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ELM: Uranium Copper/Cobalt in DRC ...NEW
http://sa.iguana2.com/cache/a5f8d11b5d341985e979a12411db8e23/ASX-ELM-361349.pdf
Has Victor Kasongo stolen 2 kilogrammes of gold?
http://www.digitalcongo.net/article/41180
OKIMO: The public prosecutor de la République raises the measure of seizure{keyboarding} of 2 Kg of gold, and the ex-Adg Victor Kasongo washed by any suspicion!
Kinshasa, 2/15/2007 / Policy{Politics}
By a conscription of information dated from February 09th, 2007, the public prosecutor of the Republic raised the measure of sequester of property of gold intervened on January 26th of this year. If there are people who have to meet in their small shoes, those who took up the cabale on the disappearing of 2 kg of gold of the strongroom of Okimo in mid-January 2007 and made known affair with a lot of comments in certain newspapers of the place have to be big Jean as front today.
In effect, by his{her; its} conscription dated from January 09th, 2007, the active public prosecutor de la République Tshimanga Muteba are quality of the Officer of the public prosecutor's office near the Supreme Court of justice delegates the general inspector of the Detective police forces{force} of Offices of Public Prosecutor{parquets} to be taken down to the office of the general Executive director of Kilogram-motorbike to mean him{her} the lifting of the measure of hitting{striking} sequester of property 2 Kg of gold contained in the strongroom of this State firm.
This sequester of property had been performed by the inspector of detective police forces Mardochée Fede Mawonso on January 26th of this year from the not controlled noise thrown{launched} across some mass media of the capital which had mentioned disappearing and "promenade" of 2 kg of gold of Okimo across the streets of the capital.
The personality of Victor Kasongo Shomary, then general Executive director of this big government-owned firm exploiting gold in Ituri and in the region of Haut-Uele was unfairly compromised{damaged} in this taken up serial of any rooms with intent to acquire his departure at the head of Okimo.
Multi Mass media Congo (MMC) which led investigation into this affair found{rediscovered} the lane of this gold which was easy lying in the strongroom of Okimo, as well as shows it the photograph opposite.
The public prosecutor de la République who also led investigations on alleged disappearing of 2 Kg of gold in the safe of this auriferous firm succeeded there in concluding in a dismissal, and having ordered the lifting of the measure of sequester of property appraise{take} January 26th of this year. Not without whitening Victor Kasongo of any any offence following from one one - disante disappearing which was not one.
The restitution of this gold to his{its} legitimate owner having become real, his sale sum of which is estimated in more or less in 35.000 dollars Us libèrera the firm of its social commitments in relation to his{her; its} 1.000 workers of areas of Bunia.
With the lifting of the measure of sequester of property of 2 Kg of gold of Okimo also comes to an end the serial any old how taken up against the ancient{former} Adg de Okimo Victor Kasongo Shomary who has besides just made an entrance pointed out within the first governmental team of Gizenga as vice-minister of Mines. Certain sources in general well-informed maintain that this nomination is the illustration of competence and manager capacities which the person concerned displayed in the management of the Service of the Gold mines of Kilogram-motorbike, and before in the management committee of the Centre of expertise and certification of diamond (Ceec) where the person concerned exercised the same functions{offices} without having been reproached by the disappearing of the slightest karat of diamond, while he had some time in the chests of the firm as more than 10 million dollars in diamonds!
Let us say from memory that a little before being named{appointed} to the government, the Adg de Okimo addressed{sent} to Mr Klaus Eckhof, "Chief Executive Officer" (the equivalent of the CEO) from the society Borgakim Mining sprl, on January 26th, 2007 a demand relating to the contract of technical and financial Aid (ATF) signed of December 30th, 2003 between this society and the Service of the Gold mines of Kilogram-motorbike (Okimo).
In this letter, the Adg de Okimo notices that, « on examination of clauses and on analysis of the management of the execution of aforementioned contract » in his{its} articles 2, 3 and 4 which define the object and the benefits of Borgakim in favour of Okimo, he results a fault in the leader of Borgakim as for the realization of the objectives of the contract ».
According to this letter, « three years afterwards the bet opens it of this contract, the rehabilitation of the mining, metallurgical facilities of the mine and the plant of grinding of Durba, as well as the hydroelectrical power station of N' Zoro, with a view to assuring a regular and rational productive activity such as stipulated in the article 3 of the contract ATF was never performed ».
Besides, Okimo reproaches his partner that he « was never in possession of complete working results of opinion poll of spare confirmation performed on sites identified by him and announced in Borgakim ».
Finally, aforementioned letter drives the point home by maintaining that « faults falling to Borgakim are of such nature as the object of the contract ATF, consisting in guaranteeing the chase of the activity of production of Okimo been never attained{affected} this day », and that, in series, « taken into account this state{condition} of thing », the adg of Okimo requires his{its} partner « to put right its faults » in the eighty days, referring for it made « in the stipulations of the article 10 indent{paragraph} 2 of the contract.
Information was taken on Tuesday, February 13th, 2007 to n ° 1 of Okimo, 18 days after this demand, none of purposeful facilities in this letter was still subjected to the slightest rehabilitation. The arm wrestling hired{initiated} against Borgakim by Okimo will know its afterword in 72 days. Unless, by then they attend at the beginning of execution of the complaints of Okimo.
Wait and see!
........................................................................
OKIMO : Le Procureur général de la République lève la mesure de saisie des 2 Kg d'or, et l'ex-Adg Victor Kasongo lavé de tout soupçon !
Kinshasa, 15/02/2007 / Politique
Par une réquisition d'information datée du 09 février 2007, le procureur général de la République a levé la mesure de saisie conservatoire de l'or intervenue le 26 janvier dernier. S'il y a des gens qui doivent se retrouver dans leurs petits souliers, ceux qui ont monté la cabale sur la disparition de 2 Kg d'or de la chambre forte de Okimo à la mi-janvier 2007 et ébruité l'affaire à grand renfort de commentaires dans certains journaux de la place doivent être gros Jean comme devant aujourd'hui.
En effet, par sa réquisition datée du 09 janvier 2007, le Procureur général de la République Tshimanga Muteba agissant es-qualité de l'Officier du ministère public près la Cour suprême de justice a délégué l'inspecteur général de la Police judiciaire des parquets à descendre au bureau de l'Administrateur délégué général de Kilo-Moto pour lui signifier la levée de la mesure de saisie conservatoire frappant les 2 Kg d'or contenu dans la chambre forte de cette entreprise d'Etat.
Cette saisie conservatoire avait été effectuée par l'inspecteur de police judiciaire Mardochée Fede Mawonso le 26 janvier dernier à partir des bruits non contrôlés lancés à travers quelques médias de la capitale qui avaient fait état de la disparition et de la « promenade » de 2Kg d'or de Okimo à travers les rues de la capitale.
La personnalité de Victor Kasongo Shomary, alors Administrateur délégué général de cette grande entreprise publique exploitant l'or en Ituri et dans le district du Haut-Uele a été injustement compromise dans ce feuilleton monté de toutes pièces à l'effet d'obtenir son départ à la tête de Okimo.
Multi Média Congo (MMC) qui a mené enquête sur cette affaire a retrouvé la piste de cet or qui gisait tranquillement dans la chambre forte de Okimo, ainsi que le montre la photo ci-contre.
Le Procureur général de la République qui a également mené des investigations sur la prétendue disparition des 2 Kg d'or dans le coffre-fort de cette entreprise aurifère en est arrivé à conclure à un non-lieu, et ordonné la levée de la mesure de saisie conservatoire prise le 26 janvier dernier. Non sans blanchir Victor Kasongo de toute infraction quelconque découlant d'une soi-disante disparition qui n'en était pas une.
La restitution de cet or à son légitime propriétaire étant devenu effective, sa vente dont le montant est estimé à plus ou moins à 35.000 dollars Us libèrera l'entreprise de ses engagements sociaux vis-à-vis de ses 1.000 travailleurs du secteurs de Bunia.
Avec la levée de la mesure de saisie conservatoire des 2 Kg d'or de Okimo prend également fin le feuilleton de bric et de broc monté contre l'ancien Adg de Okimo Victor Kasongo Shomary qui vient du reste de faire une entrée remarquée au sein de la première équipe gouvernementale de Gizenga en qualité de vice-ministre des Mines. Certaines sources généralement bien informés affirment que cette nomination est l'illustration de la compétence et des capacités managériales dont l'intéressé a fait montre dans la gestion de l'Office des Mines d'Or de Kilo-Moto, et précédemment au comité de gestion du Centre d'expertise et de certification de diamant (Ceec) où l'intéressé a exercé les mêmes fonctions sans avoir été reproché de la disparition du moindre carat de diamant, alors qu'il avait quelque fois dans les coffres de l'entreprise pour plus de 10 millions de dollars en diamants !
Rappelons pour mémoire que peu avant d'être nommé au gouvernement, l'Adg de Okimo a adressé à M. Klaus Eckhof, « Chief Executive Officer » (l'équivalent du Pdg) de la société Borgakim Mining sprl, le 26 janvier 2007 une mise en demeure relative au contrat d'Assistance technique et financière (ATF) signé en date du 30 décembre 2003 entre cette société et l'Office des Mines d'Or de Kilo-Moto (Okimo).
Dans cette lettre, l'Adg de Okimo relève que, « à l'examen des clauses et de l'analyse de la gestion de l'exécution dudit contrat » dans ses articles 2, 3 et 4 qui définissent l'objet et les prestations de Borgakim en faveur de l'Okimo, il résulte une défaillance dans le chef de Borgakim quant à la réalisation des objectifs du contrat ».
Selon cette lettre, « trois ans après la mise en ouvre de ce contrat, la réhabilitation des infrastructures minières, métallurgiques de la mine et de l'usine de broyage de Durba, ainsi que la centrale hydroélectrique de N'Zoro, en vue d'assurer une activité productive régulière et rationnelle telle que stipulée à l'article 3 du contrat ATF n'a jamais été effectuée ».
De plus, Okimo reproche à son partenaire qu'il « n'a jamais été en possession des résultats complets de travaux de sondage de confirmation de réserves effectués sur des sites identifiés par lui et communiqués à Borgakim ».
Enfin, ladite lettre enfonce le clou en affirmant que « les défaillances incombant à Borgakim sont de telle nature que l'objet du contrat ATF, consistant à garantir la poursuite de l'activité de production d'Okimo n'a jamais été atteint à ce jour », et que, par voie de conséquence, « eu égard à cet état de chose », l'adg d'Okimo met en demeure son partenaire de « remédier à ses défaillances » dans les quatre-vingt jours, se référant pour ce faite « aux stipulations de l'article 10 alinéa 2 du contrat.
Renseignement pris mardi 13 février 2007 auprès du n° 1 de Okimo, 18 jours après cette mise en demeure, aucune des infrastructures visées dans cette lettre n'a encore subi la moindre réhabilitation. Le bras de fer engagé contre Borgakim par Okimo connaîtra son épilogue dans 72 jours. A moins que, d'ici là l'on assiste à un début d'exécution des doléances de Okimo.
Wait and see !
OKIMO: The minister of Mines.....
http://www.digitalcongo.net/article/43344
translation:
OKIMO: The minister of Mines staves off{averts} the wind of agitation which blows invitation on the personnel of the firm and in peace
The minister des Mines went on Thursday, May 3rd, 2007 in morning to the administrative seat of OKIMO with the intention of bringing to the personnel of this State firm a message of peace and peace with the intention of staving off{averting} the wind of agitation which blows in this government-owned firm.
The big first one on Thursday, May 3rd, 2007 within the said government-owned firm Gold service of Kilogram-motorbike (OKIMO) the personnel, the councilmen{members of the Council} of administration, those of the management committee a.i; the frames{settings} of direction, the auditors and the personnel of the seat had privilege to accept{receive} the visit of the minister of Mines Martin Kabwelulu Labilo.
This visit of n°1 Mines knew four fortes the first of which took place in the room of conference of the firm in which the minister conferred principally with the councilmen{members of the Council} of administration, those of the management committee, the auditors and the listeners.
In this opportunity, the minister Kabwelulu explained to his interlocutors the object of his visit which is in the will of the head of government to bring to the firm a message of peace and peace at present when Okimo faces up an unsurpassed agitation in touch with the situation which predominates in its breast. This agitation is partly linked to the contracts of working{exploitation} and research crossed{passed} at its time by OKIMO with foreign partners. Long before the constitution of the government of Antoine Gizenga.
This agitation continues causing a noxious climate within OKIMO so as to attempt in the climate of peace which always reigned in the firm. The government of the Republic with wind of this situation hastened to take measures tending to examine in the magnifier the different contracts crossed{passed} by its productive gold firm with the intention of pruning the dispositions{arrangements} which préjudicient the major interests of the democratic Republic of Congo, and therefore at the rebound those of the Congolese people.
« I came to see you to make part of what the government of the Republic decided on to re-visit all mining contracts linking the democratic Republic of Congo, by means of its firms working in the area of mines, to all their partners », said the minister Kabwelulu to his interlocutors before adding that this operation targeted a given partner not at all. « What we want, outbade the minister, it is not to cancel these contracts, but to restore, in all these contracts essentials equilibrium between the Congolese State and the partners that bring some cool{fresh} silver{money} to assure in our country an uninterrupted and substantial mining production, so that the Congolese people are the big beneficiary of the consequences of this working{exploitation} ».
