Chalice Gold Mines (CHN.AX) released a research report completed by Australian independent stockbroker and financial advisory group Southern Cross Equities. The report states that Chalice is an early participant in the development of a gold industry in Eritrea, where it has highly attractive exploration ground and an advanced prospect in Koka’s 1.0moz resource.

Southern Cross Equities believes that the completion of feasibility by mid 2010 and exploration activity will maintain a great deal of interest in the stock. Thus it recommends a speculative buy at the current price of $0.57 predicting a target price of $0.73 in 12 month.

Southern Cross Equities Report on Chalice Gold Mines

After the global outcry about Dubai World’s bid to restructure its debt has calmed down, the time is ripe for a more sober analysis of financial markets and the wider global economy.

Dubai World’s request for a six month standstill on its debt payment hit Western markets by apparent surprise. But looking back, the global stock markets rallies since March 2009 were not reflective of the real economy’s performance. Recent events surrounding Dubai World’s debt payment serve therefore rather as a wake-up call for investors than a real threat.

From March 2009 until November, US equity markets, for example, went up 60%. But on Tuesday November 24, one day before Dubai World’s bid for a delay in its debt payments, the US Commerce department said that the US economy grew 2.8% in Q3, slower than first thought. And businesses cut back their spending on commercial construction at 15.1% annualized pace, much deeper than the 9% annualized cutback first estimated.

Wake up call

Looking ahead, the Dubai World case has reminded the global community that the financial crisis is far from over. According to Fahd Iqbal, Vice President Equity Research at EFG Hermes in Dubai, foreign investor confidence into Dubai is ‘deeply affected’. ‘But we expect action in the coming weeks by the UAE Central Bank and more detailed information, as due to Eid official statements have been short and rare’, he told AMEinfo.com.

First reactions on Western markets might be emotionally-driven than rational, and opinions stating that Dubai could trigger a second global financial crisis should not be taken too seriously, as Hong Kong-based Dr Marc Faber states. The Swiss investment guru regards the alleged danger of Dubai World’s impact on the world economy as ‘small’ and recent stock market reactions as exaggerated.

‘The global volume of bad bank loans is 50 times higher than Dubai’s $80bn dollar debt’, Faber told Switzerland’s Cash TV on Sunday. ‘Just to give you an idea how the financial crisis a year ago took shape: six months before September 2008, when Lehman Brothers collapsed, the US investment bank already had a debt of $613bn in its books’, Faber adds. This figure eventually grew to $1 trillion.

Emotions and misconceptions

It is interesting to note that it is not only market participants who are over-strained by the news but also the international media. For example, Dubai and Abu Dhabi are still considered as two separate states by many news providers outside the Middle East. ‘Will Dubai’s neighbour state Abu Dhabi be ready to help?’ is an often-heard question. Another misconception is that the UAE has witnessed only domestic growth since its foundation 38 years ago and that it is only now that the Gulf country has had to deal with a ‘crisis’.

The reality is that the country has gone though a number of up and downs. In 1990 the fall of BCCI sent global shockwaves throughout the financial world, including Abu Dhabi. Regional wars in Iraq (1991, 2003) and Afghanistan (2001) also pushed foreign investors out of the Middle East, at least temporarily. Not to mention the stock market crash in 2006 when the UAE and KSA bourses lost 46% and over 50% respectively, after years of a stock market and IPO mania.

The Dubai World case must also not distract global investors from unsolved issues in East Asia, Europe and the US. According to Dominique Strauss-Kahn, managing director of the International Monetary Fund ‘the probability is high that US and European banks bear still 50% of their total losses triggered by the financial crisis in their balance sheets’, he told French daily Le Figaro on November 25.

‘The financial crisis did not start in Dubai and it will not end with us’, Abdulla Al-Awar, CEO of the DIFC authority told AMEinfo.com in August 2009. The global turmoil started with the sub-prime-mortgage-crisis in the US and was spread over the world when investment bank Lehman Brothers declared bankruptcy. The price for excessive-leveraging which was en vogue in the post 9/11-era has still to be paid – by the world economy and not only by Dubai World. Source: (AMEinfo)

Alexander Pushkin

Asmara, 28 November 2009 – The newly erected Pushkin Monument in Asmara was inaugurated today.

