Africa Mining News of Week 41, 2025

Dear Africa Mining Community,

Welcome to this week’s edition of the Africa Mining Newsletter, where we bring you a concise roundup of the most important mining developments across the continent.

From groundbreaking gold mergers in Guinea and record zinc output in the DRC, to Botswana’s new ownership rules and major exploration campaigns in Côte d’Ivoire and Namibia, Africa’s mining landscape continues to evolve with momentum and innovation.

Dive in to explore the projects, partnerships, and policies shaping the future of the continent’s mineral sector.

Enjoy this week’s insights,

Team AFMICO

Africa Mining News of Week 41, 2025

👣 Fortuna Mining Expands Its Footprint in West Africa with New Guinea Alliance

Fortuna Mining has signed a binding agreement with Australia’s DeSoto Resources to create a joint exploration alliance and venture in Guinea’s gold-rich Siguiri Basin. A new joint venture company (JVCo) will be formed with equal board representation, and Fortuna will gain a 70% stake once a “Go Project” is identified. The initial 36-month Project Generation Phase aims to locate high-potential prospects, with Fortuna funding up to US$12.5 million or three years of exploration. DeSoto’s experienced team, known for major discoveries like the 5.4-million-ounce Bankan Project, brings strong technical expertise. This partnership expands Fortuna’s African portfolio and strengthens its presence in Senegal, Côte d’Ivoire, Argentina, Mexico, and Peru, emphasizing its long-term focus on responsible exploration and growth in Africa’s mining sector.

💼 Mining Veteran Marcus Randolph Joins AngloGold Ashanti Board

AngloGold Ashanti has appointed Marcus Randolph as an independent non-executive director effective 27 October 2025, adding over 40 years of mining and processing experience to its leadership. Randolph will serve on the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee. His career includes leadership roles such as CEO and President of Ecobat, Executive Chairman of Boart Longyear, and senior positions at BHP Billiton including CEO Ferrous & Coal and Chief Development Officer for Minerals. Known for his governance and strategic expertise, Randolph’s appointment enhances AngloGold Ashanti’s commitment to sustainability, ethical leadership, and global operational excellence.

💰 Avanti Gold to Raise US$10.7 Million for Expanded Exploration at Misisi Gold Project, DRC

Avanti Gold, a Canadian mining company, plans to raise up to C$15 million (US$10.7 million) through a private placement to boost exploration at its Misisi gold project in the Democratic Republic of Congo. The deal, awaiting shareholder and regulatory approval, is expected to close by 20 October 2025. The funds will support ongoing work, including a 5,000-meter diamond drilling campaign to evaluate the project’s estimated 3.1 million ounces of gold. Avanti will issue 30 million shares at C$0.50 each, with the Akyanga deposit previously valued at C$2.5 million. Backed by the DRC government’s efforts to advance large-scale gold mining, this financing could position Avanti as an emerging leader in Congo’s growing gold industry and enhance resource knowledge in one of Africa’s promising gold regions.

🚨 PhosCo’s KM Discovery Delivers Standout Phosphate Grades in Tunisia

PhosCo Ltd has announced exceptional maiden drilling results at the KM prospect within its fully owned Gasaat Phosphate Project in Tunisia, revealing thick, shallow, high-grade phosphate mineralisation near the proposed plant site. The best intercept reached 52.95 meters at 22.34% P₂O₅ from 53.2 meters depth, including sections up to 26.79% P₂O₅, while other holes also showed strong grades exceeding 20%. Nine samples surpassed 28% P₂O₅, ranking among Tunisia’s highest recorded phosphate grades. The shallow depth and low strip ratio promise attractive early project economics, supported by plans for metallurgical testing to define the processing route. With ongoing confirmatory drilling at the nearby SAB prospect and strong community and government backing, PhosCo’s management highlights KM as a confirmed discovery that could advance quickly toward production.

🫂 Predictive Discovery & Robex Gold Unite in $1.5B Deal to Reinvent Guinea’s Gold Landscape

Australia’s Predictive Discovery and Canada’s Robex Gold have agreed to merge in a US$1.55 billion all-share deal, creating a new mid-tier gold company focused on Guinea’s rich gold belt. Under the agreement, Robex shareholders will receive 8.67 Predictive shares per Robex share, resulting in about 51% ownership of the combined entity. Robex CEO Matthew Wilcox will lead the new company, while Predictive’s CEO Andrew Pardey will serve as Chair. The merger unites two nearby projects, Bankan and Kiniero, holding around 9.5 million ounces in resources and 4.5 million ounces in reserves, with expected production exceeding 400,000 ounces per year by 2029. Revenue from Kiniero, due to start in December, will support Bankan’s development ahead of a final investment decision in mid-2026. Backed by major shareholders and pending a December vote, the merger highlights continued consolidation in West Africa’s gold sector and reinforces Guinea’s growing importance among Africa’s leading gold producers.

