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DRC: Gécamines has suspended its legal action against China Molybdenum

April 1, 2022April 1, 2022 admin

Congolese state mining company Gécamines has suspended its legal action against China Molybdenum, which was stripped of control of its giant Tenke Fungurume copper and cobalt mine in the country last month, as authorities seek a solution to a dispute between the companies. The Congolese government announced in August that it had formed a commission to re-evaluate the mine’s reserves and resources in order to “fairly claim (its) rights”. Several Gécamines officials have been named to the commission as the DRC claims it owes it billions of dollars. In February, a… Read More Here

Gold

West Kenya Project Resource Increases to 1.55 Moz Gold including 221% Increase in Indicated Ounces

March 31, 2022March 31, 2022 admin

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce an upgraded mineral resource estimate for the West Kenya Project (“West Kenya”) in Kenya to 1.55 Moz gold, including a 221% increase in Indicated Resource to 378 koz gold grading 11.70 g/t. Highlights in 2021: · Total resources at Isulu, Bushiangala, and Ramula deposits increase by 31% to 1.55 Moz; · Resources of 1.12 Moz grading 10.80 g/t at Isulu and Bushiangala, of which 34% have been upgraded to Indicated category up from Nil at the… Read More Here

Mining Companies

Tharisa acquires Karo platinum project in Zimbabwe

March 31, 2022March 31, 2022 admin

Platinum producer Tharisa Plc has acquired a controlling stake in a platinum group metals (PGMs) project in Zimbabwe which will eventually double its output, it said on Thursday. Tharisa exercised an option to increase its stake in Karo Mining Holdings Limited from 26.8% to 66.3% in an all-share deal valued at $27 million. The Karo project, expected to start producing in two years, will produce 150,000 ounces a year of PGMs in concentrate in its first phase, the company said. Prices of PGMs including platinum and palladium have surged since Russia’s invasion… Read More Here

International Iron Ore

Billionaire Friedland secures rail deal to tap Guinea iron ore

March 31, 2022March 31, 2022 admin

A mining company controlled by billionaire Robert Friedland has secured access to a Liberian railway that opens the way for it to tap vast iron ore reserves in neighboring Guinea.The deal with the Liberian government provides High Power Exploration Inc. with an outlet for its Nimba concession, which holds an estimated 1 billion tons of high-grade iron ore. The miner expects to start work by 2024 on a rail link that will connect with a line running to Liberia’s Buchanan port. “The rail is critical for us to be able… Read More Here

Copper International

Copper price down on China demand concerns

March 31, 2022March 31, 2022 admin

Copper prices dipped on Thursday hit by concerns over demand in China, which is grappling with the worst resurgence of covid-19 cases since early 2020. Copper for delivery in May fell 0.4% from Wednesday’s settlement price, touching $4.732 per pound ($10,410 per tonne). The most-traded May copper contract on the Shanghai Futures Exchange was down 0.4% at 73,360 yuan ($11,552.57) a tonne. China’s factory activity contracted in March as the economy faced renewed downward pressures from stringent covid-19 controls. The country’s pledges to shore up its embattled property sector have done little to… Read More Here

Copper Cobalt Mining in DRC

China Molybdenum Hails Progress in African Mine Dispute

March 31, 2022March 31, 2022 admin

China Molybdenum said “significant progress” had been made on a dispute over the Tenke Fungurume copper and cobalt mine in the Democratic Republic of Congo (DRC). The dispute between China Moly and the Central African nation’s state mining company Gecamines started in August last year when the government formed a commission to reassess reserves and resources at the mine to “fairly lay claims to their rights”. China Moly holds an 80% stake in the mine, while Gecamines holds the remainder. A spokesman for the Congo government, Patrick Muyaya Katembwe, said… Read More Here

Copper Energy Mining in Zambia

Green energy transition presents ‘unparalleled’ opportunity for Zambia

March 31, 2022March 31, 2022 admin

The green energy transition presents an “unparalleled” opportunity for Zambia, but for it to work, the mining sector needs a fair, predictable and stable regulatory framework, law firm Herbert Smith Freehills partner and Africa co-chair Peter Leon said during an address at the Chatham House Conference, in Lusaka, Zambia, on March 30. The administration of President Hakainde Hichilema has previously stated its intention to increase the country’s copper production from about 800 000 t/y to about three-million tons a year within the next decade to meet the surge in demand for materials that enable the green energy transition. Mining is currently Zambia’s dominant industry, accounting… Read More Here

Copper Cobalt Mining Companies Mining in DRC

China Moly wants third party to resolve Congo mine dispute

March 31, 2022March 31, 2022 admin

China Molybdenum Co. endorsed the involvement of an independent third-party to resolve its dispute with Democratic Republic of Congo over new royalty payments for its massive Tenke copper and cobalt mine, according to a statement posted on the company’s website Wednesday. Congo announced Tuesday that state-owned miner Gecamines would suspend its court case against China Moly’s Tenke Fungurume Mining SA while the two sides try to negotiate a deal. Last month, a Congolese court appointed a temporary administrator to run the mine after Gecamines accused China Moly of refusing to share technical information about… Read More Here

Gold International

Gold price up on doubts over Ukraine ceasefire

March 31, 2022March 31, 2022 admin

Gold prices rebounded on Wednesday amid doubts over the possibility of a ceasefire between Russia and Ukraine. A retreat in dollar also helped to bolster the precious metal’s appeal. Spot gold rose 0.7% to $1,933.31 per ounce by 12:40 p.m. ET, returning to levels seen earlier in the week. US gold futures gained 1.0% to trade at $1,937.80 per ounce. Meanwhile, the US dollar fell 0.5% to nearly a two-week low, making gold less expensive for other currency holders. “Also helping gold is this Russian situation, which seemed to be… Read More Here

Mining in DRC Copper

World: the price of a tonne of copper increases slightly to 10,247 USD

March 31, 2022March 31, 2022 admin

Copper, one of the main mining products exported in the Democratic Republic of Congo (DRC), observes an upward trend on the international market for the week from March 28 to April 1, 2022. According to the analyzes of the experts of the National Commission of Mercurials of the Ministry of Foreign Trade, this product should sell at 10,247 USD this week against 10,017.80 USD per ton last week. Thus, the ton of copper should record a positive price difference of around 229.7 USD on the international market during the period… Read More Here