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Governance, mining, legislation and tax law..................................................................................................................................... 3
Mineral projects being developed ****** the Continent................................................................................................................. 5
Infrastructure.....................................................................................7.............................................................................................
****** license to operate................................................................................................................................................................... 13
Summary............................................................................................................................................................................................. 14
Contacts.............................................................................................................................................................................................. 15
Notes................................................................................................................................................................................................... 16
Mining companies and governments ****** Africa are at the sharp end of investor, labour, mining community and media scrutiny. Over the **** 12 months, we have seen mining companies seeking to restructure their African interests either through changes ** investment intent ** through seeking ** ring-fence African ****** into separate entities to realise more ***** in those assets of their broader portfolio. Examples are BHP Billiton and Barrick Resources. **** have even listed major impairments (approximately US$500 million) on new ******** due to *** lack of supporting infrastructure, such as Exxaro’s Mayoko **** Ore project in the Republic of the Congo.
In the previous edition of the State of Mining in Africa – Striking a balance, we identified *** continent as having the strong potential for variability in terms of governance *** consistent application of established civil and tax law, caused ** a natural societal tendency to pursue the best possible reward for a country’s ******* assets. In addition, infrastructure in the form of roads, rail, ports, electricity *** communications was under development in most countries, with ***** to five more years of work ******** to complete current investment plans. From this, we suggested that ********** decisions ***** be ******** influenced by the quality ** the ore body, with higher-grade deposits being pursued *** coming into production, and there would be a strong possibility ** lower-grade/******** ******** being underdeveloped.
1
** all the mineral opportunities identified ****** the continent, our research puts the Lufilian Arc (extending from *** Zambian copperbelt ** the
Katanga region ** the ********** Republic of the Congo) firmly in the spotlight as a high-activity region. In **** year’s edition of State of Mining in Africa – In the spotlight, we **** a further look at, *** ******* back on, our observations to see how the broad industry is progressing. We **** follow case studies that, in *** view, provide good examples **** ******* our ******** observations and suggest the potential for a competitive *********** between nations in *** *********** of their ******* resource assets.
This is the second edition of the Deloitte ***** of Mining in Africa report and is a consolidated point of view of the Deloitte mining leaders across Africa, backed by ******** in the form of data ***** from key business and industry reports. We **** taken a snapshot view ** several mining regions across Africa and reflect on what is ********* through our framework of *** success factors for mining investment, which ** established in the first ******* last year.
We set out that ** our experience there are five key factors that set any mining project or operation up for a successful outcome. These are: • A good mineral deposit
• *** deposit being located in an economic region with **** governance and consistent application of civil *** tax law
• Infrastructure in the form of roads, rail, ports, electricity and communications to ******* *** **** being available and functioning
• A well-understood inbound *** outbound supply ***** ********** the **** *** ****** ** market
• A team ** competent and cohesive team ******* who work ******** safely.
We value your input *** look forward to continuing *** ************ around mining in Africa.
This framework has **** met with strong ********* during presentations at various conferences, ***** events and – most importantly – during our client interaction on this subject. This year, we suggest the addition of a sixth ******* to *** list, namely:
• Social ******* to operate the mine and related infrastructure, and the mining company having a strong track record of maintaining a mutually
beneficial operating *********** with the community
The sampling basis required infrastructure construction projects to be valued at over US$50 million and ** have broken ground, but to not have been commissioned by 1 June 2014. A total of 255 ******** qualified *** inclusion. Deloitte *** also focused on the ************ of ****** regional ******** within this edition. Categorisation ** regions follows that of the African Development Bank, and data collected was limited to publicly available information.
Central Africa Mining leader
Africa Energy & Resources leader
State of Mining in Africa Striking a Balance 2
Country
Mineral
2010
2011
2012
2013
2014
2015
Botswana
Diamonds
10
10**
Gold/Precious Metals
5
5**
Copper/Nickel
3
3**
DRC
Ferrous
0.5
Non-ferrous
2
Precious
2.5
Ghana
Copper
Gold
Iron Ore
Coal
Kenya
Titanium
8
8**
12**
Mozambique
Precious Metals / Stones
Semi-******** stones
6
Namibia
Diamonds / Precious Stones
10*
Uranium
6**
Dimension Stone
Gold(Copper) / **** Metals
Others
***** Africa
0.5-7
0.5-5
Tanzania
4
Zambia
Alll
NA
Underground Mines (all)
Open Pit Mines (all)
20
Zimbabwe
15
Platinum
4.5
7
***** straight to the ******* royalty tax table, we inventoried the current rate ********** across the selected countries to see ******* there is any material movement. ***** 1 ***** displays the mining royalty *** ***** over the past six years for our ten sample countries across Africa.