The minister Kabwelulu has still pointed out q' at her arrival at the head of the ministry of Mines, her attention was attracted, by acquainting with files of its ministry, by the abundance of contracts signed by the leaders of OKIMO with partners. However, big is his{her; its} astonishment not to see lining up statistics of following productions! « And it lasts since 1987 », underlined the minister of the Mines who justifies the measure stopped by the government to re-visit all mining contracts signed in democratic Republic of Congo.
Nevertheless, important nuance, Martin Kabwelulu underlined that this operation of revisitation means not at all that the government wants to cancel contracts signed by its firms with foreign partners. « We simply want to see which are dysfunctions and rockings which exist in all these contracts, and to bring correctives at best of interests of both parties{parts} there », he said to his interlocutors » before adding that the government wants nothing less than these partnerships remain{subsist}, but that it is created that a reference threshold, which will point out to the investors consequently eager to launch into mining adventure what is going to be the part returning to the democratic Republic of Congo, and that returning to them.
The second forte of the visit of the minister Kabwelulu in OKIMO was the address which this last made to the personnel of the seat, in the presence of the councilmen{members of the Council} of administration and the management committee a.i, of frames{settings} of direction and auditors.
ci also, the boss of Mines wanted to bring to the workers of the State firm the same message of calmness and peace further to the eddy gitent with the home{house} OKIMO. « Since the partners demonstrate a particular{special} interest on contracts ATF (Technical Aid and financier), the minister said, he is proved to be that this interest is linked to numerous benefits that provoke this type of contracts. It is for it that, underlined the ministerial speaker, we must see well there and make sure that the State also draws{fires} its part of benefit there, so that you too find your count » there. An announcement which was warmly applauded by all assistance which accepted{received} 5 of 5 this message of the envoy of the government.
The word of circumstance addressed{sent} to the minister by Mr Jean-Pierre Mbuluyo Basambomu, the general Executive director a.i was thanks at the government which, he said, thought of dispatching the minister of tutelage in OKIMO to explain in the whole personnel the signification tied{attached} to this revisitation of contracts crossed{passed} by the mining firms with partners.
The delivery{remission} to the minister Martin Kabwelulu of a lot of loincloths taking back{resuming} motives which recall the activities of OKIMO by way of present to celebrate its visit constituted the third forte of this small demonstration which ended with a last cooperation that the guest of day of OKIMO had with the ruling staff of this firm which expects a new epoch of prosperity when will be ended job{work} of revisitation of the contracts entrusted to an ad hoc committee which will give a ruling forty-five lasting days before introducing{presenting} results to the head of government.
OKIMO : Le ministre des Mines conjure le vent de l'agitation qui souffle sur le personnel de l'entreprise et l'invite au calme
Le Ministre des Mines s'est rendu ce jeudi 3 mai 2007 dans l'avant-midi au siège administratif de l'OKIMO dans le but d'apporter au personnel de cette entreprise d'Etat un message de paix et de calme dans le but de conjurer le vent de l'agitation qui souffle dans cette entreprise publique.
Grande première ce jeudi 3 mai 2007 dans l'enceinte de l'entreprise publique dite Office d'or de Kilo-Moto ( OKIMO ) le personnel, les membres du conseil d'administration, ceux du comité de gestion a.i ; les cadres de direction, les commissaires aux comptes et le personnel du siège ont eu le privilège de recevoir la visite du ministre des Mines Martin Kabwelulu Labilo.
Cette visite du n°1 des Mines a connu quatre temps forts dont le premier s'est déroulé dans la salle de conférence de l'entreprise dans laquelle le ministre a conféré essentiellement avec les membres du conseil d'administration, ceux du comité de gestion, les commissaires aux comptes et les auditeurs.
A cette occasion, le ministre Kabwelulu a expliqué à ses interlocuteurs l'objet de sa visite qui se situe dans la volonté du chef du Gouvernement d'apporter à l'entreprise un message de paix et de calme en ce moment où l'Okimo fait face à une agitation sans précédent en rapport avec la situation qui prévaut en son sein. Cette agitation est en partie liée aux contrats d'exploitation et de recherche passés en son temps par OKIMO avec des partenaires étrangers. Bien avant la constitution du gouvernement de Antoine Gizenga.
Cette agitation continue à causer un climat délétère au sein de OKIMO au point d'attenter au climat de paix qui a toujours régné dans l'entreprise. Le gouvernement de la République qui a eu vent de cette situation s'est empressé de prendre des mesures tendant à examiner à la loupe les différents contrats passés par son entreprise productrice d'or dans le but d'en élaguer les dispositions qui préjudicient les intérêts majeurs de la République démocratique du Congo, et donc par ricochet ceux du peuple congolais.
« Je suis venu vous voir pour vous faire part de ce que le gouvernement de la République a décidé de revisiter tous les contrats miniers liant la République démocratique du Congo, par le biais de ses entreprises oeuvrant dans le secteur des mines, à tous leurs partenaires », a dit le ministre Kabwelulu à ses interlocuteurs avant d'ajouter que cette opération ne ciblait nullement un partenaire donné. « Ce que nous voulons, a renchéri le ministre, c'est non pas annuler ces contrats, mais rétablir, dans tous ces contrats le nécessaire équilibre entre l'Etat congolais et les partenaires qui apportent de l'argent frais pour assurer dans notre pays une production minière continue et substantielle, de façon à ce que le peuple congolais soit le grand bénéficiaire des retombées de cette exploitation ».
Le ministre Kabwelulu a encore fait remarquer q'à son arrivée à la tête du ministère des Mines, son attention a été attirée, en prenant connaissance des dossiers de son ministère, par l'abondance de contrats signés par les dirigeants de OKIMO avec des partenaires. Cependant, grand est son étonnement de ne pas voir aligner des statistiques de productions conséquentes ! « Et cela dure depuis 1987 », a souligné le ministre des Mines qui justifie la mesure arrêtée par le gouvernement de revisiter tous les contrats miniers signés en République démocratique du Congo.
Toutefois, nuance importante, Martin Kabwelulu a souligné que cette opération de revisitation ne signifie nullement que le gouvernement veut annuler les contrats signés par ses entreprises avec des partenaires étrangers. « Nous voulons simplement voir quels sont les dysfonctionnements et les déséquilibres qui existent dans tous ces contrats, et y apporter des correctifs au mieux des intérêts des deux parties », a-t-il dit à ses interlocuteurs » avant d'ajouter que le gouvernement ne veut rien moins que ces partenariats subsistent, mais qu'il soit créé un seuil de référence, qui indiquera désormais aux investisseurs désireux de se lancer dans l'aventure minière ce que va être la part revenant à la République démocratique du Congo, et celle leur revenant.
Le second temps fort de la visite du ministre Kabwelulu à OKIMO a été l'adresse que ce dernier a faite au personnel du siège, en présence des membres du conseil d'administration et du comité de gestion a.i, des cadres de direction et des commissaires aux comptes.
ci également, le patron des Mines a tenu à apporter aux travailleurs de l'entreprise d'Etat le même message de quiétude et de paix suite aux remous qui a gitent la maison OKIMO. « Puisque les partenaires manifestent un intérêt particulier sur les contrats ATF (Assistance technique et financier), a dit le ministre, il est avéré que cet intérêt est lié aux nombreux profits que suscitent ce genre de contrats. C'est pour cela que, a souligné l'orateur ministériel, nous devons y voir clair et faire en sorte que l'Etat y tire également sa part de profit, de telle sorte que vous aussi vous y trouviez votre compte ». Une annonce qui a été applaudi chaleureusement par toute l'assistance qui a reçu 5 sur 5 ce message de l'envoyé du gouvernement.
Le mot de circonstance adressé au ministre par M. Jean-Pierre Mbuluyo Basambomu, l'Administrateur délégué général a.i a été un remerciement à l'adresse du gouvernement qui, a-t-il dit, a songé à dépêcher à OKIMO le ministre de tutelle pour expliquer à l'ensemble du personnel la signification attachée à cette revisitation des contrats passés par les entreprises minières avec des partenaires.
La remise au ministre Martin Kabwelulu d'un lot de pagnes reprenant des motifs qui évoquent les activités d'OKIMO en guise de cadeau pour célébrer sa visite a constitué le troisième temps fort de cette petite manifestation qui s'est achevée avec une dernière concertation que l'hôte du jour d'OKIMO a eu avec le staff dirigeant de cette entreprise qui s'attend à une nouvelle ère de prospérité lorsque sera terminée le travail de revisitation des contrats confié à une commission ad hoc qui statuera quarante-cinq jours durant avant d'en présenter les résultats au chef du gouvernement.
Simberi ready for Take Off???
http://www.sys-con.com/read/368889.htm
....The delay in filing is the result of delays in receiving information from a Congolese accounting firm hired by Simberi with respect to Simberi's Congolese operations.
This information has now been received to the satisfaction of the management and Board, and the Financial Statements are being finalized for the Auditor review process and for approval by the Board.....
Mines d’or de Moto: le forcené Victor Kasongo Shomary
http://www.lesoftonline.net/pages/phil.php?id=1025
MISE EN LIGNE LE 1ER MAI 2007 | LE SOFT INTERNATIONAL.
«Votre comportement dénote de la supercherie managériale dans l'exercice de vos fonctions. Les autorités ne manqueront pas de noter les conséquences de votre entêtement, votre insubordination caractérisée et légendaire…».
C'est dans ces termes ahurissants que le PCA de l'OKIMO Jean-Marie Amuli Alimasi Umul s'adressait, le 26 janvier 2007, à Victor Kasongo Shomary, alors A-dg de l'Office des Mines d'Or de Kilo Moto, aujourd'hui sur papier Vice-ministre des Mines, en réalité, bien plus que ça.
«L'avenir nous dira quoi!», a renchéri le PCA, redoutant que les actes de chantage de Shomary sur Motogoldmines-Borgakim, n'entraînent l'Etat dans d'onéreux procès devant des juridictions internationales.
Ce qui risque d'arriver au pays. Et les prévisions de l'OKIMO, de produire, grâce au coup de pouce financier de son partenaire, jusqu'à 10 kgs d'or dès mai prochain et passer à près de 50 kgs à mi-2007, s'effondrent. Telle la mine de Kamoto.
A cause d'un homme, Victor Kasongo Shomary… et ses parrains.
L'affaire OKIMO-Motogoldmines-Borgakim a fait l'objet de nombreuses discussions, en février 2007, lors de la traditionnelle conférence minière d'Indaba, Afrique du Sud, indique Alexandre Brabant du cabinet Norton Rose, Conseil Motogoldmines-Borgakim.
«Cela doit être considéré comme un signe que nous ne prendrons pas les choses à la légère», martèle l'homme. Qui fait savoir qu'une éventuelle résiliation du contrat entraînerait l'OKIMO et l'Etat r-dcongolais devant les juges... à l'étranger. Qui fait comprendre qu'une remise en question du projet «Moto» entraînerait inévitablement l'exigibilité immédiate du coût de l'investissement, la responsabilité évidente de l'OKIMO dans la réparation des préjudices ainsi causés.
«Des dédommagements de l'ordre de milliard de dollars, avertit-il, seraient réclamés pour la propriété intellectuelle dans la découverte des ressources minières et pour l'empêchement de réaliser des revenus prévus dans l'étude de faisabilité».
FAUX ET USAGE DE FAUX.
Au sommet de l'Etat a-t-on pris la réelle mesure de l'affaire? Des experts sont dubitatifs.
Pour sa première, le tout nouveau Dircab du Chef de l'Etat, Raymond Tshibanda a commis une erreur d'appréciation, commente pour «le Soft International», un ancien cadre du CAMI, reconverti opérateur minier.
«S'il faut mettre à l'arrêt les industries minières en attendant la revisitation des contrats de partenariat public-privé, qu'on nous le dise!», poursuit l'homme. Dans sa correspondance du 17 avril 2007 n°247/2007, Raymond Tshibanda mord à l'hameçon de Victor Kasongo Shomary en confirmant l'opposition faite, par VKS, en sa qualité de vice-ministre des Mines, au PCA Amuli Alimasi et à l'A-dG Jean-Pierre Mbuloyo d'arrêter la poursuite de l'exécution du projet «Moto». Sous prétexte que le Chef de l'Etat avait déjà intimé, par la lettre n° CAB/PR/DC/SHE 0/852/dk/2006 du 19 octobre 2006 du Dircab du Chef de l'Etat, l'ordre de suspendre toute procédure de négociation engagée entre l'OKIMO et Borgakim.
Et du fait que le premier ministre Antoine Gizenga Funji a pris l'engagement, le 22 février 2007, à l'Assemblée nationale, de procéder à la relecture critique des contrats de partenariat conclus par les entreprises publiques et paraétatiques minières.