Speaking at the inauguration ceremony in which Government and PFDJ officials, members of the Russian Parliament and invited guests took part, the Administrator of the Central region, Mr. Tewolde Kelati, pointed out that the erection of the full-size Monument in Eritrean in honor of the renowned Russian poet Alexander Pushkin is the first of its kind in Africa.

The monument and the subsequent opening of the Pushkin Cultural Center would make due contribution to the development of culture, arts and education at the national and region level, he added.

Mr. Tewolde further stated that the erection of the Pushkin Monument would serve as a link between two cultures, though geographically wide apart. He further noted that Eritrea believes in the development of closer cultural exchange on the basis of equality on the part of the two sides.

The Administrator went on to express appreciation to all the parties, inducing the Eritrean-Russian Cooperation Association that made the necessary contribution to the successful accomplishment of the erection of the Pushkin Monument.

Also speaking on the occasion, Mrs. Elena Drapeko, Member of the Russian Parliament, explained that Pushkin’s great artistic works are treasured worldwide, and said that the renowned poet was proud of his African origin. She further expressed hope that the erection of the Monument would play due role in enhancing Eritrean-Russian relations.

A number of artistic presentations were staged during the inauguration ceremony, according to reports. Source: (Shabait)

Asmara- Gulai Ezekiel Nelson has found an elixir to cure the feeling of hopelessness in times of hardship.

In the middle of the night, in Asmara and in the midst of one of the most difficult times the religious man blows away all fears and worries with his golden trumpet.

Because of severe draught in some parts of Eritrea, many people fear a poor harvest and renewed famine. Nonetheless, where there is hardship hope is not far away. There is a sweet melody coming out of the Lutheran Community Centre nearby, carrying a hopeful message through the night sky and far beyond the buildings and roof tops of the Eritrean capital. The message is “Praise the Lord” from Paul Gerhardt.

Ezekiel Nelson Gulai’s composition for hope works like this: Take a trumpet, a trombone and a tenor horn, blow into it with all your force and bring the air to vibrate, then your problems will be blown away for a while. “We want to praise God with everything we have,” says the 57- year old music teacher.

An import with obstacles

This time Gulai is joined by two very special musical compatriots: Jochen Hutt, Head of a Civil Engineering Office and Gustav Faigle, Conductor of a Brass Instrument Ensemble from Germany. They brought along six other Germans who made the 3000 km journey to bring Gulai new instruments and share their passion for music.

The journey had its first small obstacles at the stopover in Yemen, a country known for its reputation of tourist hijackings. At the airport in Sanaa the Germans draw the attention of airport officials because of their odd shaped luggage with the shiny and golden content. The officials screened the luggage at a special security checkpoint and placed stickers with the label “Fragile” on it.

However, things started to get really complex with the cargo when arriving at Asmara Airport. The day aliens from Mars should invade our Earth, disembarking from a space ship with strange shaped luggage under their arms, the look on our face would not differ much from the look of three customs officers in Asmara.

They must have been prepared for a lot of things on the late arrival flight from Sanaa, but surely not for eight Germans marching with strange looking and “Fragile” labelled bags through security customs. Gustav is the first person to be stopped. You could see how baffled the customs people were, while the laid-back German opened slowely his luggage. One of the custom officers made the first move asking, “Are you Musicians?”

Even before having finished explaining that the instruments should remain in the country as gifts, the second customs officer alerts his colleagues pointing to the next three suspicious looking bags. When they found another trumpet in the private suitcase of one of the Germans it was finally over with the patience of the officials. The supervisor on duty confiscated all instruments and said, “You need to pay customs for that!”

No chance that upright officials would allow gifts to enter the country without declaring them. The Germans say that it would have been impossible to fund the journey if they would have declared all their cargo officially before starting the trip.

This tour is not the first of its kind. Already several other groups from the region have flown to Asmara to provide aid in the form of musical instruments in the past. The projects are financed through private charities which organise small ventures and events in order to raise money for a good cause.

Before the instruments could be finally handed over to Neslon Gulay he had to overcome some bureaucratic hurdles. First the president of the Evangelial Lutheran Church in Asmara had to confirm that the presents are welcome.

Further, Gulai had to get a letter signed by the religious authority in charge. Finally, after having sorted out all the formalities, paper work and a ransom of 150 Euros Nelson Gulai was allowed to pick up his gifts.