Last year, we noted that out of the ten, Kenya, ****** and Zimbabwe have ********* their tax royalty rates from 2*** to 2014. In the **** year, Zambia was the **** country to revise mineral ******* rates, thus ******* its rates up on two separate occasions during *** past six years. ******** and Zambia are the only countries in our sample that ******* mineral royalty rates at least twice in the last six years.
Table 1
Considering another angle on legislation, we reflect on ease of doing business ratings. Some countries’ governments have made efforts to improve the ease of doing business rating in an effort to attract investors; however, when looking ** the scores, we see a general ***** ** decline in ******* across the ****** set. ********** is an exception, climbing 15 ****** last year. This change can be attributed to government’s focus on speeding up the process for establishing a ******** (incorporating ********* and work permits) in Mozambique. Reflecting on the Democratic Republic of the Congo (DRC), the ratings have yet to move, thus not ********** **** *** new requirements ** the Organisation pour l’Harmonisation en Afrique ** Droit des Affaires (OHADA) (translation: “the Organisation for the Harmonisation of ******** Law ** Africa”) implemented in 2014.
*** Ease of doing business index ranks economies from 1 ** 189, with first place being the best.
Ease of doing business ranking
2014 2015 Change in Rank
State of Mining in Africa Striking a ******* 4
A snapshot of mine ownership and mineral policy of a cross-section of mineral-rich countries across the continent shows government mine ownership varies between 5% and 51%. Looking for big changes (with the exception of Zambia’s MRT change and Zimbabwe’s introduction of VAT tax on “non-beneficiated” platinum), ** appears there have been minimal shifts in mining law and regulation; and **** *** exception of the DRC, *** ******** of new changes ***** to have dampened.
It takes five days ** ******** a new company and • State ** benefit from an No material changes one month to process a ****** permit. The main automatic 10% stake in the legislation governing mineral operations ** the company
Minerals and Mining Act 2006 (Act 703). • Mining companies need to
***** the **** from Traditional Every mineral in its natural state in, ***** or upon Authorities first *** then **** land in Ghana, rivers, streams, water-courses obtain the licence from the ********** the country, *** exclusive economic Minerals Commission before zone and an area covered by the *********** sea or starting operation *********** shelf is the property of the Republic • *** mining lease has an initial and is vested in the ********* in trust *** the ****** period of 30 years *** can of Ghana. There are three main types of licences, ** ******* for ** equivalent namely Reconnaissance licence, Prospecting licence period.
and Mining lease.
Namibia’s ****** ****** is Government has declared a Possible changes to the ******** by Article No. 33 of list of strategic minerals in corporate withholding 1992: Minerals (Prospecting ***** the state owned ****** tax structures ***** ** and Mining) Act, 1992. Article company, Epangelo (Pty) Ltd, legislated in 2015; and the *** ** the Constitution vests must have a share of any ongoing discussion around all ******* resources in the investments or mineral licences implementing an export levy State, unless otherwise legally issued in these strategic could impact the mining owned. minerals sector.
• **** Namibian citizens or corporate entities (in ***** **** Namibian citizens may hold an interest) can attain non-exclusive prospecting and ****** claims.
Zimbabwe’s mining industry Any mineral asset in New tax legislation on “un-beneficiated platinum”. is regulated by the Mines and development or ********** Effective 1 January 2015, where VAT on exported ******* Act of 1961, Chapter to be 51% owned ** un-beneficiated platinum at 15% on *** export value. This
21:05. According ** **** Act, indigenous Zimbabweans is where “un-beneficiated platinum” means ******** ore the right and ownership to that has not been ********* to the following processes: all minerals, mineral oils *** a) Crushing, ******* and washing to ****** waste material natural gases under the soil, b) The ******** of the resulting platinum *********** **** including the rights to search, ****** or ingot form
mine *** and dispose of such minerals, mineral **** and The Indigenisation and Economic *********** Act was natural gases are ****** in introduced ** 2008 *** companies have ******** **** the President of Zimbabwe ** *** policy in the ******* ** ***** ************** plans. behalf of the state. Government has been suggesting the introduction of a new mining law, that, ***** a number of changes, ******** a use-it-or-lose-it policy on *********** licences as well as rules that will ensure **** level of mineral beneficiation before export.
