Lula da Silva has been a frequent visitor to the continent as part of a drive to encourage more inward Brazilian investment, which has already passed $10 billion.

 

>>>>>> http://www.mediacongo.net/show.asp?doc=14568

 

Mines : le projet «Villages du millénium» présenté au gouvernement

 

Victor Kasongo

 

La deuxième société minière la mieux cotée au monde expérimente déjà les villages du millénium au Brésil. Les similitudes existant entre ce pays et la RDC justifient le choix porté sur Vale. Cette société qui pèse 140 milliards de dollars américains est spécialisée dans l’exploitation du fer, du charbon, du cuivre, du nickel et de tant d’autres minerais. Dans les villages où sont situées les exploitations minières, l’expérience fait du chemin.

 

 

 

 

>>>>>>>>> http://www.vale.com/vale_us/cgi/cgilua.exe...rt.htm?tpl=home

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Banro Chart - Point of Return ???

 

 

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ELM Presentation - March, 5. 2010

Location: Hotel Widder / Zürich (Zurich Switzerland)

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Mwana increases DRC gold project's resource

http://www.miningweekly.com/article/mwana-...urce-2010-02-15

 

 

ABB Wins $107m Power Order From SNEL In Congo

http://network.utilities.energy-business-r...n_congo_100215/

 

ABB has won an order worth $107m from Societe Nationale d'Electricite (SNEL), a national power company in the Democratic Republic of Congo, to upgrade technology on an electricity transmission system.

 

ABB will refurbish the stations that convert alternating current to direct current and back on the 560MW Inga-Kolwezi power transmission link. The 1,700km system was built by the company in 1982.

 

The link uses high-voltage direct current (HVDC) technology to transmit power from the Inga Falls hydropower station on the Congo river to the mining district of Katanga in the south-east of the country. It also enables excess power to be exported to the Southern African power pool countries.

 

ABB will be responsible for system engineering, including design, supply and installation of new thyristor valves, high-voltage apparatus and MACH2 control and protection system. The project is scheduled for delivery in 2013.

 

Peter Leupp, head of ABB's power systems division, said: "This refurbishment will enhance the reliability of the grid and ensure efficient transmission of hydro electricity across the region. We are delighted to contribute to the development of the power infrastructure in the country and remain committed to the harnessing of renewable energy."

 

 

Canadian mining seminar promotes investment in African mining

http://www.miningweekly.com/article/canadi...ning-2010-02-12

 

The largest Africa-focused mining event in North America for the international mining and financial communities is taking place on March 9, 2010, in Toronto.

 

....

 

The keynote address will be by junior gold exploration company Banro Corporation chairperson Simon Village.

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Feb. 20 (Bloomberg)

 

The Democratic Republic of Congo, the world’s largest cobalt producer, reshuffled 20 positions in its government last night, an order signed by the president and prime minister said.

 

http://www.businessweek.com/news/2010-02-2...efficiency.html

 

The ministers of oil, budget, and finance were changed, and Victor Kasongo, the vice minister of mines, had his position cut.

The move reduces the number of ministerial positions in the government to 43 from 54 “for more efficiency,” and aims to limit expenditures as Congo tries to qualify for a World Bank and International Monetary Fund debt relief program, a statement accompanying the order said.

 

Kasongo was the public face of the mines’ ministry and the man behind the recent review of all of Congo’s mining contracts that resulted in the cancellation of a $553 million copper and cobalt project with Canada’s First Quantum Minerals Ltd.

 

Besides Kasongo, Finance Minister Anthanase Matenda was replaced by Matata Ponyo Mapon; Jean-Baptiste Ntahwa Kuderwa Batumike takes over from Budget Minister Michel Lokolo; and former minister of interior, Celestin Mbuyu Kabango, replaced Rene Isekemanga Nseka as oil minister.

 

If Congo achieves a number of macroeconomic benchmarks in the coming months, it could become eligible for debt relief under the IMF and World Bank’s Heavily Indebted Poor Countries initiative. The country paid $178.9 million in debt service last year, according to the IMF.

