Wednesday, August 10, 2011

"Significant" Ethiopian results send Stratex higher | Interactive Investor

Gold miner Stratex International (STI) saw shares jump on Wednesday after it announced "significant results" from drilling at its Megenta hot spring gold discovery in Ethiopia.

The AIM-listed firm added it had found new high grade samples at the nearby Akehil gold prospect, which is also part of the its Tendaho exclusive exploration licence in the Afar region of the country.

The company, along with its funding partner Thani Ashanti, said the latest drilling data confirmed bonanza grades are present in epithermal veins in the region and in response its shares shot 12% higher.

Stratex said it had seen "highly encouraging" results from hole MG-DD-10, with broad near-surface zone of 43.55 metres grading at 0.67 grams per tonne (g/t) of gold.

Highlights included high grade gold of 8.27 g/t over 0.3 metres and 3.56 g/t over 2.9 metres.

For in-depth analysis and ways to gain exposure to the Dark Continent, read our Focus on Mining.

The company, which has 13 holes drilled over the area, said the newly drilled zone correlated with the wide zone of 33.3 metres graded at 0.54 g/t of gold in hole MG-DD-09.

In addition, the two grab samples it took from the Akehil prospect, just under 10 kilometres away from the Megenta discovery, returned 16.0 g/t of gold at 57.3 metres.

David J Hall, Stratex's executive director of East Africa, said: "This new discovery continues to yield significant results and together with previous results they show that Megenta is a large and exciting new gold system. This is an increasingly promising new play at a time when the gold price is increasing and projects of this calibre and scale are hard to come by, a situation underlined by AngloGold Ashanti's (AGD) recent placement to take a 12.4% stake in Stratex."

The latest results, along with the evidence from the Blackrock discovery 250 kilometres to the north of Meganta, underpin the prospective nature of the area, according to Stratex.

Analysts at Collins Stewart said in a note: "Megenta is the first epithermal gold property to be drilled in the Afar region of Ethiopia. This is early days, however Afar is shaping up like a potentially exciting new epithermal gold province.

"While still very early stage the company is building an extensive portfolio of interesting projects in Ethiopia and Djibouti, which are likely to surpass the more advanced projects in Turkey. Stratex has a strong technical team and is one of our favoured junior explorer plays on the London market."

Kenya Sends Protest Note to Ethiopia Over Turkana Killings East Africa:

Kenya has sent yet another protest letter to Ethiopia following last week's border attacks that left 13 members of the Turkana community dead.
Internal Security Permanent Secretary Francis Kimemia said the government was unhappy with the attacks unleashed against innocent Kenyans in the Todonyang area and asked their Ethiopian counterparts to 'tame' the militia's on their side.
At a news conference Tuesday, the PS said the country's military had already been deployed along the border between the two countries to help drive out the Merrille raiders, who are said to have moved almost 30 kilometres into Kenya.
They will complement the work already being done by the General Service Unit (GSU) personnel and Administration Police who are already in the area following the renewed attacks.
A full fledged police station has also been set up in the Todonyang area to deal with Merrile and Nyanga'tom militias from Ethiopia.
"We have since moved our soldiers to the border to help beef up our border...we now have more than 300 security officers, well equipped to secure our border," said Mr Kimemia.
"It is unfortunate that the militia from Ethiopia shot at innocent women as they went about their business fetching water.
We are not happy with this and we are carrying out our own investigations," added the PS.
"We have held discussions as a government and sent a protest letter to Ethiopian government asking them to tame the militia on their side of the border."
This is the second time in four months that the government is sending a protest note over attacks by the Merille and Nyanga'tom militias from Ethiopia against Kenyans in Todonyang.
In May this year, attacks by the same raiders that left more than 30 members of the Turkana community dead.