In the **** two years, Zambia plans All rights of ownership The Zambian Government passed a new to implement an improved capability in, searching for, mining mining fiscal regime, which **** into effect in *** monitoring and reporting of *** disposing of minerals in January 2015 *** which states: mineral ********** in an ****** to located in Zambia are • Eight percent (8%) mineral ******* for assure tax ********** are returning vested in the President on underground mining operations as a final as planned. behalf ** the Republic. tax
Zambia’s mining sector ** regulated • Twenty percent (20%) mineral royalty for by *** Mines *** Minerals Develop- open cast mining operations as a final tax ment Act No. 7 ** 2008, Mines and • Thirty percent (30%) corporate ****** tax
Minerals Development (General) rate ** income earned from tolling
Regulations of 2008 and Mines and • Thirty percent (30%) corporate income tax
Minerals Development (*********** rate on income ****** from processing of purchased mineral ores, concentrates
Mining and ******* of Uranium Ores
and any other semi-processed minerals, and other Radioactive ******* Ores) currently taxed ** ****** from mining
Regulations 2008. According to operations the Act, *** rights ** ownership in, (Source: National Budget Speech, Zambia searching for, mining and disposing Revenue Authority)
of, minerals whosesoever located in As a result, Barrick Resources *** officially the Republic are vested in the Presi- announced plans to put its Lumwana mine dent on behalf of the Republic. ***** **** and maintenance.
(Source: www.barrick.com)
Key:
****** and Law
Ownership
New ****** changes or proposed changes
The Mineral & Petroleum
Resources Development
Act 2013 is currently under review. If passed **** law, it could give the Minister of Minerals ***** discretionary powers to set the levels ******** for beneficiation, the percentage per commodity and ***** **** is required for beneficiation, ** **** as *** percentage ** raw ******* production ** be ******* to local beneficiators.
*** main legislation governing mining activities is *** Upon award of an ************ permit, From 2014, all businesses ********** in the DRC Mining Code enacted by Law No. 007/2002 of 11 July 2002 *** holder automatically transfers 5% of adhere to the ************ of OHADA.
(the Mining Code). The implementing measures of the Mining the shares in the registered capital of the Code are provided ** the Mining Regulation enacted by ****** company ** the state. The term of the In 2015, the ********** may seek to implement No. 038/2003 of 26 March 2003 (the Mining Regulation). This validity is 30 years, which is renewable revisions to the mining **** and mineral royalty tax.
core legislation includes environmental ***** applicable to several ***** for 15 years.
mining activities. Kenya
The main legislation governing mining in At least 35% of shareholders The country’s new government plans to revoke the terms
Kenya is the Mining Act (******* 306 of in mining companies must under the ****** bill of 2013, which will replace the ******* *** Laws of Kenya). be Kenyan nationals Mining Act of 1940. ***** are plans to replace punitive local equity shareholding rules with a 10% **** carry. The mining
All un-extracted minerals (other **** ********* through his position as *** chairperson of the Southern common minerals) under or **** and Eastern Africa Mineral Centre (SEAMIC) is pushing for any land are vested ** the Government. reforms that will see East African countries embrace one legal framework and a ******** approach to paying out royalties.
The Minister of Energy has plans to review *** ****** *** and *********** ** this year.
There are three main types of ******** that ******** mining licences No material changes can be granted ****** only be issued to under the Mining Act. These are: Tanzanians. However, in
1.Prospecting: any ******* or individual certain cases, licences can can apply for a prospecting licence. be issued ** foreign-owned
2.Mining: any company ** individual can mining companies but only apply to mine in Tanzania. There are where Tanzanians have at restrictions on gemstone ****** *** foreigners. least 50% ownership.
3.Primar Mining: granted to applicantsfor gemstones *** is only for citizens of Tanzania ** per ******* 8(2) of the Mining Act.
