Members of the Kimberely Process are having a tough time with Zimbabwe. The ban on sales from Zimbabwe’s Marange diamond field has brought a major crisis to the global diamond monitoring group. Now exports from the Marange field have been allowed by the Kimberly members but there are divided opinions on how to monitor the overseas sales.
The Tanzania parliament has approved a five year development plan which includes an Australian inspired super-profit tax for the mining industry. The $27.4 billion development plan hopes to earn revenue from the mineral resources of the nation.
A draft of the proposed Minerals Resource Rent Tax (MRRT) has been released by the Treasury department of the Australian government. The new tax is a compromise which resulted after Kevin Rudd’s tax was rejected outright by the mining industry. The original resources supertax is what caused the ouster of the former Prime Minister after vehement opposition was seen to the tax proposal.
The new Treasury Secretary Martin Parkinson is optimistic about the mining boom lasting about another decade barring global catastrophe.
Leighton Holdings (ASX:LEI) has won a mining service contract as part of a joint venture in Botswana. The 66 month contract is worth AUD$586 million and is at the richest diamond mine in Botswana. The Australian company is the world’s largest contract miner and holds 60% of the contract.
In Zimbabwe mining companies need to submit plans to surrender 51% of company ownership to black Zimbabweans over the next six months.
The Rio Tinto Group is trying to set up a joint venture with Russian state owned diamond mining company Alrosa. The Australian listed mining giant seems keen on developing the large deposit near the north port of Archangel under the partnership. The deposit is estimated to have 128 million carats and is an attractive opportunity.
Cobalt,Copper,Diamonds,Tantalum,Tin
Zimbabwean President Robert Mugabe is set to take over 51% of all mines operating in the country, including foreign owned mines. The guidelines for mine ownership in Zimbabwe will be published on Friday and will take effect in a week’s time.
The Fraser Institute has released its latest Survey of Mining Companies last week. This international survey is conducted annually by the Toronto based institute. It assesses the attractiveness of a particular region to mine investors and operators. The ranking of South Africa fell this year amongst the 79 major mining regions to position 67.
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