Even if the Germans would have not managed to hand over the instruments to Gulai, the visit itself was already encouragement enough for the Christian community. “That you have come from far away shows how great your love is,” says Nelson Gulai. A different member adds, “This shows us that God has not forgotten us”.

For years, about five million Eritreans live in hardship in the Horn of Africa. Eritreans wants to be self sufficient and do it better than their southern neighbour Ethiopia. Eritrea has fought for decades a long war for independence with Ethiopia and tensions are still high due to an unsolved boarder dispute.

This explains why the country has an army of 400.000 soldiers. Once the young men and woman are old enough, they will be called up for military service. On top of an already weakened economy.

Nelson Gulai’s cause is to build something lasting in times of hardship. The big politics lies in the hands of God, at least not in his. He wants to teach young Eritreans the art of music, culture and spirituality giving them a chance to express themselves and to leave a lasting mark of their own.

His music schools are schools of the generations. ”If we have enough instruments,” says Gulai, “then the older ones can teach the younger. Even if the older generation has to go the military, we will not loose all the knowledge and skills at once.”

He founded three brass choirs with German support. More than thirty instruments delivered by communities in south-west Germany have helped several students in towns such as Asmara, Keren and Barentu to perform music. The new instruments are for a new choir in the town of Mendeferra, about an hour’s drive south of Asmara.

“Things start to roll”, says Nelson Gulai with his eyes fixed to the wall and a soft smile. His dream is a big concert at Christmas with all the trombone choirs and his German friends sitting in the audience. “In order for you to see how big your plant is already grown,”Gulai says. (Article edited from Stuttgarter Zeitung.)

Erik Solheim

Norway has decided to increase emergency relief to Kenya, Somalia, Eritrea and Ethiopia because of the drought. The announcement states that at the same time it is important to increase food security.

According to the Norwegian Ministry of Environment and International Development more than 20 million people are suffering from hunger as a result of the severe drought and conflicts in this densely populated region. Norway is now allocating NOK 40 million in emergency relief to victims of the drought.

“I am deeply concerned about the civilian population, who are severely affected,” said Minister of the Environment and International Development Erik Solheim. “The situation is acute. Nearly half of the world’s food aid goes to the Horn of Africa today. At the same time we must focus on finding lasting political solutions to the conflicts in the region.”

The Norwegian allocation has already been disbursed, most of it through the World Food Programme (WFP). It is vital to increase food security in the region. In Somalia, the security situation of aid workers is so precarious that it is affecting the distribution of emergency aid. Kenya and Ethiopia are in a position to feed their own populations, but food aid undermines local food production and the people’s ability to help themselves. This creates new crises.

Norway is one of the largest donors to the Horn of Africa. Total Norwegian assistance to Kenya, Somalia, Eritrea and Ethiopia in 2009 will total approximately NOK 270 million. This figure has increased by NOK 70 million since the previous announcement by the Norwegian Government to provide aid to the region in early September.

Emergency services in Shanghai are attending the scene of a crash involving a Boeing MD-11 freighter operated by cargo carrier Avient Aviation.

Seven crew members were on board the aircraft, and initial indications point to at least three fatalities.

Avient says that the accident occurred during take-off from Shanghai Pudong International Airport at 08:16.

The aircraft was operating a charter freight flight, says Avient, which has a UK headquarters although its fleet is registered in Zimbabwe.

“At this time, the full resources of Avient’s accident response team have been mobilised and will be devoted to co-operating with all authorities responding to the accident,” the carrier adds.

While the identity of the airframe has yet to be confirmed, Avient had only just taken delivery of its first MD-11F – registered Z-BAV, serial number 48408 – in the last few days.

This aircraft is an 18-year old Pratt & Whitney PW4000-powered example. Avient opted for the MD-11F to begin replacing its McDonnell Douglas DC-10-30Fs. Source: (RATI)

Middle Eastern carriers Yemenia and EgyptAir have avoided being included on the European Commission’s blacklist of banned airlines, having faced scrutiny over the past few months.

Yemenia’s case has been discussed by the air safety committee responsible for drawing up the blacklist, notably following the fatal loss of an Airbus A310 in June, but it has concluded that the airline should remain unfettered.

