Archive | Africa Mining

Gems discovered in South Africa are ‘quartz, not diamonds’ (Al Jazeera.com – June 21, 2021)

https://www.aljazeera.com/

Gemstones that sparked a diamond rush to eastern South Africa last week are just quartz after all, according to preliminary findings.

Thousands of people had flocked to a hillside in South Africa’s KwaZulu-Natal province to dig for mysterious stones first unearthed by a cattle herder and believed to be diamonds.

The rush prompted the government to send geoscientists and mining experts to collect samples for testing, the results of which quashed the dreams of diggers hoping to strike it rich. Continue Reading →

ChromeSA fails to win ear of Competition Commission in controversial export tax row – by David McKay (MiningMX.com – June 21, 2021)

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SOUTH Africa’s chrome ore industry has failed in its attempt to win an exemption from the Competition Commission that would have enabled it to discuss alternatives to an export tax controversially proposed by Cabinet last year.

The export tax is intended to boost the country’s ferrochrome industry which uses chrome ore supply. However, ChromeSA says it will only have short-term benefits and could potentially backfire in the long run.

It argues that alternative chrome ore producers have an excess supply that could be brought to bear in the wake of uncompetitive South African material. The majority of South African chrome ore exports are to China which it uses for its own ferrochrome sector. Continue Reading →

CEO vacuum at AngloGold turns it into world’s worst mining stock – by Adelaide Changole (Bloomberg News – June 17, 2021)

https://www.bnnbloomberg.ca/

AngloGold Ashanti has had a bad year, with the company’s lack of a permanent chief executive officer and a suspension of its Ghana mine operations weighing on the stock. But with shares now cheap compared with peers, analysts see potential for upside.

Shares of the world’s third-largest gold producer have dropped 30% in the past year, making it the worst-performing stock in the 113-company Bloomberg World Mining Index. It also trails peers on South Africa’s FTSE/JSE Precious Metals and Mining Index, which has gained 20% in the same period.

Investor sentiment began to sour three days after the company’s shares rose to a record on July 27. That’s when AngloGold’s CEO Kelvin Dushnisky shocked stakeholders by announcing his resignation. Continue Reading →

De Beers Unit’s Gigantic Diamond Could Be Third-Biggest Ever – by Mbongeni Mguni (Bloomberg News – June 16, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — Debswana Diamond Co., a unit of De Beers Plc, unearthed a 1,098 carat stone in Botswana on June 1, the largest since the company began operations five decades ago.

Preliminary analysis suggests the stone is the world’s third-largest gem-quality diamond ever after the Cullinan Diamond that was discovered in South Africa in 1905 and the Lesedi la Rona that was found in Botswana in 2015, according to Debswana acting Managing Director Lynette Armstrong.

Valuation by the Diamond Trading Co. Botswana is due in a few weeks and at this point, Debswana can’t say whether the rock will be sold by De Beers or through the Okavango Diamond Co., a state-owned trader that also holds the right to buy Debswana stones, Armstrong said. Continue Reading →

WATCH: Thousands rush to dig for diamonds in South Africa – by Cecilia Jamasmie (Mining.com – June 15, 2021)

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The South African government has launched a formal investigation into claims made on social media of the existence of massive diamonds within easy reach near the town of Ladysmith, about 360 kilometers (224 miles) southeast of Johannesburg.

The country’s Department of Mineral Resources and Energy ordered people on Tuesday to halt the search as thousands continue to travel from across South Africa to join villagers who have been digging in the area since Saturday.

The Department noted it was sending a team of geological and mining experts to the site to collect samples and conduct an analysis. Continue Reading →

South African ferrochrome furnaces need to regain competitive advantage, warns Roskill – by Simone Liedtke (MiningWeekly.com – June 15, 2021)

https://www.miningweekly.com/

The South African ferrochrome industry has benefitted from recent events in China, which commodity research consultancy Roskill says has removed significant global capacity through the closure of small furnaces.

While higher-cost furnaces in southern China have been able to fill the short-term gap, the demand expectations will require South African plants to remain operational throughout this year.

Taking this into account, Roskill predicts that the benchmark price for the third and fourth quarters of this year will maintain a premium to the South African cost structure. Continue Reading →

Cobalt ‘Bubble’ Will Burst, Ivanhoe Executive in Congo Says – by Michael J. Kavanagh (Bloomberg News – June 14, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — The demand for cobalt is a bubble that will burst as new battery technology reduces the need for the metal, according to the head of the chamber of mines in the Democratic Republic of Congo.

Congo holds more than half the world’s cobalt reserves, but the market’s negative perception of the central African nation’s business climate means companies will soon find alternative ways to create the power needed for the green energy revolution, Louis Watum of the Federation des Entreprises du Congo told a virtual conference on Monday.

“I’m not a fan of cobalt,” said Watum, who is also an executive at Ivanhoe Mines Ltd. and previously ran their Congo operations. “Cobalt is a bubble that is going to burst.” Continue Reading →

‘Get on with your jobs’: Keir Starmer takes aim at Rhodes row Oxford dons after they refused to teach students – by Eleanor Harding (Daily Mail – June 15, 2021)

https://www.dailymail.co.uk/

Sir Keir Starmer has demanded Oxford dons ‘get on with their jobs’ after they refused to teach students in a row over a statue of Cecil Rhodes. The Labour leader told academics it was unfair to punish ‘hard-hit’ students in their quest to remove the colonialist.

He waded into the furore after 150 lecturers threatened to stop tutorials for Oriel College students until the statue is removed from its building.

