capitaleritrea

Eritrean Minister Participates in COMESA Summit

capitaleritrea — Fri, 03 Sep 2010 15:37:55 +0000

Asmara, 3 September 2010 – (Shabait) – The Minister of Trade and Industry, Mr. Estifanos Habte, participated in the 14th COMESA Summit that was held in Lozitha city, Swaziland, from August 31 to September 1.

In the summit conducted under the theme: “Harnessing Science and Technology for Development,” the COMESA member states reached understanding on the need to reinforce efforts and allocate enough budget in research and communication technology, set up joint science and technology parks, as well as utilize biotechnology in the agriculture sector and nano technology in the health sector.

The summit also assessed the developments registered in the tripartite-free-trade among the COMESA, the South Africa Development Community and the East African Community, besides giving work directives as regards the finalization of the process.

Taking note of the significance of the prevalence of peace and security in the COMESA region towards attaining development and facilitating the economic integration process, the summit held extensive discussion and adopted resolutions and recommendations.

Also in a meeting held earlier beginning from August 18, the unilateral governmental committee, the Ministers and Foreign Ministers Council reviewed the tasks accomplished last year, in addition to submitting the proposal of the action plan for next year to the COMESA member states summit for approval.

COMESA is a regional organization comprising 19 countries from Eastern, Southern and Northern Africa.

Eritrea and Belarus Sign Cooperation Agreement on Education

capitaleritrea — Tue, 31 Aug 2010 15:30:16 +0000

Belarusian News Agency BelTA reports that the Belarus Education Ministry and the Eritrean Education Ministry have signed an agreement on cooperation.

The document was signed by Ambassador Extraordinary and Plenipotentiary of Belarus to Russia Vasily Dolgolev and Ambassador of Eritrea to the Russian Federation Teklai Menassie Asgedom in Moscow on 31 August.

According to the agency Eritrea has joined 84 other countries which have students attending Belarusian universities.

The Eritrean youth would like to study in Belarus, Teklai Menassie Asgedom told BelTA. He also noted that the Eritrean side is ready to invite Belarusian professors and specialists to work in the East African country.

According to Vasily Dolgolev, it is the first signed agreement between Belarus and Eritrea. The agreement will allow both the countries to develop cooperation not only in the education area but in other areas as well, the diplomat noted.

Potash Creates Growing Interest: Fertiliser

capitaleritrea — Tue, 31 Aug 2010 14:57:18 +0000

South Boulder Mines Eritrea

By Tim Boreham, The Australian

We suggest that 99 per cent of the room wouldn’t raise their arms, and those who do are fibbers or fertiliser tragics. Given the Big Australian’s ballsy ploy, we’ll be hearing much more about the potassium-rich substance that is as crucial to growing food as phosphate.

For the uninitiated — that is, the 99 per cent — potash is the catch-all name for various potassium salts. Most fertilisers consist of three core elements — nitrogen, phosphate and potassium — with the consistency varying according to the type of crop.

Potash global consumption stands at 50 million tonnes a year and unlike most raw materials Australia doesn’t produce an ounce of it. Production is dominated by Russia’s Silvinit and Uralkali, rumoured merger partners that account for more than half of global production. Traditionally, Germany has been the leading producer.

South Boulder Mines (STB) chief Morry Hughes says there are barriers to developing potash deposits, including their depth: the last new mine started in Germany in the late 1980s. But on the plus side they’re usually uniform in quality and also extensive. Potash Corp, the biggest single producer, acts as oil’s equivalent of an OPEC swing producer, curtailing or increasing production according to demand trends.

The global potash price has been favourable, hovering at about $US340 a tonne. This compares with the average $US620 a tonne at the 2008 peak, but is well up on the $US175 a tonne level of 2006.

As with phosphate, potash pricing was meant to be immune from the global financial crisis, despite the perception that fertiliser is immune from the cycles because everyone has to eat.

In truth it is more complicated: corn and palm oil growers created a spike in demand when oil prices soared because their product was being used for biodiesel.

Locally, there are three or four resource juniors playing in potash, although not necessarily exclusively in that commodity.

South Boulder Mines has been better known for its Duketon nickel venture in Western Australia with Independence Gold, but it’s also appraising its “world class” Colluli potash project in Eritrea.

South Boulder had a tenement at Lake Disappointment, next to fellow potash hopeful Reward Minerals (RWD), but native title difficulties sent the company scouring the world.

It settled on the emerging mining province of Eritrea, where potash has been used for centuries.

“We have been involved in potash for some time, which not many people have given us credit for,” Hughes says.

But with BHP getting into potash in a humungous way there are more investors coming on board. He estimates between 20 per cent and 25 per cent of South Boulder’s share base has been attracted by potash.

