Chalice Gold Mines

Chalice Gold Mines Limited has released its latest presentation which will be made to the Africa Mining Congress and Indaba Mining shortly. Please click here to view the presentation.

Chalice Gold Mines would particularly like to draw your attention to the Company’s Mogoraib North Project, outlined in the presentation, which will be the focus of a drilling campaign starting shortly.

Related posts:

1. Video: Chalice Gold Presentation at Africa Down Under Conference
2. Chalice Gold Mines Video: Developing a High Grade Gold Mine in Eritrea
3. Mining Conference: Mines and Money London
4. Eritrea: African Mining Newcomers Attract Investors
5. Chalice Gold Mines Quarterly Report

Port Massawa Eritrea

By Berhane Woldu

Eritrea’s Strategic Location along the Red Sea provides ideal exposure to one of the world’s busiest shipping lines and established linkages to other areas of the region and beyond.

The port of Massawa is a transit point for goods to the Middle East, European and Asian Markets. The development of the port is poised to bring about potential gains to trade.

The establishment of a Free Port Zone at Massawa is further expected to boost trade prospects within the already established Middle Eastern and African Markets. The Massawa Airport is equally capable of facilitating traded goods in transit to regional and global destinations.

Investment in exploration activities for reserves of oil, natural gas, and otherminerals provide a potential source for the expansion of export receipts. Eritrea’s natural mineral resources include gold, copper, potash, zinc, oil, natural gas, cement, gypsum, granite, marble, ceramics, limestone and iron ore.

The Bisha Mining Company, which is a mining conglomerate between the government and a Canadian company (NEVESUN), has started production in early 2010. The company produced more than 390,000 oz of gold during the first year of operation and expected to produce more than 450,000 oz in the second year. Copper production will begin in the second year and peak at 184-million pounds of copper in the fifth year of operation. The mine will begin producing zinc in its sixth year. There are many more mining contracts on the making. The potash mine in Danakil Depression with a planed output of up to 10,000 ton a day life span of over 150 years, the Zara and Dubrba gold mining Eritrea stands to share in hundreds of billions of dollars in mining profits.

PRIVATE SECTORE DEVELOPMENT

The private sector is seen as the major development partner, an engine of growth that will help jump start the economy and eventually lead to long-term growth in the Governments development agenda- as explicitly indicated in the Macro Policy document (1994). The Government has achieved so much at adopting favorable monetary and fiscal policy, reduced regulatory framework and bottlenecks by offering incentives and avoiding trade and other related barriers to attract private sector investment and to expand exports.

In line with the macro-policy objectives, a revised investment code was issued in 1994. The main objective of the investment code is to promote investment in Eritrea as well as develop and use the country’s natural resources. Within this broader objective, the investment code intends to achieve objectives including, the promotion of exports, encouragement of competitive import substitution industries, enhancing transfer of new technology, securing equitable regional growth, development of small-and medium-scale enterprises, and expansion of employment opportunities (GOE, 1994: 5).

The Eritrean investment code also provides various incentives for domestic and foreign investment. The investment code further outlines that there will be no taxes on declared dividends; any corporate profit that is set aside for reinvestment will be taxed at the rate of 20%. Furthermore, there shall be no exchange controls for remitting dividends and capital gains, and foreign investors are free to repatriate their profits.

The investment code provides various benefits to investors. For instance, profit and dividends of investors, payments for a foreign loan, fees, royalties, or proceeds received from liquidation of investment and/or expansion, and payment received from the sale of transfer of shares will be remitted in accordance with the rate of exchange prevailing at that time. There is no minimum threshold value of investment. Moreover, with the exception of domestic retail and whole sale trade, import, and commission agency that requires bilateral agreements of reciprocity with the country of investor, all areas of investment are open to all investors both foreign and domestic (GOE, 1994:6). Foreign capital may establish any enterprise on its own or in partnership with local capital.

Moreover, the investment code guarantee, that capital and other associated foreign-owned assets will not be nationalized without due laws. To this effect, Eritrea has also signed the convention establishing Multilateral Investment Guarantee Agency (MIGA) and the convention on the Settlement of Investment Disputes between States and Nationals of other States(GOE, 1998: 20). It established, The Investment Center, which is the legal body responsible for the promotion of investment. Issuance of certification to investors with a maximum delay of 10 days (GOE, 1994:15), Land Proclamation that provides usufruct rights for the long-term up to 99 years has been issued since 1994 and is expected to facilitate the allocation of land for investors (GOE, 1994; IMF, 1996:9).

