Posts Tagged ‘african gold’

Africa gold reserves said to be worth $1.5 TRILLION

Friday, September 23rd, 2016

endeavour-tabakoto-africa-gold image www.www-globalcommodities.com

A new report by SNL Metals and Mining shows Africa at the top of tables when it comes to the value of gold still in the ground.

Using the combined value of reserves and resources reported by explorers and mining companies active on the continent, the research company, calculated a figure of $1.48 trillion for primary gold projects.

Canada and the US came in second with gold in situ values as at September 8 of $1.26 trillion.

For gold in non-gold primary projects, Asia-Pacific was the key contributor in terms of resource value, accounting for $692 billion of the total according to SNL.

When it comes to the value of gold resources where it is mined as a secondary product alongside other metals, Africa falls down the rankings with less than $100 billion on the books.

in-situ-value-gold-africa-highest-SNL.gif www.www-globalcommodities.com

 

 

 

 

 

in-situ-value-gold-non-primary-asia-SNL www.www-globalcommodities.com

 

 

 

 

 

 

 

 

 

 

 

 

 

As for revenue, calculated by multiplying 2015 total gold production from primary gold mines with the 2015 average gold spot price, Asia-Pacific and Africa are once again the most as most valuable gold regions, with gold revenues of $20.2 billion and $16.1 billion, respectively.

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Henry Sapiecha

TANZANIAN GOVERNMENT SAY TO MINERS PAY MORE TAXES OR CLOSE UP SHOP

Monday, July 30th, 2012

Tanzania insists that mining companies pay a

30% corporate tax because of rise in prices

* Plans 200-megawatt coal-fired power project

* Eyes higher revenues from gold exports

* Says has over 130 mln pounds of uranium oxide

By Fumbuka Ng’wanakilala
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DODOMA, July 27 (Reuters) – Tanzania, fourth largest gold producer in Africa, has told mining companies operating for more than five years to start paying a corporate tax of 30 percent, citing rising prices of precious metals in the world market.

Tanzania’s gold export earnings rose 31 percent last year to $1.879 billion from $1.436 billion a year before on higher world prices for the commodity, Sospeter Muhongo, energy and minerals minister, told parliament on Friday.

The minister said the government wants to earn higher revenues from mining companies due to the rising gold price and added the government had ordered audits of all large-scale gold mines in the country to ensure they started paying corporate taxes after recovering their costs of production.

“I am instructing all mining companies that have been in operation for more than five years to start paying corporate tax without any excuses,” he said.
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“If they claim they are still making losses and can’t contribute to the national economy through taxes, they should shut down their mines and leave because minerals do not rot.”

Major gold mining companies in Tanzania include African Barrick Gold Plc, which has four gold-producing mines, AngloGold Ashanti Ltd and Resolute Mining Ltd.

He did not say which of these mines were affected, but said Geita Gold Mine owned by AngloGold Ashanti and the Golden Pride mine owned by Resolute had already paid a total of 228.5 billion shillings in corporate taxes.

He said Tanzania was also evaluating around a dozen bids from investors for a stake in the state-run Buhemba gold mine. The government regained ownership of the mine this year after reversing its 2005 privatisation to a local company amid allegations of graft in the previous sale of the mine.
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It is much smaller than mines run by the big companies.

The country has also invited bids for a joint venture project to develop a state-run coal mine with 35.5 million tonnes of reserves, the country’s energy and minerals minister said Friday.

The government said the project would also involve construction of a 200-megawatt coal-fired power plant at a cost of $400 million.

“By June 2012, the State Mining Corp received bids from 16 foreign and local companies to enter into joint venture to develop this project,” Muhongo said.

He said Tanzania has 136.5 million pounds of uranium oxide, with Australia-based miner Mantra Resources given a go-ahead to build a $450 uranium mine at a world heritage park after the project received approval from UNESCO, the U.N. cultural agency.
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Sourced & published by Henry Sapiecha

SOUTH AFRICA IN PROSPECTING RIGHTS FEVER

Saturday, June 4th, 2011

South Africa Granted

627 Prospecting Rights

Since April 18

June 01, 2011, 12:18 PM EDT

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June 1 (Bloomberg) — South Africa, the nation with the biggest mineral wealth, granted at least 627 mineral prospecting rights since April 18, when it lifted a moratorium on applications, Mineral Resources Minister Susan Shabangu said.

The Department of Mineral Resources stopped awarding prospecting rights on Sept. 1 after errors in the award of some permits were uncovered. Applications are now only accepted electronically via the department’s website, a measure the government hopes will eliminate the mistakes.

“What we want to achieve with the system is what is happening,” Shabangu told reporters in Cape Town today. “It’s working well” and complaints that the system is too slow are being addressed.

