Mining

The vessel has successfully reached Namibian waters and is set to commence operations in Hottentots Bay. (Image source: Kenzoll Capital)

Acquired by private equity firm Kezoll Capital in partnership with LK Mining, the Adamastor offshore diamond mining vessel has arrived at Lüderitz harbour and is set to commence operations in Hottentots Bay

The vessel is outfitted with state-of-the-art marine mining technology and is capable of extracting diamonds up to depths of 32 metres. Advanced systems include hydraulic extraction, onboard diamond processing and a dynamic positioning system mean that the vessel will surely become an important asset for Kenzoll Capital and its local partners in Namibia’s offshore mining sector.

“This is a landmark moment for Kenzoll Capital and our partners at LK Mining,” said Lazarus Jacobs, representative of LK Mining. “The arrival of the Adamastor represents more than just an operational achievement – it’s a testament to our dedication to Namibia’s mining industry and the economic and social development of the Lüderitz region.”

A ripe diamond market

The acquisition and deployment of the Adamastor vessel in is aimed at taking advantage of the Namibian coast being recognised as one of the richest deposits of premium-quality gem diamonds globally. This reputation, and the country’s stable political environment, has made it a favourable location for further investment, despite the instability in the international diamond sector. Initial assessments of Hottentots Bay indicate promising diamond recovery rates, with yields expected to average between 0.2 and 0.4 carats per cubic meter.

The Kabanga Nickel Project is believed to be one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. (Image source: Lifezone Metals)

Anna Rabin, founder and managing director of Above Ground Advisory, discusses Tanzania’s resurgent mining sector, one buoyed by diverse mineral resources and refocused administrative support

Founded in 2021, Above Ground Advisory offers strategic consultative support for the extractive sector with a focus in Tanzania. Boasting a team of experts with a depth of understanding across the political, regulatory, technical and commercial dimensions of the industry, it assists companies to enter the market, helps them understand it, and ensures they operate in a compliant manner.

“The company is growing in lockstep with the growth of the sector in Tanzania,” explained Rabin. “We are focused on the country and have not really needed to diversify to neighbouring geographies because the Tanzanian mining sector has been on such a promising path.” While such a statement would have raised eyebrows in the previous decade, it is a testament to the changing narrative the current administration has fostered in the country. “In 2017, the mining legislation was all but fundamentally overhauled by the former President in a way that had very limited stakeholder engagement. What we saw was the large-scale mining operations continue to operate, but early-stage investors pull out. In the middle, there was a group of those who had already transitioned from a prospecting licence to a mining licence who had invested too much money to leave, but got stuck as the regulatory regime and political climate was not viewed by investors as being stable enough. This has resulted in a backlog of projects.

“The current administration and President has been having far more constructive conversations in this field, particularly around debt financing,” Rabin continued. “Many of the companies which were pursuing the projects in limbo were listed as juniors so couldn’t self- fund, so they needed external financing, largely debt. The conversations are now happening and are more productive. Now, the financial institutions are looking more favourably on Tanzania.

“There is perhaps still a gap between the level of detail in the Mining Act and its accompanying regulation and this is slowing down some negotiations. But, generally, it is more positive and we are witnessing a real appetite for people to invest in Tanzania.”

Digging into some of this detail, Rabin referenced the 2023 Mining Corporate Social Responsibility Regulations which aimed to provide clarity and detail to the CSR plans referenced in the Mining Act. This stipulated, as an example, that the allocation for CSR projects will be 40% assigned for projects in the local village of the host community and 60% for projects in the district, town and municipal councils of the host community.

“Such advancements are more specific about where the needs should be met whereas, previously, this level of detail was not there. It also encourages a more consultative approach with the local community to ensure the CSR contributions are valuable. Finally, the regulations add a requirement to have an approved CSR plan as well as quarterly and annual self-assessment reporting to ensure companies stick to their commitments. All this adds a lot more rigour from a compliance perspective to ensure contributions match with the needs of the host community and provides greater clarity for mineral rights holders.”

Discover the full interview in African Review November available here.

