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Stronger China demand prospects propel copper to five-week peak 1 Copper International 

Stronger China demand prospects propel copper to five-week peak

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Copper prices climbed to five-week highs on Monday after the lifting of Covid-lockdowns in top consumer China boosted demand prospects while dwindling inventories provided further support. Benchmark copper on the London Metal Exchange (LME) was up 2.4% at $9 726 a tonne by 09:27 GMT, having earlier touched its highest since April 27 at $9,916.19. “China has slowly been reopening and has been announcing policy measures to support the economy … the market appears to continue to be pricing in a further rebound in Chinese activity over the coming months,” said… Read More Here
DRC Mining in Lubumbashi: MMG demonstrated its capabilities with nearly $20 million already invested in local communities 2 Mining in DRC Events & Expos 

DRC Mining in Lubumbashi: MMG demonstrated its capabilities with nearly $20 million already invested in local communities

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The mining company Kinsevere (MMG) actively participated in the 17th edition of DRC Mining which ended on Friday in Lubumbashi, capital of the province of Haut-Katanga. This mining giant took the opportunity to welcome the resumption of these meetings which, for the general manager of MMG, constitutes a boon for the miners, the suppliers as well as the Congolese government. “DRC Mining remains among the biggest events concerning the mining sector in Congo. This event brings together mining operators, service providers, the government and any other agency interested in mining. For… Read More Here
Ghana loses gold top spot as 2021 output falls to 13-year low 3 Gold 

Ghana loses gold top spot as 2021 output falls to 13-year low

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Ghana’s gold production fell 30% last year to its lowest in more than a decade, knocking the country off its spot as Africa’s top producer, the president of the mines chamber said on Friday, blaming a taxation change and operational challenges. He predicted production should strengthen this year as the mines address the challenges. The government has also announced a plan to purchase local gold that could encourage output. After a new tax was imposed on small-scale operations, output fell to 2.818-million ounces in 2021 – the lowest level since 2008 – from 4.022-million ounces in… Read More Here
Sandvik looks to an open, interoperable and automation-ready future 4 Equipment & Technology Mining technology 

Sandvik looks to an open, interoperable and automation-ready future

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To fully step into Industry 4.0 and realise the transformative power of solutions such as automation, artificial intelligence and advanced analytics requires a change in the way that mining data is handled and utilised from one system to the next, according to the Sandvik Rotary Drilling Division (part of Sandvik Mining & Rock Solutions). Programs that are designed to fully integrate with those from other vendors will not only deliver efficiency and cost benefits today, but also help mining houses transition into powerhouses of the future, it says. As mining… Read More Here
USAID and Equity BCDC partner to unlock $5 million in loans to small-scale artisanal miners in eastern DRC 5 Artisanal mining Mining in DRC 

USAID and Equity BCDC partner to unlock $5 million in loans to small-scale artisanal miners in eastern DRC

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The United States Agency for International Development (USAID) and Equity BCDC have partnered to unlock financial services and products for small-scale artisanal miners in eastern Democratic Republic of Congo (DRC) through the Zahabu Safi Project (Clean Gold) from USAID. As one of the largest banks in the DRC, Equity BCDC will invest USD 500,000 of its own funds combined with USD 200,000 grant from USAID’s Zahabu Safi (Clean Gold) project to create a blended finance solution authorized to reduce the mining risk of lending to the artisanal mining sector. This partnership… Read More Here
175 million USD in doorsteps owed by SICOMINES remain untraceable to the credit of the General Treasury Account- DRC 6 Mining in DRC Mining Companies 

175 million USD in doorsteps owed by SICOMINES remain untraceable to the credit of the General Treasury Account- DRC

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The report of the General Inspectorate of Finance (IGF) recently published in May 2022 reveals that Gécamines suffered various damages in the Chinese contract signed in 2007. This report notes for example that the doorsteps going to the State, on the amount owed by SICOMINES, ie 175 million USD, remains untraceable to the credit of the General Treasury Account to date. And the IGF promises to continue investigations into this issue. Overall on the Chinese contract, the observation of the IGF is that the signing of the hybrid mining and infrastructure… Read More Here
From 2012 to 2020, Gécamines' partners achieved a turnover of 35 billion USD while Gécamines only received 564 million USD in royalties- DRC 7 Mining in DRC Mining Companies 

From 2012 to 2020, Gécamines’ partners achieved a turnover of 35 billion USD while Gécamines only received 564 million USD in royalties- DRC

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The General Inspectorate of Finance (IGF) has just made public an explosive report on the mismanagement of Gécamines over the past decades. According to this report released at the end of May 2022, Gécamines was the victim of a “disparate treatment of partnerships” in particular with regard to the right to collect royalties. “From 2012 to 2020, Gécamines’ partners achieved an overall turnover estimated at 35 billion USD, while Gécamines received only 564 million USD in royalties from these partnerships, i.e. 1.6% », argue the IGF inspectors in this report.… Read More Here
DRC: IGF indexes 6 mining partnership contracts with private parties not published by Gécamines 8 Mining in DRC Mining Companies 

DRC: IGF indexes 6 mining partnership contracts with private parties not published by Gécamines

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Between 2000 and 2008, Gécamines signed 24 partnership contracts (Joint-venture) with private parties representing 100% of its historic available mining reserves. To date, Gécamines has reconstituted the equivalent of 26% of these reserves of copper (9.3 million tonnes of copper) and 45% of cobalt (1.4 million tonnes of cobalt) and has signed three new contracts joint-venture, reports the General Inspectorate of Finance in its report on Gécamines published in May 2022. Thus, this supreme control institution detected a lack of publication of certain partnership contracts and a lack of transparency… Read More Here
Harmony Gold starts construction of three 10 MW solar photovoltaic plants 9 Gold 

Harmony Gold starts construction of three 10 MW solar photovoltaic plants

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Harmony Gold said on Thursday it had started construction of three 10 megawatt solar photovoltaic plants as part of its environmental, social, and governance (ESG) program. Demand for sustainability has multiplied in the past few years as shareholders increasingly expect companies to take steps toward greater transparency and use cleaner energy. The miner said the first phase of its renewable energy project consisted of a 30-megawatt solar energy plant in the Free State province of South Africa. The second phase would add 137 megawatts at its various longer-life mines, which the… Read More Here
ZCCM IH Board signs MOU with ZANACO to help SMEs in the Mining Industry 10 Mining in Zambia 

ZCCM IH Board signs MOU with ZANACO to help SMEs in the Mining Industry

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ZCCM-IH and Zanaco signed a Memorandum of Understanding (MoU) on Wednesday, 1 June 2022. The MoU is aimed at fostering and providing growth opportunities that contribute to the participation of small and medium sized enterprises (SMEs) in the mining supply value chain in Zambia. The MoU provides a framework of cooperation and collaboration between the two entities, that goes beyond providing general corporate funding facilities availed by ZANACO, to identifying opportunities for increased local participation in the mining sector. The agreement sets out terms that will ensure SMEs are equipped… Read More Here

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