Showing posts with label africa. Show all posts
Showing posts with label africa. Show all posts
South African mining giant Gold Fields Ltd buy 60 percent gold and copper deposit in the Philippines.
10:28 PM
Unknown
South African mining giant Gold Fields Ltd buy 60 percent gold and copper deposit in the Philippines.
mines,gold,silver,oil,gazz,coal,prices,market,asia,europa,america,africa
Philippines - South African mining giant Gold Fields Ltd. said it would exercise its option to buy 60 percent of the undeveloped Far Southeast gold and copper deposit in the Philippines.
Gold Fields had signed in 2010 an option agreement with Lepanto Consolidated Mining Co. to take a 60 percent interest in project for $340 million. The mine, located in the Benguet province in northern Luzon, is considered highly prospective and sits between the Enargite copper mine and Victoria gold mine, both owned by Lepanto.
“It is anticipated that Gold Fields will exercise the option and make payment of the final installment of $220 million to acquire 60 percent,” Gold Fields said in its 2011 financial results presentation.
Lepanto has already made payments to Lepanto of $120 million following positive drill results.
The drill results showed the presence of a large, concealed gold-copper system at the Far Southeast project.
Gold Fields is targeting a 900 million ton ore body grading 0.77 grams per ton gold and 0.54 percent copper per ton.
Aside from this, Gold Fields is looking at acquiring the Mankayan copper-gold project in Benguet for $70 million. The project is adjacent to the Far Southeast project.
Should Gold Fields decide to exercise its option on both projects, the South African mining giant will corner a big chunk of the so-called Mankayan-Lepanto gold district.
Lepanto’s ongoing Victoria gold project has one of the three known ore bodies in the same gold district.
Gold Fields has about a year to conduct due diligence in Mankayan and may exercise its option in the project any time until Jan. 31, 2013.
Gold Fields is one of the world’s largest unhedged producers of gold with attributable annualized production of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa.
It has total attributable gold equivalent mineral reserves of 76.7 million ounces and mineral resources of 225.4 million ounces.
Gold Fields is listed on the JSE Ltd., the New York Stock Exchange, NASDAQ Dubai Ltd., Euronext in Brussels and the Swiss Exchange.
Gold Fields, in 2010, had entered into an option agreements with Lepanto Consolidated Mining Company (Lepanto) and Liberty Express Assets, a private holding company, to acquire a 60 percent interest in the undeveloped gold-copper FSE deposit in the Philippines.
The agreements provide Gold Fields with an 18-month option on FSE, during which time Gold Fields will conduct a major drilling program as part of a feasibility study on FSE.
Gold Fields has already paid $10 million in option fees to Lepanto and $44 million as a non-refundable down-payment to Liberty upon signing of the option agreements.
Gold Fields, after the 12-month period, decided to proceed with the option agreements and paid a further non-refundable downpayment of $66 million to Liberty, with the final payment of $220 million payable at the expiration of the option period in March this year.
The total pre-agreed acquisition price for a 60 percent interest in FSE, inclusive of all of the above payments, is $340 million......RESOURCES
Posted in 
Mbabazi's Oil Scandal Bribery Questionable Uganda
12:51 AM
Unknown
Mbabazi's Oil Scandal Bribery Questionable Uganda
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
ON September 14, one of Uganda's dailies ran the story implicating Amama Mbabazi in ENI oil bribery scandal. This follows the Wikileaks revelation. However, I have a different view basing on the hypocrisy and imperialistic tendencies of some western powers.
What is obscure is the failure by the bribe giver to shed light on the terms of the transaction. This makes the whole story a hoax orchestrated by external forces interested in Uganda's oil.
The US has made a firm grip on Africa's oil fields of Nigeria, Angola, Chad, Congo Brazzaville, Equatorial Guinea and Angola. Therefore, Uganda is targeted as the new entrant.
Some Western embassies in Uganda are probably playing a hypocritical tactic to penetrate Uganda's oil market. Amama Mbabazi's case is just a tip of an iceberg; we are yet to see more drama. Given the projection that by 2015 Africa will supply up to a quarter of the US domestic oil consumption, the US might be looking for the easiest means to undo powerful Ugandan leaders to protect its economic interests.
If the source of Wikileaks information is the US embassy in Uganda, then the embassy is using "strike the shepherd scatter the sheep" strategy in the new scramble for Uganda's oil. The recent Wikileaks whistle blowing could reflect the capitalists complex plan to turn Uganda into a commercial warren for hunting lucrative oil fields.
