South Africa's state-owned mining firm African Exploration, Mining and Financing Corp. (AEMFC) has said that it has dropped the Bosa Energy coal exploration project in Botswana because it was no longer viable, its CEO said.
"(African Exploration) has opted to move out of the project after assessing the... market for the product," chief executive Sizwe Madondo told Reuters on Wednesday.
He cited a number of factors for AEMFC's withdrawal, including South African power utility Eskom "not committing to a power station in the area, logistics to other potential markets and funding requirements".
Showing posts with label botswana. Show all posts
Showing posts with label botswana. Show all posts
Wednesday, March 3, 2010
Thursday, February 4, 2010
African Copper Completes Loan Refinancing
Mining investment firm Zambia Copper Investments (ZCI) and the Botswana Stock Exchange-listed African Copper (ACU) have completed the refinancing of the bridging loan which ZCI provided to ACU in May 2009.
A new four-year secured credit facility worth more than $31 million places ACU's borrowings on a more permanent footing by replacing two loans worth a total of $32.4 million.
ACU said that the recapitalisation would help its operations to grow to their full potential.
The company was involved in a hotly-disputed takeover bid between Natasa Mining and Zambia Copper which resulted in ZCI increasing its stake to 82 percent after finalising a share subscription.
Operations ceased at ACU for a while after commodity prices crashed however it resumed operations again in August after receiving funding from ZCI.
Mowana is likely to advance to steady state nameplate production through the coming quarters, the base-metals miner said in a statement.
Last week African Copper announced that it will install a mobile crushing unit and amend the Environmental Management Plan (EMP) at its flagship Mowana mine in north-eastern Botswana to remove bottlenecks hampering the ramp-up to full capacity.
The company reached what it described as "encouraging" levels of production in October and November, but lower plant availability impacted on output in December and January.
Copper recoveries increased in October and November, reaching 57.3 percent in November, against a targeted recovery rate of 57 percent before declining, together with ore processed, due to lower Secondary and Tertiary plant availability in December and January. This was caused by high crusher liner wear and heavy rain that adversely affected the consistency of the ore and hindered the flow of materials.
The company says management has now moved quickly to address these two bottlenecks that are currently preventing the mine from ramping up towards full plant capacity.
A new four-year secured credit facility worth more than $31 million places ACU's borrowings on a more permanent footing by replacing two loans worth a total of $32.4 million.
ACU said that the recapitalisation would help its operations to grow to their full potential.
The company was involved in a hotly-disputed takeover bid between Natasa Mining and Zambia Copper which resulted in ZCI increasing its stake to 82 percent after finalising a share subscription.
Operations ceased at ACU for a while after commodity prices crashed however it resumed operations again in August after receiving funding from ZCI.
Mowana is likely to advance to steady state nameplate production through the coming quarters, the base-metals miner said in a statement.
Last week African Copper announced that it will install a mobile crushing unit and amend the Environmental Management Plan (EMP) at its flagship Mowana mine in north-eastern Botswana to remove bottlenecks hampering the ramp-up to full capacity.
The company reached what it described as "encouraging" levels of production in October and November, but lower plant availability impacted on output in December and January.
Copper recoveries increased in October and November, reaching 57.3 percent in November, against a targeted recovery rate of 57 percent before declining, together with ore processed, due to lower Secondary and Tertiary plant availability in December and January. This was caused by high crusher liner wear and heavy rain that adversely affected the consistency of the ore and hindered the flow of materials.
The company says management has now moved quickly to address these two bottlenecks that are currently preventing the mine from ramping up towards full plant capacity.
Thursday, January 21, 2010
African Copper Ups Capacity At Botswana
Aim-listed African Copper will install a mobile crushing unit and amend the environmental management plan (EMP) at its Mowana mine to remove bottlenecks hampering the ramp-up to full capacity, the miner reported on Thursday.
African Copper reopened the Botswana mine in August and reached "encouraging" levels of production in October and November, but lower plant availability had impacted on output in December and January, said executive director Jordan Soko.
The plant had produced 4,3-million tons of concentrate, at an average grade of 1,30% copper for 1,19-million tons of copper contained in concentrate, since recommissioning in late August.
Copper recoveries increased in October and November, reaching 57,3% in November, in line with African Copper's targeted recovery rate of 57%, before declining, together with ore processed, due to lower plant availability.
The miner explained that lower secondary and tertiary plant availability was caused by high crusher liner wear and heavy rain that affected the consistency of the ore and hindered the flow of material from stockpiles. Plant throughput was also cut by the inability of the horizontal belt filter to consistently handle and produce dry tailings.