EgyptAir had also been warned of possible restrictions over concerns about the number of safety issues turning up during inspections. The carrier does not appear on the latest blacklist update, issued today.

But the revised list extends a European blanket ban to another three states – the Republic of Congo, Sao Tome and Principe, and Djibouti – after the identification of deficiencies in safety oversight by the national regulators. The extension means that practically all airlines from a total of 15 countries are forbidden from conducting European Union operations.

Ukrainian carriers have been lifted from the blacklist, although two of these – Ukraine Cargo Airways and Volare – were removed by default, having had their air operator’s certificates withdrawn.

Ukraine’s Motor-Sich Airlines has been removed from the list after the “receipt of certain information” from Ukrainian authorities, says the Commission.

It adds that Ukrainian Mediterranean Airlines (UM Air) has had restrictions partially lifted, but is still only allowed to operate a single Boeing MD-83 within Europe.

“We cannot afford any compromises in air safety,” says European transport commissioner Antonio Tajani.

“Our aim is not just to create a list of airlines that are dangerous. We are ready to help those countries to build up their technical and administrative capacity to guarantee the safety of civil aviation in their countries.”

Progress on addressing concerns at Angolan flag-carrier TAAG has also resulted in the carrier’s being permitted to operate four Boeing 737-700 aircraft on European services in addition to its Boeing 777s. Source: (RATI)

The race’s home, the ‘Monte Valonsadero’ circuit, is a beautiful forest on the outskirts of Soria well-known for having been 1992 Olympic 1500m champion Fermín Cacho and 1997 and 1999 World Marathon gold medallist Abel Antón’s usual training place for many years.

Undoubtedly, the marquee athletes on Sunday will be Ethiopia’s Gebre- egziabher Gebremariam and Kenya’s Linet Masai. Both stars should continue their successful European tour following Gebremariam’s sprint wins in Atapuerca (8 Nov.) and Oeiras (21 Nov) while Masai also kicked off her XC season in style by capturing a solid win in Llodio last Sunday.

Trying to deny Gebremariam top spot will be Eritrea’s Kidane Tadese and his fellow Ethiopian Mesfin Hunegnaw, a top-ten from the last World Championships in Amman who more recently took second at the Quintanar permit (15 Nov) sandwiched between Spain’s Alemayehu Bezabeh and Eritrea’s Teklemariam Medhin.

As for Kidane, a respectable ninth at the Berlin Worlds over 10,000m just a place ahead of Gebremariam, he recorded a third spot in Llodio where Hunegnaw had to settle for seventh while Issak Sibhatu, also of Eritrea, will also look for a top-five performance on Sunday.

Test for powerful Spanish squad

But the event also acts nationally as the key selection race – alongside last weekend’s Llodio permit – for the Spanish team for the European Cross Country Championships in Dublin (13 December) where the Spaniards will be looking for a hat trick of team gold medals following their top spots accomplished last year in Brussels and the previous season (2007) on the home soil of Toro.

Despite the absences of the three-time European Cross Country silver medallist Juan Carlos De la Ossa, who underwent surgery last month and will miss the entire winter season, and Chema Martínez – focused on his Marathon career after being the leading European at the last World Championships in Berlin – the ‘red-men’ should still be regarded as favourites for the gold medal in Dublin.

Apart from Bezabeh, – who will skip Sunday’s cross since he has planned a build-up for Dublin in his native Ethiopia – the local hopes on Sunday will rest on Ayad Lamdassem as the Moroccan-born 10,000m specialist (27:45.58 PB) came seventh in Atapuerca to improve to fifth in Llodio. The 28-year-old was the top Spaniard at the last Europeans in fourth.

Other local athletes on the Dublin ticket quest include Francisco Javier López, and Manuel Penas (a 27:58.76 10,000m performer) who finished ninth and tenth in Llodio just ahead Uganda’s Boniface Kiprop; the former World Junior 10,000m record holder, also in contention in Soria, is making a return after being forced to miss the 2009 outdoor season due to a groin injury.

3000m European indoors 4th placed Sergio Sánchez, top steeplechaser Eliseo Martín and reigning European 5000m champion Jesús España are also in the line-up.

Masai unchallenged?

In the women’s section Kenya’s Linet Masai appears as the only and overwhelming favourite. The in-form reigning World 10,000m champion is fresh from a more-than convincing victory last Sunday in Llodio where she built a huge margin over the rest of the quality field.