In a 50-50 venture with Rum Jungle Uranium, Reward is working two exploration leases over a 150km expanse in central Australia, from Lake Amadeus to Karinga Creek.

“An analogous model would be the Great Salt Lake in Utah, the largest potassium sulphate producer in the US, [or] the Dead Sea.”

Speaking of Utah, Transit Holdings (TRH) has earned a 75 per cent interest in a tenement spanning 390sqkm, in the state’s sparsely populated southeast. The parties are aiming for an “exploration target” of 2.3 billion tonnes.

Completing our potash troika, Elemental Minerals (ELM) recently started drilling on its Sintoukola project in the Republic of Congo, part of a four-year effort to take it to bankable feasibility stage.

Come On Eritrea

capitaleritrea — Tue, 31 Aug 2010 09:01:50 +0000

In 2010 football was the name of the game on the African continent and history in the making with the first FIFA Football World Cup held in South Africa.

Football has become a “world religion” bringing nations together on the pitch and off the pitch. Who would have thought that alone supermarket giant Sainsbury’s would sell an African instrument, “Vuvuzela”, once used to summon distant villagers to attend community gatherings, over 50.000 times in the UK.

Africa is not only made out of South Africa and so football history continued to be written also in Eritrea, a small African state on the red sea, where the young nation hosted the CECAFA under-20 tournament. The CECAFA theme was Development and Friendship and took place in Eritrea’s capital Asmara from the August 14 to August 28.

Teams from nine African nations, including Eritrea, received a warm welcome by Mr Tesfay Gebreyesas president of the Eritrean National Football Federation. Eritrea, the hosting country delivered a successful cup with organizers squeezing the best out of resources available, it proved again Eritrea can make it even during difficult times.

President of CECAFA Mr Leodegar Tenga praised the Government, Football Federation and the people of Eritrea for their hospitality. He continued on by saying

“This tournament will not only stimulate the development of football in this region, but it will also renovate social, economic development of our people and foster friendship”.

The tournament was overall packed and tickets for matches sold out, hotels were full with African nation’s contestants and streets were decorated with banners all over the place.

Eritrean fans were on the streets chanting “Eritrea, Eritrea Eritrea” full of excitement and roads packed with cars sounding there horn. Although, Eritrea came second behind cup winner Uganda and 4 players of the national team of Zanzibar had to be disqualified because of overage the cup was a major achievement for the team and Eritrea.

Uganda Wins CECAFA Cup in Eritrea

capitaleritrea — Sun, 29 Aug 2010 06:41:33 +0000

Shabait, Asmara, 28 August 2010 – The 5th CECAFA Cup under 20 tournament that was conducted here in Asmara concluded today with the Ugandan national soccer team as winner.

In the final matches that took place today between the Eritrean and Ugandan national teams, the two teams drew 1-1 in both the regular and additional time. In the subsequent penalty kicks, the Ugandan team beat the Eritrean team 5-3, thus emerging as the champion.

Also in the matches conducted earlier between the Kenyan and Rwandan national teams for ranking, the Kenyan team defeated its counterpart 1-0 and assumed the 3rd position.

In the course of the two-week tournament under the theme: “Development and Friendship”, the national soccer teams of Eritrea, Tanzania, Sudan, Kenya, Somalia, Uganda, Rwanda and Zanzibar, as well as the invited Yemeni team took part.

Seminar: The Specific Problems of Eritreans in Germany

capitaleritrea — Sat, 28 Aug 2010 14:11:40 +0000

Click here

Selam,

To all Eritreans and those interested in Eritrea!

Due to considerable problems which Eritrean families are confronted with in Germany (Diaspora), a huge seminar is scheduled in Mannheim Germany to directly address these problems in plain-language.

Problem: Analysis and Prevention

The following topics will be discussed: Problems of integration, education, motivation, problems within families, problems of identification, drug problems, juvenile delinquency, diseases (AIDS education), social constraints and much more.

Everybody who wants to make a positive contribution to support the Eritrean community and the integration into German society is hearty welcomed to come.

Language: German

Date & Time: 11.09. 2010 18:00

Place: Haus der Jugend C2, 16 -18, 68159 Mannheim

With best Regards,

Organizer,

Biniam Kiflai

Email: Biniam1@web.de

PTA Bank Makes USD18 Million in Profits

capitaleritrea — Sat, 14 Aug 2010 11:00:23 +0000

PTA BANK

The Eastern and Southern Africa Development Bank (PTA Bank), a financial arm of COMESA, has continued making profits. The President of the Bank, Dr. Michael Gondwe revealed this at the 26th Annual Meeting of the PTA Bank held in Mahe, Seychelles, on July 23, 2010. The bank he noted, made a profit of over USD18 million in 2009 up from USD12.5 million in 2008.

