Constance - Copperbelt Katanga Mining

Written by Constance

Vedanta seeks $1 billion in upsized share placement

July 24, 2024July 24, 2024 Constance

Vedanta Ltd., the Indian mining company controlled by billionaire Anil Agarwal, is seeking to raise about $1.02 billion through an upsized share sale to institutional investors. Vedanta is offering about 193.2 million shares, up from 114 million previously, according to terms of the deal obtained by Bloomberg News. Shares of the company are being offered at a floor price of 440 rupees apiece, the terms show. Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country. India… Read More Here

First Quantum Declares Commercial Production at Enterprise Nickel Project

July 24, 2024July 24, 2024 Constance

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) declared commercial production as of June 1, 2024 at the Enterprise nickel mine, located 12km away from the company’s Sentinel copper mine in the North Western Province of Zambia. First Quantum built, commissioned and delivered commercial operation in just over two years – another successfully executed project that demonstrates the company’s approach to delivering sustainable growth. Two years ago, First Quantum approved the Enterprise project – alongside the S3 Expansion project at Kansanshi – following a commitment made by… Read More Here

International Copper

Sandfire Successfully Commissions New Filter Press at Motheo Copper Mine

July 24, 2024July 24, 2024 Constance

Sandfire has successfully commissioned a new permanent filter press at the Motheo Copper Mine in Botswana. During the initial ramp-up of the Motheo process plant in the September Quarter of 2023, the original equipment manufacturer (OEM) filter press installed during construction failed to meet design parameters. In response, an interim solution using mobile filter units was implemented, enabling the safe ramp-up of copper concentrate production at planned rates and specifications. An $8 million capital investment secured the procurement, installation, and commissioning of a Larox filter press to support the long-term… Read More Here

Mining in Zambia

FQM Partners with Zambian Police to Enhance Security and Uphold Human Rights

July 21, 2024July 21, 2024 Constance

First Quantum Minerals Limited (FQM), through its Trident Foundation, and the Zambia Police School of Public Order Maintenance, celebrated the graduation of 40 security personnel and community members who completed a human rights and law enforcement training programme last week. The guest of honour, North Western Province Deputy Permanent Secretary Tikki Mulofwa, commended FQM for its commitment to upholding human rights and partnering with the government to develop communities. “This initiative is a model for other companies to follow. Security services play a vital role in maintaining order, but it’s… Read More Here

International Battery Metals Copper

Saudi Arabia to visit Brazil and Chile as seeks to diversify mining

July 21, 2024July 21, 2024 Constance

Saudi Arabia’s mining minister will visit Brazil and Chile over the coming two weeks, the ministry said on Sunday, as the world’s leading oil exporter seeks to expand its international presence in mining. In Brazil, talks will cover mining, food processing, and aviation, while in Chile the focus is on lithium, needed for electric vehicle batteries. “This aligns with the Kingdom’s direction towards expanding the production of EVs,” a Saudi government statement said. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayaf will land in Brazil on Monday and leave… Read More Here

Gold International

AngloGold Ashanti and European Investor Back G2 Goldfields’ Capital Raise for Oko Project

July 21, 2024July 21, 2024 Constance

Gold mining major AngloGold Ashanti and a new European investor have supported Canadian junior G2 Goldfields’ latest capital raise for its Oko project in Guyana. The TSX-V-listed exploration company announced a non-brokered private placement of 28.97 million shares at C$1.45 per share, yielding gross proceeds of C$42 million. A single European investor has agreed to purchase 20 million shares, while AngloGold Ashanti will acquire the remaining shares. Upon closing, AngloGold will hold approximately 15% of G2’s common shares, up from its current 12.8%. The offering is expected to close in… Read More Here

Mining in DRC Infrastructural Development

DRC Prime Minister & Chinese Delegation Discuss Cooperation and Infrastructure Development

July 21, 2024July 21, 2024 Constance

On Friday, July 19, Prime Minister Judith Suminwa met with a delegation from the Chinese Enterprise Group, the majority shareholders of Sicomines. The meeting, led by the Prime Minister, focused on enhancing Sino-Congolese bilateral cooperation and improving the business climate in the Democratic Republic of Congo (DRC). During the discussions, the Prime Minister reiterated the government’s commitment to creating a favorable environment for foreign investors. The Chinese delegation expressed its desire to maintain strong relations with the DRC and to contribute to national development through the construction of high-quality infrastructure.… Read More Here

Mining in DRC

DRC and UK Discuss Key Mining Sector Issues to Foster Cooperation

July 21, 2024July 21, 2024 Constance

On Friday, July 19, 2024, Kizito Pakaboma, Minister of Mines for the Democratic Republic of Congo (DRC), met with Alyson King, the United Kingdom’s Ambassador to the DRC. They discussed critical topics for advancing the Congolese mining sector, including mineral traceability, adherence to international standards, benefits for local communities, and enhancing the business climate to attract foreign investment. Both the DRC and the UK expressed a shared commitment to developing a mutually beneficial partnership. The DRC is rich in natural resources, boasting significant global reserves of cobalt (approximately 36%), copper… Read More Here

Gold Copper

Montage Gold Seeks $131.6 Million to Accelerate Koné Gold Project in Ivory Coast

July 21, 2024July 21, 2024 Constance

Montage Gold, a Canadian company controlling 90% of the Koné gold deposit in Ivory Coast, announced on July 16 its intention to raise $131.6 million to fast-track the development of its largest Ivorian mining asset. The company aims to close the funding round by August 12. Zijin Mining Group, active in copper mining in the Democratic Republic of Congo (DRC), has pledged $41 million, while the Swedish Lundin Family Trusts will contribute $31.4 million. The Koné project is projected to commence production in 2027. “We are thrilled to welcome Zijin… Read More Here

Mining in DRC Economy Oil & Gas

DRC Tackles Mining and Oil Sector Fraud to Boost Public Revenue

July 21, 2024July 21, 2024 Constance

In the Democratic Republic of Congo (DRC), the mining and oil sector continues to grapple with widespread fraud, undermining the country’s economic development. On Thursday, July 17, 2024, Prime Minister Judith Suminwa Tuluka chaired a meeting of the Economic Situation Committee. Following the session, Daniel Mukolo Samba, Minister of National Economy, announced that measures are being considered to enhance public revenue. The committee identified fraud as a significant issue, involving the undervaluation of both mining and petroleum products leaving the country. “We are considering measures to address these fraudulent practices… Read More Here