Mining, Drilling and Discovery
The action, process or good fortune of discovery or discovering oil, gas or mining deposits. Disclaimer : this page is not intended for any specific nationality or jurisdiction. It is also not intended to solicit clients from any specific jurisdiction including the Republic of Mauritius inter alia.
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Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology, and has never been finished. Authorities want to revive it as part of Buhari’s efforts to lessen the economy’s dependence on crude, which accounts for 90% of export earnings and the price of which has dropped 62% from a 2008 record. Ajaokuta cost more than $4.5-billion from 1979 to 1993, according to the World Bank.
"The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology, and has never been finished. Authorities want to revive it as part of Buhari’s efforts to lessen the economy’s dependence on crude, which accounts for 90% of export earnings and the price of which has dropped 62% from a 2008 record"
A sustainable future for the global diamond mining and manufacturing industry is dependent on its ability to work together and pull towards the common goal of industry value growth, says De Beers CEO Bruce Cleaver. Speaking at a reception for customers of its Global Sightholder Sales business during the first Sight of 2017, he highlighted the importance of all parts of the diamond sector working together, following the unpredictable events of a volatile 2016.
"Speaking at a reception for customers of its Global Sightholder Sales business during the first Sight of 2017, he highlighted the importance of all parts of the diamond sector working together, following the unpredictable events of a volatile 2016."
The Congolese government has dropped objections to Freeport-McMoRan and Lundin Mining’s $3.8-billion combined sales of one of the country’s biggest mines to Chinese companies, bringing an end to an eight-month dispute.
Minister of Mines Martin Kabwelulu said by text messages that he had written to all parties acknowledging agreements reached by State-owned miner Gecamines to settle objections to the sales and indicating the state had no further opposition.
"Minister of Mines Martin Kabwelulu said by text messages that he had written to all parties acknowledging agreements reached by State-owned miner Gecamines to settle objections to the sales and indicating the state had no further opposition."
The Organisation Undoing Tax Abuse (Outa) on Wednesday called for an extension for public comments on the New Energy Efficiency Strategy (NEES), which was gazetted on December 23. The organisation believed the timing of the gazette’s release and the rationality of publishing an energy strategy before the Integrated Energy Plan or the Integrated Resource Plan (IRP) have been finalised, was questionable.
The second phase of the environmental- and social-impact assessment (Esia) for Aim-listed Edenville Energy’s integrated Rukwa coal-to-power project in western Tanzania is complete. The relevant documents for its Rukwa project have been approved by the Tanzanian National Environment Management Council.
"Edenville on Wednesday said it would now focus on the completion of the main Esia report, which will include extensive data and consultation with the local community and stakeholders. "
A new empowerment fund, JSS Empowerment Mining Fund, has signed on as sponsor of the new Junior Miners Pavilion and the Investment Battlefield Competition at the 2017 Investing in African Mining Indaba. The newly-launched empowerment mining fund, a partnership between boutique corporate finance firm Jaltech and JSE-listed Stefanutti Stocks, joins the Chamber of Mines and the Department of Mineral Resources in supporting the Junior Miners Pavilion and the Investment Battlefield Competition.
Junior gold developer Stonewall Resources has secured up to A$5.4-million in funding from The Australian Special Opportunity Fund to complete the next stage of preparation work at its Rietfontein project in South Africa. An immediate A$2-million in funding will be available to Stonewall, along with ten monthly instalments of A$60 000 each, with the potential to increase to A$250 000.
"An immediate A$2-million in funding will be available to Stonewall, along with ten monthly instalments of A$60 000 each, with the potential to increase to A$250 000."
Hydrogen-powered fuel cell electric vehicles (EVs) offer the most natural solution for emission-free vehicles, discharging only water and requiring negligible change to current driving and refuelling habits, which is why 13 leading energy, transport and industry companies this week chose Davos to launch a global hydrogen initiative aimed at beating climate change. Collectively representing revenues of €1.07-trillion and 1.72-million global employees, the new Hydrogen Council is going all out to position hydrogen as the answer to the world’s search for a carbon dioxide-free environment – which is a major boost for platinum-catalysed fuel cells.
"Afarak Group in 2009 bought a 90% stake in Afarak Mogale, with the balance held by the trust. The trust has, on several occasions, requested that Afarak acquire its 10% stake in Afarak Mogale."
The strike has not had a significant impact on mine and consolidated production, the company said.
"Operations at Canadian miner Yamana Gold’s (TSE:YRI) (NYSE:AUY) El Peñón mine in northern Chile have resumed following collective bargaining agreements reached with two unions representing underground workers, the company said late Tuesday."
The diamond industry is looking to up the ante on its effort to win over younger consumers more interested in gadgets and gastronomy. The Diamond Producers Association lobby will ask its backers including top miners De Beers and Alrosa PJSC to raise its budget to as much as $60-million a year from $6-million, said people familiar with the plans, who asked not to be identified as discussions are private.