Significant progress has been made since independence regarding the liberalization of trade policy.

The 1994 Legal Notice 18/1994 reduced the number of import tariffs to twelve. Capital goods, raw materials, and semi-processed goods have only a2 % tariff. Basic goods duties range from 3 to 20%.

In addition, customs procedures were simplified. In the mid-1990s, the government began major investments in infrastructure, roads, electricity, dams, and port operations to support the further development of exports.

To expand the market for import and export potentials the country entered into active membership in regional organizations such as IGAD and COMESA.

INVESTMENT ENVIRONMENT

Peace and security are the main pillars of a true and conducive investment environment in Eritrea. The economic policy underlines the necessity to have a market lead economic system. The private sector should have the upper hand in all economic sectors with the government to intervene in major public shares. The following are some of the steps taken for a better investment environment:

• The Eritrean Investment Center was created in 1998 to promote the country as an attractive investment destination. The investment center approves investment projects, and aims to promote and facilitate investment activities in Eritrea.
• The Business Licensing Office (BLO) was established to create a centralized, “One-Stop”, licensing center to facilitate the speedy formation of business ventures as well as the issuance and renewal of licenses.
• Key investment opportunities in the fisheries sub-sector provide a potential of 90,000 sq.km of fishing ground, with an estimated annual production potential of 65,000-70,000 tons of fish and other marine produces.
• The manufacturing sector produces a variety of products with particular emphasis on processed food and dairy products, alcoholic beverages, glass, leather goods, marble, textiles and salt.
• Recent developments in the mining and quarrying sectors.
• Investment opportunities in the service sector include tourism, transport, energy and water resources, communication and financial services.
• Offshore oil and natural gas exploration are specific areas of potential investment in the energy sub-sector.

INVESTMENT INCENTIVES IN ERITREA

The investment policy of Eritrea provides the following incentives to foreign and domestic companies.

• Both local and foreign private sector investors are allowed to participate in all sectors of the economy with no restriction and discrimination
• Priority foreign exchange allocation given to exporters
• Up to 100% retention of foreign currency earning
• No taxes on dividends declared
• Capital goods, intermediates, industrial spare parts and raw materials are subject to nominal customs duty of 2%
• Raw materials and intermediate inputs are subject to 3% sales tax; however, all sales taxwill be rebated on all materials and inputs that have been used for export production
• Exports are exempted from export duties and sales taxes
• Any loss incurred during the first two years of operation by an investor may be carried forward for three consecutive years
• Marginal tax rate on personal income from 2%-38%: on non-corporate profit from 2%-38%; on corporate profit from 25%-35%; on commercial agriculture from 2%-320%; and on rent income from 1%-48%
• Profit derived from mining activities will be taxed as per the mining legislation; and
• Corporate profit that is set aside from reinvestment taxed at the rate of 20%.

/CE

Related posts:

1. Eritrea: A Safe Investment Gateway of Africa
2. Sino-Eritrean Trade Ties Strengthened
3. Eritrean Minister addresses Mining Companies in Perth, Australia
4. Eritrea Trade Brief – Worldbank Trade Indicators
5. NGEx Closes Private Placement

TGR: In a report, you suggest that Sunridge Gold is one of the more misunderstood stories in the junior gold sector. What misconceptions about Sunridge would you like to correct?

KAL: The biggest misconception is that Eritrea is a bad place to do business. I visited the property in November and saw firsthand that it is a very determined country working to put additional business-friendly policies in place. The people are very friendly and hard working. The United Nations Security Council clouded that view when it put further sanctions on the country in December after some neighboring countries accused it of supporting militant groups, but I think the accusations are politically motivated. Russia and China both abstained from the vote. Also, Russia went on record saying that the evidence of Eritrea’s link to the planned attacks in Addis Ababa was not conclusive.

TGR: But there is unrest in the region. Are you factoring that into a discount rate?

KAL: Definitely. Whether it’s true or not, the market does perceive additional risk in Eritrea. We only use a multiple of 0.4x our net asset value whereas other companies in our space could get from 0.5–1.0x.

TGR: What were your thoughts about the Asmara project when you visited?

KAL: It is very close to infrastructure. You can drive to the site in a matter of minutes. The topography is very supportive of open-pit mining as it is very flat with lots of room to put the mill facilities and tailings pond. It’s also very close to a willing workforce.

TGR: Are there any majors operating in Eritrea right now?

