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6.5 billion USD loss to be reclaimed from the state in joint ventures between Gécamines and multinationals- DRC 1 Mining in DRC 

6.5 billion USD loss to be reclaimed from the state in joint ventures between Gécamines and multinationals- DRC

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For the President of the FEC and Chairman of the Board of Directors of Gécamines, what he qualifies as injustice must be corrected to allow the Congolese State to come within its rights in relation to the “unbalanced” joint ventures signed in early 2000s between Gécamines and multinational mining companies. Beyond the structural imbalances in the joint ventures signed between Gécamines and its mining partners, the industrial and financial management practices of these multinationals tend to reduce the benefits for the Congolese State by maximizing their income and to exclude… Read More Here
Metals price rally could hamper switch to green energy — IEA 2 Battery Metals Cobalt Copper Energy International Lithium Mining in DRC Nickel 

Metals price rally could hamper switch to green energy — IEA

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Soaring metals prices may be good for miners, but they put at risk the ongoing transition to clean energy as batteries, solar panels and wind turbines need considerable amounts of copper, nickel, cobalt, lithium and other minerals to be manufactured, a new report warns. According to The International Energy Agency (IEA), reaching the goals of the Paris climate agreement would result in a quadrupling mineral demand by 2040. Yet a lack of investment in new mines could substantially raise the costs of clean energy technologies, the IEA said on Wednesday. “The… Read More Here
Strong demand from China is reshaping the world's copper market 3 Copper 

Strong demand from China is reshaping the world’s copper market

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China’s net imports of refined copper jumped 38% to 4.4 million tonnes last year, breaking all historical records. The country’s demand for metal from the rest of the world was one million tonnes higher than the previous peak in 2018 and 1.2 million tonnes higher than what was imported in 2019. This extraordinary buying frenzy has propelled   the London Metal Exchange (LME) copper price  from  its low covid-19 of $ 4,371 per tonne in March of last year to over $ 10,000 per tonne, for the last time at $ 9,985. It has also reshaped… Read More Here
Gold price inches higher as US yields retreat 4 Gold International 

Gold price inches higher as US yields retreat

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Gold prices inched higher on Wednesday as US Treasury yield retreated from a session high while the dollar hovers near a two-week peak. Spot gold saw a slight gain of 0.2% to $1,783.87 per ounce by 1 p.m. ET. US gold futures rose 0.4% to $1,783.90 per ounce in New York. “Treasuries are coming in line a little bit so you’re getting a bounce in gold,” Bob Haberkorn, senior market strategist at RJO Futures, told Reuters. Higher yields threaten gold’s appeal as an inflation hedge as they increase the opportunity cost of… Read More Here
Barrick CEO blasts ‘hysterical’ fund managers chasing quick cash 5 Mining Companies 

Barrick CEO blasts ‘hysterical’ fund managers chasing quick cash

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Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world’s second-largest producer. “Fund managers just bash the table and want money — they’re not interested in this industry reinforcing its foundations,” Barrick Gold Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.” While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, Bristow urged… Read More Here
Zambia shutters seized copper mine as prices soar toward record 6 Copper Mining in Zambia 

Zambia shutters seized copper mine as prices soar toward record

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Zambia said a lack of capital halted production at a copper mine it seized from Indian billionaire Anil Agarwal’s Vedanta Resources, just as the metal surges toward a record. The standstill at Konkola Deep, a high-grade underground pit that also contains cobalt, was triggered by a shortage of funds to develop new mining areas, said Barnaby Mulenga, permanent secretary in the Ministry of Mines. The lack of capital is also curbing output at other operations of Konkola Copper Mines, which was placed under provisional liquidation in 2019 after the government alleged Vedanta… Read More Here
Mine safe key to higher copper production 7 Copper Mining in Zambia 

Mine safe key to higher copper production

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Comprehensive skills development can help boost workforce productivity while minimising accidents. Strong safety guidelines and training at mines across the country must be implemented with the seriousness they deserve to avoid workplace accidents, says First Quantum Minerals Government Relations Specialist Dr Godwin Beene. Speaking ahead of World Day for Safety and Health at Work on April 28, the industry leader noted that poor safety standards were not only a leading cause of serious injuries but also threatened the industry and the wider economy by depressing productivity. “A company’s productivity boils… Read More Here
Covid-19 deals a blow to Zambia-Zimbabwe border hydro project 8 Hydro power plant Energy Mining in Zambia 

Covid-19 deals a blow to Zambia-Zimbabwe border hydro project

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Because of the coronavirus pandemic, the developers of a $4 billion hydropower plant on the Zambia-Zimbabwe border have postponed the project until next year. Pre-construction work on the Batoka Gorge project has been halted for several months, and funding is still being secured, according to Zambezi River Authority spokesman Fitzgerald Muchindu. Construction on the 2,400-megawatt facility was set to begin in 2020. “The authority and the developer are doing everything possible to expedite the outstanding pre-construction activities to commence construction works at the earliest possible time,” Muchindu said in emailed… Read More Here
Zambia’s irrational bet on copper can end up working in China’s favour after the country defaults 9 Copper Mining in Zambia 

Zambia’s irrational bet on copper can end up working in China’s favour after the country defaults

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Zambia, a country once thought to be one of the most investment-friendly in the region, is now one of the most extreme examples of a surge of authoritarian governments in mining-dependent countries that are struggling to pay their bills after borrowing for infrastructure in recent years. The landlocked nation in Southern Africa, which defaulted on bondholders in November, is doubling down on debt, betting that nationalizing one of its largest copper mines would help the country’s ailing economy. Zambia was the primary nation on the continent to register a pandemic-era… Read More Here
Zambia’s president provides assurances to mining investors 10 Mining in Zambia Taxes 

Zambia’s president provides assurances to mining investors

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Zambia’s president, Edgar Lungu, promised mining investors on Thursday that his country would create a more streamlined tax administration system to make it easier for them to do business. Zambia’s mining tax regime has been a thorny problem since the privatization of mines in the early 1990s, said Edgar Lungu in a speech read on his behalf by his deputy Inonge Wina. Speaking in the capital Lusaka during the opening of a mining sector indaba (conference), the president said: “My government is determined to take significant steps to resolve policy… Read More Here

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