B2Gold updates Fekola resource in Mali

POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said. "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.

SW Radio Africa reports the seemingly unilateral decision by the chairman of the international diamond trade watchdog to allow Zimbabwe to resume diamond exports has been rejected by among others the United States, Canada and Israel. Some members of the industry body want to keep a ban on exports of Zimbabwe's diamonds which could potentially be worth $2bn/year and include a vast stockpile built up during international sanctions, because of ongoing smuggling out of the rich Chiadzwa fields and reports of sustained human rights abuses there.

The Dar es Salaam Citizen reports Tanzanite One Mining, the dominant miner of the rare gemstone only found in the foothills of Mount Kilimanjaro, has been ordered to increase the minimum wage for its employees from Sh180,000 to Sh350,000 per month (roughly US$215) as directed by the government. London-listed Tanzanite One has returned to profitability as prices for the gems which usually follow that of rough diamonds improve post-recession and is embarking on an expansion strategy, acquiring an Australian sapphire project earlier in June and reshuffling its board.

Bloomberg reports South Africa risks cutting the mine output that contributes 8.8% of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings said. Mine operators in South Africa are compelled by law to sell 26% of their assets to black investors by 2014 and boost numbers of black managers to help make up for discrimination during apartheid. Some companies had missed targets for 2009, the mines minister said at the time, adding that the industry had “not lived up to the spirit and intent” of the law.

An announced order for milling equipment for First Quantum's big Sentinel copper project in Zambia suggests a decision to go ahead with the project has already been taken. FLSmidth has received a contract worth approximately USD 50m from Kalumbila

MELBOURNE (Reuters) - Sundance Resources has shortlisted potential partners for its $4.6 billion iron ore project in West Africa, it said on Wednesday, sending its shares up as much as 6 percent.

Cassidy Gold Corp. recently received an exploitation permit covering all gold resources identified to-date at the company's 100% owned Kouroussa Gold Project located in Guinea, West Africa. This permit runs through to October 14, 2019. The permit covers an area of 16 square kilometres within the company's 949 square-kilometre exploration permits.

La Mancha Resources reports that a fire partially damaged two electrowinning cells at its Hassaï mine, in Northeast Sudan, over the weekend. Although the site is continuing its normal mining and crushing activities, gold production will be partially impacted over the next few weeks until the two electrowinning cells have been replaced.

Investment site Motley Fool says gold stocks such as Newmont, Goldcorp and Freeport-McMoRan are trading as though gold has lost its luster entirely and slipped back below $1,250 per ounce and that this latest bout of weakness in the gold mining shares – occurring when quality producers are awash in record cash flow and cozy profit margins – has yielded valuations remarkably depressed.