The Council of Ministers of Côte d’Ivoire has awarded a mining permit for the Koné project to Montage Gold Corp, marking a significant step forward for the company in the region. Montage received mining permits covering a total area of 357 sq km for both its Koné and Gbongogo deposits, valid for 20 years and 8 years respectively. These permits include several advanced high-grade exploration targets, offering opportunities to extend the mine’s life through successful
Africa is home to vast and abundant reserves of natural resources, with resources ranging from black gold popularly known as oil to large reserves of cobalt, found all across the mineral-rich lands of the Congo. Africa is home to nearly all valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Several African nations have prospered because of their mineral resources, some more so than others. Africa is home to approximately 30%
Natural resources abound in Africa, particularly substantial gold deposits, which are vital to the economies of the continent. While there are considerable obstacles such as environmental and administrative concerns, the potential for additional exploration and development remains high, making gold an important part of Africa’s economic future. African Countries Bolster Gold Reserves Amid Global Uncertainty In recent years, African countries have taken significant steps to strengthen their gold reserves, positioning themselves favorably amidst global economic
African gold smuggling amounts to more than 30 billion dollars a year, most of it to the United Arab Emirates, where it is refined and then sold around the world, reveals a report published last week. The data comes from a report by Swissaid, a development aid organization based in Switzerland, and indicates that in 2022, gold worth 30 billion dollars left the African continent illegally. According to Lusa, the main destinations for African gold
Independent upstream oil and gas company Invictus Energy Limited has signed an MoU with mine operator Dallaglio Investments and power generation firm Himoinsa Southern Africa Proprietary for a gas-to-power project in Zimbabwe. The project will generate electricity to power operations at the Eureka Gold Mine – one of the country’s largest. Under the partnership, gas extracted from the Cabora Bassa Project will fuel operations at Eureka – located 50km from the Mukuyu-2 wellsite. The African
Mining exploration companies Avanti Gold Corp. and MTM have finalized a Share Exchange Agreement, encompassing Avanti’s acquisition of prospecting rights in South Africa’s Kraaipan Greenstone Belt. Under this agreement, Avanti Gold Corp. will issue 29 million common shares to MTM’s shareholders in exchange for all issued and outstanding share capital of MTM. These shares will be subject to a five-month resale restriction and other relevant securities regulations. The strategic move expands Avanti Gold Corp.’s portfolio without constituting a fundamental
Exploration and development company Kefi Gold and Copper (Kefi) has progressed with preparations to launch the Tulu Kapi Gold Project in Ethiopia. The launch is slated for mid-2024, with production expected to begin in mid-2026. Kefi secured commitments for a $320 million development budget from project partners and debt providers including the Ethiopian government, the Eastern and Southern Trade and Development Bank and Africa Finance Corporation. Final approvals for the funding are anticipated this May.
Multinational company Endeavour Mining has poured the first gold at its Sabodala-Massawa BIOX Expansion project in Senegal, completing construction in just 24 months. Commercial production at the expansion project is slated to commence late in Q2 2024, with a capacity expected to reach 1.2 million tons per year by Q3 2024. The inaugural gold pour took place on April 18, 2024, yielding approximately 112 ounces, while the BIOX circuit followed suit on April 28, 2024,
Invictus Energy, an independent upstream oil and gas company, has inked a Memorandum of Understanding (MoU) with Himoinsa Southern Africa Proprietary Limited and Dallaglio Investments Pvt Ltd. The agreement aims to develop a gas-to-power project to supply electricity to the Eureka Gold Mine in Zimbabwe. Under the partnership, Invictus Energy will provide feedstock from its Cabora Bassa Project to fuel a proposed 12MW gas-to-power plant, which will be constructed by Himoinsa. The electricity generated from
Gold exploration in Angola has seen significant progress, occupying 4.9 percent of the national territory and generating over $10 million in revenue from 2021 to 2023, according to data from the Department of Standardization and Good Practices of the Regulation and Markets Directorate of the National Mineral Resources Agency. Jornal de Economia & Finances reported that 38 mining titles have been issued for gold prospecting in provinces including Huambo, Huíla, and Cabinda, with 11 mining