While officially opening the meeting, His Excellency the President of the Republic of Seychelles, James Michel commended the Bank for its’ good performance despite the harsh operating conditions. The Head of State added that the Bank’s support for Seychelles, especially in the petroleum sector, was greatly appreciated by the country.

The President called on Member States to enhance support to the Bank to enable it continue being supportive of business growth. “It is important for us to enhance capacity of regional institutions such as the PTA Bank if they are to continue playing a catalytic growth in our economies,” said the Head of State.

During the meeting, the Vice President and Minister of Finance for the Republic of Seychelles, Hon. Danny Faure was elected the new chairman of the PTA Bank Board of Governors for the next financial year. Hon. Faure takes over the Chairmanship of the Bank’s topmost policy organ from Hon. Sufian Ahmed, the Minister of Finance of the Federal Democratic Republic of Ethiopia.

Speaking at the occasion, the Hon. Faure called on his fellow Governors to continue contributing to the Bank’s programme “as we build a strong institution that will make a positive impact on our development agenda.”

Governors, comprised of shareholder representatives, deliberated on the business of the Bank. Top among them was adopting the Bank’s 2009 Annual Report. The Governors also adopted resolutions giving policy directions to the Board and management of the Bank. A new steering committee composed of Zambia, Sudan and the African Development Bank (ADB) was elected by the Governors.

The shareholders of the Bank are: The African Development Bank, Burundi, The People’s Republic of China, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

Koka Gold Project – Feasibility Study Full Summary Report

capitaleritrea — Fri, 13 Aug 2010 14:09:17 +0000

Further to Chalice’s ASX Release of 13 July 2010 of the results of the Feasibility Study for its Koka Gold Project in Eritrea, East Africa, the Company is pleased to provide the full Project Summary from the Feasibility Study for reference by investors and shareholders.

The full Koka Gold Project Feasibility Study Summary is appended to this release and is also available on the Company’s website. The key financial outcomes of the Feasibility Study, which was undertaken by Lycopodium Minerals Limited (“Lycopodium”) with inputs from prominent industry consultants AMC Consultants Pty Ltd (“AMC”) and Knight Piésold Pty Ltd (“KP”), are set out in the announcement of 13 July 2010.

The highlights of that announcement were:

Average life of mine total cash operating costs of US$338 per oz of gold
After?tax NPV5% of US$196 million, life of mine EBITDA of US$589 million and an after tax IRR of 35% at current gold price of ~US$1,200/oz
After?tax NPV5% of US$99 million, life of mine EBITDA of US$381 million and an after tax IRR of 22% at base case gold price of US$900/oz
Average annual gold production of approximately 104,000oz per year with gold production totalling 731,000oz
Forecast mine life of seven years at a mill throughput of 600,000 tonnes per annum, rising to 700,000 tonnes per annum from year 5
Open pit Ore Reserves of 4.63Mt grading 5.1g/t for 760,000oz contained gold with a waste to ore ratio of ~10:1
Estimated start up capital cost of US$122M

As advised in the previous announcement, the Company will now proceed to apply to the Eritrean Government for a Mining Licence in respect of the Koka Deposit. In parallel with this application, the Compan will assess its various funding options for development of the Koka Project.

The full Feasibility Study was recently presented to the Eritrean Ministry of Energy & Mines as the first step in the Company’s application for a Mining Licence for the Koka Gold Deposit. Lycopodium Minerals Limited, AMC Consultants Pty Ltd and Knight Piésold Pty Ltd have consented to the release of the Summary of the Feasibility Study.

Tim Goyder

Executive Chairman

See full report here: Summary Report

Tadese High-Fives Fans Before The Finish Line

capitaleritrea — Fri, 30 Jul 2010 13:57:18 +0000

On 26^thof July CASTELBUONO, Italy had an amazing line up of Olympic Marathon gold medallist Samuel Wanjiru of Kenya against four-time world road running/half-marathon champion Zersenay Tadese of Eritrea. But less than three kilometers into the 85th Giro Podistico Internazionale de Castelbuono where Wanjiru was reduced to a walk, Tadese had an insurmountable lead, and the race was essentially over.

Wanjiru, as like Tadese was running this 11.3 km road race over a snaking and hilly 1130m cobblestone circuit for the first time, who later felt a little tightness in his chest. After the first lap, in which Tadese had already established a lead over primary chasers Vincent Kipruto and Abreham Cherkos, Wanjiru had already fallen well behind. He did not appear amongst the leaders in the Piazza Margherita (where the race starts and finishes) on the third lap, but later jogged slowly into the piazza before being helped to the sidelines by race officials.

