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‘The bucket is leaking’: Zambia opposition leader denounces debt-funded Mopani deal

January 22, 2021January 22, 2021 admin

Zambia’s main opposition party leader Hakainde Hichilema criticised the government’s deal with Glencore on Thursday, comparing the economy to a leaky bucket broken by debt. The state mining investment arm ZCCM-IH agreed on Tuesday to take on $1.5 billion in debt in exchange for full control of Mopani Copper Mines, previously majority-owned by Glencore. “You are filling the economy with more debt, expensive debt, there’s no compensating growth. Where is the money going? It’s going. The bucket is leaking,” Hichilema, president of the United Party for National Development (UPND), said in a… Read More Here

Mining technology

Getting the right tools for mining to go digital

January 21, 2021January 21, 2021 admin

The astute application of digital tools is the key to continuously improving efficiencies on underground mines, according to Niel McCoy, business line manager for automation and digitalisation at Sandvik Mining and Rock Solutions. McCoy says that the choice of digital tools needs to be based on each operation’s key performance indicators (KPIs). This is because the solutions that are implemented will be focused on monitoring and managing those KPIs. He then recommends a phased approach to introducing digital tools to an operation. “The starting point is always machine telemetry and… Read More Here

Lithium

Manono to have one of the lowest carbon footprints globally

January 21, 2021January 21, 2021 admin

An independent study of the Manono lithium and tin project, in the Democratic Republic of Congo, has found that it is likely to have one of the lowest carbon footprints of any global hard rock lithium project. ASX-listed AVZ Minerals on Thursday told shareholders that the greenhouse gas (GHG) assessment, completed by Environmental Resource Management, evaluated the Scope 1 and Scope 2 emissions associated with the operation over its 20-year mine life. The low carbon footprint expected at Manono was owing to AVZ’s strategic location adjacent to the Mpiana Mwanga hydroelectric… Read More Here

Events & Expos

Mining Indaba Virtual announces speaker line-up from key mining sectors

January 21, 2021January 21, 2021 admin

Investing in African Mining (Mining Indaba) (www.MiningIndaba.com), part of Hyve Group Plc announced the exceptional line-up of keynote speakers for Mining Indaba Virtual, which will take place 2-3 February 2021. The organisers are extremely delighted to confirm four heads of state will be delivering keynote addresses, including H.E. Cyril Ramaphosa, President of South Africa, H.E. Julius Maada Bio, President of Sierra Leone, H.E. Mokgweetsi Masisi, President of Botswana and H.E. Félix Tshisekedi, President of Democratic Republic of Congo (DRC) discussing the opportunity for international investment and much more for their countries. Joining the heads of state… Read More Here

Gold

IAMGOLD produces 653,000 gold ounces, meets guidance

January 20, 2021January 20, 2021 admin

IAMGOLD (TSX: IMG, NYSE: IAG) announced on Monday attributable gold production of 653,000 ounces in 2020, at the mid-point of guidance of 630,000 to 680,000 ounces. The company reported attributable gold sales of 646,000 ounces for the year and 172,000 ounces for the fourth quarter, with total cash costs expected at the bottom end of guidance of $980 to $1,010 per ounce produced. “Essakane had its strongest quarter at the end of the year, Rosebel production was up quarter-over-quarter and Westwood contributed by processing stockpile and Grand Duc open pit ore,” said Gordon… Read More Here

Gold International

Gold price rises with spotlight on Biden

January 20, 2021January 20, 2021 admin

Gold prices surged on Wednesday amid signs that interest rates may remain weak, boosting inflation expectations as Joe Biden begins the first day of his US presidency. Spot gold advanced 1.5% to $1,868.68 per ounce by 11:50 a.m. EST, near a one-week high. US gold futures were also up by 1.4% to $1,867.00 per ounce. The precious metal extended its gains following Tuesday’s comments from Biden’s Treasury Secretary nominee Janet Yellen that weakened the dollar. Specifically, Yellen told the Senate Finance Committee that a slew of state spending was needed… Read More Here

Mining in Zambia

Zambia expects to find new Mopani investor by year-end

January 20, 2021January 20, 2021 admin

Zambia’s mining investment arm ZCCM-IH expects to find a new investor for Mopani copper mines by the end of the year, the company and its top shareholder, the Industrial Development Corporation (IDC), told Reuters. ZCCM-IH agreed on Tuesday to buy Glencore’s majority stake in Mopani, taking on $1.5 billion in debt to do so. “We expect a strategic equity partner will be identified before the end of 2021,” the IDC told Reuters. ZCCM-IH Chief Executive Mabvuto Chipata said he agreed with that target. Mopani was once central to Glencore’s plans to turn around its… Read More Here

Mining Careers Mining in Zambia

DRIVER, AMBULANCE | MINING CAREERS AT ZCCM-IH INVESTMENT HOLDINGS, KASENSELI GOLD, MWINILUNGA , ZAMBIA

January 20, 2021January 20, 2021 admin

JOB TITLE: Driver, Ambulance | LOCATION: Mwinilunga | DEPARTMENT: HUMAN RESOURCES Report to: Administrative Officer Zambia Gold Company Limited (Zambia Gold) was incorporated on 10 January 2020. Zambia Gold (the ‘Company’) is co-owned by ZCCM Investments Holdings Plc with a 51% stake and the Ministry of Finance owning the remaining 49% stake. Zambia Gold is mandated to lead the development of the gold sector in Zambia by undertaking commercial activities for the benefit of all stakeholders. In order to achieve this mandate, Zambia Gold Company will broadly undertake the following… Read More Here

Mining Careers Mining in Zambia

DRIVER | MINING CAREERS AT ZCCM-IH INVESTMENT HOLDINGS, KASENSELI GOLD, MWINILUNGA AND LUSAKA , ZAMBIA

January 20, 2021January 25, 2021 admin

JOB TITLE: Driver | LOCATION: Mwinilunga and Lusaka | DEPARTMENT: HUMAN RESOURCES Report to: Administrative Officer Zambia Gold Company Limited (Zambia Gold) was incorporated on 10 January 2020. Zambia Gold (the ‘Company’) is co-owned by ZCCM Investments Holdings Plc with a 51% stake and the Ministry of Finance owning the remaining 49% stake. Zambia Gold is mandated to lead the development of the gold sector in Zambia by undertaking commercial activities for the benefit of all stakeholders. In order to achieve this mandate, Zambia Gold Company will broadly undertake the following… Read More Here

Cobalt International

Cobalt price rally lifts EV Metal Index to fresh record high

January 20, 2021January 20, 2021 admin

The MINING.COM EV Metal Index, which tracks the value of battery metals in newly registered passenger EVs around the world, set a fresh monthly record in November and is already near the annual total for 2019. Month on month price and deployment data (bar nickel) for the raw materials all improved in November, boosted by the overall increase in EV sales (including hybrids) during the month, 73% year over year and the relative outperformance of full electric cars and plug-in hybrids. Total battery capacity of EVs sold increased 117% year… Read More Here