News

Kefi Minerlas has signed on-site funding agreement for Tulu Kapi gold project in Ethiopia. The $135-million deal with Oryx Management to finance and operate all the on-site infrastructure follows Kefi’s signing of terms with the Ethiopian government to fund the building of all off-site infrastructure for the project. “Kefi has …

Canadian company First Cobalt has announced intentions to close the transaction of a strategic alliance for a 70% interest in seven prospective copper/cobalt exploration properties in the Democratic Republic of Congo (DRC). The development is expected to progress exploration in one of the world’s ‘high-reward cobalt jurisdictions’. Targeted seven properties …

Vermiculite miner Black Mountain Resources has raised $1-million, with the funds to be immediately deployed to delivering operational improvements at its Namekara mine, in Uganda. The ASX-listed miner said the funds were raised through the placement of 25-million fully paid ordinary shares at $0.04 apiece to new cornerstone investor, Investmet. …

Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the UK Department for International Development-funded Extractives Hub to come up with a revised law that …

Mineral sands producer Base Resources has reported record quarterly revenue for the three months to June, as ilmenite and zircon prices continued to improve. The unit revenue per tonne of product sold during the quarter increased to $297/t, compared with the $258/t reported in the previous quarter. Mineral sands production …

The share price of graphite developer Graphex Mining rose by nearly 35% on the ASX  last week after the company’s Chinese partners reaffirmed their commitment to the Chilalo project, in Tanzania. Graphex told shareholders that it had revised the terms of a proposed joint venture (JV) and equity investment agreement …

Rare-earth element mining company Rainbow Rare Earths says it has made significant progress towards achieving first production at its Gakara rare earths project, in Burundi, East Africa, with about $6- million invested in the project to date. $4-million relates to the proceeds of a $8-million fund raise and initial public …

Graphite developer Kibaran Resources recently told shareholders that the recent legislative changes in Tanzania were unlikely to affect project funding for the Epanko project. The company has held discussions with its international banking partners, which has supported Kibaran throughout the bankable feasibility study (BFS) process, and which now remain supportive …

Gold miner Acacia Mining Plc recently announced that the company would meet the increased royalty rate of 6% imposed on metals such as gold, copper and silver under new Tanzanian natural resources legislation. The rate has been raised from 4% and is in addition to the recently imposed clearing fee …

Tanzania-focused mineral exploration and development company Kibo Mining’s Mbeya coal-to-power-project (MCPP) will not experience any adverse developmental impacts owing to recent changes in Tanzania’s legislative mining environment. Reuters reported that Tanzania’s Parliament had passed two laws allowing government to force mining and energy companies to renegotiate their contracts. A third …