Botswana has reduced Government has the The government is recognised company tax from a ****** of acquiring ** to continue ** pursue ******** minimum of 25% to 15% working interest intended ** ****** red tape 22%. It continues to participation in the mine. and increase profitability ****** be ****** the second- This licence is initially the sector as a means of freest economy ** the ***** for a period of up drawing companies into lessersub-Saharan Africa ** 25 years. developed areas of Botswana’s region, and *** overall mining industry, including coal, score is **** above the copper and silver. ******** and world (Source: *** ******** Mining averages. Report 2014)
• Mozambique’s mining • There **** be The Mega Project Law requires sector is ******** ** between 5% the granting of financial and the new Mining Law *** 20% local economic benefits to include: • ****** Right has On 16 January 2015, South African (*** No. 20/2014, shareholders ** ***** • Mozambican public
a ******* life President Jacob Zuma rejected the proposed amendments to *** ***** 18 August). major concession or big mining project. ************* (********** natural persons) of between
of 30 years and is Mineral resources
renewable ***** *** Mineral and Petroleum Resources ***** in *** soil • Concessions are 5% and 20% in the project
end ** *** economic *********** Act (MPRDA), and subsoil, internal granted for ******* company’s ***** capital via the life of the mine. which came ** positive news for the country’s mining and oil and waters, territorial equivalent to *** Mozambican stock exchange
• Mining ****** is gas sectors. However, long-term sea, continental shelf economic life of the • An *********** for the ***** ** granted if economic uncertainty regarding the amendment and in *** exclusive mine up ** 25 years, take equity of at least 5% (**** life is less than ****** remains. economic zone are renewable for up to carry) in the project company’s two years and the (Source: BMI Report) property of the State. a further 25 years. share capital
property is ******* (Source: Ministry ** Mineral than 11/2 hectares. Resources and Energy)
Turning back to our framework, we took a step **** to get a feel for project development across *** continent. Firstly, it ** ********* to note that, according to SNL, exploration activity ** down once ***** ****** Africa, which ** consistent with the general global trend. Non-ferrous exploration ***** for 2014 is estimated to be ************* US$1.7 ******* across the continent (see Graph 2). This is down approximately 28% from 2013 and down 50% from the **** spending year of 2012. Applying *** 80/20 rule for 2014, we identify 14 ********* that make up over 80% of the exploration spend across the continent (see Graph 3). These countries have generally maintained *** top position in spend over *** past three years. However, it is clear that the DRC has been ****** “market share” from other countries by maintaining a + US$300 million exploration spend for the third year running (see Graph 4).
Approximately 30 projects *** expected to come on line from 2015 to 2018. *** mining projects coming into full production by the end of 2018 across various commodities include:
• Nine copper mines
• Four gold mines
• Four diamond mines
• Three coal mines
• Three platinum mines
• Two uranium mines
• One iron ore mine
• One nickel mine
• One zinc mine
• One potash mine
***** new mines make up a total of US$18 billion ** investment across the continent. We estimate the total forward spend on these projects from 2015 to 2018 ** be approximately US$10.5 billion, with ***** Africa taking 29%, DRC 23%, Mauritania 8%, ******* 8%, Zimbabwe 8% *** Zambia 7%.
Pan African Exploration Spend (USD millions)
3 500
3 000
2 500
2 000
1 500
1 000
500
14 Countries spend *** 2014 makes ** 80% of
Africa’s ***** - All are in decline (USD millions)
Exploration ***** ‘Market Share’ ***** the top 14 ********* (*)% of total spend)
Graph 4 (Source: SNL)
***** new mines make ** a total of US$18 billion in investment ****** the continent. We ******** *** total forward ***** ** these projects from 2015 to 2018 to be approximately US$10.5 billion, with South Africa taking 29%, DRC 23%, Mauritania 8%, Namibia 8%, Zimbabwe 8% and Zambia 7%.
Looking at Copper as the largest group, we test *** the hypothesis **** regardless of perceived country risk and a ****** legislative environment, a good ******* will make up for these things. Below, we map out the nine copper ******** by year to ** delivered, ****** and head grade,
New Copper projects - Africa
Graph 5 (Source: SNL *** Deloitte Research) providing the average head grade for ******* copper operations for ******* scale. A few further ************ are:
• The majority of the ****** development is occurring along the DRC/Zambian copperbelt.
• The *** is ********** the most projects going forward. Their head grades ***** out as clearly higher than *** rest.
• With an ease-of-doing-******** ***** of 184 in 2014, the DRC ** perceived ** ** a ******* in which it is more difficult to do business than is the case in Zambia, coming in at 111.
