Africa Mining News of Week 51, 2025
Dear Africa Mining Community,
Welcome to this week’s edition of AFMICO Weekly, where we bring together the most important stories shaping Africa’s mining and exploration landscape.
This week’s roundup reflects the dynamic and sometimes contrasting realities of the sector: strategic shifts by global miners, growing momentum in critical minerals, major project milestones, policy and governance developments, and the social and economic challenges that continue to accompany large-scale resource projects across the continent.
From gold and copper to graphite, bauxite, uranium, and iron ore, the stories highlighted this week underline Africa’s central role in global supply chains, the energy transition, and long-term industrial growth, while also reminding us of the importance of sustainability, local value creation, and inclusive development.
As always, our goal is to keep you informed, provide context, and help you see the bigger picture behind the headlines.
Enjoy this week’s insights,
Team AFMICO
Africa Mining News of Week 51, 2025
Fortuna Mining doubles down on West Africa for gold growth
Fortuna Mining is reshaping its strategy to focus on West Africa after selling higher cost and short life assets in Burkina Faso and Mexico, which lowered production but improved overall asset quality, as the company targets a return to 500,000 ounces of gold per year through organic growth and selective acquisitions while gold prices are strong, its plan centers on mid-tier mines producing 100,000 to 200,000 ounces annually, led by growth at the Séguéla mine in Côte d’Ivoire and the Diamba Sud project in Senegal, along with new exploration in Guinea and a larger stake in Awalé Resources, Séguéla is showing strong reserve and resource growth with production expected to exceed 150,000 ounces in 2025 and studies underway to expand plant capacity, supported by about $400 million in net cash, Fortuna sees West Africa as its main growth engine as deal activity increases across the region due to higher gold prices and industry consolidation.
IFC backs Malawi graphite as Sovereign Metals advances Kasiya project
Sovereign Metals has strengthened the development path of its Kasiya rutile graphite project in Malawi by signing an agreement with the World Bank’s International Finance Corporation, highlighting growing global support for critical mineral supply chains outside China, the IFC is expected to help finance construction if funding is pursued, Sovereign is also supported by Rio Tinto which owns an 18.45 percent stake, Kasiya is the world’s largest rutile deposit and the second largest graphite deposit, graphite is essential for electric vehicle batteries and is listed as a critical mineral for US economic and national security, and this partnership positions Kasiya as a strategic project while reinforcing Malawi’s role in the global energy transition supply chain.
South32 to Pause Mozal Smelter as Power Talks Fail
Australia’s South32 will place the Mozal aluminium smelter in Mozambique under care and maintenance by March after failing to secure a new electricity supply agreement, showing the growing impact of high energy costs and unreliable power on energy intensive operations in Africa, the shutdown will involve a one off cost of $60 million and follows collapsed negotiations with the government and power suppliers as drought reduced hydroelectric output from Cahora Bassa and backup power has been supplied by Eskom under a deal that expires in March, Mozal which is 63.7 percent owned by South32 accounts for more than 29 percent of the company’s aluminium output in FY2025, a $372 million impairment has already been flagged, and South32 shares fell 2 percent after the announcement.
Makor’s Muli Copper Project Emerges as a District-Scale Growth Opportunity in Zambia
Makor Resources is advancing the Muli Copper Project in Zambia’s Central Province as a large, district-scale copper opportunity, supported by strong geological potential, a large and underexplored land position, and a location within an emerging copper corridor near the Kitumba Copper Project, with a focus on system-scale exploration using integrated geological, geophysical, and geochemical methods, long-term development optionality, responsible community engagement, and disciplined exploration, while Zambia’s stable regulations, experienced mining workforce, and national push to grow copper production add strategic value as global copper demand rises due to electrification, energy transition, and long-term industrial growth.
Barrick Regains Control of Major Mali Gold Mine
Mali has returned control of the Loulo-Gounkoto gold complex to Barrick Mining Corp. and will give back about three tons of gold seized earlier this year after resolving a nearly two year dispute that led to a shutdown of operations, the agreement includes Barrick paying a settlement of 244 billion CFA francs or about 437 million dollars, withdrawing its arbitration claims, and the Malian government dropping charges against the company, the gold will be returned after legal proceedings formally end, four Barrick employees detained during the dispute were released last month, and the deal brings the mine closer to restarting while signaling renewed cooperation between Mali and one of the world’s largest gold producers.
Feasibility Confirms Strong Economics at Doropo Gold Project in Côte d’Ivoire
Resolute’s updated feasibility study confirms the Doropo Gold Project in Côte d’Ivoire as a high-margin, long-life gold operation with average production of about 170 thousand ounces per year over a 13 year mine life, total production of 2.2 million ounces, a post-tax NPV at 5 percent of US$1.46 billion at US$3,000 per ounce gold, and all-in sustaining costs of US$1,406 per ounce, positioning the project to lift group production above 500 thousand ounces per year from 2028, deliver strong cash flow, create more than 1,500 construction jobs and over 400 long-term operational roles, contribute more than US$420 million in royalties and social funds, and advance toward a mining license in early 2026 with construction targeted for the first half of 2026, supported by government backing and community engagement.
