I don't believe that the mentioned "African Gold Zimbabwe" is AFG, but the article does demonstrate rapid resurgence of E&P in Zimbabwe:

Mining Giants Plan Massive Diamond Prospecting

The Herald (Harare)

January 22, 2004
Posted to the web January 22, 2004

Harare

MINING giants, De Beers Zimbabwe Prospecting Limited and Circle Three Mining Corporation are proposing a massive diamond prospecting project that will see the two companies prospecting for the mineral in Gweru, Harare, Bulawayo and Kadoma mining districts.

The two mining companies intend to prospect for diamond in areas covering a total of 448 180 hectares.


Another company, African Gold Zimbabwe, has also undertaken to prospect for gold on two areas measuring 120 550 hectares within the Harare and Gweru mining districts.

De Beers Zimbabwe Prospecting Limited, Circle Three Mining Corporation and African Gold Zimbabwe have applied to the Mining Affairs Board for an exclusive prospecting order for 12 areas under the four mining districts.

In the latest issue of the Government gazette, the Mining Affairs Board said De Beers, Circle Three Mining and African Gold Zimbabwe intend to prospect for diamonds and gold over an area of approximately 568 730 hectares from the three areas.

"The applicants intend to prospect for diamond within the areas, which have been reserved against prospecting pending determination of this application.

"Prospecting authority is sought upon registered base mineral blocks within the reservation," read part of the notice.

One of the two diamond prospecting projects to be undertaken by Circle Three Mining measures 65 000 hectares and is bounded by a line commencing on the Zimbabwe-Zambia border approximating five kilometres.

All areas, which have been earmarked for prospecting are within the 15 000 hectares and 65 000 hectares range and are mostly in the traditional mineral bearing areas of the country.

The proposal to prospect for diamond in the country comes at a time when the US$41 million Murowa Diamond Mine has started to operate following the successful relocation of 141 families which were on the mining site.

Mining is one of the sectors which has been depressed over the last five years but some of the players in the industry have said investors should look at non-traditional minerals.

An example that is often given is that of platinum, which is fast becoming the world's most lucrative mineral.

The mining of diamond in Zimbabwe is also fast gaining pace and it is expected that some of the mining projects would create a lot of employment.

Relevant Links

Southern Africa
Mining
Zimbabwe

Topped again at 13.31.

that's 224,265 but has not shown up yet

There is a lot of delayed orders. Mine has just shown up.

WOW! Another 2 massive orders gone thru after mine 500,000 and 250,000

500,000 BUY at 13 pence just been reported. Could not resist the opportunity to add more at 13.25 pence.

Another 500,000 what's going on no movement on the share price. This should have a massive impact first thing on Monday

Sue, will this be the next AFD.

I very much think so Azhar. We have witnessed Instituional buying in the trades that have been reported I believe.

Bought into this one today.
Good buys.......... but what does it take to get the share price moving north!
I'm baffled.
Good luck to all AFG holders

Hi amardev, most likely reason was the fundraising has been carried out this afternoon. The company was looking to raise money with instituional investors at 9 pence. We should expect a news release on the fundraising next week along with possibly news on the other two sites. Price was held back at 13 pence to buy as the larger buys had to be filled. Most likely it was instituional buying albeit at a higher price.

Good buys still coming through after close.

All sounds interesting. Do you think the fundraising will be finished soon and what sort of changes in share price do you envisage over the next few months?

Hi tbrooking66, I would think a reasonable price of 40-50 pence could be achievable by Easter with the good news flow that has come recently and the good news flow that is to come in the near future.

Judging by today's price movements I think the fundraising has now been carried out. If so should get a news release sometime next week.

SueHelen - Thank you for sharing your good research on this stock. Would be interested to hear an update from you on the CWV thread as all seems to have gone quiet on this front.
Cheers

LH

AFG - Punters paying well over thr offer price today, a sea of blue buy trades..

Anyone care to offer a view on where this is going next week. A bit of a paradox is an undesrstatement, small investors are piling in expecting a strong move upwards but the MM's are holding it back possibly due to the share placing. would it be a good move to get in at 13p at the open on monday, does anyone have any idea when the news releases are expected out? Thanks.