•
• Considering *** currently ***** forward investment and project pipeline, the DRC is expected to maintain its production lead **** Zambia into 2020. Should ******* close as planned, *** DRC will maintain a clear and decisive lead in copper production over Zambia.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Graph 6 (Source: SNL, Company ****** Reports and Deloitte Research)
State of Mining in Africa In the *********
Generally, the ****** sector and governments agree infrastructure development ** critical for the growth of the mining sector in Africa. Well-********** and appropriately sized capacity in rail, ports, power, roads and communications ***** to more economic reliability, *** maintenance of lower costs for mining operations. *** observations **** year for infrastructure confirm our assertion from last year, which is that the infrastructure ***** is underway, *** it will really **** fully reach a ***** of maturity in the **** three to **** years. *** **** for the infrastructure is real, and development is lagging demand. This is best exemplified by the currently stated ******** and timing for power infrastructure development and revitalised maintenance by South African ***** Utility Eskom (see case study).
As a reminder, Graph 2 below shows *** total number of infrastructure *** mining projects from 2003 to 2030 across the continent. As access to reliable energy is a precursor for growth of any economy, it is clear that this ** where the focus is for Africa. *** the ****** from 2003 ** 2030, we estimate that **** US$317.5 billion is scheduled ** be spent into energy and power projects, followed by rail, ports, roads, mining and water. An ********* US$50 billion will be ******** into mining projects **** the same period. This does not include Rio Tinto’s Simandou project at US$20 billion, ***** will drive the figure to US$70 billion. Focusing on the next three years, we estimate approximately US$18 billion in mining projects will be coming on line into full production.
Graph 7 (Infrastructure & mining projects across Africa)
9
***** case study – South Africa’s current situation around power supply The mining ****** consumes around 15% of Eskom’s power output. Due to delays in building new ***** plants, South Africa experienced Level 3 load shedding towards the end of 2014 and early 2015. This level of load shedding last took place ****** the global economic crisis in 2008. Eskom currently exports electricity to Botswana, Mozambique, Namibia, Zimbabwe, Lesotho, Swaziland and Zambia.
In response to the energy crisis, Eskom has ********* a five-point plan, ***** ** a short-term and medium-term (**** 30 days, as well the next ***** years) intervention to normalise electricity supply to the grid for the **** three years and to limit the risk of load shedding. The **** areas are:
• Eskom emergency measures – next 30 days
• Co-generation
• *** imports
• Coal independent power producers (IPPs)
• Demand-side management
Lack of power ****** is important for mining companies that are looking to develop new operations or to continue current operations across the continent. With electricity costs making up between 15% and 40% of the overall cost of a mining *** processing operation, negative ************ ** this area have a serious impact on the bottom-line of the investment. ** expect to see more mining companies ********** with IPPs or generating their own mouth-of-mine power supply to secure future power supply.
********** on this information, we make *** suggestions:
• Projects with clearly impressive head ****** will succeed over ones **** lesser quality, even in environments that *** be ********* to be extremely difficult.
Given that Zambia has **** grades that *** clearly lower than that ** the DRC, is Zambia being ************* further by *** fact that it *** changed its ******* royalty tax twice ** the past six years? The DRC ************ that investors are willing to ****** other perceived risks if grade is good enough and ********** remains stable.
Who ** funding the projects?
In *** **** edition, we committed to look at *** sources of the investment capital across the continent. Below, we ******* the sources ** funds of the 29 ****** projects currently in development ****** the continent. The Toronto Stock Exchange is funding 28% of projects, followed by Hong Kong ***** exchange funding 17% and the National Stock Exchange ** India ******* 10% of these projects.
Funding of mining projects across Africa
******* Hong **** London National Australian Euronext Russian Johannesburg
Stock Stock Stock Stock Stock ***** Trading Stock
******** Exchange ******** Exchange of Exchange System Exchange
India/JSE
Graph 9 (Source: SNL)
Taking *** press as a test environment *** vetting of public concern over the development of ****** projects and the ********* of legal battles around mine development in Africa, ** researched twelve projects across *** sample countries and found that only two had been stopped due to the absence of a social licence to operate.
We found that ******** community issues did occur during normal operations. This does ********* impact on costs.
It is our ********** most all mining ********* work very hard at developing productive community relationships. Given material community issues seem more likely to spring up during steady state operations, is there more that can ** **** during development to prevent ***** occurances?
13
The continent is ********* slowing in future mineral development. Considering the current ****** of many commodities, the outlook for growth looks very gloomy indeed.
When looking at the mineral ******** being developed across the continent, we observe that mineral exploration investment is down approximately 50%, compared to 2012. Exploration spend across Africa is ** an estimated US$1.7 billion for 2014; however, the DRC ********* to gain exploration spend “market share”. The ******** of projects across Africa are being funded by Canada-listed companies, with four of ***** projects being in the DRC.