Pourtant le 17 octobre 2006, deux jours avant que le cabinet du Chef de l'Etat ne décide de la suspension de négociations entre l'OKIMO et Motogoldmines-Borgakim, les deux parties avaient convenu d'un mémorandum sanctionnant la fin de leur négociation. Elles étaient engagées à couler un compromis réalisé sous forme d'un protocole d'accord. Le 3 novembre, le ministre des Mines Kalele Ka-Bila réagit à la lettre d'alors directeur de cabinet du Chef de l'Etat Léonard She Okitundu signée par l'alors adjoint Me Nkulu Mitumba Kilombo, aujourd'hui ministre près du Président de la République.
Le ministre des Mines demande au cabinet du Chef de l'Etat de permettre OKIMO et Goldmines-Borgakim de parachever leurs discussions entamées depuis le 31 janvier 2006, lesquelles permettraient de trouver des solutions aux difficultés de trésorerie de l'OKIMO. Jamais le cabinet du Chef de l'Etat n'a donné suite à la lettre n°CAB.MIN./MINES/01/1759/2006 du ministre Kalele Ka-Bila, signée par son vice-ministre Jean-Marie Kamoni Mokota Lissa. Comme pour dire qui ne dit mot…consent.
Le même 3 novembre 2006, OKIMO et Motogoldmines –Borgakim signent leur protocole d'accord. Qui est le résultat des observations et critiques émises par Victor Kasongo Shomary arrivé à l'OKIMO comme A-dG alors qu'au CEEC, Centre d'expertise et de certification des matières et semi-précieuses, où il assumait les mêmes fonctions, un scandale de malversations financières l'avait spectaculairement éclaboussé. OKIMO et Borgakim ont tenu plusieurs réunions paritaires qui ont notamment abouti, le 7 octobre 2006 aux compromis que, à l'OKIMO, l'on atteste qu'ils ont eu le mérite d'améliorer les intérêts de l'OKIMO.
Il appert même qu'en R-dCongo, aucun contrat minier n'a fait l'objet d'autant de révisitations comme celles effectuées sur les contrats OKIMO – Motogoldmines-Borgakim. Le Conseil d'administration de l'OKIMO a, naturellement, considéré comme acquis les compromis de protocole d'accord du 3 novembre au cours de sa session extraordinaire qui s'est tenue, à Kinshasa, entre les 21 et 26 mars2007.
D'autant plus que le partenariat avec Motogoldmines a aidé à acheter de nouveaux équipements, dont 1.000 paires de bottines et 1.000 salopettes et des véhicules et à faire recouvrer à l'OKIMO son statut d'opérateur minier, à en croire le Conseil d'administration. Ainsi, dès le mois de mai 2007, l'OKIMO pourrait se lancer dans une production mensuelle progressive de 6 à 10 kgs d'or. Et au second semestre de l'année en cours, la production pourrait passer de 10 à 50 kgs d'or le mois.
La crise qui perdure à ce jour résulte du refus catégorique de l'ancien A-dG VKS, d'appliquer la disposition de l'article 5 du contrat d'assistance technique et financière, ATF. Lequel prévoit l'exploitation, en association entre OKIMO-Borgakim, des gisements découverts par BORGAKIM dans les concessions amodiées et dans la concession de l'OKIMO non amodiée.
Curieusement, en dépit de la requalification de principales clauses du projet Moto, VKS n'en a point tiré satisfaction. A nouveau, il a monté, à l'encontre de Motogoldmines-Borgakim, un échafaudage des griefs et adressé, à son Chief Executive Officer, Klaus Eckhof, un chapelet de mises en demeure et de menaces de résilier le contrat pour non début des travaux suivant le délai contractuel et non paiement de loyer annuel d'amodiation de 420.000 dollars à chacune de sociétés filiales de Motogolmines.
DESAVEU A REPETITION.
L'A-dG de l'OKIMO a, outre cela, relevé le non respect du contrat d'assistance technique et financière, ATF, trois ans après sa conclusion.
En grattant, un constat: rien n'est vrai de toutes les allégations de Victor Kasongo Shomary. Lesquelles font percevoir une incurie sinon une prévarication répréhensibles. Motogoldmines avait, en effet, déjà honoré ses engagements pendant que l'A-dG en relevait comme défaillances susceptibles d'entraîner la résiliation de contrat.
«Lorsque nous avons finalement reçu, le 18 décembre 2006, les coordonnées bancaires de l'OKIMO que nous demandions depuis le 8 novembre par notre lettre BGK/JCD/AY/089/06, le paiement de ces loyers ainsi que les autres paiements prévus ont été immédiatement débloqués. (...) Des travaux ont effectivement commencé et des comptes rendus fournis aux équipes techniques de l'OKIMO. (…) Votre mise en demeure relative à un prétendu manquement est de fait dépourvue de tout fondement», lui rétorque William Damseaux, père du fils, qui est intervenu dans l'affaire, en qualité de mandataire spécial des entreprises de son fils.
Avait-il compris que lui-même, poids lourd dans l'économie nationale, devrait cette fois s'engager dans ce bras de fer engagé par Victor Kasongo Shomary car l'affaire avait, de manière ostentatoire, pris une tournure de clientélisme politico-financier. D'autant plus que toutes les données techniques présentées par Motogoldmines-Borgakim n'ont guère suffi pour rassurer Victor Kasongo Shomary.
Encore moins, les affirmations du PCA de l'OKIMO. Alimasi, a, en effet, reconnu que depuis le 31janvier 2006, la question relative au contrat ATF a été résolue par l'intégration de ce contrat dans une structure consolidée en une amodiation unique. «Et ce, écrit-il à Kasongo Shomary, à partir du mémorandum signé par vous-même en qualité d'A-DG pour le compte d'OKIMO et M. Eckhoff, Chief Exécutive de Motogoldmines-Borkagim». La question de la relance de l'OKIMO, poursuit le PCA, a trouvé satisfaction par le financement à hauteur de 5 millions de dollars en cash et un seul paiement par Borgakim. La centrale hydro-électrique de Nzoro a été également réhabilitée comme convenu dans le partenariat.
Et Motogoldmines–Borgakim a doté l'Office d'une nouvelle unité de production, note le Président du Conseil d'administration de l'OKIMO. Grâce au paiement des arriérés des loyers d'amodiations des contrats «Amani» et «Rambi» (environ 955.000 dollars), le nouveau comité de gestion a négocié avec la BCDC, Banque commerciale du Congo, l'ex-BCZ, l'ouverture d'un compte spécial B débaptisé «plan de relance OKIMO».
Pour le nouvel A-dG Jean-Pierre Mbuluyo, l'ouverture d'un nouveau compte se justifie par le fait qu'il faut éviter que cette somme ne soit absorbée par le solde négatif de l'OKIMO, de l'ordre de 722.127,88 dollars.
Outre les aspects purement techniques qui confondent, dans leur évidence, Victor Kasongo Shomary, il convient de noter que même les ministres de tutelle, celui des Mines et de Portefeuille, conviés à régler le différend entre l'A-dG et le reste du staff dirigeant de l'OKIMO ont, depuis 2005, les uns après les autres, formellement rejeté les allégations de Shomary et tenté de l'empêcher d'aller jusqu'au bout de sa logique. En vain.
Au contraire, l'homme - un véritable forcéné - s'est livré à une croisade médiatique, conférences de presse après interventions aux journaux télé et radio des stations locales, des articles commandités sur la Toile, sur des sites et des forums de discussion dont le suisse Mégaphone, l'allemand Goldstein, Visit Congo, largement utilisés par des industriels miniers. Shomary atteste chaque fois que Motogolmines avait fourni à l'OKIMO de fausses informations, qu'il était difficile de croire que cette société pouvait apporter des ressources en or à hauteur de 500.000 oz/ mois. Ou que les interférences du ministre du Portefeuille allaient à l'encontre des intérêts de l'entreprise. Et, last but not least, lui, Victor Kasongo Shomary se sentait en danger pour son sens de patriotisme.
RECIDIVISTE
Avec son entrée au gouvernement Gizenga 1er comme Vice-ministre des Mines, l'on croyait définitivement enterré son conflit personnel avec le Conseil d'administration et le comité de gestion. Bernique, Shomary que d'analystes prédestinaient déjà chômeur, gracié finalement grâce à des méandres opaques des liens familiaux, dit-on, fort de ses nouvelles fonctions, en fait voir des mûres et des vertes à ceux contre qui il était en conflit.
Fin février 2007, alors qu'il occupe ses nouvelles fonctions gouvernementales de vice-ministre des Mines, Il a de nouveau annoncé à la presse internationale que le protocole convenu entre OKIMO et Motogoldmines/Borgakim était nul et de nul effet. Sans doute qu'il savait pertinemment l'onde de choc que produirait sa hargne médiatique sur le marché mondial vis-à-vis de Moto.
En effet, le cabinet canadien Lawson Lundell, conseil de Motogoldmines, a récemment indiqué que les fausses déclarations et insinuations de Victor Kasongo Shomary publiées comme elles l'ont été sur la Toile, destinées à un champ de lecteurs bien ciblés, qui ont des intérêts et de l'influence dans le secteur de l'industrie minière internationale, avaient directement un impact négatif sur le prix de l'action de Motogoldmines.
«Chaque déclaration publique faite par l'ancien A-dG de l'OKIMO cause une chute substantielle du prix de l'action de Moto et, par conséquent, de la valeur implicite de l'intérêt de l'OKIMO dans le projet Moto», expliquent les experts trapus en transactions boursières.
«Les actions de Kasongo Shomary font, actuellement qu'il est impossible pour Motogoldmines de lever davantage de fonds sur les marchés internationaux. Mais cela pourrait bien se généraliser pour tous les projets miniers en R-dCongo à cette époque où la stabilité politique de la R-dCongo est en progression», avertissent-ils.
Et si jamais Motogoldmines exaspérée partait en justice, la R-dCongo serait invévitablement condamnée à payer des dommages et intérêts de l'ordre du milliard de dollars, annoncent-ils.
A Kinshasa, ces avertissements ne sont guère pris en considération par les décideurs politiques. La décision du Vice-ministre des Mines d'annuler les résolutions du Conseil d'administration de l'OKIMO de mars 2007 a été avalisée par le cabinet du Chef de l'Etat suivant la lettre du Dircab, Raymond Tshibanda datée du 17 avril.
«Sur instruction de la hiérarchie, j'ai l'honneur de vous notifier la confirmation de [votre] opposition. Je vous demande en conséquence de prendre les dispositions nécessaires en vue de la faire respecter scrupuleusement», écrit le Cabinet du Chef de l'Etat.
Le Dircab ignore-t-il que la tutelle - le Ministère des Mines ainsi que celui du Portefeuille - était informée de la tenue de la session extraordinaire du Conseil d'administration de l'OKIMO, que les deux ministères y étaient respectivement représentés par MM. Godé Kanku et Kizito D'zbo?
Et, selon le prescrit de l'article 42 de la loi n°78-002 du 6 janvier 1978 portant dispositions générales applicables aux entreprises publiques, les résolutions du Conseil d'administration sont exécutoires 5 jours francs après leur réception par l'autorité de tutelle.
Or, il se trouve c'est le 6 avril 2007 que le Vice-ministre réagit et rejette les options de la session extraordinaire de l'OKIMO dont le procès-verbal lui a été transmis en date du 30 mars 2007.
La lettre de VKS est intervenue deux jours ou 48 heures après l'expiration du délai légal et n'a été déposée que 3 jours plus tard à l'OKIMO. L'on se demande toujours de qui Victor Kasongo Shomary tient-il pouvoir et arrogance pour se payer le luxe d'entraîner l'Etat dans une équipée périlleuse dont le revers pourrait coûter à la R-dCongo la fuite des investisseurs et des procès coûteux dont elle ne disposerait pas de moyens pour se défendre.
Des sources au CEEC font savoir que le ministre des Mines, le Palu Martin Kabwelulu peine à maîtriser les questions liées à la gestion minière. En attendant, place au Vice-ministre.
POLD KALOMBO.
lesoftonline.net 01/05/2007
Battle over 20 million ounces of gold
http://www.mineweb.net/mineweb/view/mineweb/en/page34?oid=20278&sn=Detail
Moto Goldmine, perhaps the world’s “hottest gold stock” gives an official insider’s view on its battle in the Democratic Republic of the Congo.
Author: Barry Sergeant
Posted: Monday , 30 Apr 2007
JOHANNESBURG -
Moto Goldmines (MGL, C$4.20 a share, C$257m), plagued with the label of "world's hottest gold stock" has at last issued its version on the mighty legal battle it is waging in the Democratic Republic of the Congo (DRC). Where the discovery of 1m ounces of gold is generally regarded as "world class", Moto Goldmines has outlined nearly 20m ounces of gold resources in the far northeastern part of the DRC, in Orientale province, just outside the Ituri "province", after the proclamation of James Kazini, a warlord, in 1999. It is here that Moto Goldmines is waging a battle that has little to do with gold mining as such.