African Copper had placed an order for the rental of a mobile crushing unit, which would temporarily bypass the secondary and tertiary crushing plant, while it worked on incorporating an improved feed arrangement for these crushers.
"The mobile crushing unit will have a crushing capacity equivalent to the current secondary and tertiary crushing plant in order to process the appropriate volumes while the primary crusher continues to function well," it noted.
Delivery and installation of the mobile crushing unit would be completed in four weeks.
Further, African Copper is amending the EMP to migrate from a dry to a wet tailings system.
Scott Wilson RPA Mining group is undertaking design work on the new tailings facility, while the EMP amendment is under way, in order for construction to start as soon as Botswana approved the changes to the plan. The company expects authorities to approve the EMP amendments in April.
Source: Mining Weekly
African Copper reopened the Botswana mine in August and reached "encouraging" levels of production in October and November, but lower plant availability had impacted on output in December and January, said executive director Jordan Soko.
The plant had produced 4,3-million tons of concentrate, at an average grade of 1,30% copper for 1,19-million tons of copper contained in concentrate, since recommissioning in late August.
Copper recoveries increased in October and November, reaching 57,3% in November, in line with African Copper's targeted recovery rate of 57%, before declining, together with ore processed, due to lower plant availability.
The miner explained that lower secondary and tertiary plant availability was caused by high crusher liner wear and heavy rain that affected the consistency of the ore and hindered the flow of material from stockpiles. Plant throughput was also cut by the inability of the horizontal belt filter to consistently handle and produce dry tailings.
African Copper had placed an order for the rental of a mobile crushing unit, which would temporarily bypass the secondary and tertiary crushing plant, while it worked on incorporating an improved feed arrangement for these crushers.
"The mobile crushing unit will have a crushing capacity equivalent to the current secondary and tertiary crushing plant in order to process the appropriate volumes while the primary crusher continues to function well," it noted.
Delivery and installation of the mobile crushing unit would be completed in four weeks.
Further, African Copper is amending the EMP to migrate from a dry to a wet tailings system.
Scott Wilson RPA Mining group is undertaking design work on the new tailings facility, while the EMP amendment is under way, in order for construction to start as soon as Botswana approved the changes to the plan. The company expects authorities to approve the EMP amendments in April.
Source: Mining Weekly
Thursday, December 10, 2009
Hana Mining Discovers More Copper In Ghanzi
Hana Mining has announced completion of 14 new RC drill holes at its Ghanzi copper-silver project in Botswana which extends total mineralisation in the Company's current focus area, Banana zone.
During an interview with Mineweb, Hana Mining CEO Marek Kreczmer said the findings will likely increase the overall resource to 80 - 100m tonnes. This also extends mineralisation by 1600m along strike for two sections in the Banana zone, the South Limb and Southwest Fold Closure.
The highlights of the recent drilling results show that four new holes in the South Limb extend mineralised strike length by 600 metres to 1.8km. Ten new holes in the Southwest fold represent new mineralised strike length of 1000 metres in an area never tested by any type of drilling.
The company said the results in the South Limb show continuation of mineable grade copper/silver mineralisation trending south from previously released results.
Results from the Southwest fold show lower grade, near surface mineralisation over large widths (16 to 48 metres) and at shallow dip. Hana said the main copper minerals in the Southwest fold are malachite and chalcocite, unlike other areas which are predominantly bornite and chalcopyrite.
Kreczmer said he has been spending the past weeks in Botswana's capital, Gaborone, meeting with government officials and looking at various office spaces. He said they hope to have an established office early 2010 in Gaborone.
In June, the company announced that its drilling results have shown an inferred resource of 2.9 billion pounds of copper and 51.5 million ounces of silver at its Ghanzi Copper-Silver deposit.
The company, which is headquartered in Vancouver, Canada and is listed on the TSX (Toronto Stock Exchange) Venture Exchange and the Frankfurt Exchange says it views Botswana as a very favourable area for conducting business and also commended the government's support for developing mining diversification.
The mineralisation at the Ghantsi Copper-Silver property is classified as a sediment-hosted copper-silver deposit. Among the best-known deposits of similar type is the vast Kuperschiefer deposit in Poland where mineralisation occurs to a vertical depth of at least 700 metres and is open.
The company said this type of copper deposit can generate a resource that is both very large and of attractive grade, making it viable for world-scale mining opportunities.
The Ghanzi Project consists of five licence blocks covering 2,200 square kilometres. The area is host to widespread sediment-hosted copper-silver mineralisation. The property has been explored intermittently since 1962 by numerous companies. Hana Mining said the exploration work was done when copper prices were lower than today and regional infrastructure was not as advanced as at present.