Amama Mbabazi is most likely used as a scapegoat for a bigger sub-conscious elimination plan.....more
South African Price-Producer Inflation Accelerates to 6.9%
5:25 AM
Unknown
South African Price-Producer Inflation Accelerates to 6.9%
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
June 30 (Bloomberg) -- The cost of goods leaving South African factories and mines rose at a faster pace in May than the previous month, reflecting a surge in the price of oil and other commodities.
Producer prices increased an annual 6.9 percent after gaining 6.6 percent in April, Pretoria-based Statistics South Africa said on its website today. The median estimate of 14 economists surveyed by Bloomberg was 7.1 percent. Prices rose 0.4 percent in the month.
The acceleration in producer inflation reflects "higher commodity prices overall," Peter Attard Montalto, an economist at Nomura Plc in London, said in an interview ahead of the release of today's data. "Even though they have come off in recent months, we won't feel the effects of that in the headline numbers in PPI for another few months."
The price of crude fell 9.9 percent in May on the New York Mercantile Exchange, trimming its 12-month gain to 39 percent. Higher factory-gate prices may feed through to consumer inflation, placing pressure on the central bank to raise interest rates from a 30-year low.
Consumer inflation accelerated to 4.6 percent in April from 4.2 percent the month before. The central bank's inflation target range is between 3 percent and 6 percent.
Reserve Bank Governor Gill Marcus left the benchmark interest rate unchanged at 5.5 percent on May 12, while warning that the outlook for inflation had deteriorated. The bank expects inflation to average 5.1 percent this year and 6 percent in 2012, with a temporary breach of its target in the first quarter of next year.
"We haven't see the second-round effects" of higher fuel prices translating into more generalized inflation yet, Monde Mnyande, the bank's chief economist, said in a June 23 speech in Cape Town. "We are monitoring those very closely and we will definitely act as soon as we start to see them."
Gold Prices Higher but Oil and Silver Lower in america, europa. and africa
6:38 AM
Unknown
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Commodities were mixed Friday with silver and oil prices declining while gold advanced (see commodities charts below). In Asia, energy was higher but precious metals were lower.
Precious Metals
Gold, platinum, palladium and copper were higher on Friday, but silver declined again (see survey #2 settle price chart below). Silver has fallen three days straight.
August gold on the COMEX jumped $9.70 (+0.63%) to $1,542.40 a troy ounce. For the week, the golden metal is up 1.29 percent.
The ratio between gold and silver continues to grow. The ratio was 43 on Friday. Silver for July delivery fell 0.01 (-0.03%) to $36.19 an ounce.
In Tokyo, gold and silver closed the week lower (see Tokyo Commodity Exchange Chart below). Silver was down 4.49 percent over the last 5-day period. The precious metal fell 3 yen (-3.21%) to 93.5 yen per gram on Friday. That works out to $35.97 an ounce.
Gold fell only slightly on TOCOM. Platinum and palladium were lower on Friday but were higher for the week. Both of those metals were higher in the United States.
Poor economic news this week may have helped push gold futures higher in the U.S.
Energy Prices
Light sweet crude oil on the New York Mercantile Exchange (NYMEX) fell 0.18 (-0.18%) to $100.22 a barrel.
Negative economic news could put downward pressure on oil prices. On Friday, the Bureau of Labor Statistics said the unemployment rate increased from 9 percent to 9.1 percent.
Brent crude on the Intercontinental Exchange (ICE) was higher Friday, up $1.31 (+1.14%) to $11.84 a barrel.
Heating oil was higher but natural gas was lower.
In Tokyo, oil and gasoline prices were higher Friday (see TOCOM chart below). For the week, both were down.
Agricultural Commodities
Agriculture futures were mixed Friday (see survey #1 chart below). Cocoa, corn and cotton were lower. Cocoa was down 4.46 percent for the week and cotton was down 8.16 percent.
Soybean, sugar and coffee were higher. Over the last week sugar was up 4.67 percent. Ports in Brazil have been congested and this could lead to higher sugar prices, according to Bloomberg.
Lean hogs were down 0.28 to 87.93 cents per pound. Live cattle futures were higher.
