View Full Version : Major Mining Companies Operating in Yemen

27th October 2010, 10:22 AM
Major Mining Companies Operating in Yemen

The Republic of Yemen
Population: 23 million
Location: Approx 500km’s S.W. of Dubai (UAE)

Cantex Mine Development & Vale International SA
Joint Venture Project: Suwar, Wadi Qutabah nickel, copper, cobalt and platinum group element projects.

In November 2008, the Company signed a letter agreement with Vale International SA (“Vale”), a wholly-owned subsidiary of Companhia Vale do Rio Doce (NYSE: RIO, Vale), for the Company’s Suwar, Wadi Qutabah nickel, copper, cobalt and platinum group element projects in Yemen.

Vale may earn a 40% participating interest in the Suwar project if a pre-feasibility study is completed on or before July 31, 2012, US $3 million is spent on the Suwar project and a US $1 million option payment is made to Cantex. An additional 11% can be earned by completing a feasibility study and a further 9% interest can be earned by financing mine development and achieving commercial production. If Cantex’s share of mine development costs are carried through to production by Vale, they are recovered by Vale as a development loan from 80% of Cantex’s share of profits.

Cantex Mine Development & Cheetah Ventures Inc.
Joint Venture Project: Al Hariqah, Gold Project
Sept. 20th, 2010

Cheetah Ventures Ltd.'s wholly owned subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of intent with Cantex Mine Development Corp., whereby the company will be granted an option to acquire up to a 70-per-cent interest in certain mineral claims located in Yemen and known as the Al Hariqah project. The company's interest will be earned in stages, but, to earn the full 70-per-cent interest, the company is required to finance exploration expenditures totaling $5-million plus 70 per cent of the costs required to put the project into commercial production. The company is obligated to finance a minimum of $2-million as a firm commitment and will earn a 40-per-cent interest upon expending a total of $4-million and completing a prefeasibility study by March, 2012. It can then earn an additional 10-per-cent interest by expending an additional $1-million toward exploration work and completing a feasibility study by September, 2013, and can earn a final additional 20-per-cent interest by financing 100 per cent of the costs of placing the claims into commercial production. In the event that a mine is developed, Cantex will reimburse the company for 30 per cent of the costs associated with commercial development of the mine from 80 per cent of Cantex's share of mine profits. The letter of intent and transactions contemplated therein are subject to a number of material conditions, including, inter alia, the negotiation of a definitive agreement, delivery and approval by the company of a compliant National Instrument 43-101 report, and TSX Venture Exchange approval. A finder's fee is payable in connection with the transaction upon final closing.

About the Al Hariqah Project

The Al Hariqah project is a large body of gold mineralization discovered by Cantex. To date, Cantex has spent over $10-million mapping, sampling and drilling the Al Hariqah project, and has identified two parallel zones of gold mineralization 30 metres to 50 metres wide with a strike length of over four kilometres. Mineralization has been intersected from surface to a depth of 200 metres and remains open at depth.
Within the 30-metre-wide to 50-metre-wide zones are frequent small pods of high-grade mineralization (up to 200 grams per tonne gold). In many cases, this high-grade mineralization contains visible gold. To date, 162 drill holes have been drilled on the project, with 45 of these yet to be deepened with core drilling. The reliability of Cantex's historical data is unknown but is considered relevant by the company. The data are non-NI 43-101 compliant and should not be relied upon. It is Cantex's intention to complete an NI 43-103 report on the project; however, final results may produce results that differ substantially from the results stated in this news release. Once drilling on the remaining 45 holes is complete, a prefeasibility study will be undertaken. An NI 43-101 report on the Al Hariqah project is presently being prepared.

AngloGold Ashanti Limited & Thani Dubai Mining Ltd. - Form Strategic Alliance
Wednesday, June 10, 2009

AngloGold Ashanti Limited and Thani Dubai Mining Limited are pleased to announce the formation of a strategic alliance to explore, develop and operate mines across the Middle East and parts of North Africa. Each company will have a 50% interest in the alliance which will explore for gold, precious and base metals.

The alliance brings together a combination of regional business knowledge and relationships with global exploration and mining expertise. Thani has extensive knowledge of developing resource businesses in the Middle East and Africa, long standing and high level relationships with national governments and major industry players, a thorough understanding of risks associated with mineral resource development and the requisite technical know-how.

The alliance will be led by a board, which will comprise equal numbers from AngloGold Ashanti and Thani. Project acquisitions and exploration programmes will be equally funded by AngloGold Ashanti and Thani, up to and including the completion of the project prefeasibility study. Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations.
The alliance has already identified opportunities in the region and an evaluation process of these opportunities is currently in progress. A technical and business development group is currently being assembled and will operate from Dubai, U.A.E.

Mark Cutifani, AngloGold Ashanti’s Chief Executive Officer commented: “We are very pleased to enter into this alliance with a well respected and prominent UAE based company with extensive business knowledge and relationships in the region. We believe that the complementary skills and regional expertise that this alliance brings will provide the mechanism for achieving the alliance’s strategic objectives in the region.”

The chairman of Thani Dubai Mining, Mr Abdulla Al Thani said: “We are very pleased to enter into this alliance with such a well respected mining partner. Both parties have much to contribute to this alliance which is well placed to become one of the leading mineral resource developers in the region.”

About Thani Dubai Mining Ltd:

Thani Dubai Mining Limited is a wholly owned subsidiary of a privately held company, Thani Investments LLC, based in Dubai, United Arab Emirates. TDML is a gold exploration company currently undertaking programs on concessions located in both Yemen and Egypt. The Medden concession, located near Al Mukalla, Yemen is currently at the pre-feasibility stage. SRK Consulting (Johannesburg) recently defined Measured and Indicated Reserves of 234,000 oz Au. and an Inferred Resource of 930,000 oz Au for the project. An extensive surface and underground exploration program is underway at the Medden site to increase the Resources and Reserves. At the other concessions in Yemen and Egypt, exploration programs consisting of surface mapping and sampling are underway to define drill targets.

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