KAL: None that I know are active in the area. There are a number of Chinese companies with interest including the Shanghai Construction Group that recently bid for Chalice Gold Mines Ltd. (CXN:TSX; CHN:ASX), though the others have nothing as advanced as Sunridge or Nevsun Resources Ltd. (NSU:TSX; NSU:NYSE.A).

TGR: Does Nevsun have the cash flow to pull off a takeover?

KAL: For sure. It is producing a lot of gold at one of the lowest cash operating costs in the industry. Last year it produced about 380 thousand ounces of gold and the cash costs for the first three quarters were about $285/ounce (oz). However, I’m not sure that, if it were to expand, it would want to get another asset in Eritrea.

TGR: On the one hand, you’re saying there’s not as much risk as people think, but in this example, you are intimating that there is still a significant amount of risk there?

KAL: There is perceived risk. If a company like Nevsun has a main asset there and it’s not getting the full value that it should for it, then there’s no need to wait around for the market to clue in. It can just take its cash and go after something that the market will recognize.

TGR: What should move Sunridge stock to your 12-month target price of $1/share?

KAL: Of its four main deposits, it has combined three of them into one prefeasibility study due out in about four months. The fourth deposit, the Debarwa deposit to the south of Asmara, has a feasibility study due in the next couple of months. As the market sees that there is real economic benefit to these projects and there is a clear line to their production, Sunridge should get rewarded for that.

TGR: Debarwa is really the crown jewel here, right?

KAL: It’s the highest grade and it may be the closest to production, though I think the crown jewel is Emba Derho, with 62 Mt of VMS.

TGR: What’s the resource there?

KAL: It’s almost 600,000 oz gold, 1 Blb copper and 2 Blb zinc at Emba Derho.

TGR: What’s the estimated production timeline there?

KAL: It could be as early as 2015. After the feasibility is completed, it could start applying for its permits. Sunridge has already started talking with government officials, so I don’t think that will take as long as it has for other companies, like Nevsun.

TGR: Are there any other companies that you would like to discuss today?

KAL: It’s not one that I cover, but it is in a very stable country: Seafield Resources Ltd. (SFF:TSX.V:). It is advancing its Quinchia gold project in Colombia. It is expecting a resource update at its Miraflores deposit by the end of this month and a PEA in a few months. Quinchia currently has 2.5 Moz in global resource and with the new management appearing settled, the relative valuation and news flow makes this stock one to watch.

TGR: Do you have some parting thoughts for our readers?

KAL: Investors need to take the speculation out and do additional due diligence because it’s a stock-picking market. Investors need to look for companies that have good news flow, really good management and an asset that is good enough to put into production when they invest in it.

TGR: Thanks.

Kwong-Mun Achong Low is a mining analyst with Northern Securities with a focus on both precious and base metal equities. He previously worked at a Canadian bank owned dealer and at a U.S.-based brokerage. Achong Low obtained both his Master of Business Administration and Bachelor of Science degree in mechanical engineering from the University of Toronto.

Want to read more exclusive Gold Report interviews like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Exclusive Interviews page.

Related posts:

1. Eritrea: Market is Overreacting, Analyst Says
2. Eritrea: Analyst Says Nevsun Resources Future Prime Takeover Candidate
3. Analyst asks, “Is Sunridge the Next Nevsun?”
4. Eritrea Mine Analyst Tour
5. Nevsun Attracts Analyst Upgrades

China in Africa

Amanuel Biedemariam

Over the last decade China has received a favorable PR on the way that it deals with Africa. The perception is that China’s a-political approach of engaging Africa is good for Africa. It is also deemed that China’s economic investments are positive for Africa. The low bid contracts by Chinese companies are seen to be good alternative from the West that traditionally strangulated Africa with debt. China is helping African countries develop some capacities in various fields. These are amongst some of the advantages China provides African countries.

In November of 2006, China organized probably the largest gathering of African countries outside Africa a “China Africa Summit”. The gathering was hailed by African leaders because they believed it to be a good sign for future China-Africa relations. There were press accounts detailing satisfaction of African countries because they perceived that China was looking to partner with African countries. The very fact that China held the gathering was a big deal, a-first for Africa and, a knock at Western nations that treated Africans with utter disrespect for generations.

China’s involvement with Africa has its critics and supporters. The most glaring objection is that China is dealings with countries that the West claims-have bad human rights records. China is accused of encouraging corruption and corrupt leaders. China is criticized for not focusing on governance and human right issues. And for systematic denial of African countries from manufacturing their own products because of China’s insistence on selling products produced by China. In a nut shell this is the extent of the critical view China gets from the West.