Wanjiru Later said “I feel (something) in my breathing,” coughing and pointing to his chest. “Yesterday, I noticed a problem.”

Tadese looked like he had no problems. The world half-marathon record holder was leading by 19 seconds after the fifth of ten laps. Race announcer Paolo Mutton rallied the crowd every time Tadese rounded the fountain in the piazza to head out on another lap. Tadese did his best to put on a good show.

Tadese was crowded and cheered on by a group of Eritreans that had came to see him. He added by saying. “The course is very hard” “Its good its the first time I run here, I win and I’m very happy.

Behind Tadese there was Kipruto of Kenya and Cherkos of Ethiopia who were working together to catch up Tadese. But the pair were unable to gain any ground. Tadese was able to slow down on the final lap, enjoy the cheers of the crowd, and even high-five several fans before breaking the long blue finish tape in 34:20. Cherkos was able to pull away from Kipruto, the defending champion, in the final meters finished second in 34:31. Kipruto got third, who was seconds behind.

For Tadese, his next challenge is the Bogotá International Half-Marathon next month in Colombia, then he’ll train to defend his IAAF World Half-Marathon title in Nanying, China, in October. He said he had no plans to run a marathon in the fall.

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Chalice Partners up with Newmont to Explore for Gold in Eritrea

capitaleritrea — Mon, 26 Jul 2010 15:11:37 +0000

newmont

Chalice Gold has agreed to form a joint venture with US-based gold major Newmont to explore for gold in Eritrea.

The proposed joint venture would enhance Chalice subsidiary Keren Mining and Newmont explore and evaluate regional gold opportunities over about 24 000 km2 in the African country.

Chalice is already developing the 840 000-oz Koka Gold deposit, part of the Zara project in Eritrea.

Mr Chalice MD Doug Jones stated “We are very pleased to welcome Newmont as a partner in Eritrea. We see this venture as beneficial to both companies, providing Newmont with our in-country presence and knowledge base and Chalice with Newmont’s financial strength and cutting-edge technological expertise,”

Newmont would fund an initial $1-million dollar program for exploration of an area and after both parties would select areas that will be held in the venture.

Newmont would hold 75% of the joint venture, while the remaining 25% would be held by Chalice.

The parties would then contribute to exploration on a pro-rata basis, subject to process of making weaker or less concentrated. An interest falling below 10% would revert to a net smelter royalty interest of between 1% and 1, 25%.

If the joint venture declared a gold mineral resource that is greater than 500 000 oz, but less than one-million ounces, and the venture did not advance within 18 months, either party has the right to carve out from the venture.

Chalice could increase its interest in the joint venture to 30% if the Eritrean government elected does not exercise its rights under Eritrean law, to gather a further 20% in the event of mining.

Chalice would further have the right to gather any of the areas the parties decided not to pursue jointly, with Newmont having the rights of first refusal on the disposal of any of the areas that it took up.

Jones said on Friday that the joint venture was in line with Chalice’s commitments to Eritrea and its ongoing commitments to the country and its people.

“It also reflects the growing recognition amongst the gold majors that the Arabian Nubian Shield, which underlies a large part of Eritrea, is a highly prospective yet underexplored geological province, with tremendous potential for new gold discoveries.”

The joint venture would exclude Chalice’s Zara gold project, where a feasibility study was currently nearing completion and mining should go under way early next year.

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Immigrants Embarking On A New Life In Luxembourg

capitaleritrea — Sun, 25 Jul 2010 15:05:28 +0000

Immegrants

A number of 6 immigrants from Somalia and Eritrea left Malta early this morning where they will be relocated as part of a new EU pilot project to Luxembourg.

This group consists of an Eritrean couple who wear saved from drowning in 2005 and two Somali mothers together with their one year old infant, they had arrived in Malta in 2006.

In Luxembourg the immigrants will be assisted to integrate through an assistance package which will include two Apartments to live in for a year, as well as a teaching program to the French Language. Their Progress will be noted and followed by the Minister for Family and Integration.

Last Year Luxembourg had taken part in the Frontex operations.
The Home Affairs Ministry thanked Luxembourg for the degree of integration with Malta and the International Migration Organisation for its flow of good assistance.

Less than a month ago, a group of around 100 immigrants who had also been based in Malta started a new life in France, they were also a part of EU Pilot Project.

Most immigrants find themselves outside the EU Member State without resettlement, documents and assistance. This is a good opportunity for them to progress and be a part of a society which accepts them.

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Video: No Comment – France

capitaleritrea — Tue, 22 Jun 2010 19:36:25 +0000