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NEW YORK, Nov. 15 /PRNewswire-FirstCall/ —

flag.gifAllied Energy Corporation (OTC: AGYP) is pleased to announce that Company representatives will be visiting Zambia next week to inspect the producing tin, tantalite and mica concessions (mining title and leases) in the area of Choma, Zambia collectively, the “Starfield Mine”).

As previously announced, the Company has entered into a Memorandum of Understanding with Starfield Minerals Ltd. (”Starfield”), for the purpose of acquiring Starfield itself or its sole asset, being the Starfield Mine.

Located in continental Southern Africa, the Republic of Zambia is one of the world’s principal tin producers and is extensively resource rich in other metals and minerals (e.g. copper, tungsten and nickel).

Allied Energy Corporation will focus on the profitable development of the Starfield Mine; however, the Company intends to aggressively pursue additional acquisitions complimentary to this initial transaction.

Production at the Starfield Mine is currently conducted by artisanal
workers using hand-labour and it is anticipated that extensive production efficiencies and volume improvement can quickly be achieved using mechanization.

When mining plant and equipment is installed, production is expected to increase, over time as implemented, from current nominal levels to potentially 400 tonnes per month of tin concentrate.

Due to current and forecast demand for tin, driven principally by demand in China and India, it is forecast that the price of tin will be sustained or increased from current levels. Currently, tin trades for $16,500 per tonne ($7.48 per pound) on the London Metal Exchange.

Tin (Sn) is classified in the group of base metals, which consist of
non- precious metals of great importance and utilization in the
infrastructure of society and industrialization.

Due to its low melting point, Tin easily binds to iron (steel), lead, copper, and zinc, which makes it an important coating material for prevention the rusting or oxidation.

The main industries that utilize tin are: food preservation canned foods), telecommunications, electric circuits, semiconductors, and architectural engineering.

For the year 2006, the global tin market was estimated at 360,000 tonnes, which translated into a total global USD value of approximately $5.5 Billion. This number is expected to grow significantly due to the rapid modernization and GDP growth of the large and emerging Asian economies (i.e. China, India, Indonesia).

As the Choma site is expected to be developed further, it is anticipated that most if not all of the current artisanal miners will be employed in this venture.

Additionally, adjacent sites have been identified for potential acquisition as part of expanded exploration and development activities.

Production will be delivered to market via South Africa or Tanzania.
Zambian, South African and American based entities have expressed a
willingness to purchase the product.

About Allied Energy Corporation:

Allied Energy Corporation is a publicly traded Company actively seeking a potential acquisition target within the natural resources sector. On October 31, 2007 the Company entered into a Memorandum of Understanding to acquire Starfield Minerals Ltd. or its assets. Starfield Minerals Ltd. owns a Zambia, Africa based tin and tantalite deposit (the “Starfield Mine”) in the vicinity of Choma, Republic of Zambia.

Contact: Antonio Treminio, Investor Relations, Allied Energy
Corporation, Tel: 212-315-9705, e-mail: Antonio@hotequities.com

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HOPING TO BOOST FOREIGN INVESTMENT

 

Zambia is to defer payments on a 30% customs duty for mining equipment for one year to allow foreign mining companies time to get operations running smoothly.

LUSAKA (Reuters)  – 

Zambia will defer payments on customs duties in a bid to boost foreign investment in its mining industry, finance minister Ng’andu Magande told Reuters in a weekend interview.

Magande said Zambia’s Treasury will defer payments on a 30 percent customs duty on imported mining equipment for up to one year to give companies a chance to get operations going smoothly and gain profits from copper and cobalt projects.

“I can’t tax somebody who is not making profits,” he said.

The Treasury has said it would raise mineral royalties to 3.0 percent from 0.6 percent and corporate tax to 35 percent from the current 30 percent for mining companies following a rise in global metals prices.

Magande said negotiations on royalties, which were scheduled to start in September because Zambia was hiring foreign consultants on the talks.

“We should be able to start this process by the end of September or October. Everybody thinks that perhaps within three months we should be through with the negotiations,” he said.

Copper mining earns the bulk of Zambia’s foreign exchange but analysts say the country does not reap enough benefits becaue the mines are owned by foreigners.

He noted there was no fresh investment from new foreign companies but that existing projects were expected to raise output.

“Most of the big companies that have already had (investment) plans are saying to us that the highest curve of investments is this year and then next year we will see production coming up,” said Magande.

Foreign firms operating in Zambia include London-based Vedanta Resources Plc , Canada’s First Quantum Minerals , Swiss firm Glencore International AG and Australia’s Equinox Minerals Ltd.

Most of Zambia’s big copper mines are majority-owned by foreign firms, with the government holding no more than a 14 percent stake in any one venture.

Zambia forecasts finished copper output to hit 670,000 tonnes in 2007 from 515,000 tonnes the previous year.  

http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=25358&sn=Detail

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ENVIRONMENTAL APPROVALS

Zambian go-ahead on copper,  

gold and uranium projects

Three mining projects in Zambia get the nod from environmental authorities, a move that paves the way for further progress on Luanshya Copper Mines Plc’s Mulyashi project.

