Tag: Africa

Resource-rich Africa lures investors

Resource-rich Africa lures investors

Resolute Mining announced plans to construct $US95million underground gold mine at its Syama mine in June. Image: Hugh Brown. By Elizabeth Fabri HOME to some of the world’s largest untouched resources, Africa is treasure trove for foreign investment with Australia leading the chase as the region’s largest contributor. As more projects enter production, opportunities for ASX-listed miners and contractors are only expected to grow. Africa’s resource wealth is no secret; the continent produces more than 60 metal and mineral products, from high-grade gold to diamonds, platinum, bauxite, manganese, iron ore and copper. However, for many years concerns around regional stability prevented overseas companies from taking that much-needed ‘leap of faith’.. In the early 1990s Africa still only received five per…

Perseus proceeds with Ivory Coast gold mine

Perseus proceeds with Ivory Coast gold mine

By Rachel Dally-Watkins 29 April, 2015 ASX-listed Perseus Mining has decided to proceed with development of the Sissingué gold mine (SGM) in Ivory Coast, following a positive revised feasibility study. The study showed the project was technically feasible and economically robust, with measured and indicated resources of 880,000oz of gold and proved and probable reserves of 429,000oz of gold. The mine would produce about 385,000oz of gold across a 5.25 year life, at an average of 75,000oz of gold per year, at an all-in sustaining cost of US$632 per ounce. Perseus’ study showed start up capital costs would total US$106 million (including contingency), with funding to be sourced from existing cash and a “modest” amount of third party debt. “Our…

Indaba calls for stability to foster growth

Indaba calls for stability to foster growth

By Rachel Dally-Watkins March 2015 GREATER transparency, fiscal stability and community consultation were the common themes at the 2015 Investing in African Mining Indaba conference and exhibition, all aimed at improving investor confidence. Held in Cape Town, South Africa from 9 to 12 February, Indaba is Africa’s largest mining event, dedicated to the capitalisation and development of mining interests in Africa. Royalties and land ownership were familiar topics of discussions, raised once again as a result of the Democratic Republic of the Congo’s plans to increase royalties and revise its mining code. South Africa was also under the spotlight, following President Jacob Zuma’s recent announcement that foreigners could no longer own land in the country. Despite the current climate in…