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Copper price surpasses $10,000, expected to rise further, says Citigroup 1 Copper International 

Copper price surpasses $10,000, expected to rise further, says Citigroup

Constance
Copper prices surpassed $10,000/tonne on Friday after Citigroup analysts predicted the industrial metal may retest that level on investor optimism over policy support in China. The world’s biggest consumer is widely anticipated to introduce further stimulus to upgrade its renewable energyThese additional measures, specifically targeting domestic property and grid investments, are expected to support copper prices in the near term, Citi analysts said in a note. The bank also noted that the recent pullback in copper is mainly due to weaker manufacturing data globally, which it believes is only temporary.… Read More Here
US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm 2 Mining in DRC Copper 

US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm

Constance
The US has intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to prevent Beijing from gaining further control over critical minerals, according to sources familiar with the matter. US officials urged the Democratic Republic of Congo’s state-owned miner, Gécamines, to review the recent sale of Trafigura-backed Chemaf Resources to Norin Mining, a subsidiary of China’s state-owned defense company Norinco, these sources said. This action is part of Washington’s broader effort to secure access to essential metals for US-friendly companies amid increasing competition between the… Read More Here
CEC Mining in Zambia Electricity News in Brief 

Copperbelt Energy Corporation to Address Mining Power Shortfall with Imports

Constance
Copperbelt Energy Corporation (CEC) Group Chief Executive Officer Owen Silavwe announced that imported power will start flowing next month to address the significant shortfall in the mining industry, which is estimated to be between 20% and 30%. Zesco has declared a force majeure on the mining sector, retracting 20% of the energy previously supplied to the mines. In response, CEC stated last month that it had signed contracts with the mining companies it serves to supply the power deficit through imports. During the Energy Indaba held last week in Lusaka,… Read More Here
Vedanta ready with $250 million funding to pay KCM Creditors 3 Press Release Copper Mining in Zambia 

Vedanta ready with $250 million funding to pay KCM Creditors

Constance
Friday 5th July, 2024 Lusaka, Zambia – In a significant development, Vedanta has arranged USD 250 million funding to pay KCM Creditors as per High Court decision rendered on 28 June 2024. With Vedanta Resources’ reinstatement, Konkola Copper Mines (KCM) is poised for a new era of growth and prosperity. Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH) are working in close collaboration to complete all steps outlined in the transaction documents. The parties involved are demonstrating their shared commitment to KCM’s… Read More Here
BHP cuts employee incentives by 20% globally — report 4 International 

BHP cuts employee incentives by 20% globally — report

Constance
BHP (ASX, LON, NYSE: BHP), the world’s largest miner, is reportedly reducing by 20% short-term incentives offered for the 2023-24 fiscal year to all employees, the Australian Financial Review reported on Thursday. The move, according to sources quoted by AFR, comes as BHP failed to meet its internal performance targets. The company’s management attributed the reduction to failures in meeting cost and production goals in certain divisions, along with an incident that cost the life of a worker at its Saraji coal mine in Queensland in January, according to the… Read More Here
ProMarks and Trafigura sign MOU with the Angolan government 5 Angola Mining in DRC Mining in Zambia Partnership Transport and Logistics 

ProMarks and Trafigura sign MOU with the Angolan government

Constance
ProMarks, an international engineering company specialized in the energy sector and Trafigura, a market leader in the global commodities industry, yesterday signed a Memorandum of Understanding (MOU) with the Government of Angola to conduct a technical and economic viability study and to develop a Public Private Partnership model for a major regional power transmission and supply project. The signing ceremony was held in Luanda in the presence of government representatives from Angola, alongside other diplomatic guests and representatives from the private sector. The MOU was witnessed by His Excellency João… Read More Here
Ivanhoe Mines Completes Construction of Kipushi Concentrator Ahead of Schedule 6 Mining in DRC Copper Infrastructural Development Press Release 

Ivanhoe Mines Completes Construction of Kipushi Concentrator Ahead of Schedule

Constance
First ore to Kipushi concentrator achieved on May 31; first concentrate produced on June 14 Kipushi sets 2024 production guidance at between 100,000 and 140,000 tonnes of zinc in concentrate Kipushi zinc production capacity to average 278,000 tonnes per annum over first five years, making Kipushi the fourth-largest zinc mine globally Basic engineering underway to increase processing capacity of concentrator by 20% to 960,000 tonnes per annum Off-take agreements signed with CITIC Metal and Trafigura, plus $170 million in financing facilities agreed Kipushi reconfirmed as the world’s lowest carbon-emission intensive… Read More Here
UAE's IRH Withdraws Bid for Vedanta's Zambian Copper Mines 7 Copper Mining in Zambia 

UAE’s IRH Withdraws Bid for Vedanta’s Zambian Copper Mines

Constance
International Resources Holding (IRH), a subsidiary of UAE’s International Holding Company IHC.AD, has announced the withdrawal of its bid to acquire a stake in Vedanta Resources Ltd’s Zambian copper mines. The decision follows unsuccessful negotiations over the valuation of the assets, as reported by Reuters. IRH had proposed acquiring a 51% stake in Vedanta’s Konkola Copper Mines (KCM) for more than $1 billion, aiming to strengthen its copper holdings in Zambia after a recent acquisition of a 51% stake in Mopani Copper Mines. “IRH terminated the transaction discussions two months… Read More Here
South Kivu Governor Exposes Illegal Operations of Chinese Mining Companies 8 Mining in DRC 

South Kivu Governor Exposes Illegal Operations of Chinese Mining Companies

Constance
Jean-Jacques Purusi, the newly appointed governor of South Kivu province, has raised alarms over the presence of 147 Chinese-run mining companies operating illegally, many underground. In his inauguration address to provincial officials last week, Governor Purusi highlighted the concentration of these operations in the territories of Fizi, Mwenga, and Shabunda. According to Purusi, investigations by local authorities revealed that these companies possess expired permits dating back to 2013, 2014, and 2016, yet continue to operate without legal authorization. “These companies, despite their illegal status, have the capacity to produce over… Read More Here
Sandvik DRC Secures Subcontracting Rights through Local Partnership 9 Mining in DRC Mining Equipment Partnership 

Sandvik DRC Secures Subcontracting Rights through Local Partnership

Constance
Kinshasa – Sandvik DRC has secured the right to engage in subcontracting activities in the Democratic Republic of Congo (DRC) following a strategic move to open its share capital to a Congolese partner holding a majority stake of 51%. The announcement, made on Monday, July 1, 2024, by the Regulatory Authority for Subcontracting in the Private Sector (ARSP), marks a significant milestone for the mining equipment company. The memorandum of understanding signed between Sandvik DRC and ARSP, in the presence of senior executives including Managing Director Miguel Katemb Kashal and… Read More Here

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