East African Mining News Unearthing Mining Opportunities in East Africa

The Democratic Republic of Congo will start building gold reserves to bolster its currency and lift its economy, the central bank governor said, joining a rush in Africa and elsewhere to stockpile the precious metal as prices soar. Gold prices, which hit record highs above $4 000 an ounce on …

East Africa Metals has entered into a binding agreement with Ubora Minerals to acquire and develop the company’s Magambazi and Handeni mining project in Tanzania. Ubora is a subsidiary company of Anchises Capital Precious Metal Fund LLC (Anchises), which holds 50,200,000 common shares of the Company, representing approximately 18.66 percent …

Scandinavian gold producer Akobo Minerals is accelerating development at its Segele mine in Ethiopia, reporting significant progress and signaling an imminent shift to positive cash flow. For the second quarter of the year, the company posted revenues of SKr9.6-million, and it anticipates this figure to increase in the third quarter, …