China is the “anti West” in the way that it deals with African countries. For example in Ghana, a $270 million loan facility to carry out expansion works at the Kpong Water Project was agreed upon between the government of Ghana and China. What is different about the loans China provides Africa is the fact that these countries can use their resources, in effect bartering in exchange for projects, goods and services that these African countries need in this case, water. The Chinese have a lot of dollars that they must dump. This is leverage that Africa never had with the West.

What does it mean when we say is China a friend of Africa? How should friendship between China and Africa be defined? How deep of a friendship is China cultivating in Africa? How good of a friend is China to Africa? What does China’s friendship mean to African countries? And the main question; is China a friend of Africa?

For a layman and according to various dictionaries, a friend is: a person whom one knows, likes, and trusts; an acquaintance; an ally in a struggle or cause; a comrade; one who supports, sympathizes with, or patronizes a group, cause, or movement and, a member of the Society of Friends.

Using the basic understanding of the meaning of friendship, can Africa trust China; consider China as an ally and be confident that China is a comrade in the struggle towards economic emancipation and development? Can Africa “trust” China to support and be the party that stands for the security of Africa?

The attention China received for her dealing with Africa collectively was partly accentuated by China Africa Summit in other words self made. One thing that needs to be clear however, Africa is not one nation. Therefore, it is impossible to paint China-Africa relations with one brush and as such; fair to ask some basic questions in order to have a common-basic understanding of what China means to Africa. It is also important to look at history of relations of other nations for example, Great Britain and the US as a standard. It is important to see the historic interaction of UK and US in the realms of economic cooperation, cultural relations, friendly ties, political/diplomatic co-ordinations and importantly on national and global security matters as a guide…

Is there a country in Africa that has ties with China that remotely resembles the example above? Does China have allied countries in Africa? During the Cold War, the alliances were almost clearly defined. The countries that were pro-West received support from the West led by the US, and vice versa. Can African countries count on that type of support from China? While the author is not an advocate of Africa divided based on the interests of super powers; it is important to note that countries enjoyed qualified diplomatic and military support during that era from one side or the other. However, while the current world is considered to be multi-polar, the main powers are the US and China. These are veto wielding powers capable to impose their will on any nation around the world. Ironically, while the US is clear on whom their friends are and her interests; it is extremely difficult to gauge China’s intentions. And absent of any pronounced friendship with any country in Africa it is nearly impossible to say where China stands with any nation.

It is important to ask these questions of China considering the extent of China interaction with Africa over the last thirty years. It is even more crucial in light of the resolutions United Nations Security Council (UNSC) produced over the last ten years that profoundly impacted many countries in Africa. In 2005 alone, nearly 80% of the 70 deliberations and decisions the UNSC made were related to matters in African countries with the Middle East coming far-second and Third World countries such as Haiti and Bosnia Herzegovina filling-in the blanks. The reality is 2005 is not an aberration it is the annual reality in the UNSC. And the problem is the fact that the UNSC is making all these decisions without the affected parties having a say and a fighting chance against decisions that are affecting these nations in some cases altering the social landscapes violently. Moreover, the role China played or lack thereof is by far the most perplexing.

One needs to look at some of the recent developments in Africa pertaining to Libya, Sudan, Eritrea and others vis-à-vis Security Council decisions that the West and particularly the US perused in the region. China went along with decisions when it seemingly could impact its national interests. These decisions raise some serious questions about Chinese intentions and dealings in Africa.

China has been in Sudan for decades and it is one of the reasons why Sudan remained viable. China has heavy investments in Sudan primarily in the oil sector. China imports an estimated 7% of its oil from Sudan. Moreover, China has a sizeable human-resources invested in various sectors. In other words China’s investments in Sudan are numerous, extensive and took decades for China to build it that level. Yet, when we look at the future security and stability of Sudan, the West led by the US appears to be on the driver’s seat basically dictating terms while weakening Sudan and nailing wedges designed to fragment the nation into pieces. It is ironic because the US pushed measure after measure using the UNSC that China can stop using its veto power.

Moreover, if one is to add Eritrea into the mix it makes one wonder what China’s underlined interests are. Nearly all of China’s goods from Sudan are channeled through the Red Sea. Eritrea owns a large and strategic lane on the Red Sea. Eritrea is also bordered by Sudan. If Eritrea is to be what Ethiopia and the US wanted to be (an entity under their control in whatever shape or form); then Sudan would be encircled by countries that are propped by the US and, the US would have assumed control over the entire eastern part, the Horn, and the Northern parts of Africa.