The current focus is a November 2006 Protocol between Moto Goldmines and Okimo, (L'Office des Mines d'or de Kilo-Moto, a State-owned gold mining entity), which sought a "simplified" contractual arrangement to govern the development of and future production activities at the Moto Gold Project. In 2003 Moto Goldmines had entered into a joint venture with Borgakim sprl, a subsidiary of Orgaman sprl. Both are privately owned entities under the control of the Damseaux family, with headquarters at Avenue Lt. Colonel Lukusa, in Kinshasa, the DRC capital.
The November 2006 Protocol provided that Orgaman would hold 10% of the Moto concessions, as defined; Okimo would hold a non-dilutable 30%, and Moto Goldmines itself, 60%. It was agreed that the project's existing contracts be amalgamated in favour of a 30 year lease over some 2350km2, with the balance of the area being released to Okimo.
In January this year, certain Moto Goldmines subsidiaries received letters from the-then CEO of Okimo, Victor Kasongo (now vice minister of mines), claiming certain obligations under Moto Goldmines's existing contracts "had not been satisfied" and giving 90 days to rectify matters. Moto Goldmines said it "strongly disputes that it has failed to satisfy any performance criteria under any of the contracts with Okimo and is seeking formal withdrawal of the letters". Moto Goldmines later received a copy of a letter to Kasongo from the chairman of Okimo "making it clear that he had no authority to write the letters", but Moto Goldmines awaited formal withdrawal of the letters.
In its most recent update, Moto Goldmines says it has obtained a copy of a formal, separate, legal notice under which Moto Goldmines understands that a Commission has been appointed under the authority of the Minister of Mines to review various mining agreements entered into by the DRC government, or State bodies such as Okimo, within a period prior to mid-July 2007.
Moto Goldmines explains that while it has not "formally" been notified that its contracts with Okimo will fall within the ambit of the review, Moto Goldmines is also "aware of news stories circulating with statements from" Kasongo to the effect that some or all of Moto Goldmines's contracts will be reviewed, along with 60 other mining agreements starting on May 15, with a decision expected after mid-July 2007.
Moto Goldmines states that it is further aware that Kasongo was quoted recently as having said that the period for curing of breaches in relation to the Moto Goldmines agreements expired on April 26 2007 without Moto Goldmines having fulfilled its commitments. In reaction, Moto Goldmines states that it "wishes to re-iterate that this statement has been made without foundation, and to point out that the Okimo board of directors and relevant government ministries have been made fully aware of the work carried out by Moto Goldmines and its partners in compliance with its contractual obligations".
The Moto Goldmines board remains confident, according to Moto Goldmines's statement, that "any review process will confirm the validity and fairness of its recently negotiated November 2006 Protocol". While Moto Goldmines has not yet received "formal confirmation", its understanding is that Okimo will be restricted from progressing matters, including the withdrawal of its allegations of breaches, until the various agreements have been reviewed by the Commission.
After challenges to Moto Goldmines's title arose earlier this year, Moto Goldmines said it would "actively update influential people in the DRC and internationally". Given its standing board of directors, it seems that Moto Goldmines had an early sense of what it would find in the Moto concessions, part of the famous Kilo-Moto gold trend.
Moto Goldmines's standing board of directors include Sam Jonah of Ashanti renown, Klaus Peter Eckhof, Andrew Dinning, Mark Arnesen, Walter Kansteiner (erstwhile US assistant Secretary of State for African Affairs), David Hodgson (erstwhile COO of AngloGold Ashanti), Jeff O'Leary, T. Sean Harvey, and Patrick John Flint.
List of all 60 DRC mining-contracts for reviewing
http://ratcliffephotos.free.fr/kamoto/Doc%20-%20Mines-Potentiel%20du%2021%20avril%202007.pdf
Haywood Securities Moto Goldmines Ltd: "Sector Outperform
hehe, they are ready with buying ))))))))))
http://www.goldinvest.de/public/count_document.asp?y=9275&doc=HaywoodResearchReportMGL190407e.pd....
Sam Jonah for president?
The source indicated that almost all the Executives of the DFP are in favour of Dr. Sam Jonah's candidature as he has a lot of money which could be added to what the party has already so as to champion their cause in a bid to capture political power from the ruling New Patriotic Party....
http://www.myjoyonline.com/archives/politics/200704/3783.asp
Sam Jonah for president?
The source indicated that almost all the Executives of the DFP are in favour of Dr. Sam Jonah's candidature as he has a lot of money which could be added to what the party has already so as to champion their cause in a bid to capture political power from the ruling New Patriotic Party....
http://www.myjoyonline.com/archives/politics/200704/3783.asp
Striking It Rich: An Interview With Gold Explorer Ron Parratt
http://www.resourceinvestor.com/pebble.asp?relid=30995
By Chris Gilpin
18 Apr 2007 at 04:27 PM GMT-04:00
STOWE, Vt. (Casey Research Advertorial) -- Despite the growing number of investors joining the hunt for extreme profits with precious metals exploration stocks, arguably the best way to play the burgeoning bull market in gold and silver, the reality is that not 1 in 30 actually understands the exploration process.
To help fill in the blank spots, we recently caught up with famed Nevada mine finder, Ron Parratt, the president of AuEx Ventures [TSXv:XAU]. During his long career with Santa Fe Pacific Gold and Homestake, Ron led teams credited with a number of discoveries, involving over 20 million of ounces of gold. His successes qualified him for induction into the Explorers’ League, the unique membership organization dedicated to following the careers of the world’s most successful mineral explorers.
CASEY RESEARCH: Let’s start with the basics on exploration. I’ve got a few bucks in my pocket. Now, how do I go about finding a gold or silver mine?
RON PARRATT: Well, obviously the topic of exploration is fairly broad. Although we’re all as an industry doing the same thing, when you get down to the detailed level, we do it differently. A major producer such as Barrick or Newmont, with a lot more than pocket change, will have the same goals, an economic discovery, but the process they use to get to that discovery will be different than that used, say, by an early-stage junior. The latter companies may have little more than questions. Where do we explore? And why? How do we go about establishing projects? What do we do once we have projects? What is the exploration path for a project to become a mine? Why does all of this seem to take so long? Which I’m sure is what a lot of investors wonder about.
CASEY RESEARCH: Why does it take so long to find a gold mine?
RON PARRATT: Well, take this for what it’s worth, finding gold is not hard. At the same time, finding gold that can be developed into an economic mine of some merit is incredibly hard. Every project we work on we usually find some gold, in outcrop sampling, for example, but finding some gold and finding enough gold to be exploited commercially are two entirely different things. Typically, you have to explore a lot of projects, and have a lot of failures along the way, before you are finally “lucky” enough to identify a commercially viable project. And all during that process you have to deal with any number of issues and challenges, including permitting, finding available rigs and skilled people, squeezing your exploration programs into limited field seasons which are hampered by weather and problems with access… any number of different things, all of which take their toll.
CASEY RESEARCH: As an investor, one thing I struggle with is how to handicap the political risk for the area in which the exploration program is focused. Given that you also don’t want to waste time and money exploring in dicey areas, how do you accurately assess that risk?
RON PARRATT: The annual Fraser Institute study probably offers the best overall political risk evaluation on a country and even regional basis. I don’t know everything involved in producing the study, but according to the Institute, some number of the major, mid-tier and junior companies complete a form and submit it to them. That data is then compiled and used in ranking most of the areas in the world where exploration is, or has been, occurring, including the provinces in Canada, many of the states in the U.S., countries in Central and South America, Africa and so on. This tends to serve as at least a proxy of what areas are deemed to be favourable for a whole bunch of factors, not just endowment - which is ultimately the most critical - but also political issues. How long does it take to permit? How secure is your land tenure? Do you have a good workforce? What’s the infrastructure like? All of these have a bearing on your ability to be effective in an area, not just with exploration but also development. A gold project that requires the development of an autoclave (an autoclave allows for pressure oxidation, a highly energy-intensive chemical process whereby you oxidize a refractory ore in order to make it treatable) probably isn’t as much a problem in Nevada as it would be in the Andes or the Congo, places where you just don’t have the infrastructure or the skilled labour force needed to put an autoclave into operation. All things have an impact on what you look for and whether or not it’s likely to be developable economically.
CASEY RESEARCH: In this recent bull market, where we’re seeing more and more dollars being spent on exploration, what are the chances of a really big discovery being made?
RON PARRATT: I’d go as far as to say that it’s virtually assured that one will be made. Last year, Aurelian made its Fruta Del Norte discovery in Ecuador, a world-class deposit in every sense. It’s enormous, with 10 million plus ounces. Only time will tell what else will be discovered in that district. I think it’s almost certain there will be other deposits of that size found going forward - probably another one this year, and maybe more. In my mind there is no doubt new discoveries will be made.
CASEY RESEARCH: What’s the biggest factor in large discoveries being made?
RON PARRATT: Like many things, it comes down to money. If companies are not out there spending money, mostly the case during gold’s long bear market, then discoveries are not going to be made. When commodity prices are low and times real lean, money being spent for new exploration on greenfields (previously unexplored areas) is reduced, more so than for mine site work. Companies like Newmont and Barrick are going to focus more of their work in higher probability areas for success and that means within an existing mine site, or in the immediate vicinity of one. They’ll find ounces when they do that. That strategy can clearly pay off. Consider Cortez Hills, obviously a whopping discovery, the extent of which is still unfolding. It’s within eyesight of the original Cortez, it’s within eyesight of Pipeline. Some don’t view mine district discoveries the same as greenfield discoveries, but obviously they can be very important.
In 1998 or 1999, with gold’s price so battered, would Aurelian have been able to raise money to explore in Ecuador? Possibly not. I think it was clearly the result of this exploration cycle, and the availability of funding for juniors over the last few years that allowed them to get the funds they have and pursue that project. And that led to a discovery and I think the same thing will happen again, perhaps this year, and certainly in the years ahead. Given that exploration spending is running at record highs, it’s assured in my mind. There will be new discoveries made.
CASEY RESEARCH: Where in the world do you think the potential is highest for the next big discovery?
RON PARRATT: I wish I knew. That’s a topic we’ll be covering extensively in Chicago when a panel including myself and other members of the Explorers’ League compare notes from recent exploration programs in an effort to pinpoint the two or three most likely candidates for a major discovery. While I will be giving a lot more thought to the topic between now and the Summit at the end of May, I would mention Africa as a continent that seems largely underexplored. For instance, in the Democratic Republic of Congo, a really terrible place in terms of political risk, there’s a company called Moto Goldmines which is sitting on what looks to be a really large deposit. But there are other parts of Africa with apparently good endowment that are unlikely to see the same level of activity as other parts of the world because of the politics, and the risks are so great for companies to get involved in those locations. That could be said perhaps for parts of Russia, perhaps for Central Asia. But there are also other areas - parts of North and South America for instance - that are richly endowed and far more workable. It should be a very interesting discussion in Chicago.
CASEY RESEARCH: In speaking with your partner, Richard Bedell, he said something that stuck in my mind, “Anyone can drill, but there is an art to drilling.” Could you elaborate?
RON PARRATT: Well, I’ll try. When you’re exploring, and when you’re assessing properties as exploration plays, you’re dealing with very scant data. You’ll have rock samples from the surface. You might have some geophysics. You might have a magnetic survey. Probably some processed TM imagery from Richard. But the reality is that you can’t see underground and so the data set you’re dealing with is really, really limited. Nothing in the data will say “There’s a gold mine here.” Our approach might be to say “If there is something in the way of a gold deposit here, what could it be that is consistent with the data we have and the kind of deposit we’re looking for?” In other words, you’re looking to find an ore deposit underground in the third dimension. I have some data. If there was a deposit here, what would it have to look like? And you base your exploration ideas on that sort of thinking. Then drill with a firm geological/ore deposit hypothesis in mind. Each drill hole tests your ideas and proves or disproves them.
The fact is, mineral exploration is a difficult business to be successful at. You fail most of the time. I think your ability to look at data and come to new ideas for exploration targets is very important. And you can do that only if you can fall back on fundamental experience, experience gained from having seen a lot of ore systems and having a clear appreciation for how they form. That can lead you to develop ideas that you then test with drilling. That was really what I think Richard was referring to as the “Art of Drilling.” It really comes down to experience. Frankly, there are a lot of very good, very smart people in the industry. But I think that for a company of our size, we can be as skilful at this as any of our peers.
CASEY RESEARCH: If our readers could spend time with you in person, they’d see the passion you have for exploration, a trait we’ve found in all of the Explorers’ League Honorees. Clearly you still get excited when you see things start to come together, as they have on your recent Long Canyon discovery.
RON PARRATT: You have to love this kind of work and you have to get a great sense of satisfaction out of it. Because again, on most projects, you explore and you fail to find an economic ore deposit. It’s very, very rare that you find something you can develop to the point of becoming a mine. The real test in any of these is to drill and see whether or not you get gold in a drill hole. And the real high in this business is when you drill a hole and you get an ore-grade intercept back. That’s what you live to see. Most of the time when you drill holes in a new area, you get surprises about the geology and you don’t find gold mineralization in economic amounts. But sometimes you get the geology right and if you’re really lucky, you find potentially economic gold values. That’s a discovery and that’s something that gets you really excited. It’s the few fleeting times that you do that which gets you hooked on the business. Nothing is more exciting in this business than drilling holes that come back with ore-grade intercepts. That’s the ultimate high.
