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ZCCM-IH Acquires Additional 10% Shareholding in Lubambe Copper Mines Ltd 1 Mining in Zambia Copper Mergers & Acquisitions 

ZCCM-IH Acquires Additional 10% Shareholding in Lubambe Copper Mines Ltd

Constance
28th August 2024, Lusaka, Zambia – ZCCM Investments Holdings PLC (ZCCM-IH) has secured a deal with Jinchengxin Mining Management Company Ltd (JCHX) to acquire an additional 10% stake in Lubambe Copper Mines Ltd (Lubambe) for $1. This transaction will raise ZCCM-IH’s ownership in Lubambe from 20% to 30%, while JCHX’s stake will decrease from 80% to 70%. The deal is expected to be completed within six months. With this increased shareholding, ZCCM-IH will gain marketing rights to copper ore concentrate output proportional to its ownership. This is a groundbreaking move… Read More Here
Jubilee Metals signs Power deal with Zambia’s Lunsemfwa Hydro Power Company 2 Mining in Zambia Hydro power plant Partnership 

Jubilee Metals signs Power deal with Zambia’s Lunsemfwa Hydro Power Company

Constance
Jubilee Metals Group, a diversified metals producer listed on the AIM, has signed a three-year power purchase agreement (PPA) with Lunsemfwa Hydro Power Company (LHPC), an independent producer of hydropower and solar energy in Zambia. The PPA guarantees that the power needs of Jubilee’s Roan concentrator facility and Sable refinery will be met continuously at competitive rates starting September 1. Additionally, Jubilee has the option to acquire up to 10 MW of solar-generated power at rates discounted by over 30% from the initial PPA terms. This agreement secures the company’s… Read More Here
Tanzania and Zambia to Assess Costs for Joint Pipeline Expansion Project 3 Mining in Zambia Oil & Gas 

Tanzania and Zambia to Assess Costs for Joint Pipeline Expansion Project

Constance
A contractor has been assigned to conduct a feasibility study aimed at expanding the capacity of the Tanzanian-Zambia Crude Oil Pipeline, commonly known as the Tazama Pipeline. The goal is to increase its capacity to transport 5 million tonnes of crude oil annually. The Tazama Pipeline, built in 1968, currently has a capacity of 800,000 tonnes, which no longer meets the demands of Tanzania and Zambia, necessitating the upgrade. According to the Tanzanian newspaper The Citizen, Davison Thawethe, Managing Director of Tanzania Pipeline Limited, stated that the cost of the… Read More Here
Codelco could face $8 million fine for tailings dam violations 4 International Copper 

Codelco could face $8 million fine for tailings dam violations

Constance
Chile’s environmental regulator on Thursday said it filed two charges against state copper giant Codelco over the management of its Talabre tailings dam at its Ministro Hales division in northern Chile. The charges were for the lack of a contingency plan to avoid affecting underground water, and for the incorrect deposit of tailings materials dating to 2017. The company, the world’s biggest copper miner, has ten days to submit a compliance plan and an additional five days to appeal, and could face a fine of about 8 billion pesos ($8.71… Read More Here
Mwamba Mining Partners with Barrick Gold to Explore Tanzania's Nzega Greenstone Belt 5 International Gold 

Mwamba Mining Partners with Barrick Gold to Explore Tanzania’s Nzega Greenstone Belt

Constance
Mwamba Mining (“Mwamba”), dedicated to advancing inclusive and sustainable gold mining in Tanzania, has partnered with Barrick Gold Corporation (“Barrick”) through its Twiga partnership with the Tanzanian Government. This collaboration will focus on exploring Mwamba’s 1,325 km² land position in the Nzega district, an area noted for its significant greenstone belts, which are known to host world-class gold deposits. Under an earn-in agreement, Barrick may invest up to $16.5 million in prospecting and exploration to acquire up to 80% joint venture interest in the Property. Founded in 2018 by Tanzanian… Read More Here
DRC Reveals $70 Million Plan to Revitalize MIBA and Increase Diamond Production 6 Mining in DRC Diamond 

DRC Reveals $70 Million Plan to Revitalize MIBA and Increase Diamond Production

Constance
Last Friday in Kinshasa, Kizito Pakabomba, the National Minister of Mines, presented a $70 million plan to relaunch the Bakwanga Mining Company (MIBA) during the tenth Council of Ministers. The plan, which focuses on five key areas—certification of mining reserves, concession security, production-related investments, personnel costs, and monitoring-evaluation—aims to increase MIBA’s production capacity from 2026. The company, based in the Kasai region, is targeting an annual output of 2,438,484 carats, valued at $58.95 million in revenue from diamond extraction and marketing. To support this ambitious goal, the National Minister of… Read More Here
Lundin Mining Workers in Chile End Strike with New Wage Agreement 7 International Copper 

Lundin Mining Workers in Chile End Strike with New Wage Agreement

Constance
Workers at Lundin Mining Corp.’s Caserones mine in Chile have ended a nearly two-week strike after accepting a new wage proposal. Approximately 90% of one of the mine’s three unions voted in favor of the new three-year contract on Saturday, following a preliminary agreement reached late Friday, according to union leader Marco Garcia. The strike, led by a union representing 29% of the workforce at Caserones, had disrupted production at the mine, which produced 137,100 tons of copper last year, according to Chilean government data. The resolution of the strike… Read More Here
South Africa's Gold Sector Declines Despite Record Prices 8 International Gold 

South Africa’s Gold Sector Declines Despite Record Prices

Constance
Despite record-high gold prices, South Africa’s gold sector continues to experience a “deep structural decline,” according to Hugo Pienaar, chief economist at the Minerals Council. Reviewing the latest mining production and sales data from Stats SA for the second quarter of 2024, Pienaar highlighted the ongoing challenges in the industry. Since the fourth quarter of 2019, only manganese and chrome have shown growth, while overall mining production in the second quarter of 2024 was 8.7% lower than pre-COVID levels. Iron ore and gold have been the worst performers, with the… Read More Here
Coltan Traffickers Caught in Goma Amid Crackdown on Illegal Mineral Trade 9 Mining in DRC Coltan 

Coltan Traffickers Caught in Goma Amid Crackdown on Illegal Mineral Trade

Constance
As part of the “Safisha Muji wa Goma” operation, seven packages of coltan, a key mineral used in the production of electric batteries, were seized on Saturday by the National Intelligence Agency (ANR) in collaboration with security forces in Goma, North Kivu. The seizure marks a significant victory in the fight against the illegal mineral trade that fuels conflict in the Democratic Republic of Congo (DRC). According to Congolese National Radio and Television (RTNC), the 350kg of coltan originated from Rubaya in Masisi territory and was en route to Rwanda… Read More Here
Lualaba Governor Aims to Diversify Economy Beyond Mining Sector 10 Mining in DRC 

Lualaba Governor Aims to Diversify Economy Beyond Mining Sector

Constance
Lualaba Governor Fifi Masuka announced her government’s plan to reduce the province’s economic reliance on the mining sector by creating new businesses. Speaking on Friday, August 23, during the presentation of her five-year program, Masuka outlined her vision for economic diversification. Addressing provincial officials at the Lualaba Provincial Assembly, Governor Masuka emphasized the need to diversify the province’s economy, which currently depends heavily on mining. “My government and I will establish new companies within the provincial portfolio to diversify the economy and lessen our dependence on the mining sector,” she… Read More Here

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