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Failure to regulate artisanal mining in Kenya hinders revenue collection

Across Western Kenya, over 95 per cent of gold mining is unregulated, with corruption, political interference and bureaucracy rife. A trip to the Chamber of Mines to seek a licence is hell on earth for investors. Failure by the government to regulate artisanal gold mining has hindered not only controlling …

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Tanzania’s instant millionaire hits another jackpot

Accidentally millionaire, Saniniu Laizer, has discovered yet another giant violet-blue stone weighing 6.3 kilograms (13.9 pounds). This is within two months of becoming a millionaire overnight in June after his mining company discovered two rough Tanzania gemstones worth $3.4 million and believed to be the largest in the world. Laizer, …

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TGC developing a gold mine at its Buckreef project

Tanzania Gold Corporation (TGC) is in the process of developing a significant gold mine at the Buckreef project, in Tanzania. The NYSE- and TSX-listed company has drawn down an initial $4-million in funding from a $14-million unsecured convertible debenture it has with institutional investors Riverfort Global Opportunities and a hedge …

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Gemstones turn miner into an instant millionaire

Saniniu Laizer, a small-scale miner in Tanzania, has become an instant millionaire after selling two rough Tanzanite stones, the biggest ever find for the country. Laizer earned £2.4m ($3.4m) from the country’s mining ministry for the gemstones, which had a combined weight of 15kg (2.3 lb). “There will be a …

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How will multinational mining companies respond to investors’ growing focus on environmental, social and governance (ESG) issues?

Despite the short-to-midterm challenges of the global pandemic, the biggest challenge for multinational mining companies over the next decade will be responding to investors’ growing focus on environmental, social and governance (ESG) issues. As a focal point of how seriously the extractives industries are now taking ESG investing, over the …

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We Need a Cohesive Strategy and Coordinated Approach for SMEs to grow post COVID-19

The announcement of a prolonged shut-down across many major African countries as a measure to contain the spread of COVID-19 could have dramatic negative effects on the economy of the entire continent. Africa’s GDP is largely driven by Small and Medium Enterprises (SMEs) and the informal sector that accounts for …

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Mining sector’s evolution is in tandem with global demand for increased responsibility and sustainability.

The expectations and priorities of a modern-day investor in the mining sector have significantly changed in line with global demand for more responsible and sustainable extraction of mineral resources. ESG, referring to the performance of investment portfolios against Environmental, Social and Governance (ESG) standards, has firmly established itself across the …

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Africa Is Paying Covid-19’s Price In Gold

With coronavirus affecting a lot of industries around the world and nearly crippling economies in its wake, there’s reason to believe that the pandemic will as well mar Africa’s mining, especially the sector of gold. Over the years, huge mining operations in Africa have generated significant profits for foreign companies. …

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Coronavirus: Africa might be the biggest loser

Researchers believe the spread of coronavirus in Asia might condemn the African continent to be the biggest loser outside Asia; this is despite the absence of a single case being confirmed thus far. According to Dirk Willem te Velde, principal research fellow at the Overseas Development Institute, a slowdown in …

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Tanzania Government’s appeal to Miners

The Tanzanian government has set conditions for miners and mineral dealers who harbour any thoughts of operating in the country. Dr Augustine Mahiga (Minister of Constitutional and Legal Affairs), Dr Philip Mpango (Minister of Finance and Planning) and Dotto Biteko (Minister of Minerals)pleaded with miners and mineral dealers to adhere …

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