The US is in Djibouti, Ethiopia, Kenya, Uganda, South Sudan, Rwanda and Egypt. The only countries left are Sudan and Eritrea. If the US is to succeed by accomplishing what they planned for Eritrea after World War II, then Sudan would have no fighting chance because it will be encircled. Moreover, US and her allies would have controlled the entire Red Sea territories namely Egypt, Sudan, Eritrea, Djibouti on one side and, Saudi Arabia, Yemen on the other. They will have the chokehold for any shipment that sails through that area. A good example to glean from is the Suez Canal and Iran. Eritrea controlled by the US can potentially limit China’s access to the area and give US the upper hand in the region.

It is with this background in mind that the author questions China’s role. Why is China allowing the US to pass measure after measure to pressure Sudan and Eritrea? The US, on Xmas Eve of 2009 imposed a sanction measure, by concocting lies and fabrications in the most brazen way that disregarded the existence of the people of Eritrea. They used a mechanism and methodology that denies Eritrea a say and moved along with a sanction.

In Libya when the UNSC authorized the No Fly Zone, this is the statement by China’s Ambassador to the UN LI BAODONG:

“The continuing deterioration of the situation in Libya was of great concern to China. However, the United Nations Charter must be respected and the current crisis must be ended through peaceful means. China was always against the use of force when those means were not exhausted. His delegation had asked specific questions that failed to be answered and, therefore, it had serious difficulty with the resolution. It had not blocked the passage of the resolution, however, because it attached great importance to the requests of the Arab League and the African Union. At the same time, he supported the efforts of the Secretary-General’s Envoy to resolve the situation by peaceful means.”

“The UN adopted Resolution 1973 (2011) by a vote of 10 in favor to none against, with 5 abstentions (Brazil, China, Germany, India, Russian Federation), the Council authorized Member States, acting nationally or through regional organizations or arrangements, to take all necessary measures to protect civilians under threat of attack in the country, including Benghazi, while excluding a foreign occupation force of any form on any part of Libyan territory — requesting them to immediately inform the Secretary-General of such measures, to establish a ban on all flights in the airspace of the Libyan Arab Jamahiriya in order to help protect civilians.”

LI BAODONG statements are very troubling. Firstly, he stated that China wants the situation to have a peaceful end. And secondly China is against use of force. He continues, his delegation had asked specific questions that failed to be answered and, therefore, it had serious difficulty with the resolution. The most troubling statement however is, “It had not blocked the passage of the resolution, however, because it attached great importance to the requests of the Arab League and the African Union,” and passed a resolution with a vague and open-ended language that allowed NATO to destroy Libya in the name of protecting civilians.

The Irony, first of, the African Union was disregarded. And secondly, this was taking place in the most turbulent times in the history of the Middle East when countries were embroiled on their internal civil struggles. China passed the resolution not to protect the best interest of the people of Libya but to satisfy a nonexistent or a nominal Arab League and African Union. It is even more perplexing considering the number of Chinese that worked in Libya and the amount of investment that China had in Libya.

This begs the question; why is China allowing punitive measures against nations that are friendly; nations that are doing business and, nations that have accepted not only the diplomatic core but the Chinese people all around Africa? Why is China allowing the US and Western nations to take advantage of UNSC resolutions for their hegemonic objectives. The No Fly resolution was just a hook because soon after the decisions were made the French, UK and US did bait-and- switch, called for a regime change and escalated the operations including sending advisors into a civil war. The people of Libya are being terrorized by the most intensive bombing campaign the continent of Africa has ever seen. The people of Libya are being exposed to depleted uranium; Libyans are suffering and not better off. And contrary to China’s wish of peace, Libya is ensnared by violence of the brutish NATO forces. In short, China’s repeated abstentions do not absolve it from the responsibilities.

Conclusion

Dambisa Moyo and others have said a great deal of good about China’s economic programs in Africa. However, no-economic success means a-whole-lot unless coupled by peace. Africa’s problems are chronic by design and they continue because the West is intent on keeping Africa crippled. China was Africa’s first and best hope to counterbalance the negative role the West continues to play in Africa. Instead, China is tacitly accepting the label of new colonizer of Africa. On a setting that resembles a Hollywood’s scary witch-movie, Secretary Hillary Clinton stood on a dark room on a podium in Ethiopia and warned Africans to beware of the new colonizers that do not care about Africa. Her statements are evidence that Africa has effectively turned in the dinner table of hyenas and lions fighting for a carcass only this time; it is with the impending holocaust of the African continent.

