Ghana`s mining tax to rise to 35% - budget - FAST NEWS | Mineweb

Ghana's mining tax to rise to 35% - budget

Africa's second-largest gold miner, Ghana, will increase the current corporate tax rate to 35%, from 25% for mining companies, according to the 2012 budget delivered to parliament on Wednesday.

Posted: Thursday , 17 Nov 2011

ACCRA (Reuters) -

Ghana will increase its corporate tax rate for mining companies to 35 percent from 25 percent, and will collect a 10 percent windfall profit tax from miners, according to a text of the 2012 budget delivered to parliament on Wednesday.

The IMF had urged the West African state, Africa's second-largest gold miner, to look at options to increase tax revenues from the sector. (Reporting by Christian Akorlie and Clair MacDougall; Writing by Richard Valdmanis)

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China`s Shandong Gold bids $1 billion for Jaguar Mining - GOLD NEWS | Mineweb

73 percent higher than the last trading price of Jaguar Mining - Take the money and run!!

China's Shandong Gold bids $1 billion for Jaguar Mining

Sources close to the proposed deal said Wednesday China's Shandong Gold Group has made a $1.0bn offer to acquire Jaguar Mining, one of Brazil's fastest-growing gold producers, and has prepared cash to get the deal done.

Author: By Coco Li, Feng Wang and Ken Wills (Reuters)
Posted:  Wednesday , 16 Nov 2011

BEIJING (Reuters) - 

China's Shandong Gold Group, the parent of Shandong Gold Mining (600547.SS: Quote, Profile, Research) and a big gold producer, has made a $1.0 billion offer to fully acquire Brazil's Jaguar Mining (JAG.N: Quote, Profile, Research) (JAG.TO: Quote, Profile, Research), two sources familiar with the matter told Reuters on Wednesday.

The offer from Shandong Gold was $9.3 per share for Jaguar, or 73 percent higher than the last trading price of Jaguar Mining of $5.39 per share in New York.

Shandong Gold will pay in cash, the sources, who requested not to be named, told Reuters.

Taking advantage of a strong yuan, Chinese resources companies have been hunting overseas for the minerals needed to power China's fast-growing economy.

Jaguar Mining is one of Brazil's fastest-growing gold producers, with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar's main development project is Gurupi, which holds reserves of 2.3 million ounces.

Li Zhongyi, vice general manager of Shandong Gold in charge of international deals, declined to comment. A spokesman for Jaguar was not immediately available for comment.

Recent resources M&A deals from China have included Minmetals Resources' $1.28 billion (1208.HK: Quote, Profile, Research) planned takeover of Africa-focused copper miner Anvil Mining (AVM.AX: Quote, Profile, Research) and Sinopec Group's C$2.2 billion ($2.1 billion) agreement in October to buy Canadian oil and gas explorer Daylight Energy Ltd (DAY.TO: Quote, Profile, Research).

Sinopec Group is the parent of Hong Kong-listed and Shanghai-listed China Petroleum & Chemical Corp (Sinopec) (0386.HK: Quote, Profile, Research)(600028.SS: Quote, Profile, Research).

(Editing by Don Durfee)

 

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Pakistan says no to Antofagasta/Barrick mining lease application - FAST NEWS | Mineweb

http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=139800&sn=Detail&pid=110649

Reko Diq in Pakistan holds an estimated 5.9 billion tonnes of mineral resources, with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a tonne.
That's 40 mm oz of gold and 24 mm tonnes of copper (!) that are staying put for the time being... Brilliant these Pakistanis, I guess it's because they don't need the investment...?!?

Pakistan says no to Antofagasta/Barrick mining lease application

Government officials in Pakistan's remote Baluchistan province have rejected a mining lease application from Chilean copper producer Antofagasta and Canada's Barrick Gold, raising questions over the future of their Reko Diq copper-gold project.

Posted:  Wednesday , 16 Nov 2011

LONDON (Reuters)  - 
Pakistan's Baluchistan province has rejected a mining lease application from Chilean copper producer Antofagasta and Canada's Barrick Gold, raising questions over the future of their Reko Diq copper-gold project.
The two miners' joint venture, Tethyan Copper, said last month it had filed a "notice of dispute" with the province over Reko Diq, after Baluchistan government officials refused to meet the company's executives or extend a deadline for a response to objections raised over the lease.
The mining lease application, for an area including the Reko Diq deposit, was submitted in February.
"Tethyan strongly believes that the Reko Diq project can contribute significantly to the development of a modern mining industry in Baluchistan and will consider its options for further courses of action," Antofagasta said in a statement on Wednesday.
Reko Diq -- only the second significant project in the mineral-rich region and potentially a source of much needed inward investment for Pakistan -- holds an estimated 5.9 billion tonnes of mineral resources, with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a tonne.
The joint venture partners spent $200 million in 2006 buying the exploration licence from rival BHP Billiton. Construction has been projected to cost some $3.3 billion, but that is expected to climb given rising costs faced by the mining industry, particularly in remote locations like Baluchistan.
(Reporting by Clara Ferreira-Marques; Editing by David Jones)

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