Hi ehall, I would expect a news release confirming the fundraising sometime this week. Could be as early as tomorrow or mid-week. The wider scope is that news on 2 more sites is due imminently. We have news on 2 sites already, both times on thursday last week and the week prior to that. Going along with that then one could percieve that we could have more good news this coming week.

A great short term buy if you decide to hold onto these for the next two or three weeks atleast. Medium term, would expect more good news with bigger gains.

With regards to the fundraising, there is talk that only 9 million shares will be coming onto the market and have been placed with instituional investors raising 900,000. In addition, this stock does seem to attract instituional buying(2*500,000 BUYS at 13 pence on Friday) so I would not be surprised to see more heavy buying tomorrow.

Best Wishes.

Sue.

Focus on G7 meeting
AFX
Guide to the main points from Saturday's meeting of G7 finance ministers and bankers

EXCHANGE RATES

-Finance ministers and central bank governors said they do not want to see excessive volatility or disorderly movements in exchange rates.

-They also called for greater exchange rate flexibility in economies where such flexibility is lacking.

-They therefore retained the call for exchange rate flexibility issued at the last G7 meeting in Dubai, but sought to make clear that it is aimed at Asian countries that use fixed exchange rate regimes or which intervene to stop their currencies strengthening too sharply.

-'We reaffirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undesirable for economic growth. We continue to monitor exchange markets closely and cooperate as appropriate. In this context, we emphasize that more flexibility in exchange rates is desirable for major countries or economic areas that lack such flexibility to promote smooth and widespread adjustments in the international financial system, based on market mechanisms,' they said in their communique.

-The wording represents a compromise between the euro zone and the US. The euro zone wanted the G7 to come out against excessive volatility and to signal that the burden of the dollar's downward adjustment should be shared by Asian economies, rather than falling disproportionately on the euro. The US wanted to keep the reference to flexibility and avoid an explicit call for an end to the dollar's slide.

-US Treasury Secretary John Snow said he reaffirmed the US 'strong dollar' policy at the G7 meeting and said the call for currency market flexibility does not contradict this policy.

-Asked if the reference to economies which lack currency flexibility was targeted at China, Snow said: 'I will let the statement speak for itself.'

-European Central Bank president Jean-Claude Trichet said it is important that financial markets understand that there is now a consensus within the G7, but he declined to comment on the possibility of central banks intervening in the foreign exchange market to curb excess volatility.

-Japanese Finance Minister Sadakazu Tanigaki said Japan is not the target of the call for more flexibility in exchange rates despite its large-scale intervention to prevent the yen rising too sharply.

-'Japan is not at all the country which lacks flexibility in currencies,' he said.

-He also declined to comment on whether the phrase is targeted at China.

-Tanigaki said he told Snow that Japan will continue to intervene in the foreign exchange market to counter speculative currency movements. 'I insisted that if we are to see speculative currency movements, each country should be determined to do whatever is necessary to restore stability,' he said.

-Tanigaki said foreign exchange markets should study the wording of the communique closely before reacting. 'We discussed the matter fully to avoid any misunderstanding and paid close attention to the wording. I hope participants in the forex market read the statement again and again until they understand what it truly means,' he said

-The Dubai call for greater currency flexibility triggered a sharp dollar fall, particularly against the euro, whereas the G7 had simply wanted to call for the liberalisation of fixed currency regimes in Asia. The Dubai G7 communique was 'misinterpreted by the market', Tanigaki said.

-French Finance Minister Francis Mer said he hopes that the conclusions of the Boca Raton meeting will be 'more comprehensible than last time'.



ECONOMIC GROWTH

-The G7 said world growth has strengthened significantly since the Dubai meeting.

-'The global economic recovery has strengthened significantly since our meeting in Dubai and risks have diminished. Growth projections for 2004 have been revised upward to their highest in three years,' ministers and central bankers said in the communique.

-But they said the pace of growth remains uneven between G7 economies and much more remains to be done.



ECONOMIC POLICIES

-They said fiscal and monetary policies have helped strengthen the recovery.

-But emphasis also needs to be placed on the supply-side structural policies contained in the G7's Agenda for Growth initiative, in order to increase flexibility and raise productivity growth and employment, they said.