CASEY RESEARCH: Thanks for your time. Considering where we are in the exploration cycle, it seems like there will be much to discuss in Chicago. We’ll see you there.
RON PARRATT: Yes, the timing is excellent. See you there.
Sam Jonah to start mining firm
will he take over Moto Goldmines???
Thu, 12 Apr 2007
[miningmx.com] -- SAM JONAH, former chairman of AngloGold Ashanti, is to form a diversified mining company – Jonah Mining – that may provide a platform for separately floated businesses.
After several years of sitting on the boards of other people's companies, the Ghanaian mining entrepreneur wants his own. "It's time to put something behind the brand," said Jonah in an interview with Miningmx. "I'm getting some friends together and we're putting money in."
However, he's coy concerning the financing. Standard Bank will be indirectly involved through its participation in Jonah Capital, a private financing firm that will help capitalise Jonah Mining. But his "friends" could be almost anyone. Jonah has an ambassadorial range bridging politics and business. "I'm going to the Central African Republic. The president wants to see me."
Hanging in the reception area of his Sandton office are pictures of Jonah sharing a joke with Thabo Mbeki. There's a more sober photograph of him with Nelson Mandela. In another, he's pictured ringing the bell at the New York Stock Exchange on the listing of Ashanti Goldfields, the firm he helped build and eventually merged with Anglo's would-be orphan, AngloGold.
Bobby Godsell, AngloGold Ashanti CEO, recently described Jonah as "a big man" – which he is in presence – without being tall. But his business network is equally gigantic, as evidenced by the extraordinary number of company boards on which he currently serves, mostly as a non-executive director.
But Jonah said those days were over. He recently resigned the chairmanship of AngloGold Ashanti and has plans to step down from a number of other positions, including Equinox Minerals, a Toronto-listed firm.
He also stepped down from Mittal Steel SA last year but currently has positions on the boards of Toronto-listed firms Moto Goldmines and Uramin, as well as AIM-listed Copper Resources. There are others: Sierra Rutile, Equator Exploration, Ghana Airways, Range Resources. The list goes on.
"My passion and interest have always been to have an association with the junior mining industry," said Jonah, explaining why he sits on so many boards. "Anglo also put me on several boards as well." Jonah has since resigned those, including a seat at Anglo Platinum. "But now I have Jonah Mining," he said.
The plan is for Jonah to become executive chairman of the company, which will develop "a diversified Portfolio of assets". "It will almost be like a mining house with separate divisions, ranging from tin to diamonds. Whatever becomes large enough will be separately listed."
Jonah Capital also has the rights to refining technology that can be turned to account in both the iron ore and base metals industries, he said. "We can produce copper in three hours compared to the week required by the standard electro-winning technology."
With so many options on the table, it's still no surprise that Jonah will retain some board positions for the time being. One is Uramin, a Canadian firm with offices in Sandton. Jonah is chairman. It's a uranium exploration firm that's seen its market value grow to more than $1bn. It recently retained BMO Nesbitt Burns to consider strategic options.
"We're interested in collaboration or consolidation, either as a passenger or for Uramin to be in the driving seat," Jonah said.
http://www.miningmx.com/profiles/751908.htm
Lundin Merger with Tenke e.o.m.
DRC Copper Fans...watch out for this:
http://stocknessmonster.com/news-history?S=TGS&E=ASX
Capital Raising to Fund DRC Exploration & Development (incl. TSX Listing)
http://stocknessmonster.com/news-item?S=TGS&E=ASX&N=357357
Inside Moto Gold Mines
Sunday , 01 Apr 2007
http://www.mineweb.net/mineweb/view/mineweb/en/page33?oid=18928&sn=Detail
JOHANNESBURG -
It's one thing being called the world's hottest gold stock - by many accounts, Moto Gold Mines (MGL, C$4.91, C$300m) - and another thing being bogged down in potential legal ruination. But it seemed inevitable that MGL would run into some kind of trouble for outlining nearly 20m ounces of gold resources in the far northeastern part of the Democratic Republic of the Congo (DRC), in Orientale province, just outside the Ituri "province", after the proclamation of James Kazini, a warlord, in 1999.
Specialist investors have long classified as "world class" a find of 1m ounces of gold, pushing MGL into the realms of potential super stock. MGL's fortune, to say nothing of its hard physical and corporate work, has attracted lots of attention, good and bad. So it is that MGL has just announced that, given the current potential challenges to its title, it's been "actively updating influential people in the DRC and internationally".
In this part of the world, influence counts. The people targeted for "updating" include the board and current executive team at Okimo (L'Office des Mines d'or de Kilo-Moto, a State-owned gold mining entity), and new ministers appointed following the DRC's elections late last year.
Given its standing board of directors, it seems that MGL had an early sense of what it would find in the Moto concessions, part of the famous Kilo-Moto gold trend. MGL's standing board of directors include Sam Jonah of Ashanti renown, Klaus Peter Eckhof, Andrew Dinning, Mark Arnesen, Walter Kansteiner (erstwhile US assistant Secretary of State for African Affairs), David Hodgson (erstwhile COO of AngloGold Ashanti), Jeff O'Leary, T. Sean Harvey, and Patrick John Flint.
MGL has also just announced that it has "engaged both international and local DRC legal experts to prepare and take the appropriate legal action". The MGL board is also meeting frequently both to review the position and to determine "appropriate action".
The current focus is a November 2006 Protocol between MGL and Okimo, which sought a "simplified" contractual arrangement to govern the development of and future production activities at the Moto Gold Project. In 2003 MGL had entered into a joint venture with Borgakim sprl, a subsidiary of Orgaman sprl. Both are privately owned entities under the control of the Damseaux family, with headquarters at Avenue Lt. Colonel Lukusa, in Kinshasa, the DRC capital.
Orgaman runs a sprawling business empire across the DRC, operating in five of its nine provinces, and including the importation of frozen foods, road transport (Transmac), maritime trade (Sotrama), general trade (Mampeza and Economat du Peuple), beef farming and production (la Société des Elevages du Bandundu Occidental), coffee growing (Domaine de Katale), real estate (Immokin) and mining (via Borgakim).
According to corporate literature, it is not possible to distinguish between Orgaman and the Damseaux family, which installed in the DRC in 1931. Orgaman ("organization, participation and management") is currently directed by William Damseaux and his son Jean-Claude, apparently "two of the most important Belgian private investors in DRC".
The November 2006 Protocol provided that Orgaman would hold 10% of the Moto concessions, as defined; Okimo would hold a non-dilutable 30%, and MGL itself, 60%. It was agreed that the project's existing contracts be amalgamated in favour of a 30 year lease over some 2350km2, with the balance of the area being released to Okimo. MGL agreed to pay Okimo $5m (via Borgakim), plus ongoing monthly rentals of $350 000 until the commencement of production.
Okimo owed Orgaman debt of some $21m, which MGL agreed via Borgakim to purchase on terms acceptable to MGL, Borgakim, Okimo and Orgaman. MGL further agreed to pay Orgaman $8m for interest accrued on the debt. Meanwhile, from an operating point of view, leasing agreements and a contract of technical and financial assistance with Okima apparently remained in place.
But in January this year, certain MGL subsidiaries received letters from the-then CEO of Okimo, Victor Kasongo (now vice minister of mines), claiming certain obligations under MGL's existing contracts "had not been satisfied" and giving 90 days to rectify matters. MGL "strongly disputes that it has failed to satisfy any performance criteria under any of the contracts with Okimo and is seeking formal withdrawal of the letters".
MGL has now received a copy of a letter to Kasongo from the chairman of Okimo "making it clear that he had no authority to write the letters", but MGL still awaits formal withdrawal of the letters. Further documentation, moreover, had been prepared by MGL to implement the November 2006 Protocol. MGL was, however, requested to wait until the appointment of the new DRC government and the appointment of officials to State companies following the recent elections before progressing the documentation.
The relevant appointments have been made, but the recent outbreak of unrest in Kinshasa is seen as possibly delaying the withdrawal of the letters from Kasongo, and thus, implementation of the ancillary documents. The principal asset is, of course, the Moto Gold Project, roughly 560 km northeast of Kisangani and 150 km west of the Ugandan border. The project's 18.5m-ounce resource sits in a series of deposits known as Pakaka, Gorumbwa, Kibali, Mengu Hill, Mengu Village, Karagba, Chauffer, Durba, Mengi, Marakeke, Kombokolo, Sessenge, Ndala, and Pamao.
A number of conspiracy theorists point out that pickings are not nearly as rich "down south" in the Kilo area, where AngloGold Ashanti is exploring, around Mongbwalu. AngloGold Ashanti bought the concession (also partially held by Okimo) from Kimin (owned by a Belgian company, Mindev). AngloGold Ashanti kept Mongbwalu on hold until 2003 and after conducting some exploration mixed up a little money with the locals. AngloGold Ashanti CEO Bobby Godsell was forced to comment and reacted with a very public mea culpa.
Members of the Damseaux camp privately claim that as soon as Kasongo moved to Okimo, during 2005, he immediately put the heat on Borgakim, and even attempted to cancel the gold concessions. In 2004 Kasongo had quit as boss of the Centre d'Evaluation, d'Expertise et de Certification, regulator of the DRC's diamond industry, and headed to South Africa where he worked for, amongst others, Iscor, now Mittal. In 2005 he was recalled back to the DRC as head of Okimo.
Kasongo is backed by Jean-Claude Masangu, governor of La Banque Centrale du Congo, and no doubt could tap a direct line to DRC president Joseph Kabila. Damseaux, on the other hand, is known to enjoy the support of the super-powerful Augustin Katumba Mwanke, one of Kabila's closest associates.
The balance of political power is likely to favour Damseaux, as powerful in Kinshasa as George Forrest is in copper-cobalt rich Katanga province. Kasongo may be a good engineer, well connected and very smart, but he's a second-rate political player.
Moto Goldmines Limited - Issue of 2006 annual financial statements
http://www.newswire.ca/en/releases/archive/March2007/30/c9019.html
In November 2006 the Company entered into an agreement ("November 2006
Protocol") with Okimo to enter into a simplified contractual arrangement that
will govern the development of and future production activities at the Moto
Gold Project in the north east of the Democratic Republic of Congo ("DRC").
Under the November 2006 Protocol the parties re-iterated the validity of the
existing contracts and agreed the following principal terms:
<<
- The Existing Contracts be amalgamated in favour of a 30 year lease
in respect of a newly consolidated perimeter in favour of Borgakim
or an exploitation company covering approximately 2,350 sq kms,
with the balance of the area being released to Okimo.
- The interests of the partners in the exploitation company be
Okimo 30% (non-dilutable), the Company 60% and Orgaman sprl
("Orgaman") 10%.
- The Company will pay to Okimo through Borgakim, US$5 million, and
the exploitation company will pay ongoing monthly rentals of
US$350,000 until the commencement of production.
- Okimo currently owes Orgaman approximately US$21 million. The
Company has agreed through Borgakim to purchase this debt from
Orgaman on terms to be negotiated in an agreement between the
Company, Borgakim, Okimo and Orgaman. The Company has agreed to
purchase the debt from Orgaman and to pay Orgaman approximately
US$8 million in respect of interest accrued to date on this debt
as described below.
- Borgakim has agreed to provide Okimo with the funding required to
pay the arrears and balance due to its employees of retirement age
according to the findings of an audit to be conducted by Okimo;
such funds form a non-interest loan to Okimo which is to be repaid
by Okimo with its share of income generated by the project.
>>
The mineral rights held by Okimo are granted until November 2008, subject
to extension for force majeure. Pursuant to the new DRC Mining Code Okimo is
required to transform its existing rights into an exploitation licence under
the Mining Code. Okimo is yet to commence this procedure. Once the rights have
been transformed into an exploitation licence such mineral rights are
renewable (subject to satisfying certain conditions) on application for
periods of fifteen years (upon granting of an application), until the deposits
are exhausted.
In January 2007, certain of the Company's subsidiaries received letters
from the then Chief Executive Officer of Okimo and now Vice Minister of Mines
claiming certain obligations under the Existing Contracts had not been
satisfied and giving the relevant company ninety days to rectify matters. The
Company strongly disputes that it has failed to satisfy any performance
criteria under any of the contracts with Okimo and is seeking formal
withdrawal of the letters. The Company has received a copy of a letter to the
former CEO of Okimo from the Chairman of Okimo making it clear that he had no
authority to write the letters, but the Company is still awaiting formal
withdrawal of the letters.
Further documentation has been prepared by the Company to implement the
November 2006 Protocol. However the Company was requested to wait until the
appointment of the new Government of the DRC and the appointment of officials
to the state companies following the recent elections before progressing the
documentation. The relevant appointments have been made; however the recent
outbreak of unrest in the capital may delay the withdrawal of the letters from
the former CEO of Okimo and finalisation and implementation of these ancillary
documents. These financial statements have been prepared on the basis of the
agreements contained in the November 2006 Protocol.
