Africa Mining News of Week 49, 2025
Dear Africa Mining Community,
Welcome to this week’s roundup of the most important developments shaping Africa’s dynamic mining and exploration landscape. Week 49 has been especially active, with major project milestones, strategic acquisitions, policy shifts, and first-ever shipments making headlines across the continent.
In this edition, we highlight landmark gold and copper advances, Mali’s growing influence in both gold and lithium markets, the long-awaited first iron ore shipment from Simandou, a new underground gold mine in South Africa, and important regulatory and geopolitical developments impacting the sector. From West Africa to Southern Africa and the DRC, momentum continues to build across multiple commodities.
As always, our goal is to keep you informed, inspired, and connected to the evolving story of Africa’s mining sector.
Enjoy this week’s insights,
Team AFMICO
Africa Mining News of Week 49, 2025
Montage Gold Expands Côte d’Ivoire Footprint With $170M African Gold Acquisition
Montage Gold is acquiring African Gold for 170 million dollars through a share exchange that offers a 54 percent premium and gives African Gold shareholders about 7.1 percent of Montage, adding the Didievi project with 989,000 ounces of inferred resources at 2.5 g per tonne to its Côte d’Ivoire portfolio. The acquisition boosts Montage’s exploration pipeline while its flagship Koné project remains on schedule for 2027 with expected output above 300,000 ounces annually in the first eight years and recently increased indicated resources of 5.5 million ounces. Analysts view the deal as positive and accretive as Montage moves toward producer status within 12 to 18 months, building on its earlier partnership with African Gold and strengthening its strategic position in West Africa.
New High-Grade Targets Boost Confidence in Ethiopia’s Kurmuk Gold Project
Allied Gold Corporation discovered five new target areas at its Kurmuk project in western Ethiopia and drilling results showed strong high grade gold mineralization that increased confidence in the project’s large scale potential, including notable intercepts such as 16.4 m at 13 g per ton and other promising results from Tsenge and Dish Mountain, while analysts reacted positively and the company’s share price rose 9 percent to a record 30 dollars, bringing its value to 3.6 billion dollars, and with 193 drill holes completed the company aims to extend the mine life to at least 15 years starting open pit operations in mid-2026 producing about 290,000 ounces annually at costs below 950 dollars per ounce, supported by current resources of 3.12 million ounces measured and indicated plus 311,000 ounces inferred, with a target of reaching 5 million ounces in the next five years.
Barrick Staff Freed After Breakthrough Deal with Mali
Four Malian Barrick Mining Corporation employees were released after a year in detention as part of a major agreement between Barrick Mining and the Malian government that settles a long running dispute over the updated mining code, which gives the state a larger share of revenue amid record gold prices, and after two years of negotiations both sides resolved all issues related to the Loulo Gounkoto gold mining complex, with the employee release included in the settlement, marking an important step toward stabilizing operations and strengthening cooperation between Mali and one of its biggest gold producers.
Mali Sends First Lithium Cargo to China as Kodal Begins Commercial Shipments
Kodal Minerals plc has completed its first commercial shipment of 28,950 tonnes of lithium concentrate from the Bougouni mine in Mali to Hainan, China, following an earlier transport of about 30,000 tonnes to Côte d’Ivoire for stockpiling, and total production now reaches 45,000 tonnes with another 16,000 tonnes to be shipped soon. The shipment comes as lithium prices recover despite political instability, with revenues tracking toward Canaccord Genuity’s 65-million-dollar H2 forecast and sale prices expected to exceed 930 dollars per dry tonne after adjustments. Kodal’s Malian subsidiary will invoice 95 percent of the cargo value and expects an initial 24-million-dollar payment, marking its first revenue, while the Bougouni mine, Mali’s second lithium operation, continues Stage 1 output above 125,000 tonnes per year and prepares for Stage 2 flotation processing. The project is owned 65 percent by Kodal Mining UK and Hainan through LMLB and 35 percent by the Malian state, highlighting Mali’s expanding role in global lithium supply chains.
