New investors in Rwandan mining group   (14 Sep 2011)

TINCO Investments, formerly Rutongo Mines, has added a new group of “cornerstone investors” to its backers with the completion of an UK£8 million (US$12.7 million) placing of two year convertible loan notes convertible into a 20% stake in the company.  TINCO’s primary assets are the five producing tin mines in the Rutongo concession in Rwanda.  Currently the mines produce over 100 tonnes per month of 71% Sn concentrates which are currently exported to Malaysia.  TINCO is engaged in further exploration and development of its Rwandan assets with a view to significant increases in production over the next two years.

The new investor group is led by Julian Treger of Audley Capital and includes a number of prominent private investors from the UK, Europe and Asia with considerable experience in mining and other natural resource investments.

Indonesian shipments dip in August    (12 Sep 2011)

Provisional data from Indonesia’s trade ministry shows an 8% fall in tin metal exports in August relative to July.  However, the August tonnage of 8,560 tonnes was still 7% higher than in August 2010.  The lower tonnage could be attributed to lower tin prices and Ramadan fasting month for Muslims.

Cumulatively, a total of 67,990 tonnes were exported in the first either months this year, 13% higher compared to the same period last year.

North Kivu mines minister attacked after announcing crackdown    (12 Sep 2011)

The mines minister of DR Congo’s North Kivu province, Naason Kubuya Ndoole, escaped an armed attacked on his residence in Goma last week, shortly after announcing stricter controls on exports of “conflict minerals”.

Congolese mineral exports have been in limbo since April this year after US legislation against conflict minerals caused major consumers to set new certification requirements on their suppliers.  North Kivu had previously accounted for around 70% of total DRC tin ore exports, but shipments have plummeted this year, falling by 61% y-o-y in January-June.

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