With the funding secured construction of the Koné project will be getting underway. (Image source: Adobe Stock)

Montage Gold has entered into a final documentation with Wheaton Previous Metals International Ltd. And Zijn Mining Group Co Ltd. in order to unlock financing for the Koné gold project in Côte d’Ivoire

“Today’s announced US$825mn funding package for the construction of our flagship Koné project in Côte d’Ivoire provides significant funding headroom, ahead of launching our construction, as it increases our liquidity sources to approximately US$970mn," Martino De Ciccio, CEO of Montage. "Moreover, it is the culmination of an exhaustive financing process which generated strong interest given the high-quality nature of our project coupled with management’s proven construction track record.

“With the financing milestone now achieved, we look forward to soon launching the construction of our Koné project, which is set to become West-Africa’s next sizable, long-life, low production-cost gold mine, and poised to unlock value for all stakeholders.”

Randy Smallwood, president and CEO of Wheaton Precious Metals Corp., added, “With essential permits in place coupled with its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa and we are very pleased to partner with Montage to deliver a full financing package for its development. Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné Project is expected to significantly boost Wheaton’s near-term annual gold production and further strengthen our peer-leading growth trajectory.

"We look forward to collaborating with Montage’s outstanding team, whose extensive experience in West Africa had driven remarkable progress in de-risking the project and advancing it towards construction.”

The new announcement is the next step in the mine’s rapid progress towards construction. In July, the Council of Ministers of Côte d’Ivoire awarded the mining permit for the project to Montage. Click here to learn more.

Around 9,900 attendees were present at Mining Indaba 2024. (Image source: Alain Charles Publishing)

Investing in African Mining Indaba 2025 will run from 3-6 February 2025 at the Cape Town International Conference Centre, and will continue in its bid to build a stronger, more resilient sector

This year, the premier platform for deal-making, investment and corporate networking, has built and released its 2025 agenda around the theme of ‘Future-Proofing African Mining, Today!’ which will be anchored on seven key content pillars. These include Industrialising Africa; Future-Proofing our Communities; Delivering Effective Net Zero & Just Energy Transition Strategies; Maximising on Africa’s Critical Minerals Endowment; Giving a Voice to Future Generations; Adopting Game-Changing Technologies; and Prioritising Health & Safety.

“We stand at a critical juncture for African mining,” surmised Laura Nicholson, head of content & strategic partnerships for Mining Indaba. “The 2025 theme underscores the urgent need for the sector to proactively address challenges while capitalising on emerging opportunities. This requires bringing together not only decision-makers, investors, and miners, but all key stakeholders from across the value chain, including mining communities and indigenous people, next-generation professionals and downstream buyers.

“Never before have we fully engaged the entire ecosystem of mining, but we are moving forward into a different future, unlike any we’ve seen in the mining industry before. Adaption requires thinking holistically about the entire value chain and connecting with all those directly and indirectly affected by it.”

Shaping the future of African mining

The show will feature four newly-launched key programmes – Disruptive Discussions, Sustainability Series, Technology & Innovation Hub, and the Intergovernmental Summit – aiming to showcase discussion themes and support a sustainable future.

“The industrialisation of Africa is contingent on the strong performance of the mining sector – which must ultimately support local mid- and downstream value-addition opportunities for additional mineral beneficiation and ultimately full-scale manufacturing,” Nicholson added.

For the first time, the event will showcase actionable strategies for building resilient mineral supply chains, enhancing Africa's role in global critical minerals production, and deepening partnerships between governments and the private sector to ensure responsible resource development.

“We’re not just future-proofing the industry; we’re shaping the future of African development itself,” Nicholson commented. “Mining is no longer just about extraction – it's about value creation across the entire ecosystem. From rare minerals to critical metals, African mining is driving the innovation, infrastructure, and sustainable economic growth needed for tomorrow.”

Mining Indaba is looking to build on the success of the 2024 edition which saw record participation. Around 9,900 attendees were present, including more than 1,200 investors and 2,000+ executives from mining companies worldwide. Discover African Review's report on the edition by clicking here.