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Fura closes in on Colombian emerald mine buy; to create single-stop Dubai-based gemstone shop

By: Henry Lazenby     13th January 2018 Canadian gemstone-focused miner Fura Gems is setting up a single-stop destination in Dubai, where rubies and emeralds produced from its Mozambique and Colombian assets will be graded and sold at the Almas Tower. “The Almas Tower is arguably one of the most secure spaces in the world, from where... 

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent ones, thereby reflecting a degree of positivity, as well as signs of growth. This also points to untapped potential that is ready to be unlocked through increased investment upstream and... 

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent regions, thereby showing a degree of positivity with signs of growth. This also points to a degree of untapped potential that is ready to be unlocked through increased investment upstream and... 

Gem smuggling thwarts revival of Central African Republic

By: Bloomberg     29th November 2017 In the lounge of a luxury hotel in Bangui, the capital of war-torn Central African Republic, soft-spoken diamond dealers cautiously sidle up to guests. Their whispered offers of gems for sale are a visitor’s first hint of the thriving illegal market for the precious stones in a country that five... 

Mnangagwa's task to rebuild Zimbabwe economy

By: Bloomberg     23rd November 2017 When Emmerson Mnangagwa takes over from Robert Mugabe as Zimbabwe’s President on Friday, he’ll inherit an economic wasteland that will take years and a complete reversal of some of the government’s signature policies to set right. Among Mnangagwa’s key challenges will be to revive an... 

Africa’s first coltan smelter established in Tanzania

By: Robyn Wilkinson     10th November 2017 Mining and metals company AB Minerals is partnering with the African Minerals and Geoscience Centre (AMGC) in Dar es Salaam, Tanzania, to establish the first columbite-tantalite (coltan) smelter in Africa. 

Rwanda President sees growth accelerating on banking, mining

By: Bloomberg     3rd November 2017 Rwandan economic growth is expected to accelerate this year and next as the outlook for industries including financial services, tourism and mining improves, President Paul Kagame said. The pace of expansion is expected to increase to 7% next year from about 6% this year, Kagame said Thursday in... 

Even the smallest economy in oil-rich gulf is too big to fail

By: Bloomberg     2nd November 2017 Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial... 

Guptas inflated Oakbay price through trading by Singapore firm

By: Bloomberg     2nd November 2017 The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal... 

Eskom gave Tegeta prepayment on day Optimum purchase price was due, inquiry hears

By: African News Agency      1st November 2017 A business rescue practitioner on Wednesday told the parliamentary inquiry into Eskom that the power utility agreed to pay Tegeta almost R600-million in advance for coal on the same day it became clear that the Gupta-affiliated company was short of that same sum to purchase the Optimum coal mine.... 

Mad scramble for lithium mines stretches from Congo to Cornwall

By: Bloomberg     25th October 2017 For evidence of just how hot battery ingredient lithium is right now, look no further than Australia’s AVZ Minerals. A penny stock until a few months ago, the mining hopeful has surged about 1 500% this year. The proposition: recasting a remote, century-old tin mine in the Democratic Republic of... 

Report reveals how politicians and security forces are siphoning off Zim’s diamond wealth

By: Ilan Solomons     29th September 2017 Powerful military, political elites and security forces have taken control and secretly exploited Zimbabwe’s once promising diamond sector, while concealing the scale of the loss to its people, a new report from international watchdog organisation Global Witness reveals. The report entitled ‘An... 

Specialist helps Zambian mines save on maintenance costs

     15th September 2017 More and more mines in Zambia are seeing the benefits and the profitable returns of investing in condition monitoring, with a direct positive impact on productivity and machine availability, and reduced maintenance costs, enthuses condition-monitoring specialist WearCheck. 

Diamonds fund Zimbabwe political oppression, Global Witness says

By: Bloomberg     11th September 2017 Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern... 

Zwane must be called to answer to MPs about Guptas 'now'

By: African News Agency      23rd August 2017 African National Congress (ANC) MPs on Wednesday resolved to call Mineral Resources Minister Mosebenzi Zwane to explain his relationship with the Gupta family “now”. Parliament’s House Chair Cedric Frolick had earlier directed the committee to conduct an inquiry into allegations in the media of... 

Cable management company fortifying ties with Australia

By: Marleny Arnoldi     11th August 2017 South African cable management solutions company Strutfast aims to expand its operations and open an office in Perth, early next year, owing to the Western Australia capital being the recognised centre for mining operations in Australia and also hosting the head offices of many companies that own... 

World's biggest tax bill is latest worry for African gold miner

By: Bloomberg     27th July 2017 It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things... 

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

Years of gridlock face South Africa as new rules hurt mining 

By: Bloomberg     13th July 2017 Executives from Sibanye Gold Ltd., South Africa’s biggest gold miner, were in Los Angeles in the final stages of a roadshow with U.S. bond fund managers last month when a bombshell hit from back home. The government had introduced shock new rules requiring local mines be 30 percent black-owned in... 

Gold elite challenged by base metals bourse on market future

By: Bloomberg     10th July 2017 The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. The London Metal Exchange and its partners aim to grab a piece of the action in a city... 

Paper trail on metal loans ended in fakes as banks lose millions

By: Bloomberg     4th July 2017 For all the high-tech wizardry of modern financial markets, there’s one corner of the commodity world that still depends almost entirely on printed paper – making it an easy target for crooks. Buyers and sellers of base metals like copper, aluminum and nickel use documents known as warehouse... 

India seeks to extend LNG, energy cooperation with Qatar

By: Ajoy K Das     21st June 2017 Despite Qatar being pushed into diplomatic and economic isolation by its neighbours, India is deepening economic cooperation in liquefied natural gas (LNG) and energy with new proposals and initiatives. The Indian government has proposed a fresh long-term LNG purchase agreement, while the Qatari... 

