Constance - Copperbelt Katanga Mining

Written by Constance

Bank of Zambia Announces Plan to Phased Out Cheques by 2026

December 28, 2024December 28, 2024 Constance

The Bank of Zambia (BoZ) has unveiled a comprehensive plan to phase out the use of bank cheques nationwide, with the final discontinuation scheduled for June 24, 2026. This major decision comes in response to an 80% decline in cheque transactions over the past decade. In an official statement, the BoZ cited the rapid rise of electronic payment methods and growing concerns over security as key factors driving the transition. The bank pointed out that cheques are highly susceptible to fraud, including forgery, alteration, theft of cheque books, and unauthorized… Read More Here

DRC President Announces $50 Million Investment to Revive MIBA Mining Company

December 28, 2024December 28, 2024 Constance

The President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, has announced a $50 million investment to revive the struggling Bakwanga Mining Company (MIBA). The announcement was made on Thursday, December 26, 2024, during his visit to Mbuji-Mayi, the capital of Kasaï Oriental province, as part of his ongoing tour of the country’s provinces. Amidst a warm welcome from the local population, President Tshisekedi emphasized the importance of strict oversight in the use of these funds to ensure the revitalization of MIBA, which has faced decades of financial challenges.… Read More Here

Mining in DRC

DRC Coltan Exports Surge Despite M23 Rebel Group’s Control in North Kivu

December 28, 2024December 28, 2024 Constance

Exports of coltan (tantalum concentrate) from the Democratic Republic of Congo (DRC) reached 265.90 tonnes, generating USD 6.76 million during the first quarter of 2024, according to provisional data released by the Ministry of Mines. The Haut-Katanga region leads the country’s coltan exports, with 99.64 tonnes valued at USD 1.83 million. South Kivu follows closely with 67.40 tonnes, worth USD 1.73 million, while Tanganyika ranks third with 58.80 tonnes, generating USD 1.86 million. North Kivu, where the M23 rebel group continues to destabilize the region, ranks fourth with 40.06 tonnes… Read More Here

Mining in DRC Gold Tin

Congolese Mining Sector Boosted by Rising Tin and Gold Prices

December 28, 2024December 28, 2024 Constance

The Congolese mining sector is experiencing a significant revival, driven by the recent surge in the price of tin on international markets. According to the latest data from the National Commission of Mercuriales within the Ministry of Foreign Trade, the price of a tonne of tin reached $29,306 USD during the week of December 23–28, 2024. This marks a 1.06% increase compared to the previous week. The Commission’s report also highlights that the price of tin stood at $28,998 USD per tonne during the week of December 16–22, 2024, reflecting… Read More Here

Diamond Economy Mining in DRC

DRC Diamond Exports Continue Strong Performance in Early 2024

December 28, 2024December 28, 2024 Constance

In the first quarter of 2024, the Democratic Republic of Congo (DRC) reported diamond exports totaling 1,970,188.55 carats, generating revenues of USD 17.96 million, according to the Technical Cell for Coordination and Mining Planning (CTCPM). This underscores the DRC’s sustained significance in the global diamond industry. The primary markets for Congolese diamonds remain Belgium and the United Arab Emirates, both of which play pivotal roles in the international diamond trade. Belgium, historically a key diamond trading hub, imported 890,005.74 carats, valued at USD 7.28 million. Of these exports, industrial diamonds… Read More Here

International Corporate News

Sibanye-Stillwater Secures $500 Million Streaming Deal with Franco-Nevada

December 25, 2024December 25, 2024 Constance

Multinational metals and mining group Sibanye-Stillwater has finalized a $500-million streaming agreement with Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada Corporation. The deal grants Franco-Nevada access to gold and platinum streams from Sibanye-Stillwater’s Marikana, Kroondal, and Rustenburg operations in South Africa, in exchange for an upfront payment of $500 million. Under the terms of the agreement, Sibanye-Stillwater will deliver: Sibanye-Stillwater will also receive a production payment equal to 5% of the spot price of the respective metals during the initial delivery periods, increasing to 10% for gold once 237,000 ounces… Read More Here

Mining in Zambia Copper New Mining Projects

Midnight Sun Secures License Renewal for Solwezi Copper Project in Zambia

December 25, 2024December 25, 2024 Constance

Midnight Sun Mining Corp. (TSXV: MMA) announced Monday the renewal of the exploration license for Kazhiba, a key target area within its flagship 506-sq.-km Solwezi copper project in Zambia. The project is located just 10 km from the Kansanshi mine, Africa’s largest copper mining complex, operated by First Quantum Minerals (TSX: FM). Midnight Sun has an exploration agreement with First Quantum to develop the area. The Zambian government recently rectified an earlier error in rejecting the license renewal for Kazhiba. This resolution removes any doubts about the project’s future. “The… Read More Here

International Gemstones

Gemfields Warns of Potential Disruptions at Mozambique Ruby Mine Amid Rising Unrest

December 25, 2024December 25, 2024 Constance

Gemfields Group announced on Tuesday that disruptions could affect operations at its largest ruby mine in Mozambique, following escalating unrest tied to October’s disputed election. The violence, which includes protests from opposition groups claiming election fraud, has resulted in significant unrest, particularly after Mozambique’s top court confirmed the victory of the ruling Frelimo party on Monday. According to civil society group Plataforma Decide, at least 130 people have been killed in clashes with police. Foreign mining operations in Mozambique, including those of South32, have also been impacted by the unrest.… Read More Here

International

Chile Files Four Environmental Charges Against Anglo American’s Los Bronces Mine

December 25, 2024December 25, 2024 Constance

Chile’s environmental regulator has filed four charges against Anglo American’s Los Bronces copper mine for failing to comply with environmental permits, the agency announced on Monday. The charges, which could result in a fine of nearly 17 billion pesos (approximately $17.17 million), were brought by the Superintendency of the Environment (SMA). Los Bronces, one of Chile’s largest copper mines with an output of 255,000 metric tons in the previous year, is a key asset for Anglo American, which has been the target of a potential takeover by larger rival BHP.… Read More Here

Mining in DRC Economy Governance

DRC and Burundi Strengthen Bilateral Cooperation for Economic Growth

December 25, 2024December 25, 2024 Constance

President Félix-Antoine Tshisekedi of the Democratic Republic of Congo (DRC) met with his Burundian counterpart, Évariste Ndayishimiye, on Sunday, December 22, 2024, in Bujumbura for a friendship visit aimed at enhancing bilateral relations and regional stability, key to the economic development of both nations. This two-hour meeting marks a significant step in revitalizing the economic ties between the DRC and Burundi. The two leaders emphasized the importance of deepening trade and cross-border collaborations, particularly in infrastructure, energy, and natural resources. According to a source close to the Congolese presidency, “The… Read More Here