In light of the current potential challenges to the Group's title, the
Company has been actively updating influential people in the DRC and
internationally, including the board and current executive team at Okimo and
the new ministers, as to the Company's activities and has engaged both
international and local DRC legal experts to prepare and take the appropriate
legal action. The Board is also meeting frequently both to review the position
and to determine the appropriate action. The Board is seeking to achieve
resolution of the issues as soon as practicable.
Big DD chance in congo gold stock : MGL
http://www.miningmx.com/gold_silver/732748.htm
awaiting massive rebound next weeks after trouble with Victor Kasongo!!!
Sam Jonah Chairman in MGL and a friend of Kabila!!
http://www.motogoldmines.com/directors.php
7% CU about 102mtr Tiger Res ASX: TGS
Further Significant Results at Kipoi Central
http://stocknessmonster.com/news-item?S=TGS&E=ASX&N=356132
MWANA take-over-bid for Southernera
Mwana Africa Offer for SouthernEra
RNS Number:0799T
Mwana Africa PLC
16 March 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, AUSTRALIA, JAPAN OR SOUTH AFRICA
MWANA AFRICA PLC ANNOUNCES INTENTION TO MAKE A SHARE EXCHANGE OFFER VALUED AT
C$69.7 (#30.8) MILLION TO ACQUIRE ALL OUTSTANDING SHARES OF SOUTHERNERA DIAMONDS
INC. AT AN IMPLIED PRICE OF C$0.420 (#0.185) PER SHARE
OFFER REPRESENTS A 42.4% PREMIUM TO SOUTHERNERA SHAREHOLDERS
(ALL DOLLAR AMOUNTS ARE STATED IN CANADIAN $, STERLING EQUIVALENTS ARE
CALCULATED AT #1: $2.266)
London, March 16, 2007 - Mwana Africa Plc ("the Company" or "Mwana", AIM Symbol
MWA-L) announced today that it intends to make a share exchange take-over bid
(the "Offer") to acquire all of the outstanding common shares ("SouthernEra
Common Shares") of SouthernEra Diamonds Inc. ("SouthernEra", TSX Symbol SDM-T;
AIM Symbol SRE-L) on the basis of one Mwana ordinary share ("Mwana Ordinary
Shares") for every 2.3333 SouthernEra Common Shares held. The Company will
consider making appropriate proposals to option and warrant holders in due
course. SouthernEra is a Canadian based integrated diamond company holding
alluvial and kimberlite diamond exploration projects in the Democratic Republic
of Congo ("DRC"), an 18 per cent. carried interest in the Camafuca mine in
Angola, a 57 per cent. interest in the Klipspringer diamond mine in South Africa
and advanced diamond exploration projects in Canada.
The Offer would represent an implied offer price of approximately C$0.420
(#0.185) per SouthernEra Common Share (based on Mwana\'s 15 March, 2007 closing
price on the AIM market operated by the London Stock Exchange ("AIM") of #0.433)
and would value the outstanding SouthernEra Common Shares at approximately $69.7
million (#30.8 million). Based on the number of SouthernEra Common Shares
outstanding, as publicly disclosed, Mwana would issue up to an aggregate of 64.1
million Mwana Ordinary Shares to SouthernEra shareholders under the Offer which
would represent, if fully diluted, 20.6% of Mwana\'s Ordinary Shares (excluding
treasury shares) after giving effect to such issuance.
Based on the closing price of Mwana\'s Ordinary Shares on AIM on 15 March, 2007,
the implied offer price represents a premium of approximately 42.4% over the
closing price of SouthernEra Common Shares on the Toronto Stock Exchange of
C$0.295 as at 15 March, 2007.
The Company holds in aggregate a total of 16,457,500 SouthernEra Common Shares,
representing approximately 9.92% of the outstanding SouthernEra Common Shares.
In addition, the Company has entered into lock-up agreements with JP Morgan
Asset Management (UK) Limited ("JP Morgan") and OZ Management, L.L.C. ("OZ
Management"), both on behalf of certain of their managed funds, in respect to an
aggregate 36,743,330 SouthernEra Common Shares, representing approximately
22.14% of the outstanding SouthernEra Common Shares. Under the lock-up
agreements, the shareholders who are parties to the agreements have agreed to
tender their SouthernEra Common Shares to the Offer. JP Morgan and OZ Management
have agreed to tender an aggregate 15,898,416 SouthernEra Common Shares to the
Offer unconditionally, amounting to an aggregate 9.58% of the outstanding
SouthernEra Common Shares (which, when combined with the SouthernEra Common
Shares already held by Mwana, aggregates to 19.5% of the outstanding SouthernEra
Common Shares). JP Morgan and OZ Management have also agreed to tender an
aggregate 20,844,914 SouthernEra Common Shares representing 12.56% of the
outstanding SouthernEra Common Shares, on terms permitting the withdrawal of
such SouthernEra Common Shares in certain circumstances involving a competing
offer or transaction, as contemplated in SouthernEra\'s shareholder rights plan.
In the event of a competing offer or transaction that satisfies the requisite
criteria, Mwana has the right to match such offer. A copy of each lock-up
agreement is available to the public and may be obtained on request from the
Company.
"Mwana\'s strategy is to develop into a major resource group on the African
continent, exploiting opportunities across different countries and commodities,
and focusing on being one of the most efficient and low cost producers in
Africa. The strategy includes partnering with industry majors on new projects
and also being a preferred vehicle for African investors and entrepreneurs. The
proposal to merge Mwana and SouthernEra will allow the management of Mwana to
apply its skills to the projects owned by SouthernEra in the DRC and Angola"
said Mr. Baring, Chairman of Mwana.
Mwana holds exploration assets in a range of commodities in the DRC, Ghana and
in Zimbabwe, as well as production assets in Zimbabwe and the DRC, and has been
actively building an African diamond exploration and production business. In May
2006, Mwana acquired 20 per cent. of Societe Miniere de Bakwanga (\'MIBA\'), the
DRC\'s leading diamond producer based in Mbuji Mayi, signalling its entry into
the diamond industry and significantly strengthening its interests in the DRC.
Building on this, in November 2006 Mwana announced a proposed merger with
Gravity Diamonds Limited ("Gravity"), the diamond exploration business with
valuable exploration assets in the DRC, which is expected to complete during the
second quarter of this year.
"We look forward to SouthernEra\'s shareholders participating in the combined
group. We believe that Mwana\'s management has the drive, commitment and
experience to ensure that SouthernEra\'s various opportunities, in particular the
Badibanga and Tshikapa projects in the Kasai region and Camafuca project in
Angola, are developed in an economical and expeditious manner. The diamond
concessions of MIBA, Gravity and SouthernEra are contiguous in the DRC. We
believe that, developed together, they would form a solid foundation for a major
African diamond exploration and production business. This would be to the
benefit of both groups\' shareholders." said Mr. Baring.
Mwana has engaged Numis Securities Limited ("Numis") as financial adviser in
connection with the Offer.
Canaccord Adams Limited acts as Nominated Adviser and Joint Broker to Mwana in
the United Kingdom. JP Morgan Cazenove Limited also acts as Joint Broker to
Mwana in the United Kingdom.
Full details of the Offer will be included in a formal offer and take-over bid
circular to be mailed to SouthernEra shareholders (save where the directors of
Mwana consider that it is necessary or desirable to exclude certain SouthernEra
shareholders in certain jurisdictions from the Offer). Mwana will formally
request a list of SouthernEra\'s shareholders and expects to mail the offer and
take-over bid circular to SouthernEra\'s shareholders as soon as reasonably
practicable following receipt of the shareholder list.
The formal offer and take-over bid circular will be filed on SEDAR. SouthernEra
shareholders should read the circular and any other materials relating to the
Offer, copies of which can be obtained at the SEDAR website at www.sedar.com
(http://www.sedar.com).
About Mwana
Mwana is an AIM-listed pan-African natural resource company with a Portfolio of
producing and exploration assets in a range of commodities across Africa. These
include producing nickel and gold mines in Zimbabwe, gold exploration projects
in Ghana and gold, zinc and copper-cobalt projects in the DRC.
In May 2006, Mwana acquired 20 per cent. of Societe Miniere de Bakwanga
(\'MIBA\'), the country\'s leading diamond producer based in Mbuji Mayi, via its
purchase of Sibeka P/L, signalling its entry into the diamond industry and
significantly strengthening its interests in the DRC. MIBA has produced an
average of 6 million carats of diamonds per year over the past five years.
In November 2006, Mwana announced a proposed merger with Gravity Diamonds
Limited ("Gravity"), a diamond exploration company based in Australia and the
DRC, to be effected pursuant to two schemes of arrangement (the first between
Gravity and its shareholders and the second between Gravity and its listed
optionholders). It is anticipated that, subject to the receipt of shareholder,
optionholder and court approvals, the schemes will take effect during the second
quarter of this year.
Mwana has a strong management team with many years of combined experience of
project acquisition and development in Africa. Including SouthernEra\'s team of
experienced explorers and developers, Mwana\'s directors anticipate that the
combined group will be well positioned to become a potent force in diamond
exploration and development in Africa and Canada.
Important Notice
The Offer will not be made to, nor will deposits of SouthernEra Common Shares be
accepted from or on behalf of, U.S. persons or other holders of SouthernEra
Common Shares in any jurisdiction, including the United States, in which the
making of the Offer or the acceptance thereof would not be in compliance with
the laws of such jurisdiction or in which registration or other qualification of
Mwana Ordinary Shares to be issued in the Offer would be required by applicable
laws of such jurisdiction.
LAQ Break-through - WBK win vs. BAA
La Quinta Partner Concludes Successful Court Action Against Banro Sarl in Democratic Republic of Congo
Mar 14, 2007 (Hugin via COMTEX News Network) --
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- March 14, 2007 -- Wa Balengela Kasai-Investments Congo sprl, ("WB. Kasai-Congo sprl, or WBK") a Congolese mineral exploration and exploitation company and La Quinta Resources Corporation's (TSX VENTURE: LAQ) prospective partner in the Democratic Republic of Congo, has informed La Quinta that it has today received a favourable judgement in the Commercial Court of the Democratic Republic of Congo, refuting the claims by Banro Corporation's (TSX: BAA) wholly owned Congolese subsidiary, Banro Congo Mining sarl (Banro) to hold a prior agreement over WBK's licence areas totalling over 7,010 square kilometres, in Maniema and South Kivu Provinces in South Eastern DRC. In addition to receiving a judgement that the prior protocol between the two companies signed in 2005 was null and void, the Court also found for Costs and Damages totalling US$200,000, in favour of WBK. Banro Lawyers informed WBK they will likely appeal this decision.
Additionally, WBK have now received and have in their possession, the final completed licences for all 32 of the disputed claims. Further, WBK have received a written opinion from the "College des Juristes of the Cabinet of the Cadastre Miniere" (the Government Authority that issues and manages mining licences in D.R. Congo) that these Permis de Recherche are clearly the property of WBK and that the claims made by Banro over this ground are invalid. This decision was signed and acknowledged by the Minister of Mines of D.R. Congo on 24th of February 2007. These two decisions and the completion of the issuance of the licences to WBK, now means that LAQ is free to recommence the due diligence process that was suspended following the Court Action by Banro sarl against La Quinta in October 2006. Work has recommenced on the appropriate 43-101 reports and also on completing the other work necessary for approval by the Regulatory Authorities of the Option and Joint Venture Agreement first announced in August 2006.
The area to be acquired by LAQ is a contiguous group of 32 exploration licences, or Permis de Recherches, totalling some 7,010 square kilometres held by WBK, abutting and occupying all the ground between Banro Corporation's Lugushwa and Namoya properties in the south of the Twangiza - Namoya gold belt and extending some 120 kilometres to the West.
Malcolm Swallow, La Quinta's Chairman, commented from Kinshasa - DRC, "I am very pleased that our proposed partners, Wa Balengela Kasai have successfully defended their rights to freely enter into the proposed Joint Venture and Exploration agreement with La Quinta. They have faced a difficult and extended fight to maintain their Permits against stiff opposition and these decisions by the Cadastre Miniere, the Minister of Mines and the Commercial Court in Congo, plus the issuance of the final Permits to WBK, are a vindication of the process of law in Congo and the new Congolese Mining Act. We are now moving with all dispatch to complete the due diligence process and expect to sign the JV agreement and be on the ground commencing exploration in the near future."
The properties in the WBK licence area have a long history of both formal and informal mining, having been extensively mined, mostly for alluvial gold, by BelgikaOr from the early 1940's to the 1970's when formal mining and exploration ceased. At least six sites of previous mining can be easily identified and artisanal mining continues on much of the target areas today. In August of 2006 LAQ signed a Memorandum of Understanding with WBK to enter into a Joint Venture and Exploration Agreement on these properties. (See LAQ Press Releases 06-10, August 28th 2006) Subsequently Banro sprl informed LAQ that in their opinion they had a prior agreement over the licence areas and issued a writ in the BC courts claiming interference by LAQ in Banro Congo's affairs. (See LAQ Press Release: 06-18, Oct 23rd 2006) Since that time, LAQ has been unable to complete the due diligence process for the MOU with WBK, and requested that WBK clarify the situation in Congo. WBK now has all the permits for the disputed licence area in its possession, duly issued by the Cadastre Miniere, a letter from the Minister of Mines in DRC acknowledging that these Claims are the sole possession of WBK and has now completed its action in Commercial Court in Kinshasa to have Banro Congo's claims over the licence areas declared invalid.