Alrosa, Dubai trader strengthen ties

By: Megan van Wyngaardt     15th June 2017 The Dubai Multi Commodities Centre (DMCC) and Russian diamond miner Alrosa have agreed to enhance diamond trade cooperation. The parties discussed options for expanding Alrosa’s trading activities at the Dubai Diamond Exchange – a DMCC entity – as well as agreements on enhanced efforts to stem... 

Tanzania's Acacia spat shows deepening battle with business

By: Bloomberg     14th June 2017 Tanzanian President John Magufuli’s escalating battles with business risk alienating the very investors he needs to drive his multi-billion dollar industrialization policy. On Monday, the 57-year-old leader ratcheted up his dispute with miners by accusing Acacia Mining Plc of operating illegally... 

Iran's Rouhani faces anguished coal miners after fatal explosion

By: Bloomberg     8th May 2017 Iranian President Hassan Rouhani faced anguished miners Sunday as he visited a coal mine where an explosion last week killed more than three dozen men. Rouhani, the moderate cleric seeking re-election May 19, “insisted” on traveling to northern Golestan province to review the disaster and speak... 

Artisanal gold mining has economic value, call to legalise

By: Johane Turkstra     14th April 2017 Natural resources governance-focused nongovernment organisation Partnership Africa Canada (PAC) is advising the Malian, Burkinabe and Ivorian governments to decriminalise artisanal and small-scale mining (ASM) in the gold sector to allow for the structure and policy coherence that will enable... 

Early milestone reached at Guinean bauxite project

     14th April 2017 Aluminium producer Emirates Global Aluminium (EGA) has achieved an early milestone in the development of its bauxite mining and export project in Guinea, following the completion of land-raising work in Kamsar. The work is the first contract to be completed on its $1-billion investment in a mine,... 

SA-based company partners with Chad to develop country’s nascent minerals sector

By: Ilan Solomons     3rd March 2017 Gold mining, refining and resources development company Quaestec Gold Africa Resources has partnered with the government of Chad to develop the Central African country’s nascent mineral resources sector, says company CEO Charles Fourie. Chad’s gold deposits occur over 1 200 km, from the south to... 

SA-based company partners with Chad to develop country’s nascent minerals sector

By: Ilan Solomons     3rd March 2017 Gold mining, refining and resources development company Quaestec Gold Africa Resources has partnered with the government of Chad to develop the Central African country’s nascent mineral resources sector, says company CEO Charles Fourie. Chad’s gold deposits occur over 1 200 km, from the south to... 

New laboratories opened based on demand

By: Kimberley Smuts     20th January 2017 Oil and fuel analysis expert WearCheck has shown considerable growth in Africa in 2016 establishing three new laboratories around the continent’s mining hotspots, a move largely driven by demand from mining operations looking to cut operational costs. As a result of this expansion, the company... 

Guptas fail to sell SA companies by end of 2016 

By: News24Wire      11th January 2017 The Guptas’ intention to dispose of their shares in all their South African businesses by the end of 2016 has not come to fruition, their family spokesperson confirmed this week. "The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically... 

Liberty House closer to buying Australia’s Arrium steel producer

By: Bloomberg     15th December 2016 Liberty House Group is closer to taking over Australia’s steel producer Arrium, as the London-based steel manufacturer and metals trader is completing the purchases of units of Tata Steel and Rio Tinto in the UK. “We’re in the second round on Arrium, we’ve been shortlisted among four bidders,”... 

Mining tycoon’s $1bn manganese project nears collapse

By: Bloomberg     9th December 2016 A unit of Timis Mining that says it was forced to stop developing the world’s largest manganese deposit may seek as much as $4-billion in damages from Burkina Faso because the suspension of mining will endanger its other projects in West Africa. Pan African Minerals’ $1-billion Tambao project... 

Burkina Faso says dispute with Timis shouldn’t go to court

By: Bloomberg     7th December 2016 Burkina Faso said Timis Mining shouldn’t go to court until it has exhausted local mediation over a dispute about one of the world’s largest manganese deposits that the company says stems from the government’s deliberate blocking of the project. “The problem can’t go to the courts before we’ve... 

Bloody diamonds entering the market now only 0.2% of global supply

By: Dylan Slater     2nd December 2016 The ban on diamond exports from conflict zones is proving successful in curbing so-called ‘conflict diamonds’ from being sold into official and black markets, thereby reducing their use as a potential source of finance for rebel groups. This is according to nonprofit diamond industry... 

Bloody diamonds entering the market now only 0.2% of global supply

By: Dylan Slater     2nd December 2016 The ban on diamond exports from conflict zones is proving successful in curbing so-called ‘conflict diamonds’ from being sold into official and black markets, thereby reducing the resources’ use as a potential source of finance for rebel groups, according to nonprofit diamond industry... 

Zwane welcomes South Africa’s appointment as KPCS’s working group chair

By: Anine Kilian     17th November 2016 Mineral Resources Minister Mosebenzi Zwane has welcomed the decision by the plenary of the Kimberley Process Certification Scheme (KPCS) to endorse South Africa as the new chair of its working group on monitoring. The Minister is currently leading a South African delegation to the plenary meeting... 

Stellar enters JV to advance Guinea, Liberia projects

By: Megan van Wyngaardt     9th November 2016 Aim-listed Stellar Diamonds has signed joint venture (JV) agreements with Dubai-based Citigate Commodities Trading to further develop the Baoulé kimberlite project, in Guinea, as well as two early-stage exploration licences in western Liberia. The company currently holds a 75% interest in the... 

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