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Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million 1 International Gold 

Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million

Constance
Dundee Precious Metals (TSX: DPM) is buying Osino Resources (TSXV: OSI) for C$287 million ($214m) in cash and shares to acquire its advanced-stage Twin Hills gold project in Namibia. The half-stock, half-money deal gives Dundee all of Osino’s shares for C$0.775 each plus 0.0801 of a Dundee share, representing a premium of 44% on the 30-day, volume-weighted average price of Osino stock as of Dec. 15. Osino shareholders will get 7% of the company in the transaction expected to close by June. Twin Hills is an open-pit project with a… Read More Here
Saudi mining company Ma’aden announces 'significant' gold discovery 2 Gold International 

Saudi mining company Ma’aden announces ‘significant’ gold discovery

Constance
Saudi Arabian Mining Company (Ma’aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom. The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday. It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said. “These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country… Read More Here
Botswana Minister Greenlights MMG's Acquisition of Khoemacau Copper Mine 3 International Copper 

Botswana Minister Greenlights MMG’s Acquisition of Khoemacau Copper Mine

Constance
The Minister of Minerals and Energy in Botswana, Honorable Lefoko Moagi, has granted approval for the acquisition of Khoemacau by the Hong Kong-listed company MMG Limited. In a recent development announced in late November, MMG and Khoemacau confirmed their agreement for MMG to acquire 100% ownership of Cuprous Capital, the holding company of Khoemacau Copper Mine. MMG disclosed that the purchase agreement involves a substantial consideration of $1.89 billion (approximately P25 billion) for this acquisition. However, the acquisition is contingent upon several approvals, including the crucial change in control of… Read More Here
Gold and silver to shine again in 2024 4 International Gold 

Gold and silver to shine again in 2024

Constance
Gold hit an all-time high in 2023, dragging silver up with it and experts see little reason why its upward progress should falter in the coming 12 months. Traditionally, gold is on the other end of a seesaw with the US dollar. The established wisdom is if the US currency strengthens, gold’s value drops and vice versa, a pattern played out pretty much to the letter in 2023. Gold dipped when interest rates were rising in a US central bank bid to curb inflation, pushing the dollar higher. As soon as… Read More Here
Great Southern Copper cheers 'very positive' period of exploration 5 International Copper 

Great Southern Copper cheers ‘very positive’ period of exploration

Constance
Great Southern Copper PLC (LSE:GSCU) chief executive Sam Garrett cheered a “very positive first half” as the explorer filed its interim results covering the six-month period ended 30 September 2023. “We continue to make strong progress across our prospects and in particular at Especularita where our exploration campaigns have delivered encouraging results and helped to delineate promising prospects for further exploration,” he said in a statement. “In addition to these projects, during the period we also took our first foray into lithium with the acquisition of an option over the… Read More Here
Zanaga Iron Ore Surges 26% on Hydroelectric Power Deal for Congo Project 6 Mining in DRC Hydro power plant 

Zanaga Iron Ore Surges 26% on Hydroelectric Power Deal for Congo Project

Constance
Zanaga Iron Ore Co Ltd (AIM:ZIOC) witnessed a notable surge of 26% in its shares on Thursday, driven by a significant announcement regarding its Republic of Congo project. The company disclosed the signing of a memorandum of understanding with China Machinery Engineering Corporation (CMEC) aimed at implementing hydroelectric power solutions for the iron ore project in Congo. This includes potential funding for these power projects, along with preliminary agreements involving the Republic of Congo government and other relevant entities. Chairman Clifford Elphick expressed optimism, stating, “Our feasibility study update process… Read More Here
Mozambique: Tanzanian dies in illegal mine collapse 7 International Artisanal mining Mining safety Safety & Health 

Mozambique: Tanzanian dies in illegal mine collapse

Constance
An illegal miner of Tanzanian nationality died on Sunday when a mine shaft collapsed in part of the concession granted to the company Montepuez Ruby Mining (MRM), in the northern Mozambican province of Cabo Delgado. According to a statement from MRM, the Tanzanian has been identified as 31 year old Maulide Maunau, who had been living in Nanhupo A, one of the villages that illegal miners use for temporary shelter. “At 20.00 on 24 December, a security official identified a group of 25 illegal miners inside the MRM concession”, said… Read More Here
10 African countries with the highest debts to the IMF 8 International Economy 

10 African countries with the highest debts to the IMF

Constance
The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable. Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through. Loans from the global… Read More Here
IMF Approves $620.65M Budget Support for Six East African Nations 9 Economy 

IMF Approves $620.65M Budget Support for Six East African Nations

Constance
The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion. The countries selected by the IMF currently have some degree of debt issues, and they are Rwanda, Tanzania, DRC, Somalia, Burundi, and Kenya. According to a report by The East African, an East African news publication,… Read More Here
ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector 10 Mining in Zambia Economy 

ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector

Constance
The Zambia Development Agency (ZDA) announced a momentous achievement with nearly $40 billion in committed investments from 379 projects this year, marking a remarkable surge compared to the previous year’s commitments. BEIMBA MALITI, Chairperson of the ZDA Board, disclosed that this significant figure signified an exceptional growth of over 300% from the prior year’s commitment of $8.61 billion from 359 projects. The breakdown revealed the manufacturing sector as the frontrunner, boasting investments worth $19.72 billion, closely trailed by the energy sector with $8.9 billion and mining at $6 billion. Professor… Read More Here

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