Africa Has Firm Gold Market
Source: Mining Weekly, Megan Wait (1/15/10)
". . .the African gold-mining market is showing some potential upticks"
However, the African gold-mining market is showing some potential upticks as many of the companies venturing onto the continent are reporting an increased yield and are also looking at several expansion programs at these mines.
Gold-mining company Midlands Minerals Corporation reports that preparations are well under way for a new drilling program on the Sian gold project, in Ghana. Midlands CEO Kim Harris says that the company has received timely responses from drilling companies and will award the drilling contract in the near future.
The mine is expected to drill up to 18 000 m of reverse circulation and 2 500 m of diamond drilling for the next six months.
Gold producer Randgold Resources says that it is to acquire a further 5% interest in the Tongon gold project, in Côte d'Ivoire, raising its stake to 89%. Development of the Tongon mine is under way and is scheduled to go into production in Q410. Further, the company says that it has entered into an agreement with New Mining Côte d'Ivoire (NMCI) to acquire the additional interest in Société des Mines de Tongon, the owner of the project, for $10-million.
The increased investment is also a mark of its confidence in Côte d'Ivoire as an emerging gold region.
Mining and exploration company Stratex International is developing gold resources and exploring for gold and base-metal deposits in Turkey and Ethiopia.
Stratex and Ethiopian mining firm Sheba have formed a joint venture (JV) on a respective 70:30 basis, where the two companies will combine forces to explore new prospective targets and license areas in northern Ethiopia.