Africa Mining News of Week 48, 2025

Dear Africa Mining Community,

Welcome to this week’s edition of our AFMICO Newsletter, your trusted roundup of the most impactful developments shaping Africa’s mining and mineral exploration landscape.

Over the past week, we’ve seen significant momentum across the continent: from new drilling programmes and high-impact exploration results to major investments, strategic partnerships, and transformative infrastructure projects. East, West, Central, and Southern Africa all delivered notable updates, reflecting a sector that is evolving rapidly and attracting growing global attention.

In this edition, we highlight milestone agreements, breakthrough assay results, project approvals, and policy moves that are reshaping the future of mining across Africa, from Cameroon, Tanzania and Côte d’Ivoire to Mali, Botswana, Malawi, Zambia and the DRC.

As always, our goal is to keep you informed, inspired, and connected to the unfolding story of Africa’s mining sector.

Enjoy this week’s insights,

Team AFMICO

Africa Mining News of Week 48, 2025

Cameo Resources Advances IP Survey, Unlocks Strong Gold Potential at Katoro Property

Cameo Resources completed more than half of its initial IP survey at the Katoro Gold Property in Tanzania, where early data from three finished grids revealed high priority targets with strong chargeability readings and geological structures that cover 65 percent of the area and appear favorable for gold mineralization, especially in the northern and central zones. The 19.58 square kilometer property shows promising similarities to nearby Tembo Gold and Buckreef Gold systems, and the full dataset, expected soon, will guide drill planning over the next two to three weeks as the company prepares for its first drilling program.

Angola Moves to Attract Mining Investment by Speeding Up Permits

Angola is accelerating mining permits to attract more investment, support small and medium sized enterprises, and improve transparency through a planned digital mining registry, while regulators focus on closer oversight of new copper finds in Moxico and Cuando Cubango and lithium in Namibe. The country hosts a wide range of minerals and recently saw its first major copper mine, Tetelo, begin production, alongside the Shining Star Icarus project which aims to produce 25,000 metric tons of copper concentrate per year with a US$305 million investment. Angola is also assessing domestic copper processing options and working to revive oil production as Shell, Equinor, and Sonangol signed an exploration deal for 17 offshore blocks, reflecting the nation’s push to diversify and strengthen its role in Africa’s critical minerals sector.

Oriole Launches 2,950 m Maiden Drilling Programme at Mbe Gold Project in Cameroon

Oriole Resources PLC has begun a 2,950 metre maiden drilling programme at the MB01 N target within the Mbe gold project in Cameroon, aiming to convert an exploration target of 15 to 20 million tonnes grading 0.77 to 0.94 grams per tonne into a defined resource after recently announcing a maiden JORC resource at MB01 S. The fully funded programme, consisting of thirteen drill holes under an agreement with BCM International, is expected to finish in late Q1 2026, with BCM set to acquire a 50 percent interest in the licence, supporting the project’s long term development and continuing momentum from the successful MB01 S resource conversion.

Barrick and Mali Reach Landmark Settlement, Ending All Disputes

Barrick Mining Corporation and the Government of Mali have fully resolved all disputes involving the Loulo and Gounkoto gold mines, with Mali agreeing to drop all charges, release four detained employees, and end the provisional administration, allowing Barrick to regain full operational control. As part of the agreement, Barrick’s subsidiaries will withdraw all arbitration claims before ICSID, and both sides aim to rebuild a more stable and constructive partnership for future mining operations in Mali.

Panthera Confirms Strong Metallurgical Results at Kalaka Gold Project

Panthera Resources PLC reported strong metallurgical test results from the Kalaka gold deposit in Mali, where carbon in leach bottle roll tests showed an average gold recovery of 93.4 percent and column leach tests indicated heap leach recovery of about 76.3 percent, confirming the ore’s good response to cyanide processing. These results build on earlier favorable testing and reinforce confidence in Kalaka as a large-scale mineralised gold system, supporting the company’s plans to advance the project.

China Backs $1.4 Billion Revision of Historic Tanzania–Zambia Railway

Zambia has begun a $1.4 billion upgrade of the 1,860 km TAZARA railway, a key copper export route built by China in the 1970s, during a ceremony attended by leaders from Zambia, China, and Tanzania. The project aims to ease border congestion, improve capacity, and support growing copper output in Zambia and the Democratic Republic of Congo while positioning TAZARA to compete with the US and EU backed Lobito Corridor. Once modernized, the railway is expected to boost mineral exports, strengthen regional trade, and enhance East West connectivity across Africa.

Ivanhoe and QIA Forge Strategic Partnership to Advance Critical Minerals in the DRC

Ivanhoe Mines and the Qatar Investment Authority signed a new memorandum of understanding in the Democratic Republic of the Congo to expand their cooperation on critical minerals, following QIA’s earlier US$500 million investment. The partnership focuses on exploration and development in areas like the Western Forelands and Makoko District, offers preferential financing, and includes potential joint mergers, infrastructure support, and downstream smelting and refining. The agreement strengthens Qatar’s ties with the DRC and supports Ivanhoe’s role in supplying minerals needed for electrification, AI, and global technology industries.

Ivanhoe Announces Major Leadership Transitions to Drive Next Phase of Growth

Ivanhoe Mines announced several leadership and board changes as it prepares for expansion across Kamoa Kakula, Platreef, and the Western Forelands, including Mark Farren moving from Chief Operating Officer to Strategic Advisor, Tom van den Berg becoming Chief Operating Officer in 2026 after leading Kamoa Kakula operations, and mining veteran Nick Popovic joining as Strategic Advisor, while long serving director Manfu Ma steps down and CITIC Metal’s General Manager Xianwen Wu joins the board, with these appointments expected to support future growth plans as the company prepares to release its 2026 and 2027 copper production outlook.

