Sunday, January 3, 2010

Industry Focus - Mining

Democratic Republic of the Congo (DRC): AngloGold Ashanti and Randgold Resources have acquired a further 20 % stake in the Kibali Gold Project (formerly the Moto Gold Project). The Project is located in the North-East of the DRC and covers an area of approximately 1 836 km², with considerable mineral resources. With the recent investment, AngloGold has now completed the acquisition for approximately USD 113.6 million, from L'Office des Mines d'Or de Kilo-Moto (OKIMO), owned by the Government of the Democratic Republic of the Congo (DRC). Both companies' (AngloGold and Rangold) stake in the project has now been increased to 90 %. Each has equal share of 45% in Kibali, and the DRC will maintain involvement as OKIMO will hold the remaining 10 % interest.

Zimbabwe: The mining sector is expected to grow by 40% by the end of next year, following a forecast recovery in gold and platinum output. The mining sector ended 2009 with a projected 2% growth compared to a 22.1% fall in 2008.