A map showing the location and extent of the exploration leases, the adjacent Kampene Licence area recently optioned by LAQ, (See LAQ Press Release, 07-03, February 20th 2007) and their relationship to the Twangiza - Namoya gold belt, plus further discussion of the initiative by La Quinta Resources in the Democratic Republic of Congo can be found on the Company's web site at www.laquintaresources.com. It is expected that LAQ and WBK will commence work on the Licence area as soon as the due diligence process is complete. WB.Kasai-Congo sprl is based in Kinshasa and holds extensive mineral leases in the DRC. WBK has exploration agreements with two major resource groups for Diamonds and has been instrumental in introducing other Companies into Congo for Copper and Cobalt. WBK's principals are Dr. F. Bodika, a Congolese thoracic surgeon and Mr. J. Malaba, a Congolese businessman both of whom have extensive experience in the mineral industry over the last 30 years.
Malcolm Swallow, the Chairman of the Company, is a Vancouver based Mining Engineer, (B.Sc. - Hons. Mining Engineering - Imperial College, London) with over 35 years operating and management experience in the Industry. He is an Associate of the Royal School of Mines, a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer in the UK. He is also a registered Professional Engineer in British Columbia, Canada and acted as the Qualified Person for this news release, having visited a number of the properties in the 7,000 square kilometres WBK licence area.
On Behalf of the board
Malcolm JA Swallow, Chairman and CEO The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release, which has been prepared by management.
Contacts: La Quinta Resources Corp. Glen Watson President (604) 685-1818 or Toll Free: 1-877-891-4653 Email: info@laquintaresources.com Website: www.laquintaresources.com
SOURCE: La Quinta Resources Corporation
SOURCE: La Quinta Resources Corporation
Copyright (c) 2007, HUGIN AS. All rights reserved.
MWANA/Bindura Nickel attractive for China
http://allafrica.com/stories/200703060064.html
March 6, 2007
Harare
NICKEL giant Bindura Nickel Corporation has resolved to finance a pilot project for the Hunter's Road venture with its own resources pending finalisation of their partnership deal with a potential investor.
Insiders said the matter would be brought before the shareholders at the company's annual general meeting scheduled for next month.
BNC sources said the initiative would make the project more attractive to the investor community.
"The management is still working on money required to kick-start the pilot project and this would be subject to shareholders' approval," said sources.
BNC is locked in negotiations with a Chinese investor for the development of the mammoth US$100 million project.
The Hunter's Road project involves construction of a new open-cast mine between Kwekwe and Gweru where at least 30 million tonnes of nickel deposits containing 125 000 tonnes of recoverable nickel were discovered.
Feasibility studies at the site have been completed and have shown potential to "build and operate" a viable mine.
While Hunter's Road deposits are of marginal ore grade, they have the potential to supply additional feedstock to the BNC smelter and refinery
BNC's two operational mines, Trojan and Shangani, are unable to produce sufficient ore to operate the plant at full capacity.
Although some of the shortfalls are currently filled from external toll contracts, it is more economical for BNC to produce concentrate from its own mines.
This makes the Hunter's Road more attractive to Bindura and its major shareholder, Mwana Africa.
....................................................
BNC to Get Boost From New Discovery
Zimbabwe Independent (Harare)
NEWS
March 2, 2007
Posted to the web March 2, 2007
By Paul Nyakazeya
Bindura Nickel Corporation (BNC) this week said nickel reserves had been boosted by the discovery of ore at its Hunters Road claim, saying this would extend the mine's lifespan from 2013 to 2022.
The Hunters Road claim is between Kwekwe and Gweru and extraction of nickel ore from the mine is likely to begin in 2011.
A BNC official said the a feasibility study completed last year had revealed that Hunters Road had up to 30 million tonnes of ore.
The officials said the resources discovered at Hunters Road were worth over US$3 billion.
BNC managing director, Thomas Mashungupa, refused to comment when contacted this week.
"Regrettably we do not have any comments at this stage," Mashungupa said in a written response to questions from businessdigest.
Sources said key infrastructure like roads, rail and electricity were already in place and the company was ready to start mining.
The Hunters Road site is 2km from the main Harare-Bulawayo highway, and is connected to a 132 kilovolt electricity transmission line.
BNC produces around 8 000 tonnes of nickel annually, earning the country an average of US$100 million.
Simberi Announces Khandaker Partners Initiate Coverage
TORONTO, ONTARIO, Feb 28, 2007 (MARKET WIRE via COMTEX News Network) --
Simberi Mining Corporation ("Simberi") (TSX VENTURE: SAU) is pleased to announce that the highly respected research firm, Khandaker Partners & Company has commenced initiation of research coverage on Simberi. Khandaker has prepared a full report on the company detailing its holdings and future potential.
The report will be available shortly on Simberi's website at www.simberimining.com.
Simberi also announces that it has purchased 1 million shares at a cost of $250,000 in a private company Gaelic Gold Corporation. The investment is designed to enable Simberi to gain exposure to number of gold prospects in the main gold producing trends of Nevada. Simberi will work with Gaelic to advance the exploration on the properties and will have the opportunity to create a joint venture in the future. Additional information on the holdings can be found on the Gaelic web site at www.gaelicgoldcorp.com.
About Simberi:
Simberi Mining Corporation is a junior resource company that seeks to take advantage of the growing opportunities in the mining of both base and precious metals. The company has a strong stable of development projects. Simberi is currently focusing on the development of its main interest - the Kakanda Copper/Cobalt Project located in the Democratic Republic of Congo. Simberi is also involved in two joint venture projects in Western Australia.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.
Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.
Contacts: Simberi Mining Corporation Mike Newbury President and CEO (416) 603-7200 (416) 603-9200 (FAX) Email: info@simberimining.com Website: www.simberimining.com
SOURCE: Simberi Mining Corporation
mailto:info@simberimining.com http://www.simberimining.com
Copyright 2007 Market Wire, All rights reserved.
MWANA: Interesting changes
Mwana Africa Board Changes
RNS Number:9098R
Mwana Africa PLC
27 February 2007
Board Changes
Johannesburg & London, 27 February 2007 - Mwana Africa plc ("the Company" or
"Mwana") announces today the retirement of Tim Wadeson as Non-Executive Director
of the Company.
The Board would like to thank Tim for his contribution to the Company,
particularly in the formation of Mwana Africa.
The Board of Mwana also announces it has appointed John Anderson and Etienne
Denis to the Board as Non-Executive Directors, with immediate effect.
John Anderson is a Director of J O Hambro Investment Management Ltd where he
manages investment portfolios for a predominantly international client base.
Prior to joining J O Hambro in 1988, he was a Director of J Henry Schroder
Wagg where he was instrumental in establishing Schroder Securities Ltd and was
formerly both Finance and International Partner at Panmure Gordon & Co. He has
been involved in natural resources and emerging markets for 40 years and is a
qualified Chartered Accountant and a graduate of Edinburgh University.
Etienne Denis holds a PhD in Science from the University of Louvain (UCL). After
working at the University and with Gecamines in the Democratic Republic of
Congo, he joined Umicore (former Union Miniere) in 1974 where he held a number
of management positions, including Managing Director of Union Zinc, Umicore
Engineering and Sibeka until 2003. He retired from his executive positions and
became a Board member of Umicore until mid 2005 when he moved to the Board of
Cumerio. Etienne was a Director of Adastra Minerals Inc. until 2006 when it was
purchased by First Quantum Minerals.
Commenting on the announcement, Kalaa Mpinga, Chief Executive Officer of Mwana
Africa, said:
"On behalf of the Board, I would like to thank Tim Wadeson for the important
role he has played in building Mwana. His advice and direction over the years
has been greatly appreciated and we wish him all the very best in retirement.
"We are delighted to welcome John and Etienne to the Mwana Africa Board. John's
knowledge of investment issues and his wide experience in Africa, together with
Etienne's contacts and knowledge in the DRC mining industry will be invaluable
as we continue to develop and grow the Company."
Enquiries:
Kalaa Mpinga, CEO or Oliver Baring, Chairman
Mwana Africa plc Tel. +44 207 654 5588
Tom Randell or Maria Suleymanova
Merlin Tel. +44 207 653 6620
The following information is provided in accordance paragraph 2(g) of Schedule 2
of the AIM Rules:
1) John Alexander Anderson (66)
- has held within past the 5 years the following directorships:
J O Hambro Investment Management (US) Ltd
African Gold Plc
- currently holds directorships at:
J O Hambro Investment Management Ltd
JOHIM (Holdings) Ltd
J O Hambro Asset Management Limited
Kongoni Menorca Limited (nominee company)
Blairmore Limited (publicly traded investment trust)
Latin American Extra Yield Fund (Advisory Board) (publicly traded
investment trust)
JOHIM Cayman (II) - alternative director
JOHIM Cayman (III) - alternative director
Tai Chi Fund Ltd - alternative director (publicly traded investment
trust)
JOHIM IDF LLC- alternative director
- John Anderson holds 250,000 shares in Mwana Africa plc
2) Etienne F. L. Denis (64)
- has held within the past 5 years the following directorships:
Umicore S.A.
Umicore Engineering S.A.
Umicore Marketing Services S.A.
Adastra Minerals Inc. (formally America Mineral Fields Inc.)
Sogem S.A.
Sopave
Syndiabel S.A.
Traxys S.A.
Element Six Abrasives S.A.
- currently holds directorships at:
Sibeka S.A.
Cumerio S.A.
Sapiensa S.P.R.L.
Maison de la Radio Flagey S.A.
- Mr. Denis resigned from his position as director of Contimine S.A., a
Belgian company on December 31, 1998. Contimine S.A. was subsequently
declared bankrupt on October 27, 1999.
There are no further disclosures required pursuant to paragraph 2(g) of Schedule
2 to the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
Nikanor to refine copper output of DRC rivals
United Resources awarded zinc mine
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=3701597>
SAU will be very interesting in 2007 / 2008
another content update on http://www.simberimining.com
low market cap!!! still!!!
take a look at the daily volumes
http://www.simberimining.com/investors/stock_history/
DRC Privatising water, transport, electricity
DRC
Posted: Thu, 22 Feb 2007
[miningmx.com] -- THE Democratic Republic of Congo is selling its water, transport and electricity utilities, Prime Minister Antoine Gizenga said.
"We want to put an end useless monopolies,'' Gizenga is quoted by Bloomberg as saying at the national assembly in the capital Kinshasa where the country's new cabinet was sworn in.
The country will introduce policies aimed at creating jobs in the DRC, which has an 80 percent unemployment rate, he said.
http://www.miningmx.com/wts/635902.htm
Deutsche Bank increase in MWANA
RNS Number:6364R
Mwana Africa PLC
21 February 2007
Mwana Africa plc (the "Company")
Holdings in Company
London, 21st of February 2007 - The Company was notified on 20 February 2007
that Deutsche Bank AG including its subsidiary companies had increased its total
holdings in the Company to 9,956,624 ordinary shares, representing 3.99 per
cent. of the total voting rights attached to the issued ordinary share capital
of the Company.
Enquiries:
Oliver Baring, Executive Chairman Tel: 020 7654 5588
Mwana Africa plc
Tom Randell / Maria Suleymanova Tel: 020 7653 6620
Merlin
LAQ New DRC Coltan / Gold / Silver Property
La Quinta Acquires Kampene Gold Project in D.R. Congo
VANCOUVER, BRITISH COLUMBIA, Feb 20, 2007 (MARKET WIRE via COMTEX News Network) --
La Quinta Resources Corp. ("La Quinta or LAQ") (TSX VENTURE: LAQ) is pleased to announce that it has signed a Memorandum of Understanding (MOU) with AMIKI (Association Miniere du Kivu sprl) to lease, or acquire all of the Exploration and Exploitation rights of AMIKI on the Kampene Project in South Kivu Province in the Democratic Republic of Congo. The Kampene project covers 49 square Kilometers and includes an Exploration Licence and a Small Miner's Licence to mine and sell all mineral products from the Licence area including Gold, Silver, Coltan, (Columbite and Tantalite) and Cassiterite. Kampene has a long history of extensive mineral production dating back to the 1940's and the Belgian era, when mineral production for Gold, Cassiterite and Coltan formed the economic basis for the formation of the Town of Kampene, complete with its power plant, airstrip, schools churches and hospital.
Since the Belgians left, production of gold has continued, first for the Congolese government during the Mobutu era and subsequently by the Rwandan Army during the second war of Liberation. AMIKI have held these claims since 1981 and reclaimed the property after the United Nations supported 2003 Peace Accord. Following the democratic election of 2006 and subsequent revision of the Congolese Mining Laws AMIKI has now been able to convert the licences to a modern Permis d'exploitation number 235 including a Small Miners Exploitation licence allowing immediate production from the site. The provisions of the MOU between LAQ and AMIKI include a term of 10 years renewable as the Code Miniere allows; an Annual Property Rental of US$100,000 payable in advance; and a 1.5% NSR on all production; with an outright buy out provision on the Kampene Lease Area for US$2 million after 5 years.