Masai, who is also the current World Cross Country silver medallist from Amman, became a heroine for the Kenyan fans last summer when she took the World 10,000m title back to Kenya after a 12-year Ethiopian stranglehold in the event since Sally Barsosio managed the win in Athens 1997.

Still 19, Masai should not find opposition from Portugal’s Ana Dias; the experienced 35-year-old, a 16th placed at the Berlin World Championships also over 10,000m, will be making her cross country season this campaign after a 2h30:12 Marathon effort five weeks ago in Venice while the Spanish contingent will be headed by the 30-year-old steeplechaser Rosa Morató, fresh from a fourth place in Llodio and a creditable fifth at last year’s Europeans in Brussels.

Among the illustrious winners in previous years in Soria are: Ethiopia’s 2000 Olympic 5000m champion Million Wolde (1997), Kenya’s 2001 World 10,000m champion Charles Kamathi (2002), his compatriot Sally Barsosio (1994) who took the 10,000m gold medal at the 1997 Worlds in Athens, and Eritrea’s 2007 World Cross Country champion – and current bronze medallist – Zersenay Tadese who took top honours in 2004.

Weather forecasters predict a cloudy day on Sunday with almost 100% of rain likelihood and a temperature range between 6ºC and 8ºC by the time of the event. Source: (IAAF)

Antofagasta PLC (ANTO:LN) the Mining, Transport and Water Group which agreed in October 2009 to form a strategic partnership with Sunridge Gold whereby Antofagasta arranged to fund US$10 million of exploration work on Sunridge’s Asmara Project in Eritrea has released its unaudited result for the nine months ended 30 September 2009.

According to the report the Group turnover has decreased by 39% compared to the same period previous year from US$3,310.3 million in 2008 to US$2,019.6 million in 2009. The company states reduced sales volumes in copper as well as lower realised copper and molybdenum prices have lead to the drop in earnings.

The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), a measure approximating a company’s operating cash flow excluding distorting accounting and financing effects, has dropped by 49,1% compared to the same period previous year from US$ 2,216.1 million in 2008 to US$1,127.3 million in 2009.

Antofagasta became the largest share holder of Sunridge Gold with a US$5 million private placement financing into the company in 2009. Thus a representative of Antofagasta was appointed to Sunridge’s Board of Directors this month.

Asmara, 25 November 2009 – President Isaias Afwerki underscored that the distorted and baseless anti-Eritrea accusations and intended measures in connection with the Somali issue would be a resort the authors and implementers of which stand to regret.

The President made the salient remarks in an interview he conducted today with the Washington Post newspaper here in Asmara. Indicating that the course being pursued by the international community in general and the forces directly involved in the Somali issue in particular has failed to bear any fruitful outcome, he emphasized that it is unjustified to level accusation against Eritrea, and that the failure of various past attempts fully attest to Eritrea’s correct stance.

President Isaias stated that there is no reason for Eritrea to support one party against another regarding the Somali issue, and that it has nothing to gain from such a game. He further pointed out that there is no reason at all for Eritrea to send arms to Somalia where there exists huge arsenal of armaments for a long time and is still the center of arms sales. In this connection, the President reminded the international community to draw lesson from a failed experience and strive for the realization of a comprehensive political solution to the Somali issue.

On Eritrean-US relations, President Isaias explained that the cause for problems in relations between the two countries was the fruitless policy pursued by Washington over the past 20 years both globally and at the level of the Horn region. As such, it is not because the US pursues hostile policy towards Eritrea, he added. Noting that Washington’s policy of ensuring control in Africa in general and the Horn in particular through regional giants has been further complicating regional problems, the President indicated that the hasty and unstudied steps taken in various parts of the world after 9/11 not only complicated issues but also made solutions impossible.

As a significant world power, the USA is duty-bound to formulate a workable and fruitful policy fit for the 21st century through reviewing past policies and the problems resulting thereof, he elaborated.

Replying to a question regarding the intention on the part of youths to migrate abroad, President Isaias said that such a phenomenon being witnessed in all corners of the world emanates from the desire to lead ‘high standard of living’ in foreign lands, and that it is not only becoming a headache to the countries of migration but is also the source of organized crimes.