The question is what can Africans do? The UN/UNSC is an organization designed to benefit the five permanent members at the expense of the world. The UNSC has literally turned the international order into that of the Jim-Crow laws that punishes without representation, due process and to send a message. They have established systems they can manipulate as they wish like the ICC that they are using to petrify leaders such as Beshir to get what they want. They are penalizing the people of entire regions based on their national interest-considerations and denying them the right to live in peace. Moreover, these are people that have never been able to establish institutions that can sustain them in bad times such as draught. The continuation of this holocaust is reaching biblical proportions. Yet, they are escalating these strategies.

The reality is there is no recourse for these transgressions and deliberate injustices. Therefore, the responsibility befalls on those countries that are being negatively affected by the injustices. Hence, the only solution is for nations to abandon the defunct UN and disqualify its purpose and create a mechanism to deal with world matters. Moreover, united vigilance of the people is far more important than ever because they are openly returning Africa back to the colonial era. China could also assume the just role of defending African because ultimately that will serve its interests in the right way.

awetnayu@hotmail.com

Related posts:

1. China Says it will Never Interfere with Internal Politics of African Countries
2. China Pouring Money Into Resource-Rich Africa
3. Eritrea Participates in 11th China Mining Conference
4. Chinese and Dutch Battle over African Textile Industry
5. UAE Ready to Boost Investment in Africa

Participating countries included; Burundi, Democratic Republic of Congo, Egypt, Eritrea Ethiopia, Kenya, Madagascar, Mauritius, Rwanda, Seychelles, Swaziland, Uganda, Zambia and Zimbabwe and the host Malawi.

FEMCOM is one of the umbrella associations involved in the implementation of the European Union supported COMESA Regional Agro Inputs Programme (COMRAP). The Alliance for Commodity Trade in Eastern and Southern Africa (ACTESA) has the mandate to coordinate COMRAP implementation and is working closely with FEMCOM in this regard to ensure appropriate gender mainstreaming in the COMRAP and other ACTESA led initiatives.

COMRAP has the overall objective of contributing to improving rural food security and livelihoods in the COMESA region through training and capacity building of national and regional input providers and harmonization of related regional legal frameworks.

The consultative forum should provide a conducive environment for COMESA member States to deliberate on appropriate programmes that will integrate women into trade and development through COMRAP activities within the region. But above all, this activity is a step towards contributing to the overall objective of ACTESA and COMESA in the agriculture sector which is to improve agriculture production and enhance food security within the region.

FEMCOM is a COMESA institution, established in July 1993 under Article 155 of the COMESA Treaty and the Secretariat is hosted in Malawi

The main objective of FEMCOM is to promote programmes that integrate women into trade and development activities in the region, in particular, in the fields of agriculture, industry, trade, services, fishing, mining, energy, transport, communications and natural resources. FEMCOM was founded on the idea that regional economic integration cannot be seen to have succeeded if it did not involve the full and equal participation of women in business.

FEMCOM is re-positioning itself to become a key player in regional trade activities at different levels especially in the agriculture sector is dominated by women

The consultative forum was expected to have attracted 60 participants from COMESA member States including representatives of the Comprehensive African Agriculture Development Program (CAADP), Regional Food Security and Risk Management Programme (REFORM), Women in Agri-business in Sub Saharan Africa Alliance (WASAA), USAID, Market Linkages Initiative (a USAID funded project) and Agricultural Commodity Exchange for Africa (ACE).

Malawi has been chosen as a venue for the consultative forum based on its strong performance in boosting security through the wise leadership of President, Prof. Bingu Wa Mutharika of transforming the country from a food importing to a food exporting nation.

The major expected outcome of undertaking this consultative forum was to concretize strategies for enhancing partnerships, defining areas of collaboration and harmonizing programs for strengthening women networks among farmers, agro-dealers, agents and producers at regional and national levels.

Related posts:

1. ACTESA- Organization for East African Farmers
2. COMESA Establishes Regional Laboratory Centres for Food, Animal and Plant Health
3. Historic COMESA Summit Opens in Lilongwe, Malawi
4. The 3rd Nile Basin Development Forum closes in Kigali
5. Eritrean Minister Participates in COMESA Summit

Sunridge Gold

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/01/11 — Sunridge Gold Corp. (TSX VENTURE: SGC) is pleased to announce encouraging copper and zinc recovery results from recent metallurgical tests conducted on mineralized material from the Emba Derho deposit. The metallurgical work is part of the prefeasibility study currently being conducted on the Asmara North deposits located in Eritrea.

