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Thursday, 14 October 2010

Mine Watch (Various)

A number of interesting mining stories in the last two weeks.

Government is allegedly threatening to withdraw a 25-year large scale mining licence granted to a Canadian firm, Spirit of the River, in 2005 to mine alluvial diamonds in Western Province. Documents obtained by The Post apparently indicate that Spirit of the River to date owes over 80 of its former employees about K1.9 billion in unpaid salary arrears and other benefits. It reads like a ghost company.

African Energy Resources Limited is apparently geared to start mining uranium in Siavonga once the price of the metal improves. African Energy controls more than 200km strike-length of prospective rocks in Kariba Valley. Feasibility studies indicate that this could form the basis of a low-cost 8-year mining operation with production commencing as early as the first quarter of 2012. Exploration programmes in 2010 are expected to define additional resources which may extend the proposed mine life. We have previously updated on this here.

A ZNBC report suggests that over six thousand people have been employed by new Chinese mining investors in Kalulushi, quoting Hon Anon Simama. According to the area MP, "Kalulushi residents have benefited from investments by Non Ferous Corporation of China".

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