A rockfall at Impala Platinum’s (Implats’) 20 shaft, in Rustenburg, on Wednesday claimed the life of one mineworker and injured another. Implats spokesperson Johan Theron confirmed the incident to Mining Weekly Online, noting that the shaft has been shut down pending investigation.
"The National Union of Mineworkers (NUM) on Wednesday called on the Department of Mineral Resources to fully investigate the incident."
Company will perform the work and federal government will contribute about half of the more than $600 million cleanup costs.
"Under the deal, valued at more than $600 million, Freeport-McMoRan units Cyprus Amax Minerals Co and Western Nuclear Inc will perform the work and the federal government will contribute approximately half of the costs, the department said in a statement."
Nunavut Impact Review Board had recommended the federal government to reject Back River project, citing potential damage to the caribou population.
"Canada’s government is not ready to reject a proposed gold mine in Nunavut's Kitikmeot region, saying it’s "premature" to assume it would have unmanageable effects, such as damaging the region’s shrinking caribou herds."
Canada-based project developer Diamcor Mining expects to more than double diamond production at its Krone-Endora at Venetia project, in South Africa’s Limpopo province, and treat all material from 1 mm to 45 mm size fractions moving forward, after acquiring, installing and commissioning several new pieces of equipment.
The Kelowna, British Columbia-based miner on Wednesday outlined several production enhancements during the third quarter ended December, designed to towards assisting the company to arrive at a commercial production decision in the near term.
The amicable divorce ends a six-year-old exploration joint venture originally set to find copper deposits in China.
"Mining giants Rio Tinto (LON:RIO) and Aluminum Corp. of China (Chinalco) have decided to call it quits on a six-year-old exploration joint venture originally set to find copper deposits in China."
The provisional liquidator of BCL Mine, Botswana's largest copper and nickel producer, will next month recommend that the state-owned company be wound down. BCL owes creditors, including suppliers and banks, about $85-million and the government said in October that it could not afford the roughly $720-million needed to keep BCL running.
"The company was placed under provisional liquidation last October, with global accounting firm KPMG appointed as liquidator."
State-owned Gecamines clears final hurdle for Freeport and Lundin's blockbuster sale of one of Africa's largest copper mines.
"The Democratic Republic of Congo has dropped its opposition to the sale of the Tenke Fungurume mine by Freeport-McMoRan (NYSE:FCX) and Lundin Mining’s (TSX:LUN) to Chinese investors for $3.8 billion."
Losses come despite huge drop in the dollar and consensus forecasts point to further declines in 2017.
"The surge in the copper price to near 18-month highs following Donald Trump's win in the US presidential election came as a surprise to an industry under pressure since 2011 over growing supply."
O ministro iraquiano do Petrзleo convidou nesta terуa-feira a estatal angolana Sonangol a retomar suas atividades nos campos petrolьferos ao sul de M
"O ministro iraquiano do Petróleo convidou nesta terça-feira a estatal angolana Sonangol a retomar suas atividades nos campos petrolíferos ao sul de Mossul, quando forem extintos os incêndios provocados pelos radicais do grupo Estado Islâmico (EI)."
Exportações ficaram aquém em 2016, tanto em receitas, como em número de barris de crude vendidos ao exterior. Petrolífera estatal Sonangol falhou estimativas do Governo
"Angola aumentou a produção de petróleo de novembro para dezembro em 35,6 mil barris diários, ultrapassando a Nigéria na liderança dos produtores de crude em África, indica o último relatório mensal da Organização de Países Exportadores de Petróleo (OPEP)."
A negociação dos contractos de concessão de áreas de pesquisa de petróleo e gás natural, decorrente do quinto concurso internacional lançado em 2014, pod
"O governo de Moçambique aprovou contratos-modelo para a área de hidrocarbonetos mas as empresas petrolíferas estrangeiras ainda não estão suficientemente familiarizadas com o documento, razão por que têm estado a pedir esclarecimentos adicionais sobre determinados aspectos específicos."
Moçambique anunciou que não irá pagar a taxa de cupão de uma obrigação, o que levará o país a entrar em incumprimento. Quais os impactos nas cotadas portuguesas expostas a essa economia?
"Também a Galp tem apostado em Moçambique. A petrolífera tem uma participação de 10% na área 4 na da bacia de Rovuma, num consórcio de que fazem parte a italiana Eni e a Empresa Nacional de Hidrocarbonetos."
O Ministério das Finanças de Moçambique confirmou que não vai pagar a prestação de janeiro, de cerca 60 milhões de dólares relativos aos títulos de dívida soberana co
"Esta não é a primeira vez que o país está em incumprimento, em 2015 a Ematum faltou ao pagamento da primeira prestação, o que levou o Estado moçambicano a assumir a divida da empresa de atum como divida pública."
JSE-listed Harmony Gold expects to report an 8% year-on-year increase in gold production for the six months ended December 31. The miner had produced 568 459 oz of gold in the six months to December 2015.
"Harmony, which will publish its interim results on February 2, said grade had remained at above 5 g/t in the period under review."