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Blood Gold’ Crackdown May Imperil Small Miners It Seeks to Help

LAGOS (Capital Markets in Africa) – New rules designed to prioritize safety for many of the world’s most vulnerable gold miners may in fact put their livelihoods at risk. When his fellow miners winch him up from the hole in the desert, Keith Gushure is covered in mud. Gushure, 21, holds a pick and a hammer. For the past 18 hours he’s been trying to chip, gouge and pry gold out of the 56-foot (17-meter)…

Existential Crisis’ for Gold Miners to Spur Deals, CEO Says

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JOHANNEBURG (Capital Markets in Africa) – The global gold industry is ripe for consolidation as it’s facing a crisis because of dwindling reserves, according to David Garofalo, head of Goldcorp Inc., who flagged the potential for more deals little more than a month after Barrick Gold Corp.’s merger with Randgold Resources Ltd. “Right now, as an industry, we’re facing an existential crisis because reserves are declining and have declined rapidly,” Garofalo said in a Bloomberg TV interview…

Zimbabwe Ownership Law Stymies RioZim’s Bold Expansion Plan

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HARARE (Capital Markets in Africa) – RioZim Ltd., a Zimbabwean diamond, nickel and gold miner, wants to more than double output of gemstones at its Murowa mine. The problem is the expansion depends on attracting $125 million in investment against a backdrop of high royalties and ownership laws that scare investors. President Emmerson Mnangagwa, who replaced President Robert Mugabe after military intervention in November, has said the southern African nation won’t apply the ownership laws, known…

Africa’s Newest Gold Miner Starts Output and Sees Potential IPO

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JOHANNESBURG (Capital Markets in Africa) – Toro Gold Ltd. became Africa’s newest gold producer last week when it delivered its first batch of bullion, and the privately held firm is now weighing the possibility of selling shares this year. The company, which achieved the unusual feat of building a bullion mine without tapping public markets for funding, expects to produce about 135,000 ounces of the metal a year from the Mako project in Senegal. The mine…

Bitcoin Haters Don’t Get Its Gold-Like Qualities, Goldman Says

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LAGOS (Capital Market in Africa)- Bitcoin is a commodity with many similarities to gold, and the volatility that has sparked investor concern stems mainly from its lack of liquidity, said Jeff Currie, global head of commodities research for Goldman Sachs Group Inc. “I don’t see why there is all this hostility to it,” Currie said in an interview on Bloomberg Television. Bitcoin is “not much different than gold” because it doesn’t have liability attached to it by…

AngloGold Ashanti to raise $307 mln with South African mine sales

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s AngloGold Ashanti is to sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China’s Heaven-Sent SA Sunshine Investment Company, the company said on Thursday. AngloGold, after suffering heavy losses in its home market, said in June it would restructure its South African mines which could see 8,500 workers, around 30 percent of its workforce, laid off….

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

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