Major Mining Companies Operating in Yemen

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Major Mining Companies Operating in Yemen

The Republic of Yemen
Population: 23 million
Location: Approx 500km’s S.W. of Dubai (UAE)


Cantex Mine Development & Vale International SA
Joint Venture Project: Suwar, Wadi Qutabah nickel, copper, cobalt and platinum group element projects.

In November 2008, the Company signed a letter agreement with Vale International SA (“Vale”), a wholly-owned subsidiary of Companhia Vale do Rio Doce (NYSE: RIO, Vale), for the Company’s Suwar, Wadi Qutabah nickel, copper, cobalt and platinum group element projects in Yemen.

Vale may earn a 40% participating interest in the Suwar project if a pre-feasibility study is completed on or before July 31, 2012, US $3 million is spent on the Suwar project and a US $1 million option payment is made to Cantex. An additional 11% can be earned by completing a feasibility study and a further 9% interest can be earned by financing mine development and achieving commercial production. If Cantex’s share of mine development costs are carried through to production by Vale, they are recovered by Vale as a development loan from 80% of Cantex’s share of profits.


Cantex Mine Development & Cheetah Ventures Inc.
Joint Venture Project: Al Hariqah, Gold Project
Sept. 20th, 2010

Cheetah Ventures Ltd.'s wholly owned subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of intent with Cantex Mine Development Corp., whereby the company will be granted an option to acquire up to a 70-per-cent interest in certain mineral claims located in Yemen and known as the Al Hariqah project. The company's interest will be earned in stages, but, to earn the full 70-per-cent interest, the company is required to finance exploration expenditures totaling $5-million plus 70 per cent of the costs required to put the project into commercial production. The company is obligated to finance a minimum of $2-million as a firm commitment and will earn a 40-per-cent interest upon expending a total of $4-million and completing a prefeasibility study by March, 2012. It can then earn an additional 10-per-cent interest by expending an additional $1-million toward exploration work and completing a feasibility study by September, 2013, and can earn a final additional 20-per-cent interest by financing 100 per cent of the costs of placing the claims into commercial production. In the event that a mine is developed, Cantex will reimburse the company for 30 per cent of the costs associated with commercial development of the mine from 80 per cent of Cantex's share of mine profits. The letter of intent and transactions contemplated therein are subject to a number of material conditions, including, inter alia, the negotiation of a definitive agreement, delivery and approval by the company of a compliant National Instrument 43-101 report, and TSX Venture Exchange approval. A finder's fee is payable in connection with the transaction upon final closing.


AngloGold Ashanti Limited & Thani Dubai Mining Ltd. - Form Strategic Alliance
Wednesday, June 10, 2009


AngloGold Ashanti Limited and Thani Dubai Mining Limited are pleased to announce the formation of a strategic alliance to explore, develop and operate mines across the Middle East and parts of North Africa. Each company will have a 50% interest in the alliance which will explore for gold, precious and base metals.

The alliance brings together a combination of regional business knowledge and relationships with global exploration and mining expertise. Thani has extensive knowledge of developing resource businesses in the Middle East and Africa, long standing and high level relationships with national governments and major industry players, a thorough understanding of risks associated with mineral resource development and the requisite technical know-how.

Mark Cutifani, AngloGold Ashanti’s Chief Executive Officer commented: “We are very pleased to enter into this alliance with a well respected and prominent UAE based company with extensive business knowledge and relationships in the region. We believe that the complementary skills and regional expertise that this alliance brings will provide the mechanism for achieving the alliance’s strategic objectives in the region.”

The chairman of Thani Dubai Mining, Mr Abdulla Al Thani said: “We are very pleased to enter into this alliance with such a well respected mining partner. Both parties have much to contribute to this alliance which is well placed to become one of the leading mineral resource developers in the region.”


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