Algeria’s mining investments valued at 51 million dollars

Investments achieved in Algeria’s mines sector by local and foreign companies reached USD51.43 million in 2007, Algeria News Agency (APS) reported Saturday citing a statement from Algerian Energy Ministry.

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• “The investments are divided into mining exploitation (USD41.08 million), exploration (USD9.59 million) and prospecting (USD757, 142),” said the statement.
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• “Mining prospecting was done by Canada’s Mines Cancor (USD200, 000) and China’s CGC (USD557, 142).”
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• Investments in mining exploration were achieved by Algerian-Australian WMZ for USD7.35 million, Mines Cancor for USD800, 000, China’s Shaolin for USD723, 782, Chinese Cecomines for USD100, 000 and Algeria’s Gold Horia Raphael for USD612, 907.
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• Mining exploitation investments were carried out by Algerian-Chinese SPA Abed Maaden for UDS6.5 million, Algeria’s Enor for USD14.16 million and Egypt’s SPA CIBA for USD16.69 million.
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• According to the same statement, Algeria’s mining activities in 2007 was characterized by a rise in mining production for almost all of mineral substances except metal minerals.
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• On the other hand, mineral metals production dropped in 2007 for all substances, it said.
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• The slump of gold production in 2007 is due to technical problems linked to the goldfield of Tirek in Tamnrasset (south of Algeria).
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• Algeria’s mining imports went down from USD468.71 million in 2006 to USD321.25 million in 2007 while exports were valued at USD301.69 million in 2007 compared to USD457.93 million in 2006.