The company plans to get power from the Maun grid, which is situated on the northern end of the property and to use the Trans-Kalahari Highway which passes within 10 kilometres of the north end of the property as well.
Hana Mining recently raised about $3.2 million in funding as part of a financing package announced on May 29, 2009 and will now work towards enhancing the value of the deposit by completing power and infrastructure studies and expanding the resource base through testing of drill-ready targets.
Source: Mmegi Online
During an interview with Mineweb, Hana Mining CEO Marek Kreczmer said the findings will likely increase the overall resource to 80 - 100m tonnes. This also extends mineralisation by 1600m along strike for two sections in the Banana zone, the South Limb and Southwest Fold Closure.
The highlights of the recent drilling results show that four new holes in the South Limb extend mineralised strike length by 600 metres to 1.8km. Ten new holes in the Southwest fold represent new mineralised strike length of 1000 metres in an area never tested by any type of drilling.
The company said the results in the South Limb show continuation of mineable grade copper/silver mineralisation trending south from previously released results.
Results from the Southwest fold show lower grade, near surface mineralisation over large widths (16 to 48 metres) and at shallow dip. Hana said the main copper minerals in the Southwest fold are malachite and chalcocite, unlike other areas which are predominantly bornite and chalcopyrite.
Kreczmer said he has been spending the past weeks in Botswana's capital, Gaborone, meeting with government officials and looking at various office spaces. He said they hope to have an established office early 2010 in Gaborone.
In June, the company announced that its drilling results have shown an inferred resource of 2.9 billion pounds of copper and 51.5 million ounces of silver at its Ghanzi Copper-Silver deposit.
The company, which is headquartered in Vancouver, Canada and is listed on the TSX (Toronto Stock Exchange) Venture Exchange and the Frankfurt Exchange says it views Botswana as a very favourable area for conducting business and also commended the government's support for developing mining diversification.
The mineralisation at the Ghantsi Copper-Silver property is classified as a sediment-hosted copper-silver deposit. Among the best-known deposits of similar type is the vast Kuperschiefer deposit in Poland where mineralisation occurs to a vertical depth of at least 700 metres and is open.
The company said this type of copper deposit can generate a resource that is both very large and of attractive grade, making it viable for world-scale mining opportunities.
The Ghanzi Project consists of five licence blocks covering 2,200 square kilometres. The area is host to widespread sediment-hosted copper-silver mineralisation. The property has been explored intermittently since 1962 by numerous companies. Hana Mining said the exploration work was done when copper prices were lower than today and regional infrastructure was not as advanced as at present.
The company plans to get power from the Maun grid, which is situated on the northern end of the property and to use the Trans-Kalahari Highway which passes within 10 kilometres of the north end of the property as well.
Hana Mining recently raised about $3.2 million in funding as part of a financing package announced on May 29, 2009 and will now work towards enhancing the value of the deposit by completing power and infrastructure studies and expanding the resource base through testing of drill-ready targets.
Source: Mmegi Online
Tuesday, July 14, 2009
Hana To Take Stake In Botswana Copper/Silver Project
TSX-listed exploration company Hana Mining has agreed to buy an initial, indirect 70% interest in five prospecting licences in Botswana, comprising the Ghanzi copper/silver project.
The company reported on Tuesday that it had concluded a share purchase agreement with the shareholders of Stellent, a privately held corporation located in Botswana, which was the holder of the licences.
The agreement also granted Hana Mining the exclusive right to purchase the remaining 30% share in Stellent.
The Ghanzi project has an inferred resource of 2,9-billion pounds of copper and 51,1-million ounces of silver.
"I am very pleased for the company shareholders and for Stellent, as this represents the conclusion of a process of negotiation which began in 2007, with our securing initial rights to explore the ground at Ghanzi, and it also reflects the value growth in the resource which we have unlocked over that time,” said Hana Mining CEO Marek Kreczmer.
Under the agreement, Hana Mining would pay a cash consideration of $200 00, and issue 166 666 common shares to Stellent. A further 666 666 share purchase warrants would be issued, each warrant entitling the purchase of one additional common share, for a period of 24 months, at a price of C$0,32.
To acquire an additional 20% share in Stellant, Hanna Mining could make a cash payment of $9-million is to be paid upon the completion of a positive bankable feasibility study, the sale of all the issued common shares of Hana Mining to a third party, or at the company’s election.