 

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Newmont buys $4.8M stake in Loncor Resources

 

DENVER

 

Newmont Mining Corp., one of the world's biggest gold producers, said on Friday that its Canadian subsidiary bought a minority stake in Loncor Resources Inc. for 5 million Canadian dollars ($4.8 million U.S.).

 

Newmont Mining Corp. of Canada Ltd. bought 4 million units of Loncor through a private placement, for 1.25 Canadian ($1.20 U.S.) each. Each unit includes one common share and a warrant for another share exersizable at 1.45 Canadian ($1.39 U.S.) for two years.

 

The company said it would end up owning 13 percent of Loncor if it uses all the warrants, and if no one else exercises convertible securities.

 

Loncor is a gold and platinum exploration company focused on the Congo.

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Eurasian Natural Resources Corporation PLC

 

Acquisition of Chambishi Metals and Comit Resources

 

http://www.nasdaq.com/aspx/stock-market-ne...res-acquisition

 

London - Eurasian Natural Resources Corporation PLC ('ENRC' or the 'Group')

today announces that it has entered into a conditional agreement ('the

Transaction') to acquire 100% of Enya Holdings BV ('Enya') which holds a 90%

interest in Chambishi Metals PLC ('Chambishi'), a Zambian copper and cobalt

producer, together with a 100% interest in Comit Resources FZE ('Comit'), a

Dubai-based marketing and sales company that historically has handled

Chambishi's copper and cobalt sales. The aggregate consideration for the

Transaction amounts to US$300 million, which will be wholly funded from ENRC's

existing cash resources. The Transaction remains subject to the satisfaction or

waiver of certain conditions precedent and is expected to be completed no later

than the end of June 2010.

 

The acquisition constitutes a 'smaller related party transaction' for the

purposes of the Listing Rules of the United Kingdom Listing Authority ('UKLA').

 

Chambishi is a mineral processing facility which produces copper and cobalt. It

is the intention of the management of ENRC to combine Chambishi with the Group's

existing operations in the Democratic Republic of the Congo ('DRC'). ENRC

currently plans to invest approximately US$80 million into Chambishi by the end

of 2011, in new and upgraded production facilities. The investment should

increase Chambishi's copper production capacity to 55 kt per annum of London

Metal Exchange ('LME') Grade A copper cathode.

 

The integrated copper and cobalt mining and smelting businesses of Chambishi and

those in the DRC, when combined, should have an improved cost position over

time. The acquisition also enables ENRC to fast-track its copper and cobalt

expansion and to achieve a higher planned level of combined total capacity, of

130 kt per annum of LME Grade A copper cathode and 12 kt per annum of cobalt

contained metal salts and concentrates by 2012.

Chambishi's current facilities comprise a roast leach electro-winning plant -

for the processing of oxide concentrate, sulphide concentrate or intermediate

metal salts - and an electric arc furnace and a pressure oxidation leach plant

for furnace slag treatment. Chambishi also owns a slag dump of approximately

16.6 million tonnes, with an average grade of 1.10% copper and 0.71% cobalt.

 

Current copper production capacity at Chambishi is 25 kt per annum of blister

grade copper. Chambishi is also a substantial producer of cobalt, one of the

largest in the world, with a current capacity to produce 6 kt per annum of

refined cobalt metal. The cobalt metal produced at Chambishi is high-grade and

has strong brand recognition in the industry.

 

Comit acts as a marketing and sales company for all of the copper and cobalt

production of Chambishi.

 

 

 

 

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Dream Stocks for Mining Investors

http://www.fool.com/investing/general/2010...-investors.aspx

 

Freeport-McMoRan

As copper prices have made a recovery from beaten down recessionary levels, shares of producers like Freeport, Newmont Mining (NYSE: NEM), and Taseko Mines (NYSE: TGB) have made a recovery as well. Increasing copper prices and higher Chinese demand helped Freeport bring in nearly $1 billion in fourth-quarter net income compared to a massive $14 billion loss in the prior year, while revenue more than doubled to $4.6 billion. On the growth front, it's recently been getting closer to a deal with the Democratic Republic of Congo over its jointly owned, massive Tenke Fungurume mine, despite geopolitical difficulties. The company remains cautious about the state of a global recovery and plans to reopen operations accordingly, but many CAPS members are looking farther out at the long-term potential for the company, with 96% of the 5,458 members rating Freeport-McMoRan bullish on its chances of beating the broader market.