Emba Derho Deposit Metallurgical Tests

The results are from locked-cycle copper and zinc metal recovery testwork conducted at SGS (Vancouver) laboratory under the supervision of Blue Coast Metallurgy Ltd on samples from the Emba Derho deposit. Using a conventional, low-cost flotation flow sheet, the test results show a recovery of 92% of the copper producing a 28% copper concentrate and 88% recovery of the zinc producing a 62% zinc concentrate. Precious metal recoveries for gold and silver returned values of 50% and 55%, respectively. Head grades used in the test work were 1.15% copper, 2.14% zinc, 0.07 g/t gold and 5.1 g/t silver.

“These results show unexpected high copper and zinc recoveries from the Emba Derho mineralized material with impressive product grades,” says Michael Hopley, Sunridge’s President and CEO. “Considering the large amount of copper and zinc contained in the Emba Derho deposit this will certainly have a significant positive effect on the economics of the deposit in the ongoing prefeasibility study.”

Sunridge is currently conducting metallurgical testing on the Emba Derho deposit as part of the current prefeasibility study on the Asmara North deposits. The program will include further flowsheet optimization, variability studies and testing of composites made from blending Emba Derho mineralization with that from two other VMS deposits on the Asmara Project, Adi Nefas and Debarwa.

Emba Derho Drill Program

Drilling with three drills has been underway at Emba Derho for the past two weeks as part of a planned 8,500 meter drill program. The first assay results are expected in 4 to 6 weeks.

Qualified Person

Michael J. Hopley, President and Chief Executive Officer of Sunridge is the Qualified Person for Sunridge and the person responsible for preparation of the technical information contained in this news release. This press release has been reviewed by Chris Martin, Principal Metallurgist and President of Blue Coast Metallurgy Ltd. and a Qualified Person under the guidelines of NI 43-101.

ABOUT SUNRIDGE:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 116 million shares outstanding and approximately $25 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please visit our website at www.sunridgegold.com or call Greg Davis at the numbers listed below. All of the above mentioned technical reports are filed on the Company’s profile at www.sedar.com.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Related posts:

1. Sunridge Gold Starts New Drill Program at Emba Derho Copper-Zinc-Gold Deposit, Asmara Project, Eritrea
2. Assessment of Emba Derho Deposit in Eritrea positive says Sunridge Gold Corp.
3. Sunridge Gold to Conduct Production Study on Project in Asmara, Eritrea
4. Sunridge Gold Begins Drill Program at Medrizien Gold Target, Asmara Project, Eritrea
5. Sunridge Gold Intercepts Strong Vms Mineralization At The Asmara Project, Eritrea

The world GDP growth is predicted to slow down from 3.5% in 2010 to 2.5% in 2011, as fiscal stimulus is withdrawn and emerging markets will continue, to a large extent, to shrug off the 2008-09 economic crisis. Eritrea, the former Italian colony, which won independence from Ethiopia in 1993 after a long bloody war, is set to become the world’s top growth leader in 2011.

Eritrea will overtake Qatar as the world’s fastest-growing economy in 2011, as production begins at the country’s first operational mine (Bisha) operated by Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU).

“We have had a fantastic year and we expect our growth to continue as we move from construction to commercial production in 2011,” said Cliff T. Davis, President and Chief Executive Officer, Nevsun Resources in a recent press release.

The world growth league table 2011 in real GDP growth shows Eritrea on the top of the 20 fastest-growing economies followed by Qatar, Ghana, Ethiopia, China, India, Uzbekistan, Laos, Haiti, Papua New Guinea, Angola, Botswana, Liberia, Mozambique, Tanzania, Sao Tome and Principe, Sri Lanka, Vietnam, Rwanda, Malawi.

For more information please visit: Finfacts

Related posts:

1. Asmara Geocongress Journal 2011
2. Eritrea Amongst the Twenty Projected Fastest Growing Economies Last Year
3. Video: Eritrea Fastest Growing Economy in 2011
4. Nevsun Resources Eritrea Annual Report 2008
5. Continued Buying Pressure in Shares of Nevsun Resources

“This contribution from the AfDB, which is part of the African Development Fund (ADF) for the period 2009-2011, is aiming at development of human capital, which is the key to economic growth and reducing poverty, “said Abu-Saba, Director, Agriculture and Agro-industries AfDB.

This kind of support for the higher education sector is the second project the AfDB attaches to Eritrea. It will contribute, according to Mr. Abu-Saba, capacity building of institutions of higher education.