Gold and Uranium Overtake Diamonds in Namibia’s Mining Revenue
Namibia’s mining tax revenue is shifting as gold and uranium have generated more income than diamonds for the first time, helped by record gold prices and rising uranium production which offset a sharp drop in diamond revenue, diamond tax income fell 79 percent year on year in the six months to September and has been hit by weak natural diamond prices due to lab grown alternatives, while gold and uranium tax revenue reached N$2.87 billion last financial year, nearly double the original budget estimate, non diamond royalty income also exceeded expectations at N$1.03 billion, mines such as Navachab and Otjikoto benefited from high bullion prices, uranium output rose 22 percent year on year in the first ten months of 2025, and as the world’s third largest uranium producer Namibia is building a more diversified and resilient mining revenue base.
Newcore Gold Delivers Encouraging Drill Results at Enchi, Ghana
Newcore Gold has reported positive drill results from its 45,000 metre drilling programme at the 100 percent owned Enchi Gold Project in Ghana, confirming strong shallow gold continuity at the Boin Gold Deposit, with new RC drilling at the Northwest Boin Target delivering intercepts such as 0.78 grams per tonne gold over 16 metres, 0.51 grams per tonne gold over 18 metres, and a higher grade result of 3.16 grams per tonne gold over 3 metres, where around 98 percent of completed RC holes intersected gold, supporting resource growth and conversion, while diamond drilling is now underway to test deeper and potentially higher grade mineralisation, keeping the project on track for a pre feasibility study planned for early 2026.
Veteran Mining Engineer Fred Moyo Reappointed to Zimbabwe Mines Ministry
Zimbabwe has appointed veteran mining engineer and lawmaker Fred Moyo as Deputy Minister of Mines and Mining Development, with the appointment confirmed by President Emmerson Mnangagwa on December 17, 2025, where he will deputise Mines Minister Polite Kambamura, bringing decades of industry and policy experience after previously serving in the same role from 2013 to 2017, holding a BSc Honours in Mining Engineering, serving as long time MP for Zvishavane Runde, and working in senior positions at Hwange Colliery, Shabanie Mashava Mines, and Mwana Africa, as well as former President of the Chamber of Mines of Zimbabwe, with his return aimed at strengthening regulation, boosting mineral production, and supporting economic growth driven by the mining sector.
Layoffs Cloud Guinea’s Simandou Mega Mine Breakthrough
Guinea’s long delayed Simandou iron ore project has started exporting ore, but the achievement is overshadowed by large scale layoffs as the construction phase ends, employment peaked at more than 60,000 workers in 2024 and 2025 but fewer than 15,000 jobs will remain for long term operations, the project aims to produce 120 million tonnes per year or about 7 percent of global supply and is run by consortia led by Rio Tinto and the Winning Consortium Simandou, supported by a 670 kilometre railway linking the mines to the Atlantic coast, while the government promotes Simandou as a driver of economic transformation and the IMF estimates it could lift GDP by 26 percent by 2030, concerns are rising over poverty, social unrest, safety incidents and limited job creation in a country where more than half the population lives in poverty and benefits may remain uneven without targeted policies.
Liberia Approves Rail Access Deal to Advance Cross-Border Iron Ore Project
Liberia has approved a major rail access agreement that allows Ivanhoe Atlantic to export iron ore from its Kon Kweni deposit in Guinea through Liberia’s railway to the port of Buchanan, strengthening regional mining logistics and West Africa’s role in global iron ore supply, the 243 kilometre rail line offers the shortest export route and is expected to support US iron ore supply while reducing reliance on China, construction is targeted for early 2026 with first shipments planned for 2027, initial production is set at up to 5 million tonnes per year with a second phase aiming for 30 million tonnes annually backed by an $850 million investment, Liberia is projected to earn $1.4 billion in rail fees over 25 years, the railway is currently operated by ArcelorMittal until 2030, and the agreement boosts Guinea’s growing iron ore profile alongside the Simandou mega project.
Guinea and EGA Move Toward New Bauxite Supply Agreement
Guinea is discussing a new bauxite supply agreement with Emirates Global Aluminium after revoking the mining licence of its subsidiary Guinea Alumina Corporation earlier this year due to a dispute over refinery construction, with the assets transferred to state-owned Nimba Mining, and the deal could help avoid legal action by EGA while securing future supply, as EGA has invested over USD 1 billion in Guinea, previously exported about 14 million tons of bauxite per year, and its UAE refinery is designed for Guinean bauxite, while Nimba Mining has already exported 680,000 tons from stockpiles, plans to reach 10 million tons of exports in 2026 and 14 million tons later, the licence area contains about 470 million tons of reserves, Guinea is the world’s second-largest bauxite exporter with the largest reserves, and the government is increasing state control and planning a new 1.2 million ton alumina refinery to boost local value addition and revenues.