📈 Ivanhoe Achieves Record Zinc Output at Kipushi Mine

Ivanhoe Mines has announced record zinc production at its Kipushi mine in the Democratic Republic of Congo, reaching 57,200 tonnes in the third quarter, up 37% from the previous quarter. This milestone places Kipushi among the world’s top zinc producers. Copper output also remained strong, with 71,226 tonnes produced in Q3, while the Kamoa-Kakula operation achieved 316,393 tonnes, maintaining full-year guidance of 370,000 to 420,000 tonnes. The surge in zinc output resulted from efficiency improvements and reduced processing bottlenecks, supporting Ivanhoe’s 2025 guidance of 180,000 to 240,000 tonnes. The company also secured US$500 million from Qatar’s sovereign wealth fund to expand operations, develop Africa’s largest copper smelter with 60 MW backup power, and increase sulphuric acid production. These results highlight Ivanhoe’s continued success in optimizing performance and advancing large-scale African mining projects.

🏗️ Awalé Resources Launches 100,000-Meter Drilling Campaign at Odienné Gold Project, Côte d’Ivoire

Awalé Resources, a Canadian junior miner, is beginning a 100,000-meter drilling program at its Odienné gold project in Côte d’Ivoire to define the site’s first gold resource by 2026. The campaign will cover the BBM, Charger, and Empire prospects using five rigs, backed by C$15 million (US$10.7 million) in funding. A Preliminary Economic Assessment is planned for Q2 2026, followed by a pre-feasibility study in 2027. Côte d’Ivoire aims to raise gold output from 58 tonnes in 2024 to 100 tonnes by 2030, and Odienné could play a key role in that growth. Newmont Corporation has an option to earn up to 65% ownership through US$15 million in exploration spending and the discovery of 2 million ounces of gold. If successful, the project could become a cornerstone in the country’s expanding gold mining sector and solidify its standing in West Africa’s mining landscape.

📈 NexMetals Uncovers Expansive Copper-Nickel Zones in Botswana

NexMetals Mining Corp Botswana has announced promising drill results from its 12-hole metallurgical program at the historic Selkirk copper-nickel-platinum project, confirming wide, near-surface mineralized zones that enhance open-pit development potential. One key hole, SMET-25-005, intersected 219 meters of continuous mineralization from near surface, emphasizing the deposit’s scale and continuity. Eleven holes were drilled to provide core samples for ongoing metallurgical testing, supporting plans for resource expansion. Earlier results at the nearby Selebi North deposit included strong copper-nickel grades, such as 13.5 meters at 1.13% Cu and 1.25% Ni. Additionally, the company received a letter of interest from the U.S. Export-Import Bank for possible US$150 million financing to advance its Botswana assets. These developments position NexMetals to transition from exploration to development in one of Africa’s most promising base metal regions.

🟢 Anglo Still Sees Africa as Future Frontier Amid Footprint Shift

Anglo American CEO Duncan Wanblad reaffirmed Africa’s central role in the company’s long-term strategy, even as Anglo restructures and divests major assets. The company has exited its South African coal and platinum businesses and is in the process of selling its diamond division, De Beers, leaving Kumba Iron Ore as its main South African holding. Wanblad highlighted Africa’s abundance of critical minerals like copper, cobalt, lithium, and rare earths, which are essential for clean energy technologies. Anglo recently agreed to merge with Teck Resources to strengthen its copper portfolio while fending off a takeover bid from BHP. With the diamond market showing early recovery and potential buyers such as Angola’s Endiama expressing interest in De Beers, Wanblad remains optimistic that Anglo could eventually rebuild or expand its African presence. Overall, the company continues to see Africa as a vital region for future growth driven by the global energy transition.