Caledonia Greenlights Bilboes, Set to Become Zimbabwe’s Largest Gold Mine

Caledonia Mining (CMCL) has approved the development of the Bilboes gold project in Zimbabwe after a positive feasibility study confirmed strong financial returns, with total capital costs estimated at US$584 million and peak funding of US$484 million to be financed through debt and equity backed by the Blanket gold mine. The operation is expected to produce 1.55 million ounces of gold over nearly 11 years, with production starting in late 2028 and reaching about 200,000 ounces annually by 2029, marking a significant boost for Zimbabwe’s gold sector despite challenges such as power shortages, currency issues, and inflation, and supported by major investors including Allan Gray and BlackRock.

High Grade Gold Soil Anomalies Boost Exploration Potential at Duékoué Project, Côte d’Ivoire

Oscillate PLC reported encouraging soil sampling results at the Duékoué Project in Côte d’Ivoire, where 187 resubmitted samples confirmed anomalous gold values, including a high of 45 ppb, with most gold anomalies also showing elevated copper, suggesting a potential IOCG style mineralisation system. The findings support the possibility of a broader copper gold discovery within the Birimian Terranes of the West African Shield, known for major gold deposits, and CEO Robin Birchall noted the success of modern exploration methods as testing continues to determine the project’s full potential.

First Blast Marks Major Milestone at Kayelekera Uranium Mine in Malawi

Lotus Resources completed the first mining blast at the Kayelekera open pit in Malawi, marking the start of delivering freshly mined ore to the ROM pad in the coming weeks to supplement higher than expected grade stockpiles that have supported uranium production since August 2025. The addition of new run of mine ore will help drive output toward the target of 200,000 lbs of U3O8 per month in Q1 2026, while accreditation with western converters in the US, Canada and France is well advanced, and Managing Director Greg Bittar emphasized the importance of beginning drill and blast activities for the mine’s ramp up to full scale production.

Barrick Reaches $430 Million Settlement to End Mali Mine Dispute

Barrick Mining Corporation will pay about $430 million to settle its two year dispute with the Government of Mali, allowing the Loulo Gounkoto gold complex to restart after gold seizures, tax demands, and a provisional administration halted operations. The deal includes VAT credit offsets, confirms that all charges against Barrick and its affiliates will be dropped, ensures the release of four detained employees, and leads to Barrick withdrawing its ICSID arbitration case. Loulo Gounkoto, which produced 723,000 ounces of gold last year, is expected to resume and ramp up operations within six to twelve months, and Barrick’s share price rose to a new 52 week high as the long running conflict comes to an end.

Karowe Underground Project Reaches Full Shaft Depth, Paving the Way for Botswana’s Next Era of Diamond Mining

Lucara Diamond's Karowe Underground Project has reached its full 770 m production shaft depth, marking a major step toward shifting from open pit to underground mining by H1 2028, with the open pit set to close in H1 2026 and stockpiles sustaining production until then. The mine will target the high value South Lobe using bulk stoping with mass longhole shrinkage, aiming to treat 2.7 Mt of ore per year and produce about 450,000 carats annually, totaling an estimated 6.8 million carats over the mine life. Ventilation shaft sinking is nearing completion, eight working levels are planned, and the 310 Level will host key infrastructure, while the project maintains an exceptional safety record with over 5.7 million hours without Lost Time Injuries under the Safe Start programme. Capital costs have risen to US$683 million due to past water inflow challenges, Lucara has taken over direct project management, and preproduction work includes 16 km of lateral development guided by advanced geomechanics. Karowe continues to deliver strong performance with high margins and the recovery of extremely large diamonds using XRT technology, and the underground project is expected to extend the mine life to at least 2040 with potential for even larger stones in the future.

Aya Delivers Strongest Drill Intercept Yet at Boumadine, Unlocking Major Growth Potential

Aya Gold & Silver reported its strongest mineralized intercept so far at the Boumadine project in Morocco, highlighted by 15 metres at 3.31 g/t gold, 1,900 g/t silver and strong base metals, plus an 8.7 metre higher grade interval, and confirmed a new parallel structure with 47 metres of well mineralized material, along with additional high grade hits including 6 metres at 37.03 g/t gold. These results support significant resource growth along the 5.4 km main trend and nearby zones, coming shortly after a PEA indicating a fast payback, while Aya plans 360,000 metres of drilling with up to 16 rigs and aims to develop six open pits and three underground mines, following a share price jump that lifted the company’s value to about $2.3 billion.

Galileo Resources and Jubilee Metals Join Forces to Advance Molefe Copper Project in Zambia

Galileo Resources and Jubilee Metals Group PLC agreed to jointly advance the Molefe copper project in Zambia, with Galileo funding a US$700,000 exploration and resource program that could earn it up to a 23.75 percent stake while Jubilee retains 71.25 percent and a local firm holds 5 percent. The partnership will focus on expanding small to medium scale copper opportunities as Molefe ramps up to 4,500 tonnes of high grade ore per month, supported by a 2.2 million tonne stockpile and plans for a processing facility, while a joint executive committee will oversee development and ongoing drilling will guide pit design and strengthen resource confidence.