Tag Archives: Asmara project

Chinese Miner to Start Copper Output in Eritrea by Next Year

Chinese firm Sichuan Road & Bridge Co. to develope the Asmara project to produce copper, zinc, gold and silver by early next year
The Asmara Mining Share Company, holder of the Asmara Project in Eritrea, is a 60:40 joint venture between Chinese SRBM and state-owned ENAMCO. The project hosts four known deposits at Emba Derho, Adi Nefas, Gupo, and Debarwa. (Photo: Taylor Weidman/Bloomberg)

BY NIZAR MANEK | BLOOMBERG

A unit of Sichuan Road & Bridge Co. will start producing copper, zinc, gold and silver at a mine in Eritrea by early next year, helping diversify the country’s agrarian economy, a mines ministry official said. Continue reading Chinese Miner to Start Copper Output in Eritrea by Next Year

Sunridge Closes Transaction with China’s SRBM

After completing payment of US$71 million in cash to Sunridge Gold, Chinese investor group ‘Sichuan Road & Bridge Mining Investment Development Corp. Ltd.’ or “SRBM” becomes the majority 60% interest owner of the Asmara Mining Share Company (“AMSC”).

By Sunridge Gold,

Sunridge Gold Corp. (the “Company” or “Sunridge”) (TSX.V: SGC/ OTCQX: SGCNF) is pleased to announce that Sichuan Road & Bridge Mining Investment Development Corp. Ltd. (“SRBM”) and the Company have completed the purchase and sale of Sunridge’s 60% interest in the Asmara Mining Share Company (“AMSC”) on April 26, 2016.

Sunridge has confirmed payments aggregating US$68.6 million have been received or are in transit: Continue reading Sunridge Closes Transaction with China’s SRBM

Time to Buy Nevsun and Sunridge Stocks After Huge Increase?

The stocks of Nevsun (TSE:NSU) and Sunridge Gold (CVE:SGC) have gained a huge increase that would make their shares worth $533.81 million and $91.80 million more. Could this be a sign to buy the shares?

By TesfaNews,

The stocks of Nevsun Resources (TSE:NSU) and Sunridge Gold Corp (CVE:SGC) were huge yesterday, March 22, 2016 as their stocks showed an increase by 2.51% or $0.11 hitting $4.5 per share for Nevsun and an increase by 1.72% or $0.005, hitting $0.295 per share for Sunridge Gold.

It was an up trending performance for both Eritrea based mining companies after 51,977 shares traded hands on Nevsun, a 12.85% increase since August 14, 2015, while about 679,800 shares traded for Sunridge Gold, a 14.26% up from the average. Continue reading Time to Buy Nevsun and Sunridge Stocks After Huge Increase?

Sunridge Gold Sold its 60% Share in Eritrea Mine to China

DEAL. Chinese State-owned company SRBM Acquired 60% share of Suridge Gold’s Asmara Project at a premium price of US$65 million

By Sunridge Gold,

Sunridge Gold (SGC: TSX.V/SGCNF: OTCQX) has struck a US$65 million cash deal to sell its 60% interest in the Asmara Mining Share Company (AMSC), holder of the Asmara Project in Eritrea, to state-owned Sichuan Road & Bridge Mining Investment Development Corp. Ltd. (SRBM) for an upfront purchase price of US$65 million cash. Continue reading Sunridge Gold Sold its 60% Share in Eritrea Mine to China

Sunridge Gold Plans Commercial Production at Debarwa by End of 2016

Another Canadian junior mining company is set to go for commercial production of gold and copper from its Debarwa deposit in Eritrea by end of next year.

By Alastair Ford | for Proactive Investors,

“We’ve been involved in Eritrea since 2003,” says Sunridge Gold’s (CVE:SGC) Greg Davis.

Indeed it was back in August of that year that the company first took an option on the Asmara and Debarwa copper-gold projects not far away from the Eritrean capital Asmara itself, right in the centre of the country.

But this was no shot in the dark taken by a company casting around for opportunity in the boom that was then gathering.

Rather, it was a calculated move by a group of people who were getting to know Eritrea pretty well via what was to eventually be the country’s great mining success story: Nevsun (TSX:NSU). Continue reading Sunridge Gold Plans Commercial Production at Debarwa by End of 2016

Eritrea Awards Three Mining Licenses to Sunridge Gold’s Asmara Project

The wait is over. Sunridge received the mining licenses for its Asmara project. Chinese LiuGong agreed to deliver some of the heavy duty machineries required to commence commercial production in Q3 2016 (i.e. between July – September 2016 )

By Sunridge Gold,

Sunridge Gold Corp. is pleased to announce that the Eritrean Ministry of Energy and Mines has awarded three mining licenses to the Asmara Mining Share Company (AMSC), a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Corporation owns 40%.

These licenses cover a total area of 19.3 square km and cover the four advanced projects (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) on the Asmara copper-zinc-gold project that were included in a feasibility study completed by Sunridge in May 2013. Continue reading Eritrea Awards Three Mining Licenses to Sunridge Gold’s Asmara Project