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Tenke could boost output to 400,000 tpy in second phase

http://www.metalbulletin.com/Article/23977...cond-phase.html

 

 

 

Feb. 23, 2010, 9:10 a.m. EST · Recommend · Post:

Texada Ventures Inc. Announces Term Sheet with Diamond Industry Associates Ltd

 

SPOKANE VALLEY, Wash., Feb 23, 2010 (BUSINESS WIRE) -- Texada Ventures Inc. /quotes/comstock/11k!txvn (TXVN 0.46, +0.21, +84.00%) ("Texada" or the "Company") announced that on February 15, 2010 it entered into a Term Sheet with Diamond Industry Associates Ltd ("DIA") whereby Texada will acquire 100% of DIA's issued and outstanding shares or alternatively the assets and contractual obligations of DIA. The acquisition will be subject to a definitive agreement and customary terms and conditions. In conjunction with the transaction, the Company plans to commence a private placement financing of up to $3 million.

 

DIA seeks to become a leading diamond producer in the Democratic Republic of the Congo ("DRC"), a historically rich diamond producing region of the world. DIA's alluvial diamond concessions are located along 40km of the Mbujimayi River in the Kasai Oriental region of the DRC. The area has been subject to extensive artisanal prospecting since the 1920s. The concessions are just northeast of the Polygon, which is one of the richest diamond reserves in the world, estimated to contain a cluster of at least 12 kimberlites having produced 650 million carats of diamonds since 1917.

 

The geology in this region is dominated by the sediments of the Precambrian Mbuji-Mayi Formation, which locally comprise dolomites, sandstones and argillites, as well as doleritic volcanics. This formation was intruded by highly diamondiferous Bakwanga kimberlites during the Lower Cretaceous period. It was the subsequent erosion of these deposits that led to the rise of some of the largest high-grade alluvial diamond deposits in the world. The most economically important alluvial deposits (terraces) are Holocene in age, with the modern-day meandering Mbuji-Mayi river system cutting down into the valley floor of the Mbuji-Mayi Formation.

 

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Banro Chart - Point of Return ???

 

 

 

 

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Anvil Divests its Interest in the Dikulushi Tenements in the DRC and Updates Construction Progress at Kinsevere Stage II

 

MONTREAL, Feb. 26 /CNW Telbec/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil" or the "Company") today announced that it has reached agreement with Mawson West Limited ("Mawson West") on the terms and conditions for the sale of the Company's 90% interest in Anvil Mining Congo SARL ("AMC"). AMC is the holder of the Dikulushi Mining Convention and the Dikulushi copper-silver mine in the Democratic Republic of Congo ("DRC") which was placed on care and maintenance in the fourth quarter of 2008.

 

As Anvil is now focused on significantly larger copper projects in the DRC, with the Kinsevere Stage II project (60,000 tonnes per year of cathode copper) expected to begin commissioning during the first quarter of 2011, the Company has decided to divest itself of the Dikulushi project.

 

The Company plans to carry out further drilling at Kinsevere during 2010 and is investigating expansion opportunities with attractive synergies for the Kinsevere operation with the possibility also of extending the processing life of the project. In addition, the Company has yet to determine its evaluation and development plans for the Mutoshi project in the Kolwezi region of the DRC, where there are early indications of a large, though lower grade copper resource.

 

The terms of the agreement with Mawson West

 

Under the terms of the agreement with Mawson West, the shares in AMC held by Anvil will be transferred to Mawson West, in consideration for which Anvil will receive 83,070,000 shares in Mawson West, representing approximately 28% of the issued and outstanding shares in Mawson West, on an undiluted basis.

