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Uganda’s Gold Trade Strengthens Import Ties with Tanzania 1 Gold International Mining in Uganda 

Uganda’s Gold Trade Strengthens Import Ties with Tanzania

Constance
Tanzania has emerged as Uganda’s primary import partner within the East African Community (EAC), driven by Uganda’s significant gold trade worth close to $3 billion. Uganda imports unrefined gold, refines it, and then sells the refined product to markets in the EAC, Asia, the EU, and beyond. According to Uganda’s Ministry of Finance, Uganda now imports more goods from Tanzania than from any other East African nation. The Ministry’s Performance of the Economy report for June revealed that, in the 12 months leading up to May, 83% of all products… Read More Here
Botswana Proposes New Law Requiring Local Stake in Mining Operations 2 International Diamond 

Botswana Proposes New Law Requiring Local Stake in Mining Operations

Constance
Botswana is proposing a new law that mandates mining companies to sell a 24% stake in their operations to local citizens or citizen-owned companies once a license is granted, should the government choose not to exercise its option to acquire the shareholding. Botswana, renowned for its rich natural resources, particularly diamonds, saw its diamond production valued at $3.28 billion in 2023, making it the leading diamond producer in Africa and the second globally, only behind Russia, which had a production value of $3.60 billion. The proposed amendment to the existing… Read More Here
Anglo American Lowers Coal Production Guidance Following Grosvenor Mine Fire 3 International Coal 

Anglo American Lowers Coal Production Guidance Following Grosvenor Mine Fire

Constance
Diversified major Anglo American has revised its coal production guidance for the year due to the impact of a recent fire at the Grosvenor underground mine in Australia. As a result of the incident, Anglo has lowered its steelmaking coal production forecast to between 14 million and 15.5 million tonnes, down from the previous guidance of 15 million to 17 million tonnes. The fire, which occurred at the end of June, led to a suspension of production at Grosvenor. According to a statement released by Anglo on Thursday, efforts are… Read More Here
US Official Insists Gertler's Congo Royalties Must Go to Government 4 Mining in DRC 

US Official Insists Gertler’s Congo Royalties Must Go to Government

Constance
A senior US official stated that any deal to ease sanctions on billionaire mining magnate Dan Gertler must include transferring his royalties in the Democratic Republic of Congo (DRC) to the country’s government. Amos Hochstein, a senior White House adviser on energy and investment, emphasized in an interview that lifting the sanctions is crucial to attracting new investments that align with US interests and benefit the DRC, with the option to reimpose sanctions if necessary. “The royalties that he has should be in the hands of the government of the… Read More Here
Panamanian President Delays Addressing FQM Copper Mine Issues Until 2025 5 International Copper 

Panamanian President Delays Addressing FQM Copper Mine Issues Until 2025

Constance
Panamanian President Jose Raul Mulino announced on Thursday that the government will not address issues surrounding the shuttered First Quantum copper mine until early 2025. The Cobre Panama mine, one of the world’s largest copper sources, was closed in November after Panama’s Supreme Court declared its contract unconstitutional. First Quantum had been granted a 20-year mining right with an option to extend for another 20 years, in exchange for $375 million in annual revenue to Panama. Critics argued the contract was too favorable to the company, and environmental protests against… Read More Here
Zambia's Copper Production Set to Surge by 2027 6 Copper Economy Mining in Zambia Uncategorized 

Zambia’s Copper Production Set to Surge by 2027

Constance
Zambia’s annual copper production is projected to grow by more than 40% to reach 1 million tons by 2027, according to the country’s Finance Ministry. As Africa’s second-largest copper producer, Zambia aims to capitalize on the anticipated supply shortfall driven by the energy transition, which is increasing demand for copper in electric vehicles and wind farms. In 2023, Zambia’s copper output fell to a 14-year low of 698,566 tons due to frequent tax changes and conflicts with the previous government. However, the Ministry of Finance and National Planning’s medium-term budget… Read More Here
FQM launches standstill deal with Chinese shareholder 7 International Copper 

FQM launches standstill deal with Chinese shareholder

Constance
First Quantum Minerals Ltd. reached an agreement with Jiangxi Copper Co Ltd., its second-largest shareholder, that limits the Chinese firm’s ownership of the Canadian copper producer. First Quantum said Tuesday that the shareholder rights agreement prevents Jiangxi from buying more stock in t company or selling a shares block of 5% or larger without First Quantum’s consent. The three-year agreement also gives Jiangxi the right to nominate one person for consideration by First Quantum’s governance committee to the board of directors. The agreement follows efforts by Canada’s government to crack… Read More Here
Vedanta Resources Seeks Partners to Boost Zambian Copper Output 8 Mining in Zambia Copper 

Vedanta Resources Seeks Partners to Boost Zambian Copper Output

Constance
Vedanta Resources Ltd., founded by billionaire Anil Agarwal, is seeking business partners to enhance production at its Zambian copper assets. This move follows the company’s regaining control of these assets after years of legal disputes. As part of a $1 billion investment plan for the Konkola Copper Mines (KCM) assets, Vedanta is looking for partners to engage in exploration, development, and production. The call for expressions of interest was announced in the state-owned Times of Zambia newspaper, with a deadline of July 31. Vedanta lost control of KCM in 2019… Read More Here
African Nations Boost Gold Reserves Amid Geopolitical Tensions 9 International Gold 

African Nations Boost Gold Reserves Amid Geopolitical Tensions

Constance
African nations are increasingly building their gold reserves to hedge against geopolitical tensions that have weakened their currencies and fueled inflation. Countries such as South Sudan, Zimbabwe, and Nigeria have either taken steps to increase their holdings or are considering doing so. This move aligns with central banks in China and India, which have accumulated gold to diversify reserves and reduce dependency on the US dollar. A World Gold Council survey indicates that about 20 central banks globally are expected to increase their gold reserves in the coming year. “As… Read More Here
Peak Rare Earths and Shenghe Forge Partnership to Develop Tanzanian REE Project 10 International Rare Earth Minerals 

Peak Rare Earths and Shenghe Forge Partnership to Develop Tanzanian REE Project

Constance
Australia’s Peak Rare Earths has signed a non-binding term sheet with Chinese miner Shenghe Resources to support the development and funding of the Ngualla rare earth elements (REE) project in Tanzania. The agreement outlines Shenghe’s plan to acquire a 50% stake in the entity that holds an effective 84% interest in the Ngualla project by subscribing for new shares worth AUD 96 million. This valuation implies a post-transaction share price of AUD 0.36, which Peak notes is more than double its current share price on the ASX. Upon completion, Peak… Read More Here

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