Aurum Resources Strikes High-Grade Gold at Boundiali
Aurum Resources has reported strong high-grade gold results from its large-scale infill drilling programme at the 2.41 million ounce Boundiali Gold Project in Côte d’Ivoire, confirming high-grade intercepts at the BMT3 deposit including 10.15 metres at 6.05 grams per tonne gold and 2.20 metres at 23.65 grams per tonne gold, with shallow high-grade zones intersected outside the current resource, mineralisation remaining open along strike and at depth, and drilling expanded toward 130,000 metres in 2025 using 12 owned diamond rigs, while the company maintains a strong cash position of about $43 million and plans major resource updates and a pre feasibility study in the first quarter of 2026, supporting continued growth at both Boundiali and Napié.
Namib Minerals to Restart Redwing Gold Mine in Zimbabwe
Namib Minerals will restart the Redwing gold mine in Zimbabwe in February as part of a $300 million investment plan, supported by record gold prices and an improving policy environment, Redwing hosts about 2.5 million ounces of gold with a production target of around 300,000 ounces per year and an exploration program aimed at doubling resources to roughly 5 million ounces, it is the largest asset in the company’s Zimbabwe portfolio and has produced nearly 2 million ounces since 1941, while the Mazowe mine previously produced 1.36 million ounces before being mothballed, the restart follows the government’s decision to reverse plans to raise gold royalties to 10 percent, keeping them at 5 percent unless prices exceed $5,000 per ounce, a move welcomed by major miners and seen as helping revive investment and growth in Zimbabwe’s gold sector.
Gabon Launches Mining Contract Audit Amid IMF Reform Talks
Gabon has announced a full audit of all mining contracts signed between 2010 and 2024 as part of governance reforms linked to talks with the International Monetary Fund for a new lending program, President Brice Oligui Nguema has ordered the full publication of mining agreements to improve transparency and oversight, the reforms follow the suspension of a $553 million IMF facility after the August 2023 coup, mining alongside oil is a strategic sector for the economy with manganese production led by Eramet and the Industrial and Commercial Mining Company of Huazhou, exploration by Apollo Minerals and an iron ore project being developed by Fortescue in partnership with the state, and the IMF forecasts GDP growth of 2.6 percent in 2026 and inflation of 2.5 percent next year as Gabon works to rebuild investor confidence.
PhosCo Completes Drilling at SAB, Resource Update on the Horizon
PhosCo has finished a six-hole, 431 metre drilling program at the SAB Prospect within its Gasaat Phosphate Project, with phosphate intersected in five of the six holes and strong results including intersections of 21 metres from 53.7 metres, 18 metres from 47.5 metres, and 13.5 metres from 63.5 metres, with assay results expected in January 2026 to support a maiden SAB resource estimate, while remaining assays from the high priority KM discovery are due soon, trenching has begun at KM to support its maiden resource estimate targeted for early 2026, and Managing Director Taz Aldaoud said success at SAB and KM is expected to improve project economics and feed into an updated Scoping Study planned for the first half of 2026 ahead of a bankable feasibility study.
South Africa’s Mining Icon Anglo American Shifts Global Base in Historic $69bn Deal
Anglo American Plc, a 108 year old mining company founded in Johannesburg, is moving its global headquarters to Canada after winning approval for a $69 billion merger with Teck Resources Ltd, creating Anglo Teck, one of the world’s largest diversified mining groups, with headquarters in Vancouver and offices remaining in Johannesburg and London, marking the second largest merger in African corporate history, expanding its focus on critical minerals like copper and zinc used in clean energy and electric vehicles, increasing competition with major global miners, securing Canadian and Australian regulatory approvals, planning listings in London, Johannesburg, Toronto, and New York, scaling down some South African operations due to higher costs and infrastructure issues, while still committing to long term investment, community support, and South African representation as global demand shifts away from coal and platinum.
Liberia Wins Approval for Landmark Mercury Reduction Project
Liberia has secured approval for a major mercury reduction project aimed at improving artisanal and small scale gold mining, with $7.67 million in Global Environment Facility funding and $24.57 million in co financing, led by the Environmental Protection Agency and supported by the African Development Bank Group, marking Liberia’s entry into the planetGOLD programme and focusing on reducing mercury pollution through policy reform, financial inclusion, and mercury free technologies, with goals to cut 50 metric tons of mercury over five years, restore 10,000 hectares of degraded land, avoid 148,000 metric tons of CO2 emissions, improve safety and livelihoods for 20,000 people including 12,000 women, and support Liberia’s commitments under the Minamata Convention while strengthening sustainable development and responsible gold mining leadership in the region.
Graphite Production Begins in Morogoro, Marking a Clean Tech Milestone for Tanzania
Tanzania has started graphite production in Morogoro Region through a project run by Synergy Tanzania Company Ltd in Kisanzala Village, supporting the country’s role in clean technology and strategic minerals, the project focuses on mining and processing graphite used in batteries and energy storage, the government highlighted the importance of environmental protection, responsible mining, and use of modern international technologies, the project has created over 120 permanent jobs and 66 temporary jobs, with strong attention to community development and corporate social responsibility, authorities also reviewed other mining investments such as Maruru stone production and reaffirmed their commitment to better governance, revenue collection, sustainable industrial growth, and closer cooperation between mining companies and government institutions.
Editor: Vural Burç ÇAKIR