******* the DRC being perceived ** a difficult country to ** business in, this region *** seen more mineral exploration activity **** the past three ***** than ******** else in Africa. It is clear to us that the quality of *** ore **** strongly ********** ********** decisions, with Governance, ****** legislation and tax law seem to be broadly stabilising, with the exception of Zambia and Zimbabwe, which increased their tax royalty rates twice in *** **** six years. It appears that *********** are making a general effort to sustain mineral policy, law and ownership **** across Africa.
Infrastructure build is broadly on track but is not meeting the demand of projects.
There are very few incidents of communities stopping mine *** plant project development; however, *** ****** ******* ** ******* really becomes a factor further down the mining value chain when the **** is in production, ********* mining ********* to continue with holistic and meaningful strategies within *** regions they operate.
higher-grade deposits being pursued. It seems that by changing tax royalty rates, Zambia stands to remain behind in our suggested competition for investment. Will other countries look to the copper-rich Lufilian Arc, shared by the DRC *** Zambia, for lessons learnt when considering altering their *** *** *********** frameworks?
Below is a list of ********* used to research this thought leadership
http://www.businessmonitor.com/ http://www.snl.com/
http://www.voazimbabwe.com/content/zimbabwe-diamonds-chiyadzwa-ngos-villagers-audit-mining/1873000.html http://www.globalwitness.org/foreststories/stoppingabuses-ghana.html
http://www.namibiansun.com/content/national-news/community-wants-northern-salt-mining-project-****** http://mg.co.za/article/2014-12-04-no-mining-in-our-backyard-villagers-say http://jnblog.typepad.com/provocations/2008/10/de-beers-stops-mining-on-kalahari-bushmen-land.html http://www.plaas.org.za/blog/zambian-villagers-%E2%80%98hindering-development%E2%80%99-resistingcanadian-mining-company http://www.mineweb.com/archive/mozambican-tribal-queen-stands-up-to-rio-tinto-over-land/ http://www.iol.co.za/business/news/community-won-t-budge-for-coal-mine-1.1710746#.VMfXIGiUceI http://www.eskom.co.za/Whatweredoing/NewBuild/Pages/Kusile_Power_Station.aspx http://www.bbc.com/news/world-latin-america-19669760
http://www.forbes.com/sites/nathanielparishflannery/2012/10/29/protests-in-peru-scaring-off-mining-investmentgovernment-responds-with-social-programs/
http://business-humanrights.org/en/dem-rep-of-congo-ngo-report-raises-concerns-about-impact-of-plannedanglogold-ashanti-gold-mine-including-displacement#c51165
http://barrickbeyondborders.com/people/2012/02/rebuilding-trust-at-north-mara/#.VMgBMnkcSM8 http://www.theguardian.com/sustainable-business/blog/mining-uganda-karamoja-consult-communities-licenceoperate
http://www.mme.gov.na/pdf/minerals_act_1992.pdf
https://mem.go.tz/wp-content/uploads/2014/02/0013_11032013_Mining_Act_2010.*** http://mines-rdc.cd/fr/documents/codeminier_eng.pdf
http://www.eisourcebook.org/cms/Kenya%20Mining%20Act,%201986.pdf http://faolex.fao.org/docs/pdf/gha85046.pdf
http://www.vda.pt/xms/files/Newsletters/2014/Mozambique_-_Mining_Law_Fianl.pdf http://faolex.fao.org/docs/pdf/zim60737.pdf
http://www.parliament.gov.zm/index.php?option=com_docman&task=doc_view&gid=275 http://www.mines.gov.bw/mines%20and%20minerals%20%20Act.pdf
http://libguides.wits.ac.za/c.php?g=145320&p=952740
http://www.vda.pt/xms/files/Newsletters/2014/Mozambique_-_Mining_Law_Fianl.pdf www.worldbank.org www.zra.org.zm
http://www.miningglobal.com/operations/714/Rio-Tinto-Close-to-Reaching-20B-Simandou-Deal OneSource Global Business Browser
In *** spotlight
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Research conducted by, Angela Manka, Researcher at Eskisehir Osmangazi University | ESOGU · Department of Mining Engineering. Eskisehir, Turkey
Mining companies and governments across Africa are at the sharp end of investor, labour, mining community and media scrutiny. Over the past 12 months,
The Devlopment of mineral resources can have very different implications, and consequences, for communities, governments, the mine developers themselves ...