The Kampene Project lies adjacent to a 7,000 square kilometre licence area for gold exploration covering the southern portion of the Twangiza - Namoya Gold Belt, owned by Wa Balengela Kasai-Investments Congo sprl, ("WB. Kasai, or WBK") which is the subject of a separate Agreement between LAQ and WBK and is currently in a due diligence process (See LAQ Press Releases 06-10 August 28th 2006; PR: 06-18, October 23rd 2006 and PR: 07-02, February 02, 2007). The AMIKI MOU is subject to completion of its own Due Diligence process, plus approval of the transaction by the TSX:V.
Malcolm Swallow, the Company's Chairman, stated, "We are very excited to be able to move onto the Kampene Project and start work almost immediately on such a prominent past producer of gold and other minerals. The potential for hard rock production from the hills surrounding the alluvial areas will be the first target for our exploration efforts. The infrastructure in Kampene is such that the exploration work can be highly focussed giving us an excellent return for our exploration dollars in this known area of gold production Its location next to our primary land package in DRC that is currently in the due diligence process, means that we can establish a base of exploration and development in Congo, while awaiting clean title on the other areas. La Quinta is committed to mineral exploration and development in Congo and continues to work to acquire additional resources in the DRC."
The MOU with AMIKI provides for a 60 day diligence period during which La Quinta and its advisors have the right to conduct appropriate due diligence into the terms, conditions, validity and enforceability of AMIKI's concessions and exploration rights in the DRC. On completion of the due diligence period and the appropriate 43-101 report, La Quinta intends to vigorously pursue the exploration of the Kampene area, including pursuit of the potential hard rock sources of the alluvial mineralisation. A map showing the location and extent of the exploration leases and their relationship to the Twangiza - Namoya gold belt, plus further discussion of the new exploration initiative by La Quinta Resources in the Democratic Republic of Congo can be found on the Company's web site at www.laquintaresources.com.
Malcolm Swallow, a Director of the Company, is a Vancouver based Mining Engineer, (B.Sc. - Hons. Mining Engineering - Imperial College, London) with over 35 years operating and management experience in the Industry. He is an Associate of the Royal School of Mines, a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer in the UK. He is also a registered Professional Engineer in British Columbia, Canada and acted as the Qualified Person for this news release having visited the Kampene property.
On Behalf of the board
Malcolm JA Swallow, Chairman and CEO
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release, which has been prepared by management.
Contacts: La Quinta Resources Corp. Glen Watson President (604) 685-1818 or Toll Free: 1-877-891-4653 Email: info@laquintaresources.com Website: www.laquintaresources.com
SOURCE: La Quinta Resources Corporation
mailto:info@laquintaresources.com http://www.laquintaresources.com
Copyright 2007 Market Wire, All rights reserved.
Fat MWANA Trades on LSE
Tiger now @ Livingstone Fair
http://www.minellc.com/invite_update.pdf
http://www.tigerresources.de/public/start.asp?sid=2&lid=2&mid=4110&a=%
New: International Barytex Resources Ltd.
http://www.barytex.com/
Africo Looking at Listing on AIM
http://www.resourceinvestor.com/pebble.asp?relid=28823
Website:
http://www.africoresources.com/
http://www.miningmx.com/mining_fin/602106.htm
Tony Harwood, CEO and president, Africo Resources
Africo seeks $160m for DRC mine
David McKay
Posted: Mon, 29 Jan 2007
[miningmx.com] -- AFRICO Resources, a Toronto Stock Exchange listed base metals exploration firm, would raise $160m in debt financing to develop its maiden project in the Democratic Republic of Congo (DRC), said CEO and president, Tony Harwood.
“We’re in discussions with major lenders, groups in China and Japan, and institutions that were involved with our IPO,” said Harwood in an interview. “We should know in the next six months.”
If successfully concluded, Africo Resources will be among the first of several new mining companies, searching for mineable cobalt and copper in the DRC, to supply new metal to the market. Africo Resources’s project, called Kalukundi, contains an estimated 27 million tonnes of ore grading 2.5% copper and 0.7% cobalt. There is significant potential to expand the resource, said Harwood.
Production, planned for 2008, will be 3,800 tonnes of cobalt metal and 16,400 tonnes of copper. There is no requirement for smelting and refining facilities because Kalukundi is an oxide resource. This means metal can be produced on-site by means of SX/EW (solvent extraction and electrowinning) technology, Harwood said.
Harwood was formerly Placer Dome’s vice-president of generative exploration (projects) before the Canadian firm was bought by Barrick Gold. In addition to helping develop Placer Dome’s North Mara gold mine in Tanzania, Harwood was instrumental in Placer Dome’s decision to buy a 50% stake in the South Deep gold mine in 1998.
Commenting on Africo Resources, Harwood said the attraction of the company was the quality of potential resources in the DRC. “I haven’t seen anything like it for the large number and quality of deposits,” he said.
Kalukundi’s resources descend to about 200m, and can be mined relatively quickly; quicker than the neighbouring Tenke base metals project in the DRC’s Katanga copper belt.
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The $25bn US firm, Phelps Dodge, has a 58% stake in Tenke, with Tenke Mining Corp. and the DRC’s Gecamines, and aims to produce 8,200 tons of cobalt by late 2008 or early 2009. Tenke will cost $650m to develop. Another mining project, Nikanor’s KOV enterprise, has targeted output of 25,000 tons of cobalt by 2009 at a capital cost of $1.3bn.
“We have our mining license, a good relationship with Gecamines (which has a 25% free carry), and infrastructure in place,” said Harwood. Life of mine is estimated at 10 years.
Africo Resources listed in Toronto in December after receiving the backing of another listed junior, Rubicon Minerals.
Harwood says one of the competitive advantages of the company is its high quality management. Grant Pierce, formerly country manager for Barrick, recently joined the board. Peter Tomsett, Placer Dome’s last CEO, has taken a non-executive position on Africo Resources, Harwood said
MWANA market-cap vs. resources
Market-Cap 139,22 Mio€
DRC's Gecamines aims to settle $2.4 bln debt
Wed Feb 7, 2007 10:08 AM GMT147
CAPE TOWN (Reuters) - Congo's state mining group Gecamines wants to settle its $2.4 billion debt burden, it said on Wednesday.
Managing Director Paul Fortin told a presentation at the Indaba African mining conference in Cape Town the group was looking at "settlement with a discount" for the debt, but did not give further details.
Gecamines, whose output tumbled as mining operations closed during Congo's civil war, is seeking to restructure and revive its operations.
A small part of its debt has been repaid, but the remainder is a burden on the Democratic Republic of Congo mining group, Fortin said.
"It is still very substantial, but it has been managed and contained," Fortin said.
http://za.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2007-02-07T080832Z_0...
Simberi Mining Update
http://www.simberimining.com
New homepage online
Production planned for 2008
best UUU Thread of the world
http://www.wallstreet-online.de/community/thread/1030895-1.html
"Balcatta Boys" Watchlist
30 Ledgar Road Balcatta Perth
Reginald Gillard / Klaus Eckhof Stocks
http://www.comdirect.de/index.html?gourl=http%3a%2f%2fisht.comdirect.de%2f-713673129%2ftiny.html
Simberi Provides Update
TORONTO, ONTARIO, Jan 22, 2007 (MARKET WIRE via COMTEX News Network) --
Simberi Mining Corporation ("Simberi") (TSX VENTURE: SAU) announced today an update on its progress regarding the completion of a joint venture agreement with Gecamines (the State owned Mining Company in the Democratic Republic of Congo (the "DRC)") relating to the development of the Kakanda Copper/Cobalt project (the "Kakanda Project") in the DRC.
PTM Minerals (Cayman) Ltd. ("PTM Minerals"), a wholly owned subsidiary of Simberi, and Gecamines, agreed in 1997 to complete a joint venture to operate the Kakanda Project. Currently, PTM Minerals and Gecamines each have the right confirmed by the Ministerial Order #0366/Cab.Mines/KKM/MK/MN/97 of May 31, 1997 to participate in the joint venture on a 51% and 49% basis, respectively.
Negotiations have been ongoing between representatives of PTM Minerals and Gecamines to finalize the terms of the joint venture agreement. Amongst other things, PTM Minerals has been negotiating to increase its interest in the joint venture from 51% to 75-80%. Negotiations have been protracted for several reasons including, amongst other things, the recently completed presidential elections in the DRC. Joseph Kabila was formally named President of the DRC on November 15, 2006.
On December 22, 2006, PTM Minerals received a letter form the Minister of Mines in the DRC (the "Minister") addressed to the Vice-President of the Republic in charge of Economic and financial commission, the Vice-Minister of Mines, PTM Minerals and Gecamines, whereby the Minister confirmed the following:
(i) an agreement regarding the tailings resource which constitutes the tailings portion of the Kakanda Project has been reached and a formal and final agreement should have been entered into between PTM Minerals and Gecamines on November 30, 2006.
(ii) PTM Minerals interest in the deposits which constitute the hard rock portion of the Kakanda Project (the "Hardrock Deposits") supersede certain subsequent interests which were granted in the concessions in which the Hardrock Deposits are contained and it is therefore incumbent upon Gecamines to respect, enforce and re-establish the rights of PTM Minerals in the Hardrock Deposits.
(iii) Gecamines should formalize and give effect to the foregoing agreements without further delay.
While discussions on the joint venture have been continuing for some time, management of Simberi and PTM Minerals cannot define the exact timeframe in which the formal joint venture agreement will be signed. However, management of both companies are confident, based on the terms of the original agreement between PTM Minerals and Gecamines, the progress of the negotiations to date and the explicit statements of the Minister, that the final agreement will be signed in the near future.
About Simberi:
Simberi is a junior resource company focused on the exploration and acquisition of developed low cost precious and base metal projects internationally. The company's main exploration project is the Kakanda Project. Simberi is also involved in several joint venture projects in Western Australia.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.
Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.
Contacts: Simberi Mining Corporation Mike Newbury President and CEO (416) 603-7200 (416) 603-9200 (FAX) Email: info@simberimining.com
SOURCE: Simberi Mining Corporation
mailto:info@simberimining.com
Copyright 2007 Market Wire, All rights reserved.
A bummer for diamond miner
http://www.news24.com/News24/Africa/News/0,9294,2-11-1447_2053902,00.html
A bummer for diamond miner
11/01/2007 22:02 - (SA)
Kinshasa - A pilfering worker in a Democratic Republic of Congo (DRC) diamond mine was caught in the act when he walked past a security scanner with 126 of the sparkling gems stashed up his rear end, said a mine spokesperson on Thursday.
The would-be thief, a cleaner, "hid the small stones" - valued at $5 000 - "in his anus," explained Mike Mutombo of the Miba mining company in the DRC.
"An investigation has been opened and the heads of the relevant services have been suspended," he said, adding that it was "practically impossible" for the heist to have been organised without the connivance of others in the selection centre where the cleaner worked.
No information was released as to how the diamonds were recovered, or whether the man was arrested.
The Miba mine, 80% owned by the state and 20% by Mwana Africa and listed on the Alternative Investment Market in London, is spread over a 45 000km² area in the Kasai region of central DRC.
The company produces six million carats of mainly industrial diamonds a year.
Congo Club Stocks Update
AFREN http://www.afren.com
African Metals http://www.africanmetals.com
African Rainbow Minerals http://www.arm.co.za
Anvil Mining http://www.anvil.com
Banro http://www.banro.com
BRC Diamond Corp. http://www.brcdiamond.com
Brinkley Mining http://www.brinkley-mining.com
CAMEC http://www.camec-plc.com
Chrometco Ltd http://www.chrometco.co.za
Congo Crest Minerals http://www.congocrest.com
Copper Resources http://www.copperresources.com/
Elemental Minerals http://www.elementalminerals.de
First Quantum Minerals http://www.first-quantum.com
Gee-Ten Ventures http://www.gee-ten-ventures.com/
Kababankola Minerals http://www.kababankola.com/
Katanga Mining http://www.katangamining.com
Kumba Resources http://www.kumbaresources.com
La Quinta Resources http://www.laquintaresources.com
Lindian Resources http://www.lindianresources.de
MagMinerals http://www.magindustries.com
Magnus International Resources http://www.magnusresources.com
Mawson West http://www.mawsonwest.com.au/
Metorex Mining http://www.metorexgroup.com
Mexivada Mining Corp. http://www.mexivada.com
Moto Goldmines http://www.motogoldmines.de
MWANA http://www.mwanaafrica.com
New World Alloys Ltd http://www.newworldalloys.com
Nikanor http://www.nikanor.co.uk
OM-Group Inc http://www.omgi.com
Pangea Diamondfields Plc http://www.pangeadiamondfields.com/
Rockwell Ventures http://www.rockwellventures.com
Rubicon Minerals http://www.rubiconminerals.com
Scharrig Mining Ltd
Simberi Mining http://www.simberimining.com
SouthernEra http://www.southernera.com
TEAL Mining & Exploration http://www.tealmining.com
Tiger Resources http://www.tigerresources.de
Tullow Oil http://www.tullowoil.com