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Barrick Gold eyes more copper assets in Africa

May 10, 2022May 10, 2022 admin1 Comment

Barrick Gold (TSX:ABX)(NYSE:GOLD) wants to add more copper assets to its African portfolio buoyed by a looming deficit and high prices for the industrial metal, which is also a key component in the making of electric vehicles (EVs) and the renewables sector. The Canadian gold giant already owns the Lumwana copper mine in Zambia, which inherited through its acquisition of Randgold Resources in 2019. The operation was rumoured to be one of 13 assets Barrick sought to sell after the $6 billion merger. The company had a change of heart after President Hakainde Hichilema won a… Read More Here

Mining in DRC Events & Expos

Sama Lukonde at the Mining Indaba/2022: “The DRC carries global hope, not only in the mining sector but also in the environment”

May 10, 2022May 10, 2022 admin

Prime Minister Sama Lukonde represents the President of the Republic, Félix Tshisekedi, at this year’s Mining Indaba Forum where he is the VIP of the DRC, talking about the assets and opportunities for investment in the mining sector and even in the ecological transition of the Central African giant. Presenting the country with immense potential, the head of the Congolese government declared in front of all the assistance at Mining Indaba/2022 that “the Democratic Republic of Congo carries a planetary hope, not only in the mining sector but also that… Read More Here

Mining in Zambia Copper Governance

First Quantum to make biggest foreign investment in Zambia in a decade

May 10, 2022May 10, 2022 admin

First Quantum Minerals has announced the largest foreign investment in Zambia in more than a decade, providing a much-needed boost for the cash-strapped government of President Hakainde Hichilema as he attempts to complete a debt restructuring. The Toronto-listed company said it would invest $1.25bn to extend the life of its Kansanshi copper mine until 2044 and a further $100mn to finish the development of its Enterprise nickel project. “There is an improving investment climate in Zambia whereas in other jurisdictions it is looking a little… Read More Here

Iron Ore

Sinosteel signs $690 million deal for Cameroon iron ore mine

May 10, 2022May 10, 2022 admin

China’s Sinosteel Corp. has signed a $690 million contract to exploit an iron ore mine in southern Cameroon amid a push to cut Chinese reliance on Australian and Brazilian ore. Sinosteel will produce 10 million tons of ore annually containing 33% iron from the Lobe mine, Zheng Zhengao, who heads the Cameroonian subsidiary told reporters in the capital, Yaounde. It will then enrich the output to produce 4 million tons of high-grade ore with more than 60% iron content, he said. The Chinese company signed a 50-year contract with the… Read More Here

Events & Expos

Mining Indaba: Bristow pleads with African miners to create ‘partnerships for prosperity’

May 10, 2022May 10, 2022 admin

A renewed focus on creating meaningful partnerships between miners, host communities and governments is quintessential to unlocking economic prosperity for African stakeholders, Barrick Gold (TSX: ABX; NYSE: GOLD) CEO Mark Bristow told the audience at Investing in Africa Mining Indaba on Monday. The chief executive of the world’s second-largest gold producer by volume calls it “partnerships for prosperity,” which he believes is critical for building Africa into a resource powerhouse. Bristow pointed out one of the biggest tests for partnership the world ever faced was the arrival of covid-19. “Historians… Read More Here

International Gold

Gold price extends decline as dollar rallies to 20-year high

May 10, 2022May 10, 2022 admin

Gold prices extended losses on Monday as the dollar rallied to two-decade highs while US Treasury yields also advanced, curbing investors’ enthusiasm for the safe haven metal. Coming off a run of three straight weekly losses spot gold declined another 1.0% to $1,863.96 per ounce by 12:25 p.m. ET Monday. US gold futures, too, dropped 1.0% in New York, trading at $1,862.60 per ounce. Bullion has been sliding since mid-April as the Federal Reserve and other central banks tighten policy to fight rising consumer prices. The monetary squeeze has sent… Read More Here

Copper International

Copper price near 8-month low on tightening lockdowns in China

May 10, 2022May 10, 2022 admin

Copper prices fell to their lowest in almost eight months on Monday, as tightening lockdowns in China stoked worries about demand, with a stronger dollar further weighing on the market. Copper for delivery in July fell 2.6% from Friday’s settlement price, touching $4.15 per pound ($9,139 per tonne) midday Monday on the Comex market in New York, the lowest since September 1. The most-active June copper contract on the Shanghai Futures Exchange was down 0.6% at 71,740 yuan ($10,715.62), after dropping to its lowest since March 16. Investors are awaiting… Read More Here

Events & Expos Mining in Zambia

Zambia and SA wooing investors at 2022 Mining Indaba

May 10, 2022May 10, 2022 admin

ZAMBIA’S President Hakainde Hichilema blasted fresh air through the Africa Mining Indaba yesterday when he delivered the speech that Mineral Resource and Energy Minister Mantashe should have given only moments before. This was according to Peter Leon, a partner and Africa chair of international law firm Herbert Smith Freehlls, following Mantashe’s address at the opening of the first Energy Indaba to be held in two years.Story continues below Advertisment ”Like Mantashe, President Hichilema told delegates that Zambia was open for business. However, unlike Mantashe, the president elevated the private sector… Read More Here

Events & Expos

2022 mining Indaba summit kicked off in South Africa

May 10, 2022May 10, 2022 admin

The 2022 Mining Indaba summit began on Monday in Cape Town South Africa. The summit is scheduled to run until the end of the week and intends to highlight the issue surrounding mining in Africa. Speaking during the opening of the summit, the Zambian president called upon elected leaders in their respective countries to be responsible for their duties. “All of us on this continent should not accept the fact that we don’t have sufficient power to drive our mining sector and other industries. We do have. We have just… Read More Here

Events & Expos Mining in Zambia

Speech Delivered by President Hakainde Hichilema at the Mining Indaba 2022

May 10, 2022May 10, 2022 admin1 Comment

It is my honour and privilege to be part of this year’s investing in African Mining Indaba. This year’s theme: “AFRICAN MINING: INVESTING IN THE ENERGY TRANSITION, ENVIRONMENTAL, SOCIAL AND GOVERNANCE AND ECONOMIES” could not have come at a more opportune time. The energy transition and unprecedented technological advancements are anchored by mineral resources, among others. Your excellencies, distinguished delegates, ladies and gentlemen, as we all know, the mining sector remains critical to the sustainable development of the African continent. Our continent is blessed with vast mineral resources that are… Read More Here