“This project will provide resources for staff development, technical assistance and infrastructure development and lifelong learning,” said Abu Sabaa who hoped that relations between Eritrea and AfDB are both dynamic and successful in that support even more important are granted to countries to help achieve its goals of reducing poverty.

Martha Woldeghiorghis, Treasury Director-General at the Ministry of Finance of Eritrea, for its part has expressed his gratitude to the AfDB and hoped that cooperation between AfDB and the countries are fruitful.

This signature comes within the framework of the AfDB Annual Meetings, held in Abidjan (Côte d’Ivoire).

Related posts:

1. Chinese Trade Volume with Eritrea, $31 Million in 2008
2. Chinese News Agency Interviews President of Eritrea
3. Projects in Eritrea and Congo introduce 13th COMESA Summit
4. Nevsun Resources Eritrea Annual Report 2008
5. AXMIN Appoints Vice President of Exploration

He explained that the plant has offered various training courses to about 500 Eritrean employees, and that it has managed to produce about 500 shirts and from 150 to 200 trousers on a daily basis.

Mr. Stifano further noted that the plant’s products are not only qualitative but are also being sold at a fair price, and that such products are highly demanded in the European, Asian and African markets. There are also plans to boost production up to 1,300 shirts and trousers on daily basis in the near future, he elaborated. He went on to say that the plant has 7 selling stations in different parts of the country, including 3 in Asmara, and each in Mendefera, Keren, Dekemhare and Tessenei.

The owner of the plant, Italian Zambayeti Jiancarlo, stated on his part that the task requires high caution and efficiency, and that it supplies up to 4,500 threads to the local and international market daily.

ZA-ER is a privately-owned plant set up in 2004, and at present it has about 500 employees.

Related posts:

1. COMESA Establishes Regional Laboratory Centres for Food, Animal and Plant Health
2. Thani Dubai Mining and Anglo Gold Ashanti form Joint Venture
3. Eritrea Tops GDP Growth Rate List 2011
4. Eritrea Trade Brief – Worldbank Trade Indicators
5. Asmara Geocongress Journal 2011

Nevsun Resources is currently above its 50-day moving average of $2.37 and above its 200-day moving average of $2.19. Look for these moving averages to climb to confirm the company’s upward momentum.

SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any shifts in the trajectory of Nevsun Resources shares. Source(mysmartrend)

Related posts:

1. Nevsun Resources is Among the Companies in the Gold Industry With the Best Relative Performance (NSU, AZK, GOLD, JAG, ABX)
2. Nevsun Shares on the Rise
3. Analyst: Nevsun Shares on the Rise
4. Nevsun Resources Eritrea Annual Report 2008
5. Nevsun Resources Reaches Billion Dollar Milestone

Nevsun welcomes all investors, shareholders, financial professionals, and media to visit their booth #2201 and at the Metro Toronto Convention Centre from 10:00am-5:30pm on Sunday, March 7 and Monday, March 8. Cliff Davis, President & CEO, will additionally be presenting on March 8 at 3:20pm in Room 802AB.

Attendees will have the opportunity to discuss Nevsun’s ongoing progress, in addition to meeting Management and the Technical Team. For more information on the PDAC 2010 Convention, please visit PDAC.

Related posts:

1. Nevsun and South Boulder Mines Presenting at PDAC
2. Video: Nevsun Resources CEO Cliff Davis on BNN
3. Nevsun Resources Financial Results 2009
4. Nevsun Resources Reaches Billion Dollar Milestone
5. Nevsun Resources Ltd.: Bisha Commissioning and Resource Expansion on Track

During the credentials presentation ceremony that was attended by the Eritrean Foreign Minister, Osman Saleh, al-Zamanan conveyed greetings of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to President Afewerki.

Al-Zamanan told Kuwait News Agency (KUNA) that he discussed during the meeting with the Eritrean President bilateral relations and ways of enhancing them.

He added that the Eritrean officials have praised the role played by the Kuwait Fund for Arab Economic Development (KFAED) in support of infrastructure projects in Eritrea, as five projects have so far been constructed at a total cost of approximately USD 81 million in Eritrea.

Related posts:

1. IPG to Resort to Court of Arbitration Against Eritrea
2. United Arab Emirates Foreign Minister Visiting Eritrea
3. Chinese Trade Volume with Eritrea, $31 Million in 2008
4. CPC Visit to Eritrea
5. Sunridge Gold Receives Positive Metal Recovery Results from the Emba Derho Deposit, Asmara Project, Eritrea