-Such strategies and sound fiscal policies over the medium term are key to addressing global current account imbalances, they said.

-The US committed to boost savings and support job creation by making healthcare more affordable.

-Germany and Italy said pension and tax reform are their priorities.

-France said it will advance healthcare reforms and reduce labour market constraints.

-Japan said it will undertake further fiscal expenditure and revenue reforms and continue to address financial sector reforms.

-The UK said it is targeting reductions in enterprise regulatory requirements.

-Canada said it will provide municipalities with the resources they need for infrastructure investment by exempting them from the goods and services tax they now pay.



US FISCAL POLICY

-Snow said the Bush administration intends to cut the US budget deficit over five years, bringing the gap below 2 pct of GDP, which he said is low by historical standards.

-German Finance Minister Hans Eichel said Snow's plan is a 'good commitment.'

-Snow said US tax cuts have begun to have a positive impact on the domestic economy, and will help boost global growth.



ECB INTEREST RATES

-Trichet said no G7 partners called for any change in ECB interest rates.

-'There was no call for a change in our monetary policy,' he said.

-'There was a consensus that monetary policies (in the G7) are good and appropriate,' he said.



TRADE

-The G7 called for countries to resume the Doha world trade round 'which is pivotal to global growth and the alleviation of world poverty'.



ARGENTINA

-The G7 called on Argentina to 'engage constructively' with its bondholders in order to increase the participation rate in its debt restructuring.

-Ministers and central bankers said Argentina needs to implement policies in line with its agreement with the IMF.

-The comments can be seen as a 'stern message' to Argentina, which is proposing a reduction of 75 pct in the value of debt owed to its private sector creditors at a time when its economy is growing faster than expected, inflation is low and tax revenues are favorable, sources said.



IRAQ

-Iraqi Finance Minister Kamil al-Gailani, who attended the G7 meeting, said he expects increased revenues from oil production this year and repeated that daily output is up to 2 mln barrels per day, although he gave no projection for 2004 output.

-Iraq's central bank governor Sinan al-Shabibi said he expected a 'substantive percentage' of Iraq's debt to be forgiven by industrialised nations and hoped an aid package from the IMF could be agreed soon.

-G7 ministers and central bankers said they called on other countries to join them in reducing Iraq's debt burden and welcomed IMF/World Bank plans for financial and technical assistance.

-They said they welcome the completion of the currency exchange in Iraq and the removal of interest rate controls, and look forward to the approval of the new central bank law.



AFGHANISTAN

-The G7 also launched an action plan for Afghanistan in which they said they would help the Afghan government create a dynamic market economy, but they insisted that the country must stop its opium production.

-Ministers and central bankers said they will provide assistance which will produce 'visible and measurable' results by June, and that they will work with creditors to ensure that Afghanistan's debt burden is bearable.

-But they said the production of opium is a major threat to the country's security, economic growth and reconstruction.

-Afghan Finance Minister Ashraf Ghani, who also attended the G7 meeting, said the country will be looking for 25 bln usd of reconstruction aid at an international donors conference which will be held in Germany on March 30-31,

-'This conference will enable us to discuss our needs for the seven years ahead. The total amount of support that we are looking for is 25 bln usd,' he said.

-In addition to the 25 bln usd of aid for reconstruction, Afghanistan is looking for 3.5 bln usd to fund a working budget over seven years, he said.

-Afghanistan is aiming to increase GDP per capita to 500 usd a year in 10 years time, from 186 usd currently, he said.

-The March 30-31 conference will be organised by the German government, probably in Berlin, and will bring together all potential donors, he said.

-The G7 said it welcomed progress on reform and reconstruction in Afghanistan and the renewed efforts to collect revenues from the provinces.

-G7 countries call on others to join them in reducing Afghanistan's debt burden.



TERRORIST FINANCING

-To combat terrorist financing, the G7 urged all countries to strengthen their asset freezing regimes and to combat abuse of the informal financial sector and non-profit organisations.

Thanks Seuhelen, tomorrow morning might be an opportune time to buy AFE and AFG as both are expecting news soon. I feel that AFE is a bit stretched financially and needs a partner, there appears to be more value with AFG. what is the relevance of the above, have I missed it?