He went on to explain that if at all youth migration is considered as brain drain ploy, the available potentials in Eritrea could never be an easy target for that sinister design. President Isaias underlined that although there are instances in which Eritrean youths migrate abroad due to temporary problems, their devotion to their people and the Homeland is nonetheless unquestionable, as being amply demonstrated in their active participation in the activities of Eritrean communities in the Diaspora. Source: (Shabait.com)

Mehretab

TEENAGE athlete Mehretab Solomon became Heathside’s first London men’s champion in more than 30 years on Saturday – despite only entering the race as a junior.

Eritrea-born Solomon was officially running in the Under-20 catagory at the London cross country championships at Parliament Hill, which was run in tandem with the senior men’s race.

However, he stormed into the lead ahead of the 262 other runners, and stayed there all the way to the end to win in a time of 32 minutes and 23 seconds, becoming the first Heathsider to win the title since current chairman Jerry Odlin way back in 1977.

Meanwhile, Highgate Harriers won the men’s and women’s team awards, while Becky Penty was second in the women’s race and David Bruce was third runner overall.

In the women’s race there was a cat and mouse battle between the experienced Julia Bleasdale and Highgate’s Penty, and the result was not concluded until within a mile from the finish line, when Bleasdale surged ahead to win in 21:24 ahead of Penty in 21:33.

Svenja Abel, who has had to battle recurring injuries all season, ran brilliantly to come in fourth in 22:19, and Kate Meredith was the fourth scoring team member, finishing 31st in 23:45.

Other Highgate runners in the race were first London veteran Astrid Wingler in 39th (24:00), Sarah Bailey (49th in 24:22), Alexia Trafford (65th in 24:55), Jenny Turner (26:12), Natasha Cendrowicz (26:41), Sonja Saqui (27:46) and Sarah Chapman (30:10).

In the Under-17 race Aimee Jane-Potter was 65th in 24:24 and in the Under-15 race Isabel Barnes was 66th in 18:14 and Francesca Simpson 73rd in 18:41.

The final standings saw Highgate Harriers finish on 49 points, Serpentine 57 and Met Police 61.

Other Highgate runners to finish well inside the first 115 were: Henry Dodwell (10th in 34:13), Dale Bickham (17th in 35:05), Glenn Saqui (19th in 35:25); Peter Downie (24th in 36:13), Nick Gold (32nd in 36:51), Chris Beecham (35th in 37:00), Jonathan Deane (42nd in 37:10), Steve Thompson (53rd in 37:56), Chris Bailey (59th in 38:11) and Max Coventry (67th in 38:45). Source: (Hamhigh)

Massawa

Meals are available in all hotels. There are also hotels and guest houses in smaller towns whose prices are generally slightly lower than for those in the main centers.

When making reservations, check for service charges and sales taxes. Hotel bills must be paid in hard currency known as Nakfa. Credit cards are accepted in major hotels, airlines and majortravel agencies.

Foreign currencies can be exchanged at the Commercial Bank of Eritrea in Asmara which provides the best exchange rate, private exchange offices and major hotels. Source: (PR-inside)

Major Banks and hotels in Asmara and Massawa accept traveller’s cheques, US Dollar traveller’s cheques being the most recommended. Don’t hesitate to go out and taste the food and drink in the restaurants. Italian cuisine dominates in larger cities while Massawa is renowned for its excellent seafood, especially prawns and lobster.

National specialities include kitcha (thin bread from wheat), injera (a spongy pancake), tsebhi and alicha birsen while national drinks include bun (coffee), shahi (plain tea), swa (beer from local grain) and fruit juices. Get yourself gold and silver jewelery, woodcarvings, leather items, spears, drums, carpets and wicker goods. A certain amount of bargaining is expected in market places but prices in shops are usually fixed.

Finding cheap flights to Eritrea is not that easy, you need to do researching as well as planning ahead of time. Airfares are usually the most expensive part of a vacation trip, next to it would be hotel accommodations, this is why most of those who plan to visit the Eritrea would surely want to go after those cheap flights to Eritrea. Nevertheless, once you arrive in the country, most of the things you will find there have adequately cheap prices, like food, transportation, souvenir items, clothing stuffs, and other accessories you may want to buy, way much cheaper compared to buying the same things from other countries.

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