Friday , January 27 2023

Gold

Shanta Gold to accelerate growth with windfall from Stanbic Bank

Shanta Gold, an East African gold producer, developer, and explorer, has signed binding definitive documents with Stanbic Bank Tanzania for a $20 million loan facility to help it expand its portfolio. Shanta CEO Eric Zurrin says the four-year $20 million facilities is a significant step forward for the company because …

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Tanzania steps up fight against gold smuggling

An official claimed on Sunday that eight dealers were arrested in Geita, Tanzania’s northern province, for smuggling an undefined amount of gold out of the country. The arrest was reported by Doto Biteko, the Minister of Minerals, at a meeting with small-scale miners in the gold-rich Geita region’s Lwamgasa district. …

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The acquisition of the Nyakafuru project expected to create a major new gold mine development opportunity

Caracal Gold, an LSE-listed company, has agreed to a new share purchase agreement (SPA) for its proposed acquisition of Tyacks Gold, the holder of the Nyakafuru project’s licenses in Tanzania. The project is located 140 kilometres southwest of Mwanza, Tanzania’s second-largest city, amid the Lake Victoria Gold Fields in northern …

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Amani Nature Reserve under threat due to artisanal mining

The Amani Nature Reserve, established by Tanzanian authorities in 1997 to protect the East Usambara Mountains’ unique flora and fauna, is under threat from gold mining, according to an official. Over 20 hectares of natural forest cover have been destroyed by artisanal miners in recent years, according to Fikiri Maiba, …

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Shanta Gold’s West Kenya project receives its first mineral resource estimate

Aim-listed The Ramula target at Shanta Gold’s West Kenya project  has received its first mineral resource estimate (MRE). This comes after a successful drilling campaign in 2021, with more updates on other targets – Isulu-Bushiangala and Bumbo – expected in the coming months. The Ramula target adds 434 400 ounces …

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Is Kenya turning into a hub for gold scammers?

Welcome to Nairobi, the city of gold scammers, a city where many have lost millions of dollars to bling-bling-wearing fraudsters, who have tentacles and partners across Africa — from Kampala to Lagos, Kinshasa to Niamey. Their victims are mostly foreigners who, after realising they were conned, resort to court cases …

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Formation of an East African gold-focused mining company on the cards

In Kenya, a new mining player has emerged, and this player is serious about doing business. Its name is Caracal Gold, and manufacturing is its game. In September 2020, the business took operational control of its 100 per cent owned Kilimapesa gold mine, restarted processing and the underground mine in …

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Mining is a very risky endeavour says Study

A one-year study of two Tanzanian gold mining towns indicated that mineworkers faced a fatality risk more than twice that of non-miner community members, with the majority of this elevated risk due to road traffic injuries. The findings will be published in the new open-access journal PLOS Global Public Health …

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