 

The agreement also provides that, so long as Anvil holds at least 15% of the issued and outstanding shares in Mawson West, Anvil will have top-up rights to ensure that it may participate in any future share issues or placements so that it is able to maintain its percentage shareholding in Mawson West and the right to appoint one director to the Mawson West Board of Directors.

 

The trust in favour of the communities near or most affected by the Dikulushi project that holds 10% of AMC, is being restructured as a foundation based in the DRC, in order to have greater Congolese involvement in the social program implementation process. Anvil will continue to work with authorities in the DRC to complete this restructuring following the disposition of AMC.

 

The transaction with Mawson West is subject to Mawson West shareholder approval and is expected to be completed during March 2010, at which time Mawson West will assume responsibility for the area covered by the Dikulushi Mining Convention, which includes the Dikulushi mine and the Kapulo Project Area, which is located approximately 130 km north east of the Dikulushi mine.

 

The Kapulo Project Area

 

During 2006, Anvil entered into a farm-in agreement with Mawson West for the Kapulo Project Area. Mawson West now holds a 65% interest and is manager of the joint venture.

 

To date, Mawson West has completed a total of 14,608 metres of diamond drilling and 3,323 metres of reverse circulation drilling at the Shaba and Safari North deposits on the Kapulo Project Area. Because this evaluation work is continuing, no JORC or NI 43-101 compliant resource statement has yet been completed.

 

About Mawson West

 

Mawson West Ltd is an Australian based copper and gold explorer, with a focus on the Kapulo high-grade copper project in the DRC and neighbouring areas across the border in Zambia. The company also has gold projects in Western Australia. It is a public unlisted company with approximately 212 million shares currently issued and outstanding. Based upon the share price at which Mawson West recently completed a $9.0 million private placement, its market capitalisation is approximately $31.8 million.

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BHP seeks Congo power project to replace Westcor

http://af.reuters.com/article/investingNew...E61P0D920100226

 

BHP Billiton, the world's biggest mining company, wants to build a $3.5 billion 2,500 MW hydro power plant in Democratic Republic of Congo to support its proposed aluminum smelter, according to a company presentation obtained by Reuters.

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IGE, Pangea DiamondFields to Merge

 

International Gold Exploration (IGE) has agreed to buy Efidium, a subsidiary of Pangea Diamondfields. The newly merged company will consolidate Pangea’s five diamond projects in Angola, the Democratic Republic of the Congo (DRC) and South Africa with IGE's four diamond ventures in Angola, the company said on Monday.

 

http://www.diamonds.net/news/NewsItem.aspx?ArticleID=29920

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Metorex announces the maiden SAMREC mineral resource estimate for the Dilala east resource in the DRC

http://www.mineweb.co.za/mineweb/view/mine...etail&pid=1

 

Monday , 01 Mar 2010 Metorex

 

Metorex is pleased to announce the release of a maiden SAMREC Code compliant mineral resource estimate for the Dilala East deposit located on the Musonoi Est prospect area immediately north of Kolwezi in Katanga Province, Democratic Republic of the Congo. This resource estimate represents a key milestone for the Project, providing a strong foundation to progress the Dilala East Project to a Bankable Feasibility Study.

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Congo Mineral Developments Asks for Arbitration on Congo Project

http://www.businessweek.com/news/2010-03-0...go-project.html

 

Google: http://www.google.de/#hl=de&source=hp&...9934b00c623671d

 

R462m cash mining profit signals Metorex's growing strength – CEO

http://www.miningweekly.com/article/r462m-...-ceo-2010-03-02

 

DRC Pulls Plug On Inga

http://allafrica.com/stories/201003010977.html

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Kinshasa's Missing Millions - Evidence of Grand Corruption Mounts in Beijing's Showcase $6 billion Barter Deal with the Kinshasa Government

http://allafrica.com/stories/201002151711.html

 

Canadian Firms Dominate Mining Activities in Africa - And Have a Bad Human Rights Record

http://allafrica.com/stories/201003011058.html