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CMOC Group Overtakes Glencore as Top Cobalt Producer 1 Cobalt Battery Metals Mining in DRC 

CMOC Group Overtakes Glencore as Top Cobalt Producer

Constance
China’s CMOC Group Ltd. has solidified its position as the world’s leading cobalt producer, generating more than three times the output of its well-known rival, Glencore Plc. This significant surge in production has further depressed cobalt prices. Last year, CMOC surpassed Glencore to become the top producer. Recent first-half output figures reveal a widening gap between the two companies. While Glencore’s production fell 27% to 15,900 tons, CMOC’s output more than doubled to 54,024 tons, nearing its full-year production guidance. Cobalt prices have dropped 70% from their peak around two… Read More Here
Ivanhoe Mines announces quarterly profit of $67 million 2 Mining in DRC Copper 

Ivanhoe Mines announces quarterly profit of $67 million

Constance
Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024 Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 million Kamoa-Kakula’s quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per… Read More Here
DRC Minister of Mines Advocates for Sustainable and Diversified Resource Exploitation in Isiro 3 Mining in DRC 

DRC Minister of Mines Advocates for Sustainable and Diversified Resource Exploitation in Isiro

Constance
As part of a mission to Isiro in Haut-Uélé, Minister of Mines Kizito Pakabomba aimed to make a lasting impact. During his first official visit to this region, Minister Pakabomba emphasized the importance of responsibly exploiting natural resources, convincing local populations of the need for sustainable practices. Warmly welcomed by the jubilant local community, Minister Pakabomba expressed his commitment to a sustainable mining sector. This visit marks a significant turning point, reflecting his dedication to transforming the mining industry into a catalyst for sustainable development across the Congolese economy. Joined… Read More Here
First Quantum Trials World’s First Battery-Powered Dump Truck 4 Mining in Zambia Copper Equipment & Technology 

First Quantum Trials World’s First Battery-Powered Dump Truck

Constance
First Quantum Minerals has partnered with Hitachi Construction Machinery to trial a fully electric dump truck at the Kansanshi mine. This groundbreaking initiative represents a significant step toward a more sustainable and environmentally friendly mining industry. Copper is crucial for the global transition to a lower carbon, renewably powered, electric future. However, mining this essential resource must be done responsibly, with a focus on reducing emissions. Electrifying mining machinery, including dump trucks, is a key component of this effort, despite the technical challenges it presents. The trial of the battery-powered… Read More Here
Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects 5 Mining in DRC Economy Gold Governance 

Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects

Constance
The Minister of Mines, Kizito Pakabomba, was enthusiastically welcomed to Kibali Gold Mine, one of the largest gold mines in Africa. Located in the north-east of the Democratic Republic of Congo (DRC), about 220 kilometers from the town of Isiro, the visit marks a significant milestone for the region. The primary purpose of Minister Pakabomba’s visit was to inaugurate new projects funded by the allocation of 0.3% of the mine’s minimum turnover. This allocation underscores the mine’s commitment to reinvest in local infrastructure and community development. During the visit, Minister… Read More Here
Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex 6 International Copper 

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

Constance
Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland. On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants. This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to… Read More Here
China’s copper buyers make cautious return after prices slump 7 International Copper 

China’s copper buyers make cautious return after prices slump

Constance
China’s copper market is showing a tentative improvement after a months-long slump in demand that stunned bullish investors and dragged prices down from a record high. While there’s no major turnaround so far, analysts and traders in China say that buyers in the world’s biggest copper market are starting to dip in again after prices crashed from above $11,000 a ton in May to below $9,000 this week. “We’re still subscribing to the view that the weakness in the second quarter was due to a delay in demand because there… Read More Here
Glencore International Coal 

Glencore Maintains Production Guidance Amid Coal Business Acquisition

Constance
Multinational mining company Glencore has maintained its 2024 production guidance for most of its metals but has separated its coal production figures following its acquisition of a 77% interest in the steelmaking coal business EVR from Teck Resources. The company is expected to announce its decision regarding a potential demerger of its coal assets in its upcoming half-year financial review next week. Glencore completed the acquisition of EVR on July 11, 2024, a move anticipated to boost its steelmaking coal production to between 19 and 21 million tonnes. CEO Gary… Read More Here
De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions 8 International Diamond 

De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions

Constance
De Beers Group has announced a 21% decrease in revenue for the first half of 2024, highlighting the impact of a global decline in diamond demand and increased competition in the industry. According to the financial report, total revenue dropped from $2.8 billion in H1 2023 to $2.2 billion in H1 2024. The company also experienced a 22% year-on-year decrease in total rough diamond sales. While the global realized price for diamonds remained stable, adverse market conditions significantly affected the company’s performance. Economic challenges in China have resulted in low… Read More Here
Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management 9 International 

Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management

Constance
Anglo American has finalized agreements to sell two royalties to Taurus Funds Management for a total cash consideration of up to $195 million. Under the deal, Anglo American will receive $150 million in upfront cash, with an additional potential payment of up to $45 million contingent upon specific conditions. Taurus will purchase an iron ore royalty held by De Beers, linked to the Onslow Iron project in West Pilbara, Australia. This includes acquiring the De Beers subsidiary that owns the royalty for $125 million upfront, along with up to $25… Read More Here

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