Kamoa-Kakula Copper Smelter Begins Heat-Up, Marking a New Era for DRC Copper Production
Ivanhoe Mines has started heating up the 500,000 tonne per year Kamoa-Kakula copper smelter after a traditional ceremony that highlighted strong community involvement and cultural heritage, with local leaders calling the project transformative for the region and the DRC mining sector, and a symbolic flame was passed from a traditional furnace to the new smelter, which is expected to receive its first concentrate before year end, supported by an on-site inventory of about 37,000 tonnes of copper that will decrease as production grows in 2026, while extra concentrate will be processed at the Lualaba Copper Smelter, and the site now has a 60 MW uninterruptible power supply and about 180 MW of diesel backup, as the furnace has already reached 800°C with more controlled heating ahead and commissioning work continuing across major systems.
Simandou Sends Its First Iron Ore Shipment to Global Markets
Simandou celebrated a historic moment as its first 200,000 tons of iron ore left the Port of Morebaya on December 2, 2025, with the MV WINNING YOUTH departing smoothly due to efficient coordination, and the shipment was jointly produced by Winning Consortium Simandou and Rio Tinto Simfer (Rio Tinto) , showing full integration of the mine, railway, port, and maritime logistics chain, and reflecting years of investment and collaboration that now position Guinea for growing economic benefits, improved logistics performance in the coming months, stronger global relevance, and meaningful support for cleaner and more sustainable steel production worldwide.
Greg Field Steps in as Deep Yellow’s New CEO
Deep Yellow Limited has appointed Greg Field as its new Managing Director and CEO, effective by 1 May 2026, and he brings 29 years of global mining experience that includes major work in project studies, operations and large capital project delivery. He previously held a senior project development role at Rio Tinto and has led both brownfield and greenfield developments across several commodities such as diamonds, copper, aluminium and lithium, including major projects like the US$7 billion Oyu Tolgoi underground mine, the US$400 million Rincon DLE plant in Argentina and the US$1.3 billion AP60 smelter in Quebec. His career includes work across South Africa, Australia, Mongolia, the USA, Canada and Argentina, and he is familiar with Namibia, which is important for Deep Yellow’s operations. Field has stressed the key role of uranium in the clean energy transition, and he will start by focusing on moving the Tumas Project toward near term milestones, while the Board believes his strong project delivery skills will support the company’s future growth.
Midas Launches Comprehensive Drilling Campaign at Otavi Copper Project
Midas Minerals has begun full scale drilling at the Otavi Copper Project in Namibia, with diamond rigs active at the high grade T 13 copper silver deposit and an RC rig working at the Spaatzu prospect, while drilling will soon extend to Deblin Segen, Devon and Hartebeespoort where past work returned high copper grades such as 7.24 percent copper with 144.4 g t silver over 17.2 metres at T 13 and other strong intercepts across the district. More than 2,000 samples have been screened on site with lab results pending, and the program is designed to move quickly from target definition to resource drilling despite possible wet season delays, supported by a cash balance of US$15.3 million. Recent drilling at nearby South Otavi has finished with results due in January 2026, and mapping plus historic data confirm strong copper and gold anomalism across ground that has seen less than 40 percent previous testing, positioning 2026 as a key year for defining new copper, silver and gold resources.
DRC and Rwanda Finalise US Backed Peace Deal, Opening Path for Stability and Mineral Trade
The Democratic Republic of the Congo and Rwanda have signed a US brokered peace deal in Washington hosted by President trump Donald Trump, building on earlier talks and aiming to ease long running tensions as Rwanda agrees to stop supporting the M23 group and the DRC commits to addressing Hutu militias while both countries pledge to respect territorial integrity. Fighting in eastern DRC continues despite a separate DRC agreement with M23, and leaders admit that real peace will need long term effort. As part of the accord the United States plans to sign bilateral deals to buy rare earth minerals from both nations, with US companies expected to join extraction and purchase activities that could support local economies, highlighting the importance of these minerals for renewable energy, advanced technologies and medical devices.