When asked yesterday if he supported the dons, Sir Keir urged them to end their boycott immediately. He told LBC News: ‘Get on with the job of teaching people. Let’s get our feet back firmly on the ground and teach the students. Continue Reading →

Ganfeng Lithium to buy 50% of Mali mine for $130 million – by Cecilia Jamasmie (Mining.com – June 14, 2021)

https://www.mining.com/

China’s Ganfeng Lithium, one of the world’s top producers of the commodity used in electric vehicle batteries, is acquiring a 50% stake in a special purpose vehicle that owns the Goulamina hard-rock mine in Mali for $130 million.

Ganfeng, which counts automakers Tesla and BMW among its customers, said the move will grant it at least half of Goulamina’s first-phase annual output, estimated in 455,000 tonnes of spodumene.

Mali’s government can take 10% of the equity free of charge and pay in cash for up to 10% more, the company said. Continue Reading →

Andrew Forrest’s $100b Congo power play – by Brad Thompson (Australian Financial Review – June 13, 2021)

https://www.afr.com/

“Fortescue will not work with those who intend to ship in thousands of workers
and ship them out once the project is completed,” he said. “We intend to upskill
the economies that we enter.”

Fortescue Metals Group chairman Andrew Forrest has secured the inside running on developing the world’s largest hydro power project – which alone carries a $US80 billion ($103.8 billion) price tag – and associated port, green hydrogen and green ammonia capability in the troubled Democratic Republic of Congo.

Dr Forrest said Fortescue’s green energy and green hydrogen projects in Africa were not confined to the DRC and included projects in Kenya and Ethiopia, with investors and financiers already indicating a willingness to commit more than $US100 billion.

He put Fortescue’s weight behind the Grand Inga dam project on the Congo on Sunday as part of his ambition to diversify the iron ore miner into a global force in green energy and green hydrogen. Continue Reading →

As Germany Acknowledges Its Colonial-Era Genocide in Namibia, the Brutal Legacy of Diamond Mining Still Needs a Reckoning – by Steven Press (Time Magazine – June 10, 2021)

https://time.com/

Steven Press is the author of Blood and Diamonds: Germany’s Imperial Ambitions in Africa, available from Harvard University Press.

Between 1904 and 1908, Germany’s military and leadership oversaw the killing of at least 80,000 Africans in what is now the independent country of Namibia. On May 28, Germany apologized. Declaring his country’s past violence in Namibia “genocidal,” Foreign Minister Heiko Maas also pledged $1.3 billion in aid to Namibians, whose capital, Windhoek, still has a prominent street named after Otto von Bismarck.

The German apology is a commendable step and important precedent. But its parameters are inadequate, and one reason why may be embedded in your family’s heirloom engagement ring.

Millions of carats in diamonds have been exported from Namibia since 1908. These same sparkling stones have a dirty history tied to German colonial rule. Right now, official statements about Germany’s debt to Namibia do not account for those gemstones at all. Continue Reading →

World needs Congo copper to kick fossil fuels, Friedland says – by James Attwood, Erik Schatzker and Michael J. Kavanagh (Bloomberg News – June 8, 2021)

https://www.bnnbloomberg.ca/

An African nation emerging from decades of conflict and corruption holds the key to greening the global economy.

That’s the view of mining magnate Robert Friedland, whose Kamoa-Kakula venture just started producing copper in the Democratic Republic of the Congo.

After scouring 59 countries over more than three decades, the Canadian billionaire says Congo has the world’s best deposits of the metal used in everything from electric cars to solar panels and power grids. Continue Reading →

Nickel: No longer a forgotten battery metal – by Gerard Peter (Mining Review Africa – June 7, 2021)

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Nickel will be the key beneficiary of electric vehicle (EV) adoption against the backdrop of other battery metals such as lithium and cobalt, supported by its dominant long-range capabilities. Furthermore, a wealth of nickel deposits will position Africa to benefit from an uptrend in prices in the coming years writes GERARD PETER.

These are the key findings of a recent Fitch Solutions report that looks at the opportunities and risks for nickel in the battery revolution.

The basis of the report has been founded on a recent Mining Review Africa webinar titled, Nickel: The Forgotten Battery Metal where Fitch Solutions, Carly Cassidy was a participant. Continue Reading →

Jihadists Massacre at Least 130 in Burkina Faso as West African Violence Surges – by Benoit Faucon and Joe Parkinson (Wall Street Journal – June 6, 2021)

https://www.wsj.com/

NIAMEY, Niger—The jihadists came at night on motorcycles and surrounded a remote village on Burkina Faso’s eastern border with Niger. By the early hours of Saturday morning, over 130 civilians were confirmed dead by the government—the worst terrorist atrocity in the history of a country that has been plunged into extremist violence in recent years—prompting calls to intensify international counterterror efforts across West Africa.

During the three-hour onslaught on Yagha village, the militants shot indiscriminately, torching homes and a market before lobbing explosives at civilians seeking refuge in gold-mining holes, according to government officials and nongovernmental organizations based in the region.

No one has claimed the killings, but government officials say it was the work of Islamic State’s regional affiliate, the Islamic State in the Greater Sahara, or ISGS, which has killed hundreds of civilians in recent months. Continue Reading →

Macron’s blunt style may harm bid for new African chapter – by Paul Melly (BBC.com – June 3, 2021)

https://www.bbc.com/

French President Emmanuel Macron has once again resorted to outspoken language as a tool of diplomatic strategy, this time targeting the president of the Central African Republic (CAR).

He described Faustin-Archange Touadéra as a “hostage” of Wagner, a Russian military contractor that has been helping the CAR government fight rebels threatening to overrun the capital, Bangui.

Paris is also angered by the anti-French social media messages that emanate from sources close to Mr Touadéra, stirring up resentment against the former colonial power. Continue Reading →