India’s Anil Agarwal succeeds with Vedanta Resources buyout

Shares of Sunridge Gold rose a brisk 7% in Thursday morning trade after the junior explorer gave an update on drilling at its zinc-gold-copper deposit in the Horn of Africa only to end the day down 2.8%. Near triple the usual number of shares changed hands on the Toronto venture exchange. Investors in the the Vancouver-based company, which apart from its flagship Asmara project in Eritrea also has assets in another paragon of political instability, Madagascar, have enjoyed a wild ride over the more than ten years the company has been listed – an unlucky few snapped up shares in the company at $6.40 in 2003 and those who saw value in the company at $1.30 at the start of 2011 would have lost almost half that investment.

Glencore International plc (LON:GLEN), seeking access to the growing coal market in India and China, announced on Thursday an estimated $1 billion plan to acquire Optimum Coal Holdings (JNB:OPT), a significant thermal coal producer in South Africa. Glencore will value the ordinary shares of Optimum at 34 ZAR (4.8 USD), a 35% premium over the 30-day volume weighted average. “Optimum’s high quality, long life coal assets and significant presence at Richards Bay Coal Terminal would be an attractive addition to our existing South African coal business," said Tor Peterson, director of the Coal/Coke commodity department.

BASE Resources says it is close to announcing offtake deals for Kenya's biggest mining project, the $US256 million ($239m) Kwale mineral sands operation. Base managing director Tim Carstens said Dupont and Cristal Global, the world's two largest titanium dioxide producers, were among parties interested in offtake. One deal "that I hope to announce next week, will account for about 35 per cent of our revenue and they are a big name", Mr Carstens said yesterday at the Africa Downunder mining conference in Perth.

Business Day reports De Beers expects its South Africa unit to produce 6.5 million carats this year, 1 million less than last year as the effects of mine disposals filter down. De Beers has since 2007 sold several of its South African mines including Cullinan, Jagersfontein, Namaqualand and Finsch. The board is expected to sign a potential R15bn ($2 billion) investment to extend the life of its flagship Venetia mine when a feasibility study ends next year – it would be the company’s biggest South African investment in decades.

London-listed Gem Diamonds announced Wednesday it has found the world’s 15th largest white diamond at its Letšeng Mine in Lesotho, which is fast-becoming the richest source of large diamonds in the world. The company  said the type II D 553 carat colour diamond diamond is being analyzed in Antwerp at the moment and has not been named.  Without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded the 603 carat Lesotho Promise turned into a $12.4 million necklace (pictured). The 493 carat Letšeng Legacy sold for $10.4 million in 2007 and the 478 carat Light of Letšeng went for $18.4 million in 2008.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Gem International Resources Inc. (TSX VENTURE:GI) has entered into an option agreement with Mr. Anderson Fred Temu, Mr. Pascal D. Nestory and Mr. Benard Beatus (the "Optionor"), to acquire a 100-per-cent interest in the Mvomero Gold Project, located in the Mvomero and Kilindi districts of Tanzania. The project encompasses Prospecting Licenses PL7138/2011 and PL7147/2011, containing a total area of 234.75 square kilometers and is located 35 kilometers west-southwest of Canaco Resources Inc.'s Magambazi Hill Project.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to report the assays from the forty-three diamond drill holes at the hanging wall copper zone within its Bisha mining license in Eritrea. The hanging wall copper zone is immediately west of the Bisha Main deposit and partially within the current open pit limit but it is not included in the current resource or reserve estimate for Bisha.

Universal Coal (ASX: UNV) has secured the Donkin licence area, adjacent to the Somerville coking coal project in the Limpopo Province of South Africa, on a farm-in basis. Based on historical drilling data, the farm Donkin 72MS property has a Inferred JORC Resource of 42.4 million tonnes, covering the northern extent of a farm area of 1,178 hectares, with the potential for coking coal and open pit access.

Mining Review reports Impala Platinum ‒ the world’s second-largest producer of the precious metal ‒ may invest as much as $10 billion in Zimbabwe to expand production if the government backs down on its controversial indigenization policy. Earlier this month Zimbabwe's government gave foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits. Impala is already the biggest investor in Zimbabwe's mining sector.