Tuesday, August 9, 2011

Ethiopian Famine and drought of the Century announces regime change

    The  famine in the Horn of Africa used be blame mainly for the drought caused by the global  climate change ignoring the pricipla culprit the  the dictatorial regime.  In the past the same  has brought regime change in country of  hunger Ethiopia two times,  that of the Negus in 1974 and the Derg  Military Junta in 1991. As the French says there is no two without three, we expecting a regime change in the country since all conditions are meeting as those of the last two experiences    due to the starvation in Wello in 1974 and in Tigre in 1984 which cost the lives of millions in the past. The main culprit for this in human repeated catastrophe this day has been mainly given to the extreme weather conditions demonstrated by hurricanes, floods, droughts all over the globe.   The current drought conditions have been caused by successive seasons with very low rainfall due to wanton construction of the dams all over Ethiopia by the dictatorial regime of Melese Zenawie. Over the past decade the Horn of Africa has experienced consecutive failed rainy seasons having direct co-correlation in this period of intensification of damming in the region.  According to surveys of local communities, this is part of a long-term shift as seen in Borana communities in Ethiopia report that whereas droughts were recorded every six to eight years in the past, they now occur every one to two years since the construction of dams in Omo and Shebelle rivers. Today’s rainfall projections are unclear. Most modeling, as reflected in the IPCC's last assessment, suggests more rain will fall in the east Africa region as a whole, with an increase in "heavy events" (sudden downpours, so more flood risk). However, some recent studies suggest rainfall will decrease, particularly in the long rains. To reverse the trend the regional governments must stop wanton damming and wasteful irrigation likes that of Sudan and Ethiopia. According to IPCC's last assessment, suggests more rain will fall in the east Africa region as a whole, with an increase in "heavy events" (sudden downpours, so more flood risk). However, some recent studies suggest rainfall will decrease, particularly in the long rains.   Since the construction of  the Mega dams in the Southern Ethiopia  the regional meteorological data supported  the argument by demonstrating the increase of the  annual temperatures from 1960-2006 by 1C in Kenya and 1.3C in Ethiopia, and the frequency of hot days is increasing in both countries in the region of the dams. However, more recent research suggests that rainfall decreased in the rainy seasons of March to June.  When it comes to records and data collections like Europe and America climate change could not   be attributed to the Horn of Africa’s drought, since t the current drought is directly climate change. True, there are now a few cases in which scientists have been able to estimate the extent to which man-made climate change has made a particular extreme weather event more likely, but these exercises require reliable long-term weather data that only exists for Europe and North America – no such studies as yet exist in the case of the current drought. What about the future? Globally, climate change modeling projects an increase in the frequency and severity of extreme weather events like droughts and floods. In the absence of urgent action to slash global greenhouse gas emissions, temperatures in the region will probably increase by 3C-4C by 2080-99 relative to 1980-99. The combination of higher temperatures and more unpredictable rains is alarming for food production. In a   recent estimate horn of Africa could suffer a decline in the length of the growing period for key crops of up to 20% by the end of the century, with the productivity of beans falling by nearly 50% if the dictatorial regimes continue letting land grabbing and disfranchising the local family hold farmers and pastoralist for the sake of this international speculators.  More over, the dam is prepared for these grabbed lands irrigation for an eventual cash crop cultivation of exportation. According Nobel prize-winning economist Amartya Sen that drought is caused by lack of rainfall, famine is man-made, and thus famines do not occur in functioning democracies.

Monday, August 8, 2011

Ethiopian Inflation Rate Climbed to 39.2% in July as Food Prices Increased - Bloomberg

Ethiopia’s inflation rate climbed to 39.2 percent in July from a year earlier, the Central Statistical Agency said in an e-mailed statement today.

Inflation accelerated from 38.1 percent in June, the Addis Ababa-based agency said. Food prices surged 47.4 percent in July after rising 45.3 percent in the previous month, while the cost of non-food items dropped from 27.9 percent to 27.8 percent, it said.

To contact the reporter on this story: William Davison in Addis Ababa

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Prof. Muse Tegegne has lectured sociology Change &  Liberation  in Europe, Africa and Americas. He has obtained  Doctorat es Science from the University of Geneva.   A PhD in Developmental Studies & ND in Natural Therapies.  He wrote on the  problematic of  the Horn of  Africa extensively. He Speaks Amharic, Tigergna, Hebrew, English, French. He has a good comprehension of Arabic, Spanish and Italian.