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Cape Town Mining Summit to Highlight the DRC’s Critical Mineral Investment Prospects 1 Events & Expos 

Cape Town Mining Summit to Highlight the DRC’s Critical Mineral Investment Prospects

Constance
CMA 2024 will take place under the theme Innovate. Enact. Invest in African Critical Minerals to Sustain Global Growth CAPE TOWN, South Africa, July 24, 2024/ — The Democratic Republic of Congo (DRC)’s state-owned mining firm, Gecamines, and Canadian company Ivanhoe Mines have resumed operations at the high-grade Kipushi zinc-copper mine (https://apo-opa.co/4bZo9ij). The mine is expected to produce up to 140,000 tons of zinc concentrate this year and up to 278,000 tons annually over the next five years, with upgrades to the mine’s new concentrator currently underway. This resumption of… Read More Here
DRC Minister Of foreign trade Advocates for Duty-Free Mining Exports to the U.S. 2 Mining in DRC 

DRC Minister Of foreign trade Advocates for Duty-Free Mining Exports to the U.S.

Constance
Julien Paluku, the Minister of Foreign Trade of the Democratic Republic of Congo (DRC), has advocated for the duty-free export of mining products to the United States. His remarks came during a meeting last Tuesday in Washington, D.C., focused on the African Growth and Opportunity Act (AGOA). In his address, Paluku expressed his commitment to enhancing foreign trade in Sub-Saharan Africa. “I was received at the U.S. Congress in Washington, where I urged national senators and representatives to renew AGOA, which allows eligible sub-Saharan African countries to export most of… Read More Here
ZCCM-IH DELIVERS A K146 MILLION DIVIDEND TO IDC 3 Mining in Zambia Copper 

ZCCM-IH DELIVERS A K146 MILLION DIVIDEND TO IDC

Constance
ZCCM Investments Holdings Plc (ZCCM-IH) has handed over a K146 million dividend cheque to its majority shareholder, the Industrial Development Corporation (IDC), for the 2023 financial year. ZCCM-IH CEO, Dr Ndoba J.Vibetti handed over the dividend cheque to IDC CEO Mr Cornwell Muleya, earlier today. Some key highlights from Dr. Vibetti’s remarks during the handover ceremony: • Dividend Consistency: This marks the 9th consecutive year that ZCCM-IH has paid a dividend to the IDC. Last year, a record dividend of K436 million was paid for the financial year 2021 and 2022.… Read More Here
Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining 4 International Gold Mining tax 

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

Constance
The Mozambican state loses around 50 million meticais annually in unpaid and underpaid taxes from gold and limestone exploitation in Sofala province, according to the Centre for Public Integrity (CIP). A CIP document accessed today highlights illegal exploitation, lack of transparency in production data, poor supervision, failure to properly channel taxes to local communities, unfulfilled promises, suspicions of corruption, high prices for mining-related products, and significant environmental impacts as key issues contributing to the shortfall. These practices are linked to at least three companies and one association operating in the… Read More Here
URA Holdings Acquires Majority Stake in Curlew Emerald Mine 5 International Gemstones Mergers & Acquisitions 

URA Holdings Acquires Majority Stake in Curlew Emerald Mine

Constance
London-listed URA Holdings, owner and operator of the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine in Western Australia’s Pilbara region. URA purchased a 65% interest in Prasinus for A$450,000 (approximately £237,000) and has the option to acquire the remaining 35% interest for an additional A$300,000 (about £158,000) in URA shares after a 12-month period, which expires on October 18, 2025. “We are thrilled to add a controlling interest in the Curlew mine to our portfolio.… Read More Here
Zijin Mining Acquires Strategic Stake in Montage Gold 6 International Gold 

Zijin Mining Acquires Strategic Stake in Montage Gold

Constance
Montage Gold announced on Tuesday that Zijin Mining Group, a Chinese mining firm, will acquire a 9.9% strategic stake in the company through a brokered private placement. Zijin Mining will purchase 32.7 million shares of the Vancouver-based company at C$1.75 per share, totaling nearly C$57.3 million. The offering is expected to be completed by August 12. This deal comes amid Canada’s efforts to tighten its Investment Canada Act, which reviews foreign investments to safeguard national security. However, Montage believes the investment does not require Canadian government approval because Zijin will… Read More Here
Gemfields Reports Strong Revenue and Expansion Progress 7 Mining in Zambia Gemstones 

Gemfields Reports Strong Revenue and Expansion Progress

Constance
Gemstone miner Gemfields has reported total auction revenues of $121 million for the first half of the year, driven by strong demand for rough emeralds and rubies. In its interim results, Gemfields confirmed that construction of a second processing plant at its 75%-owned Montepuez ruby mine in Mozambique is on budget and scheduled for completion by mid-2025. At the 75%-owned Kagem emerald mine in Zambia, the wash plant upgrade is complete and operating at an enhanced processing rate. The company reported a net debt of $44.4 million for the period,… Read More Here
Zimbabwe State Miner Seeks $150M to Boost Gold Output 8 Gold International 

Zimbabwe State Miner Seeks $150M to Boost Gold Output

Constance
Zimbabwe’s largest gold producer, Kuvimba Mining House, is negotiating with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Kuvimba Mining House, which is 65% state-owned, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard. “We are discussing that with potential partners to go forward,” Barnard said during a press briefing in Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.” Zimbabwe acquired Shamva… Read More Here
Tragic Mine Collapse in Northern Kenya Claims Multiple Lives 9 International Gold Mine Safety 

Tragic Mine Collapse in Northern Kenya Claims Multiple Lives

Constance
At least five people were killed and several others injured when an informal gold mine caved in and buried them alive in northern Kenya, according to a local official. The Hillo subsistence gold mine near the Ethiopian border was closed by authorities in March due to deadly clashes between local communities over access to the site. Despite the closure, miners have continued their activities at the location. On Monday evening, around 1,000 people overpowered security forces and invaded the area, said Marsabit County Deputy Commissioner David Saruni. “They dug an… Read More Here
CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration 10 International Copper Exploration 

CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration

Constance
Critical Mineral Resources (CMR) has signed an exclusive option to acquire the Igli project, a high-grade silver/copper site in Morocco’s Anti-Atlas region, with reported grades up to 912 g/t silver and 2.97% copper. To support this acquisition and fund exploration, CMR has raised £750,000 through a convertible loan note (CLN) issue. A significant portion of this investment comes from the Swiss and UAE-based Prism Group, known for its long-term investment strategy. CMR’s nonexecutive chairperson, Dominic Traynor, will transition to executive chairperson to oversee the company’s strategic developments. The Igli project… Read More Here

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