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Zambia’s mining sector not to be overshadowed by economic diversity agenda

October 5, 2020October 5, 2020 admin

Economic diversification should not prevent Zambia from exploiting its mineral wealth, says Stanbic Bank Zambia. The country’s largest bank has warned that while pushing for economic diversification is important, there is need to ensure the country’s mineral wealth and the mining sector were not neglected. Zambia boasts 10% of the world’s copper reserves, is the second largest copper producer in Africa and the eighth globally, remains one of the world’s largest cobalt producers, and has the world’s largest emerald mine. The mining industry is an important pillar of the economy… Read More Here

International Equipment & Technology

Metso Outotec to supply grinding technology to gold mine

October 4, 2020October 4, 2020 admin

Metso Outotec will deliver two energy-efficient Vertimill® VTM-4500 stirred mills to a gold mine in Australia in 2021. These vertical grinding mills will be the largest of their kind to be installed in Australia. Typical value for this type of an order is in the range of €10 – 15 million, depending on the scope of delivery. The order has been booked in the company’s orders received in 3Q20. Metso Outotec’s Vertimill provides the lowest total cost of ownership compared to other grinding mills in many applications thanks to its high… Read More Here

Uncategorized

Zambia – No ‘Green Light’ For Mining Investment In The 2021 Budget

October 4, 2020October 4, 2020 admin

In a statement recently released by the Zambia Chamber of Mines, the 2021 Budget announced recently again missed an opportunity to stimulate growth in the sector. The Chamber welcomed the permanent withdrawal of duty on ore imports that was suspended in March as part of the COVID-19 reliefs and acknowledged the extreme delicacy of the task that the Minister of Finance had to perform, given the recently announced initiation of negotiations to suspend bond repayments. But protecting relatively small amounts of revenue today, knowingly at the expense of far larger… Read More Here

Mining in Zambia

Illegal miners attack owners in Mumbwa

October 4, 2020October 4, 2020 admin

Illegal miners in Mumbwa have encroached in a mine belonging to Cupriferrus resources limited, attacked the company’s operations manager and three others. The miners who are alleged to be Luiri gold mine workers seem to have taken advantage of a court ruling which declared them lawful owners of a mine which belonged to Bukomo mine, a ruling the Bukomo mine owners claimed to have been flawed. When the operations manager for Cupriferrus resources limited Kelvin Vlamakis Marko went to the mining site to check on what was obtaining on the… Read More Here

Copper Mining in Zambia

Lubambe Copper advancing new Zambian copper mine

October 4, 2020October 4, 2020 admin

Zambian miner Lubambe Copper Mine has completed an advanced concept study, revealing a new world-class copper resource and outlining the development of a new mine. To progress the project, Lubambe says it “has been actively engaged” with all key levels of the Zambian government, noting that there are a number of approvals required for the project. CEO Nick Bowen said on October 2 that, following completion of a recent drilling programme, the extension resource now stands at 135-million tonnes of copper/cobalt ore at an average grade of 3.65% copper and 0.05% cobalt at a cut-off grade of 2%. The project also has “further opportunity for growth”.… Read More Here

Energy Mining in Zambia

CEC cleared to challenge minister

October 2, 2020October 3, 2020 admin

THE Court of Appeal has given the Copperbelt Energy Corporation (CEC) a green light to challenge Minister of Energy Matthew Nkhuwa’s decision to declare its transmission and distribution lines as common carriers. However, the court has refused to grant CEC’s plea for an order of stay of execution of Mr Nkhuwa’s decision to declare the infrastructure as common carriers pending judicial review proceedings. This is in a case CEC filed an application to commence judicial review proceedings in the Court of Appeal against Government’s decision to declare its infrastructure as… Read More Here

Gold Mining in Zambia

Volt Resources terminates Zambian gold project acquisition

October 1, 2020October 1, 2020 admin

African-focused gold and graphite explorer and developer Volt Resources will not be proceeding with the proposed acquisition of an 85% interest in the Luiri Hill gold project in Zambia. The company will however continue to advance the exploration of its gold projects in Guinea and the funding for the development of the Stage 1 Bunyu graphite project in Tanzania. In May 2020, Volt entered into a binding term sheet regarding the conditional acquisition of an 85% interest in Luiri Hills. The proposed acquisition was subject to (amongst other things) satisfactory completion… Read More Here

Gold International

Gold price jumps on US stimulus hopes

October 1, 2020October 1, 2020 admin

Gold prices advanced and stood firm past the $1,900 mark on Thursday, boosted by an easing dollar and increased investor confidence that there will be further US fiscal stimulus measures to aid the economy. Spot gold jumped 1.1% to $1,907.89 per ounce by 12:20 p.m. EDT, having ended September 4.3% lower — its biggest monthly decline since November 2016. US gold futures were 1.0% higher, trading at $1,914.50 per ounce in New York. The surge in gold prices comes after US Treasury Secretary Steven Mnuchin said Wednesday’s discussions with House… Read More Here

Covid-19 Copper International

Copper price in biggest drop since height of pandemic

October 1, 2020October 1, 2020 admin

The copper price rally came to an abrupt halt on Thursday with the bellwether metal experiencing one of the worst one-day price drops on record. On the Comex market, copper for delivery in December fell 5.7% to $2.8595 a pound ($6,304 a tonne) amid heavy selling, with more than 2.6 billion pounds traded by 1pm in New York. It was the biggest decline since mid-March at the height of the covid-19 induced sell-off, which sent the copper price crashing to below $2.00 a pound – levels last seen during the global… Read More Here

Mining in DRC Energy

Hydropower becoming increasingly viable for miners in DRC

October 1, 2020October 1, 2020 admin

Mining companies are increasingly considering hydropower as a power source for their mines in the Democratic Republic of Congo (DRC). Hydropower, whether pumped storage or run-of-river, is a low-cost, clean form of energy in areas with rivers or dams. The DRC has abundant water resources and is ideally placed to support the development of both small- and large-scale hydropower schemes. The Grand Inga dam is a series of seven proposed hydroelectric power stations at the site of the country’s Inga Falls, which is one of the largest waterfalls in the world. If built as planned, the 40 GW project will be the largest power station in the world. Hydropower has already… Read More Here