| 6/3/2011 | Tokyo Commodities Exchange | One-Day | One-Day | Five-Day | ||
| Yen * | Dollars | ¥ Change | % Change | % Change | ||
| 3,982 | Gold (standard) | $1,531.92 | -33 | -0.82% | -0.03% | Apr-12 |
| 93.5 | Silver | $35.97 | -3 | -3.21% | -4.49% | Apr-12 |
| 4,744 | Platinum (standard) | $1,825.08 | -33 | -0.69% | 0.87% | Apr-12 |
| 1,991 | Palladium | $765.96 | -27 | -1.34% | 0.81% | Apr-12 |
| 54,950 | Crude oil | $108.06 | 530 | 0.97% | -0.69% | Nov-11 |
| 65,280 | Gasoline | $3.06 | 370 | 0.57% | -1.08% | Dec-11 |
| 389.5 | Rubber | $2.19 | 8 | 1.99% | 0.65% | Nov-11 |
Survey #2 Settle Price:
| Friday | Survey # 2 (BSNCOM2) | One-Day | One-Day | 1 Week | 30-Day | 100-Day | |
| 6/3/2011 | Energy and Metal Settle | $ Change | % Change | % Change | % Change | % Change | Month |
| 115.84 | Brent crude | 1.31 | 1.14% | 0.79% | -4.52% | 21.04% | July |
| 76.70 | Coal | -0.05 | -0.07% | 1.59% | -0.81% | -0.07% | July |
| 4.1345 | Copper HG | 0.05 | 1.22% | 0.57% | -4.72% | -4.93% | July |
| 100.22 | Crude oil (CL) | -0.18 | -0.18% | -0.01% | -10.08% | 10.00% | July |
| 2.65 | Ethanol ZE CBOT | 0.01 | 0.26% | 0.30% | 3.11% | 16.24% | July |
| 1542.40 | Gold GC | 9.70 | 0.63% | 1.29% | 2.90% | 11.42% | August |
| 3.06 | Heating Oil (HO) | 0.01 | 0.42% | 2.11% | -5.54% | 17.17% | July |
| 4.71 | Natural gas NG H.H. | -0.09 | -1.81% | 7.96% | 9.21% | 5.04% | July |
| 783.25 | Palladium PA | 14.85 | 1.93% | 3.44% | 3.21% | -0.06% | June |
| 1823.70 | Platinum PL | 5.90 | 0.32% | 2.56% | 1.16% | 3.02% | July |
| 36.19 | Silver SI | -0.01 | -0.03% | -3.05% | -18.60% | 22.69% | July |
| 2.9931 | RB RBOB Gasoline | 0.03 | 0.86% | -0.48% | -7.86% | 20.77% | July |
| 57 | UxC Uranium U3O8 | 0.00 | 0.00% | -0.87% | 1.33% | -13.31% | June |
| 350.22 | Average All | 2.43 | 0.70% | 2.07% | 1.42% | 5.55% | All |
| 707.78 | Metals Average | 5.08 | 0.72% | 2.16% | 1.95% | 5.17% | Metals |
| 43.74 | Energy Average | 0.15 | 0.34% | 0.82% | -5.35% | 11.17% | Energy |
| 43 | Ratio Gold/Silver Prices | 0.28 | 0.66% | 4.47% | 26.42% | -9.18% | Ratio |
Survey #1:
| Friday | Survey #1 | One-Day | One-Day | 1 Week | 100-Day | 100-Day | |
| 6/3/2011 | Commodity | Platform | $ Change | % Change | % Change | % Change | Low |
| 2,653.50 | Aluminum | LME 3-mo | -16.00 | -0.60% | 4.06% | 6.06% | 2381.00 |
| 115.84 | Brent Crude | IPE | 1.31 | 1.14% | 0.79% | 21.31% | 95.25 |
| 2,870.00 | Cocoa | CSCE | -32.00 | -1.10% | -4.46% | -2.21% | 2870.00 |
| 270.75 | Coffee | CSCE | 8.85 | 3.38% | 1.69% | 15.36% | 232.00 |
| 4.127 | Copper | COMEX | 0.03 | 0.72% | 0.24% | -4.60% | 3.92 |
| 682 | Corn X 100 | CBOT | -11.00 | -1.59% | 0.29% | 12.36% | 607.00 |
| 138.7 | Cotton | NYCE | -0.53 | -0.38% | -8.16% | -7.98% | 134.33 |
| 654 | CRB Com Index | NYFE | 5.00 | 0.77% | 1.08% | 6.99% | 611.25 |
| 100.57 | Crude oil | NYMEX | -0.30 | -0.30% | 0.37% | 10.35% | 84.56 |
| 124.3 | Feeder cattle | CME | 0.40 | 0.32% | 1.06% | -0.98% | 121.95 |
| 1,543.60 | Gold GC | COMEX | 8.90 | 0.58% | 1.39% | 11.37% | 1314.80 |
| 87.93 | Lean hogs | CME | -0.25 | -0.28% | 0.80% | 9.57% | 80.25 |
| 104.88 | Live cattle | CME | 0.90 | 0.87% | 0.51% | -3.51% | 103.70 |
| 4.69 | Natural gas | NYMEX | -0.10 | -2.09% | 6.83% | 4.22% | 3.85 |
| 183.95 | Orange juice | NYCE | 0.45 | 0.25% | -0.33% | 2.77% | 158.00 |
| 783.25 | Palladium | NYMEX | 10.10 | 1.31% | 3.74% | -1.54% | 705.05 |
| 1,816.40 | Platinum | NYMEX | 0.10 | 0.01% | 2.54% | 1.96% | 1675.00 |
| 121 | Pork bellies | CME | 0.00 | 0.00% | 0.00% | 14.15% | 106.00 |
| 36.29 | Silver SI | COMEX | 0.11 | 0.30% | -2.89% | 22.48% | 26.87 |
| 1,408.50 | Soybeans X 100 | CBOT | 2.00 | 0.14% | 1.40% | 3.68% | 1270.00 |
| 23.77 | Sugar | CSCE | 0.05 | 0.21% | 4.67% | -27.42% | 20.42 |