Author: Ronald Mwila
Posted:  Tuesday , 14 Aug 2007
NDOLA – 

The Environmental Council of Zambia (ECZ) has approved Luanshya Copper Mines (LCM) Plc’s Mulyashi project, clearing the way for its development.

Mulyashi was among three mining related projects approved by the ECZ, which included copper-gold explorations by AIM-listed African Eagle’s Zambian subsidiary Mwembeshi Resources Limited in the country’s Eastern Province.

The third project is a bid by TSX Venture Exchange-listed Aldershot Resources Limited to explore for uranium in the Kariba Valley, an area that seems to be drawing considerable interest from uranium-focused explorers.

Other explorers combing the Kariba Valley include African Energy Resources with Albidon Limited and OmegaCorp.

The approval of the Mulyashi Copper Mine project, which is anticipated to become operational by next year, is set to revamp the fortunes of Luanshya, a mining district that was devastated by the closure of a mine operated by Roan Antelope Mining Company Zambia Limited.

The only failure of Zambia’s mine privatisation programme, the Luanshya Division of the defunct Zambia Consolidated Copper Mines (ZCCM) was the first unit to be sold in 1997.

LCM also operates the Baluba Mine and concentrator in Luanshya, as well as Chambishi Metals Plc, the country’s largest cobalt producer.

The Mulyashi project comprises a number of oxide caps near Baluba and the closed Luanshya Mine. ECZ spokesperson Justin Mukosa said the council was convinced that LCM had instituted adequate environmental protection measures hence the project’s approval.

Mukosa also stated that the ECZ has approved Mwembeshi and Aldershot’s exploration activities on condition that the operators undertake ecological restoration by planting trees and grass in areas where vegetation and soil would be seriously disturbed by the activities.

http://mineweb.com/mineweb/view/mineweb/en/page66?oid=25102&sn=Detail

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It already has 2,500 employees in its construction phase. The Lumwana Project already houses the largest crane in Africa – the diesel powered Hitachi EX5500 excavator with at least 27 EH4500 diesel AC drive trucks to haul the needful. 

A 72 Km power line is taking shape with a substation carrying 330/33Kv capacity is expected to be fully functional this fall. Main housing units approximately 178 (houses) are ready for occupancy and water and sewerage systems are fully functional. 

Peter Tomsett with 25 years experience in the mining industry including his last 20 at Placer as CEO and President has been appointed as the Non-executive Chairman.

classy-daddy-3.gifLumwana is backed by secured $584 million contingent letters of credit from 12 international banks on four continents has a dual listing in Canada & Australia respectively. Lumwana has already paid as much as $3 million in direct taxes to the Zambian government.

With just as much copper, just as much cobalt, just as much gold and just as much uranium in one shove, Lumwana is the best thing to ever happen to the Zambian Enterprise since sliced bread by Supaloaf; to those old enough to reckon … thanks a trillion

Brainwave R Mumba, Sr. 

CEO & President – Zambian Chronicle 

Copyrights © 2007 Zambian Chronicle.  All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom.

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc. 

Copyrights © 2007 Microplus Holdings Int., Inc. 

classy-daddy-3.gifLumwana comes with a lot of serious hidden secrets … despite having been discovered over 70 years ago, it was not fully developed. But why?? Because at the time of discovery, it was learnt that its ore’s copper content was lower than the best grade available in other regions such as those on the Copperbelt. 

Initial metallurgical studies were mainly focused just on copper and no other mineral contents were premeditated. The Ministry of Mines carried other tests with the help of students from the School of Mines at UNZA in the late 80’s and new discoveries were found … it was this group that issued new metallurgical maps for Zambia showing new mineral reserves around the nation.                                                                                                  

The study showed that Lumwana is a multi-element deposit with significant gold, cobalt and uranium grades distributed throughout the deposit but the government was too broke to pursue the project due to the ongoing Structural Adjustment Program (SAP) imposed by the World Bank and International Monetary Fund at the time. 

So, what we have at Lumwana is a total hidden package with just as much copper, as much gold, as much cobalt, and as much uranium – this has been the serious hidden secret of the hidden treasures that lie under the soils of Lumwana making it the world’s largest undeveloped deposits with a 321Mt ore reserve grading at 0.73% Cu and 0.093% U308.  

This means that once commissioning is completed in mid-2008, Lumwana will be well on its way to becoming the largest copper, gold, cobalt and uranium producing mine in Africa. As we unearth for copper, we would have the benefit of doing the same for gold, cobalt and uranium. 

This excavation process provides for maximum utility as the economies of scales are exploited to the fullest extent because we would dig for the price of one but sell for the price of four. As we yank out one stone from the ground, we produce four products from it … it can’t get any better than that!!!

If my memory serves me right, Equinox holds mineral rights for copper and uranium but they should be allowed to extend those to gold and cobalt that way the ore’s extraction may yield the largest benefit. These secretly hidden treasures at Lumwana have the capacity to attrack over a billion dollars ($1 billion) in Foreign Direct Investment (FDI) for the Zambian Enterprise … thanks a trillion.

Brainwave R Mumba, Sr.

CEO & President – Zambian Chronicle

Copyrights © 2007 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom.

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc.

Copyrights © 2007 Microplus Holdings Int., Inc.