⛏️ Haib Copper Project to Deliver 40,000 Tonnes of Copper Annually in Namibia

Koryx Copper Inc.’s Preliminary Economic Assessment for the Haib Copper Project in Namibia’s ||Karas Region outlines plans for an annual output of 35,000 to 40,000 tonnes of copper over a 23-year mine life. The project will use a dual-stream processing system combining an 8 Mtpa concentrator for higher-grade ore with a 17 Mtpa heap-leach plant for lower grades, totaling about 25 Mtpa of ore from open-pit mining with grades between 0.3% and 0.5%. The study estimates an average annual output of 38,000 tonnes of copper, a post-tax NPV of US$1.35 billion, and a 35% IRR, with a payback period of roughly 3.5 years. Capital costs are projected at US$340 million and operating costs at just US$1.28 per pound, placing Haib among the world’s lowest-cost porphyry copper operations. Construction is expected to take 24 to 30 months, leading to first production by 2028. With recoveries reaching up to 87% through flotation and 65% via heap leach, Haib stands out as a technically robust and cost-efficient project that supports Namibia’s industrial and clean energy ambitions.

⛏️ Flagship Revives Mali’s Morila Mine Under New Mining Code

Flagship Minerals, a New York-based company, has signed a landmark agreement with Mali’s state-owned mining company to restart operations at the historic Morila gold mine, becoming the first U.S. investor to operate under Mali’s 2023 mining code. The deal grants Flagship equity in Morila SA, which holds about 2.5 million ounces of gold reserves. Once abandoned by Firefinch in 2022 due to low output and high costs, the mine is now being revived amid rising gold prices exceeding $4,000 per ounce and Mali’s push to tighten state control of natural resources. The new mining code allows up to 30% state ownership and removes key tax exemptions, reshaping investor dynamics in the region. While Western investors remain cautious, Russian and Chinese ventures have grown more active. With Mali’s industrial gold output down 32% year-on-year, this agreement represents a crucial step toward revitalizing production and attracting new foreign investment, signaling renewed confidence in Mali’s gold sector.

🚷 Botswana Imposes 24% Local Ownership Requirement for New Mines

Botswana has introduced a new policy effective October 1, 2025, mandating that companies granted new mining licences must allocate a 24% ownership stake to local investors if the government declines to acquire it. This marks a shift from the previous Mines and Minerals Act, which allowed the government a 15% stake, with special provisions for diamond operations. The policy is designed to strengthen citizen participation, encourage domestic investment, and promote value addition and environmental responsibility within Botswana’s mining industry. Local pension funds have been identified as potential sources of financing to help Batswana citizens acquire these shares. By implementing this rule, Botswana underscores its commitment to resource sovereignty and inclusive growth, ensuring that the nation’s mining wealth benefits its people more directly.

🟡 Theta Gold Mines Secures US$33.9 Million for South African TGME Gold Project

Theta Gold Mines Limited has secured US$33.9 million in combined equity and debt financing to advance construction and development at its TGME gold project in South Africa’s Mpumalanga province. The funding includes a US$7.9 million institutional placement set for October 14, 2025, a two-tranche US$15 million share issuance supported by Cong Yu Company Ltd and Moonx Intelligence Ltd, and a US$10 million loan, with an additional US$1 million in shares from non-executive director Brett Tang. This new capital complements an existing US$35 million facility from the Industrial Development Corporation. TGME is projected to produce 1.24 million ounces of gold over nearly 13 years, with total investment costs estimated at US$77 million. Rising gold prices, now around US$3,900 per ounce, are expected to further enhance project economics. The development marks a major step toward Theta’s production phase and reinforces its growing role in South Africa’s revitalized gold mining industry.

🛡️ Valterra Eyes Deep Growth: Mogalakwena’s Underground Frontier

Valterra Platinum is advancing underground exploration at its flagship Mogalakwena PGM mine in South Africa’s Limpopo province, aiming to unlock higher-grade ore and extend the operation’s lifespan. With only about 14% of its total resource mined in 30 years, the site holds an estimated 150-year life. The company plans to use the Sandsloot resource as a transition point to underground mining, following a prefeasibility study confirming grades of 4–6 g/t. A phased plan will start with trial mining in late 2026, feasibility completion by mid-2027, and potential ramp-up beyond 2030 to 3.6–4.5 Mt per year. The approach blends higher-grade underground ore with open-pit stockpiles to sustain roughly 3 g/t output at lower costs. Valterra is also improving open-pit efficiency, focusing on the northern pits to reduce strip ratios, and upgrading processing at its North concentrator with a Jameson cleaner circuit. Tailings and safety are being reinforced through new storage expansions and GISTM compliance. Following its 2025 separation from Anglo American, Valterra is emerging as a focused, independent PGM producer committed to long-term, sustainable growth.