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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

Mining in Zambia Events & Expos

Zambia Chamber of Mines salutes First Quantum Minerals Plans to double investment

May 10, 2022May 10, 2022 admin

The Zambia Chamber of Mines has saluted First Quantum Minerals (FQM)’s plan to double its investment by adding $1.3 billion in its Kansanshi Mine in the North Western Province for the next 20 years. On the first day of the 2022 African Mining Indaba in Cape Town, South Africa, FQM Chief Executive Officer Tristan Pascall announced that plans have reached an advanced stage by his company to double its investment by adding 1.3 billion United States Dollars in its Kansanshi Mine. Mr. Pascall said this follows the assurance and stance… Read More Here

Copper Mining in Zambia

Zambia ends legal spat with Vedanta over seized copper mines

May 10, 2022May 10, 2022 admin

Zambia has agreed to end legal action against billionaire Anil Agarwal’s Vedanta Resources Ltd. as President Hakainde Hichilema seeks to revive mining output in the southern African country. Vedanta’s Konkola Copper Mines was placed under provisional liquidation in 2019 after the previous Zambian government alleged that the company had lied about expansion plans and paid too little tax. KCM denied any wrongdoing. Now Hichilema is seeking to attract investment to one of the world’s biggest copper producers by repairing damaged relationships with mining companies. Any solution at KCM has to… Read More Here

Mining in DRC Governance

Agreement between the Congolese State and Ventora group allows the DRC to circumvent the long legal process with an uncertain outcome”

May 10, 2022May 10, 2022 admin

The National Movement of Affected Consumers (MNCL) gave its opinion, this Monday, May 09, after having participated in the round table organized by the Presidency of the Republic around the agreement signed between the Ventora group of Dan Gertler and the DRC, relating to the return of oil and mining assets. Led by Joël Lamika, this civil society platform, an activist for the socio-economic rights of Congolese men and women, finds that this agreement brings significant advantages in favor of the DRC. “From our research and investigations, it emerges that… Read More Here