BHP Billiton Ltd. and Anglo American Plc are among companies that mine coal, platinum and diamonds in South Africa, which Citigroup Inc. last year said has mineral resources worth about $2.5 trillion.

A planned review of South Africa’s Mineral and Petroleum Resources Development Act is under way that aims to further streamline the licensing process and should be submitted to Parliament by the end of July, Shabangu said. Mine safety laws are also being reviewed to strengthen enforcement and increase penalties for infractions, she said.

Miner Deaths

Fifty-three miners have died in South Africa’s mines so far this year, up from 49 over the same period last year, according to government data.

Shabangu said the Cabinet is evaluating a plan that aims to ensure companies process more of the mineral they extract within the country, without compelling them to do so.

Shabangu also said a task team has been appointed to consider the merits of allowing the extraction of shale gas. A report is due by the end of July.

Royal Dutch Shell Plc has applied to start shale-gas exploration in South Africa’s Karoo region. Its plans to drill about 24 wells in an area of about 90,000 square kilometers (34,749 square miles) faces opposition from the Treasure the Karoo Action Group on the grounds that it may have adverse environmental consequences.

–Editors: Claudia Carpenter, John Deane

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net.

To contact the editor responsible for this story: Andrew Barden at barden@bloomberg.net

Sourced & published by Henry Sapiecha

GOLD GOLD GOLD GOLD GOLD UP UP UP UP IT GOES

Saturday, June 19th, 2010

Gold hits new record


Reuters

LONDON – Gold rallied on Friday to an all-time record above $US1,260 an ounce, as investors looked to precious metals for an alternative to equity or debt investments given renewed uncertainty about the economic recovery.

Several surprisingly weak US economic readings released a day earlier renewed investors worries, driving them to seek the safety of a tangible asset like gold.

Spot gold hit an all-time high of $US1,261.90 an ounce, but was bid at $US1,256.65 an ounce at 15:20 EDT, against $US1,243.40 late on Thursday. US gold futures for August delivery also climbed to a record at $US1,263.70, and settled up $US9.60 at $US1,258.30, its highest ever close.

“I think it is a case of gold’s ability to compete with both credit and equity markets for investments. Competing with credit markets has been in play for a long time, because of low interest rates and low opportunity cost of holding gold,” MF Global precious metals analyst Tom Pawlicki said in Chicago.

“The data yesterday from initial claims and Philadelphia Fed was another thing indicating to investors that the economic recovery will be sub-par compared with other recession recoveries. That makes gold more attractive,” he added.

The precious metal has risen nearly 15 per cent since the end of 2009, fueled by sovereign risk in the euro zone, historically low interest rates, and concern over the stability of paper currencies.

“Sovereign debt worries, central banks raising their holdings and record low interest rates keep attracting new buyers to gold,” Saxo Bank senior manager Ole Hansen said.

“The Goldilocks scenario continues. Risk-off helps gold through safe haven (buying), risk-on helps it as well through a weaker dollar.”

The euro, along with gold, was strengthened as well by the US Philadelphia Federal Reserve’s plummeting June factory index and a rise in first-time filings by unemployed US workers last week, which pushed US Treasury yields to their lowest in a week.

The dollar’s decline to three-week lows against the euro, headed for its best weekly gain in over a year as European leaders said they would publish details about the health of European banks.

Lingering fears over European sovereign debt levels are also burnishing the metal’s safe-haven appeal.

“We expect gold to continue to perform well given continued fiscal/debt challenges in Europe and the potential for this to spread to other regions,” Deutsche Bank said in a note.

SPDR ETF hits record

Holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, hit record highs at 1,307.963 tonnes on Thursday as investors continued to turn to physical bullion as a haven from risk.

Silver tracked gold higher to a four-week peak of $US19.24 an ounce. Late in the session it pulled off the highs to trade around $US19.16 an ounce against $US18.67 late Thursday, slightly outperforming the yellow metal.

Some investors said silver had lately under-performed gold’s gains and was due for a greater percentage rise.

The gold:silver ratio fell to its lowest since late May on a day-to-day basis, with one ounce of gold now buying 66 ounces of silver. The silver market, smaller and less liquid than gold, tends generally to outperform when prices are rising.

“If both gold and silver continue to improve, we expect silver to outperform, thus moving the gold-silver ratio lower,” ScotiaMocatta said in a note.

Platinum advanced to $US1,588 an ounce from $US1,574, and palladium was higher at $US487 than $US479.50 late Thursday. Both hit a one-month highs during the session.

The world’s biggest palladium producer, Norilsk Nickel, said it had received an offer for some of its Australian assets, and that it planned to proceed with plans to divest them.

Sourced and published by Henry Sapiecha


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