Atomic Eagle Unveils Major Exploration Target for Muntanga Uranium Project
Atomic Eagle has announced a new JORC Exploration Target for its Muntanga Uranium Project in Zambia, estimating between 40.0 and 100.5 million pounds of U3O8 at grades from 150 to 350 ppm, and although the target is still conceptual due to limited drilling, it highlights strong growth potential across the large project area. The target was prepared under the JORC 2012 Code and adds to the current Mineral Resource of 40 million pounds in the Measured and Indicated category and 7.4 million pounds in the Inferred category, while the company notes that further exploration may or may not lead to a defined Mineral Resource. Atomic Eagle plans to rapidly expand its Mineral Resource across the broader Karoo basin land package, with maiden drilling results expected in early 2026 and the largest exploration program since discovery scheduled for that year.
Mali Secures Major US$1.2 Billion Clawback from Mining Sector
Mali has recovered 761 billion CFA francs, about US$1.2 billion, from mining companies after a major audit that uncovered large revenue shortfalls and led to a new mining law that increased royalties, raised state ownership and removed stability clauses, with a recovery commission formed after auditors identified 300 to 600 billion CFA francs in irregularities. The country resolved a two-year dispute with Barrick Mining in November, although officials did not confirm if Barrick’s 244 billion CFA francs payment was included in the total, and several other miners such as B2Gold, Allied Gold, Resolute Mining, Endeavour Mining, Ganfeng and Kodal have already settled their arrears. Authorities say this represents one of the biggest financial recoveries in Mali’s mining sector and signals tighter oversight and a stronger regulatory stance.
Radioactive Dispute Erupts as Niger Challenges Orano Over Uranium Contamination
Niger’s military government accuses French nuclear company Orano of causing radioactive pollution after officials found 400 barrels of radioactive material near Arlit, where radiation levels were far higher than normal and linked to health risks, while Orano denies responsibility and says it has no license or activity at the site. The dispute grows as Niger nationalizes the Somaïr mine, removes Orano’s majority stake, begins transporting uranium despite an international tribunal order and faces warnings that the shipment may not meet global safety standards. Niger, a major uranium producer that once supplied a significant share of France’s needs, is asserting greater control over its resources in line with similar moves in Mali, Burkina Faso and Guinea, and the roughly 1,500 metric tons of uranium stockpiled at Somaïr has drawn interest from countries such as Turkey, Iran and Russia.
Prospect Confirms New High-Grade Copper Zone at Mumbezhi Project
Prospect Resources Limited has reported new Phase 2 drilling results from the Nyungu Central and Kabikupa deposits in Zambia, including a shallow high-grade intercept of 34 m at 0.88 percent copper from 128 m at Nyungu Central, which supports potential for near surface resource growth into 2026. Additional Nyungu results show intervals such as 8.46 m at 0.34 percent copper and 6.0 m at 0.42 percent copper, while Kabikupa drilling returned up to 18.6 m at 0.48 percent copper and 13.6 m at 0.56 percent copper. The Phase 2 program covered 14,770 m of diamond drilling and 3,500 m of aircore drilling over 165 holes, with four Nyungu assays due by mid-January 2026 and updated Mineral Resource Estimates for both deposits expected in Q1 2026. New AEM and IP geophysical surveys, metallurgical test work due in February 2026 and licence wide soil results expected in late December all point to strong potential for further resource growth across the Mumbezhi Copper Project.
