Scandinavian gold exploration company Akobo Minerals secures US$5m loan to fund its operations in Ethiopia

ETHIOPIA – Akobo Minerals, a Scandinavian gold exploration and boutique mining company, has secured a convertible loan of NKr49.18-million (US$5 million), to fund the first phase of the Segele mining operation in Ethiopia. The remaining US$7 million for the final phase of the project is contemplated to be financed from additional debt and or equity. Akobo says it is currently…

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Mining firm Base Titanium to invest US$28m capital in new mining site

KENYA – Australian mining firm Base Titanium has announced plans to make a capital expenditure of KSh3.3 billion (US$28.02m) at a new mining site on its Kwale operation, extending the life of the venture by 13 months to December 2024. Its Australian-based parent firm said in a trading update that mining at the new site, known as Bumamani, will commence…

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Mahlako Energy fund invests in Harmony Gold’s Phase 1 solar project

SOUTH AFRICA – Mahlako Energy Fund, an energy investment and advisory firm, has concluded its investment in an industrial independent power generation project for the Harmony Gold Mining-commissioned 30 MW solar photovoltaic (PV) portfolio. The fund, managed by Mahlako Financial Services, has invested alongside African Infrastructure Investment Managers’ (AIIM’s) IDEAS Fund, and Rand Merchant Bank (RMB) as debt arranger. This…

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ENGIE and Anglo American inaugurate the world’s largest hydrogen mining truck

SOUTH AFRICA – A prototype of the world’s largest hydrogen-powered mine haul truck designed to operate in everyday mining conditions has been launched by Anglo American plc at its Mogalakwena PGMs mine in South Africa. President of South Africa Cyril Ramaphosa officiated the launch of Anglo American’s nuGen™️ Zero Emission Haulage Solution.  The 2MW hydrogen-battery hybrid truck, generating more power…

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Asante Gold takes majority stake in Chirano Gold Mine in Ghana

GHANA – Asante Gold Corporation has entered into a US$225 million share purchase agreement with Kinross Gold Corporation to acquire Kinross’ 90% interest in the Chirano Gold Mine in Ghana. Chirano is an operating open-pit and underground mining operation located in southwestern Ghana, immediately south of the Company’s Bibiani Gold Mine. The upfront consideration for the acquisition will be comprised…

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Wintershall Dea expands interest in Algerian Reggane Nord gas project

ALGERIA – Wintershall Dea has agreed to acquire an additional 11.25% participating interest in the Reggane Nord natural gas project, in Algeria, from Edison International for an undisclosed sum. After the transaction is closed, the consortium Groupement Reggane Nord (GRN), operator of the project, will comprise Sonatrach (40%), Wintershall Dea (30.75%), and Repsol (29.25%). The company currently holds a 19.5%…

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Vendata to invest US$479m in Gamsberg Mine, making it the largest zinc producer in Africa

SOUTH AFRICA – Vedanta, a multinational mining company, is set to invest R7 billion (US$479.15m) in expanding its Gamsberg Mine in the Northern Cape to double up its production and become the largest zinc producer in Africa. The investment, as approved by the diversified miner’s board, will increase Gamsberg’s annual ore production capacity from four million tons to eight million…

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Chariot, Total Eren to produce 430 MW of solar and wind energy for FQM mining company

ZAMBIA – British energy company Chariot is joining forces with France’s Total Eren for a new project in Zambia. The two companies will produce 430 MW of solar and wind energy to power the mining facilities of the Canadian company First Quantum Minerals (FQM). The Chariot-Total Eren alliance has re-signed for a renewable energy project for mining operations. The two…

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Tullow Oil completes pre-emption of Ghana assets for US$118M

GHANA – Tullow Oil, a multinational oil and gas exploration company has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy for US$118 million. The transaction funded from cash on the balance sheet takes the equity interests of Tullow Oil to 38.9% in the Jubilee field and…

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FAR withdraws interest in Esperanca and Sinapa blocks in Guinea Bissau

GUINEA BISSAU – Australian oil and gas company FAR Limited has announced steps to withdraw its interests from the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea Bissau. FAR has provided its notices of withdrawal to the Government of Guinea Bissau and operator Petronor in accordance with the relevant agreements. Joint efforts by FAR and operator Petronor…

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