| 3 | Unleaded gasoline | NYMEX | 0.02 | 0.59% | -0.28% | 21.65% | 2.36 |
| 774.5 | Wheat X 100 | CBOT | 5.50 | 0.72% | -5.09% | 1.97% | 662.00 |
| 6/3/2011 | Commodity Type | Change | One-Day | 1 Week | 100-Day | Low | |
| 629.62 | Average (All) -Alum | BSNCOM1 | -0.98 | -0.15% | 0.29% | 3.60% | 607.73 |
| 56.03 | Energy | Energy | 0.23 | 0.42% | 0.71% | 15.76% | 47.40 |
| 109.53 | Livestock * | Live stock | 0.26 | 0.24% | 0.58% | 4.19% | 105.12 |
| 794.02 | Agricultural | Agricultural | -3.34 | -0.42% | -2.48% | 1.52% | 782.15 |
| 836.73 | Metals Minus Aluminum | Metals | 3.85 | 0.46% | 2.28% | 4.67% | 762.25 |
Upper Big Branch Mine Massey plans to seal
5:35 PM
Unknown
CHARLESTON, W.Va. -- Massey Energy has told federal regulators it plans to seal the Upper Big Branch Mine, where 29 miners died a year ago in the worst U.S. coal-mining disaster since 1970.
Company officials are scheduled to meet next week with state mine safety regulators and with the U.S. Mine Safety and Health Administration to discuss a plan for sealing the mine.
The move comes as shareholders for Massey and Alpha Natural Resources prepare for a June 1 vote on Alpha's takeover of Massey, and as one investigation of the mine disaster is nearing completion.
Release of a report by the independent team, headed by longtime mine safety advocate Davitt McAteer, is expected sometime within the next few weeks.
MSHA has scheduled a public briefing for late June for an update on its ongoing probe of the April 5, 2010, explosion. But a formal MSHA final report is not expected for months.
Before the explosion, the Raleigh County mine employed about 200 workers and produced more than 1.2 million tons of coal in 2009, according to company data reported to MSHA.
Previously, now-retired Massey CEO Don Blankenship had indicated several times that the company hoped to reopen Upper Big Branch.
In its annual report to stockholders, filed in March, Massey reported that government investigations would force Upper Big Branch "to continue to be closed for an extended period of time, the length of time we cannot predict at this time. It is also possible that we may be required by regulators to permanently close this mine," the company said.
It is not clear if Massey ultimately plans to seek government approvals to open a new mine to recover coal left in the Upper Big Branch Mine's reserves. Company officials did not immediately respond to a request for comment Friday afternoon.
Government investigators believe the deadly blast involved an ignition of methane gas that was made far worse by a buildup of highly explosive coal dust underground.
Reach Ken Ward Jr. at kw...@wvgazette.com or 304-348-1702.
South Boulder Mines encouraged more surface potash hits Colluli
6:33 PM
Unknown
The encouraging results continue to support the view that an economic open pit mine can be developed and confirm visual field estimates of grade and mineralisation. The results are in addition to the extensive shallow mineralisation previously defined.
The latest results include:
- 2.52 metres of sylvinite at 38.79% KCl from 22.22m with carnallitite and kainitite intervals yet to be received.
Outside the resource boundary drilling intersected a total thickness of 12.38m of potash with a combined 17.96% KCl including:
- 0.65m of sylvinite at 42.00% KCl from 23.98m and;
- 2.90m of carnallitite at 15.60% KCl from 24.82m and;
- 8.83m of kainitite @ 16.97% KCl from 27.72m.
The company plans further definition and extensional drilling at Colluli and the new discovery area 10 kilometres northwest after the Easter break and results will be incorporated into the current engineering Scoping Study scheduled for mid 2011.
Subscribe to:
Posts (Atom)
