Mining Firms Says New Sanctions Unlikely to have Direct or Indirect Impact on their Firms

Mining and exploration companies operating in Eritrea confirms that the latest sanctions have no direct and indirect impacts on their firms or operations

By Market Watch,

Dec 06, 2011 — Sunridge Gold Corp. wishes to provide an update on the latest developments regarding the United Nations Security Council’s (UNSC) actions in respect to Eritrea.

The UNSC resolution 2023 (2011), which was passed December 5, 2011, includes three sections (see the actual wording of an extract of the text of the resolution below) related to the mining industry and should have no direct impact on Sunridge’s operations in Eritrea. At this time, it is not possible to anticipate any indirect impacts of the resolution.

The mining specific sections of the resolution are reprinted below: Continue reading

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South Boulder’s Colluli DFS Expedited with A$10.1m Capital Raising

South Boulder's Colluli Deposit in Eritrea will be the biggest and closest Potash supplier to emmerging markets like India, China and the rest of Asia Markets

By Angela Kean,

South Boulder Mines (ASX: STB) will accelerate the completion of the Definitive Feasibility Study (DFS) on the Colluli Open Cut Potash Project in Eritrea with a planned capital raising of A$10.1 million.

The company will exit a trading halt this morning after announcing the non-renounceable entitlement offer of up to 9.2 million shares at $1.10 per share on the basis of one new share for every 10 held.

The company is also offering one attaching unlisted option for every two new shares subscribed for, exercisable at $1.60 each and expiring 12 months after the date of issue. Continue reading

South Boulder's Colluli DFS Expedited with A$10.1m Capital Raising

South Boulder's Colluli Deposit in Eritrea will be the biggest and closest Potash supplier to emmerging markets like India, China and the rest of Asia Markets

By Angela Kean,

South Boulder Mines (ASX: STB) will accelerate the completion of the Definitive Feasibility Study (DFS) on the Colluli Open Cut Potash Project in Eritrea with a planned capital raising of A$10.1 million.

The company will exit a trading halt this morning after announcing the non-renounceable entitlement offer of up to 9.2 million shares at $1.10 per share on the basis of one new share for every 10 held.

The company is also offering one attaching unlisted option for every two new shares subscribed for, exercisable at $1.60 each and expiring 12 months after the date of issue. Continue reading

Ethiopia Lost US$11.7 Billion in Illegal Capital Flight Between 2000 and 2009

Ethiopian dictator Meles Zenaw with his wife Azeb Mesfin: From rebellion to tyranny and corruption

By Global Financial Integrity,

WASHINGTON, DCCorruption, kickbacks and bribery are on the rise in Ethiopia, according to a forthcoming report from Global Financial Integrity, a Washington-based research and advocacy organization.  According to the study, illicit financial flows out of the Ethiopia nearly doubled to US$3.26 Billion in 2009 over the previous year, with corruption, kickbacks and bribery accounting for the vast majority of that increase. Continue reading

Thomas C. Mountain Speaks in London, Dec 17

Independent Journalist, Activist and Prolific writer, Thomas C Mountain, will deliver keynote address

By TesfaNews,

Thomas C. Mountain will be delivering the keynote address at a Pan-Horn of Africa meeting in London, U.K. at the Friendshouse on Sat. Dec. 17 from 13:30-16:30.

His adress will cover the western funded genocide in the Ethiopian Ogaden, the War on the Somali People, Storm clouds over Sudan, Sanctions against Eritrea and an overview of the strategically critical Horn of Africa. Continue reading