Verity Resources Takes Full Control of High-Grade Critical Metals Projects in Botswana
Verity Resources now owns 100 percent of its copper, nickel and silver projects in Botswana after buying the remaining 34 percent from BCL Investments for about US$206,000, giving it full control of more than 1,800 square kilometres of highly prospective ground in the Limpopo Mobile Belt. The assets include the Airstrip and Dibete copper silver prospects and the Maibele North deposit, which hosts an inferred resource of 2.4 Mt at 0.72 percent nickel and 0.21 percent copper with PGE and gold credits, supported by over US$4 million of historical exploration data still to be included in updated resource estimates. Full ownership removes joint venture limits and opens opportunities for strategic partners, financing, asset sales or spin outs, while proximity to NexMetals’ 18 Mt Selebi nickel copper mine and smelter, recently backed by a US$150 million US EXIM Bank interest, strengthens the district’s outlook as Verity works to unlock value across its projects.
Endeavour Targets 12–15Moz in New Gold Discoveries by 2030
Endeavour Mining plans to discover 12 to 15 million ounces of new mineral resources between 2026 and 2030 at costs below 40 dollars per ounce, aiming to build on its strong exploration record and support long term organic growth. The plan expects 6 to 9 million ounces from brownfield work to extend mine lives past 10 years and another 6 million ounces from greenfield programs, including 2 to 3 new tier 1 projects across West Africa, the CAOB, the Guiana Shield and the West Tethyan Belt. From 2016 to 2025 the company added 20.7 million ounces of measured and indicated resources at under 25 dollars per ounce, and it now intends to invest more than 100 million dollars per year from 2026 to 2030. The strategy focuses on high grade, long-life, low-cost deposits and uses a data driven mineral system framework supported by AI tools, with mine life extension targeted at Ity, Houndé, Sabodala Massawa, Lafigué, Mana and Assafou to maintain a strong competitive position and long-term shareholder returns.
Galileo Commences Drilling Campaign at Molefe Project in Zambia
Galileo Resources has started drilling at the Molefe Mine in Zambia under its new collaboration agreement with Jubilee Metals, completing two holes so far as part of a roughly 10-hole resource drilling program aimed at supporting short term and long-term production goals. The company plans to maintain current output over the next 3 months, replace depleted resources within 6 months and later carry out regional reconnaissance drilling to extend the mine’s life, with Chairman Colin Bird noting confidence that early results will help sustain production targets.
Namibia Appoints Modestus Amutse as New Mines and Energy Minister
Modestus Amutse has been appointed Namibia’s Minister of Industries, Mines and Energy effective 2 December 2025, replacing Natangwe Ithete and signalling a shift as the country advances its industrial, mining and energy goals. Amutse brings experience as Deputy Minister of Information and Communication Technology, as a former MP and as chair of a National Assembly committee, along with extensive regional leadership roles, while Frans Kapofi was thanked for acting in the position. The appointment comes as Namibia focuses on nationwide sustainable development and shared prosperity, with the President expressing confidence in Amutse’s leadership during a pivotal economic period.
Image Credit: Namibian Presidency
South Africa Opens First New Underground Gold Mine in 15 Years with West Wits' Qala Shallows Project
The Qala Shallows Underground Mine of West Wits Mining is the first new underground gold mine in South Africa in 15 years, developed quickly since July 2025 and delivering its first ore in October, with a surface stockpile expected to reach about 30,000 tonnes before first gold in March 2026, and it has a 17 year life with steady yearly production of about 70,000 ounces for 12 years, an expected economic impact above 1.15 billion US dollars, and more than 1,000 direct jobs in Phase 1, while also supporting local suppliers, community partners and the larger Witwatersrand Basin Project which holds more than 5 million ounces and links to West Wits long term plan called Project 200 which aims for yearly production of 200,000 ounces.
$150M Boost for Atlantic Group’s Acquisition of Tongon Gold Mine
Appian Capital Advisory is providing $150 million through secured debt and a gold stream agreement to help ATLANTIC GROUP S.A. buy Barrick’s Tongon gold mine in Côte d’Ivoire for up to $305 million, with Barrick getting $192 million upfront and possible extra payments tied to gold prices and resource targets, and Atlantic adding a gold price protection plan to stabilize cash flow as exploration continues across a large land package with strong growth potential, steady production of about 140,000 ounces expected in 2025, and the mine already contributing over $2 billion to the local economy since 2010.