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From 2012 to 2020, Gécamines' partners achieved a turnover of 35 billion USD while Gécamines only received 564 million USD in royalties- DRC 1 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 2 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 3 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 4 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
Copper price scales $10,000 on Chinese stimulus, lockdown reprieve 5 Copper International 

Copper price scales $10,000 on Chinese stimulus, lockdown reprieve

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The copper price jumped on Thursday as China’s zero-covid strategy appears to be winding down. Officials in Shanghai announced an end to a two-month lockdown on Monday. China’s cabinet on Tuesday announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy. The development could boost downstream consumption, which was halted for months due to the recent covid-19 outbreak. Copper for delivery in July rose more than 5% from Wednesday’s settlement, touching $4.5575 per pound ($10,050 per tonne) lunchtime Thursday on the Comex market in New… Read More Here
Gold price rises on dollar slump, weak private payroll data 6 Gold International 

Gold price rises on dollar slump, weak private payroll data

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Gold prices rose over 1% on Thursday, coinciding with a dip in the US dollar and discouraging private payroll data for the month of May. Spot gold was up 1.3% to $1,869.67 per ounce by 12:20 p.m. ET, its highest in nearly a month. US gold futures also gained 1.3%, trading at $1,873.30 per ounce in New York. Meanwhile, the US dollar index fell by 0.5%, slipping off a one-week high reached during Wednesday’s session. The latest data from payroll processing firm ADP showed that job creation at companies decelerated… Read More Here
Electra Mining Africa 2022 roars back into life 7 Events & Expos 

Electra Mining Africa 2022 roars back into life

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Electra Mining Africa, the continent’s biggest exhibition, is back after a two year hiatus due to restrictions. As exhibitions and events are now re-opening globally, Electra Mining Africa will be going ahead as a live in-person event this year. This comes on the backdrop of several other exhibitions, having taken place over the last months. Slated from 5-9 September at the Expo Centre, Nasrec, in Johannesburg South Africa, the exhibition and its line-up of conferences and free-to-attend seminars will roar back into life. With over 75 percent of exhibition floor… Read More Here
Chambishi Metals set to open, as govt vows to continue working with trusted investors 8 Mining in Zambia Mining Companies 

Chambishi Metals set to open, as govt vows to continue working with trusted investors

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Negotiations between the state, an unnamed new investor, and the previous owners of Chambishi Metals Plc are nearly completed, according to the government, and will result in the asset becoming operational, more than two years after it was placed on care and maintenance due to a lack of feed for production. Another mining asset that the government is working to reopen is Luanshya’s shaft 28, which is now in talks with a potential investor for prospective operationalization, despite the fact that the talks are still in the early stages. Mines… Read More Here
Glencore denies SA involvement in corruption charges 9 Mining Companies 

Glencore denies SA involvement in corruption charges

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In the wake of Glencore’s guilty plea, to allegations of bribery and market manipulation in the US, UK, and Brazil the company has agreed to pay over R23-billion. The multi-national cooperation was fined $1.2 billion for bribery and violation of that country’s Foreign Corrupt Practices Act. According to a Fin24 article, Units of the Swiss commodities giant entered guilty pleas and agreed to pay about $1.5 billion to settle US, UK, and Brazilian bribery and market manipulation probes that have hung over it for years. The bribery scheme reached the… Read More Here
The American investment bank "RBC Capital Markets" expects a surplus of copper on the market in 2023 and 2024 10 International Copper 

The American investment bank “RBC Capital Markets” expects a surplus of copper on the market in 2023 and 2024

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Analysts at the US investment bank RBC Capital Markets believe in a research note that there will be a “slight” surplus in the copper market in 2023 and 2024. These experts justify this situation by a significant increase global supply combined with a slowdown in demand. According to the details relayed by the Reuters agency quoted by the Ecofin Agency, new mines should indeed come into production in the coming months, particularly in Peru with Quellaveco and in Serbia with Timok. An influx of copper on the market, which would contrast… Read More Here

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