For the remaining 10%, Hanna Mining would have to issue four-million purchase warrants, each entitling the purchase of one additional common share, at a price of C$2,00 a share.
The Ghanzi project is located in northwestern Botswana. The area contains near surface sediment-hosted copper/silver deposits with a demonstrated cumulative strike length of over 16 km.
Significant infrastructure is planned, or is in place in the region, including a new 800 MW power plant in Botswana, which would provide power for the project and the paved trans-Kalahari highway, which runs from Namibia to South Africa, passes within 15 km of the property.
SourcE: Mining Weekly
The company reported on Tuesday that it had concluded a share purchase agreement with the shareholders of Stellent, a privately held corporation located in Botswana, which was the holder of the licences.
The agreement also granted Hana Mining the exclusive right to purchase the remaining 30% share in Stellent.
The Ghanzi project has an inferred resource of 2,9-billion pounds of copper and 51,1-million ounces of silver.
"I am very pleased for the company shareholders and for Stellent, as this represents the conclusion of a process of negotiation which began in 2007, with our securing initial rights to explore the ground at Ghanzi, and it also reflects the value growth in the resource which we have unlocked over that time,” said Hana Mining CEO Marek Kreczmer.
Under the agreement, Hana Mining would pay a cash consideration of $200 00, and issue 166 666 common shares to Stellent. A further 666 666 share purchase warrants would be issued, each warrant entitling the purchase of one additional common share, for a period of 24 months, at a price of C$0,32.
To acquire an additional 20% share in Stellant, Hanna Mining could make a cash payment of $9-million is to be paid upon the completion of a positive bankable feasibility study, the sale of all the issued common shares of Hana Mining to a third party, or at the company’s election.
For the remaining 10%, Hanna Mining would have to issue four-million purchase warrants, each entitling the purchase of one additional common share, at a price of C$2,00 a share.
The Ghanzi project is located in northwestern Botswana. The area contains near surface sediment-hosted copper/silver deposits with a demonstrated cumulative strike length of over 16 km.
Significant infrastructure is planned, or is in place in the region, including a new 800 MW power plant in Botswana, which would provide power for the project and the paved trans-Kalahari highway, which runs from Namibia to South Africa, passes within 15 km of the property.
SourcE: Mining Weekly
Tuesday, May 12, 2009
African Copper Deal Nearing Completion
Mining investment company Zambia Copper Investments Ltd said on Tuesday its $22.5 million financing package for exploration company African Copper Plc was closer to completion after it agreed not to seek repayment of an outstanding debt at least until the financing was complete.
Along with the financial package deal of May 11, the companies also entered into a binding debt assignment agreement with African Copper's mining contractor Moolman Mining Botswana (Pty) Ltd under which Moolman assigned its $8 million outstanding debt to Zambia Copper at a price equal to 50 percent of the face value of the debt.
Moolman will not be taking up its portion of the package to large trade creditors and also has terminated all agreements with African Copper, Zambia Copper said.
Zambia Copper had proposed on Monday that African Copper's large trade creditors -- the mining contractor and the engineering, procurement, contracting and management contractors -- would be paid in cash 40 percent of monies owed and issued about 48 million shares in full and final settlement of debts due from African Copper.
Source: Reuters
Along with the financial package deal of May 11, the companies also entered into a binding debt assignment agreement with African Copper's mining contractor Moolman Mining Botswana (Pty) Ltd under which Moolman assigned its $8 million outstanding debt to Zambia Copper at a price equal to 50 percent of the face value of the debt.
Moolman will not be taking up its portion of the package to large trade creditors and also has terminated all agreements with African Copper, Zambia Copper said.
Zambia Copper had proposed on Monday that African Copper's large trade creditors -- the mining contractor and the engineering, procurement, contracting and management contractors -- would be paid in cash 40 percent of monies owed and issued about 48 million shares in full and final settlement of debts due from African Copper.
Source: Reuters
Thursday, April 16, 2009
Zambian Copper Offers Finance To African Copper
African Copper Plc, a company exploring for the metal in Botswana, has said that it has received an unsolicited offer of finance from Zambia Copper Investments Ltd.
ZCI proposes buying 676.6 million new shares of African Copper, raising $9.9 million, London-based African Copper said today in a statement distributed by Market Wire. The completion of the transaction would give ZCI a 70 percent stake in African Copper.
Source: Bloomberg
ZCI proposes buying 676.6 million new shares of African Copper, raising $9.9 million, London-based African Copper said today in a statement distributed by Market Wire. The completion of the transaction would give ZCI a 70 percent stake in African Copper.
Source: Bloomberg
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