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Mining Weekly | Africa

The latest mining world news and project information from Africa.
  • The Israeli billionaire forcing Glencore to buck US sanctions
    Not many billion-dollar companies would be willing to circumvent US sanctions for their business partner, but then few people are as powerful as Dan Gertler in the Democratic Republic of Congo. Gertler scored a victory when Glencore said on Friday that it would evade US sanctions to keep paying him royalties from copper and cobalt mines. It’s a rare, possibly unprecedented, arrangement for a global corporation and speaks to Gertler’s power over Glencore, which has bet its future on Congo’s mining riches.
  • South Africa proposes 30% black ownership for mining firms within 5 years
    South Africa plans to raise black ownership at permit-holding mining companies to 30% from 26% within five years, the latest draft of a hotly-contested new industry charter showed on Friday. The government and miners had been at loggerheads over a previous version of the charter, which industry lobby group Minerals Council South Africa slammed as confusing and a threat to South Africa's image with investors.
  • Kefi raises £3m; issues shares to contractors, third parties
    Aim-listed Kefi Minerals has conditionally raised £3-million, equivalent to about $4-million, through a placing of 120-million new ordinary shares at 2.5p apiece to existing and new shareholders. The placing proceeds net of expenses are expected to be about £2.8-million and will primarily be used to provide the company with the funds to enable the procedural and documentary closing of the $260-million project financing for the company’s Tulu Kapi gold project, which is envisaged to be entirely funded at the project level.