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Glencore to Consult Shareholders on Future of Coal Business Post Teck Resources Acquisition 1 International Coal 

Glencore to Consult Shareholders on Future of Coal Business Post Teck Resources Acquisition

Constance
Glencore will begin consulting with shareholders regarding the future of its coal business once its deal to acquire Teck Resources’ coal mines is finalized later this year. Crucially, Glencore has indicated that if a majority of shareholders support retaining its coal mines, the company will not proceed with a vote on the matter. Glencore’s coal division has been one of its most profitable segments, driving record returns in recent years. The plan to exit fossil fuels and list a new company in New York marked a significant strategic shift under… Read More Here
Xtract Resources Expands Copper Exploration Joint Venture in Zambia 2 Mining in Zambia Copper Exploration New Mining Projects 

Xtract Resources Expands Copper Exploration Joint Venture in Zambia

Constance
London-listed Xtract Resources has announced an addendum to its joint venture (JV) agreement with consulting firm Cooperlemon Consultancy, significantly expanding their copper exploration efforts in Zambia. This expansion incorporates three additional large-scale exploration licenses in northwest Zambia into the existing JV framework. Previously, the JV focused on large-scale exploration licenses 29123-HQ_LEL and 30459-HQ-LEL, both situated in northwest Zambia. These licenses, along with the newly added ones, lie within the Western Foreland geological district, home to the Kamoa-Kakula deposit, and the central fold and thrust belt. Combined, the five licenses cover… Read More Here
Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea 3 International Gold 

Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea

Constance
Barrick Gold announced on Monday that the Porgera Mine in Papua New Guinea remains fully operational and has sufficient fuel supplies for 40 days, despite a massive landslide in Enga province. The landslide, which buried over 2,000 people according to the government, has created treacherous conditions that are hindering aid efforts and diminishing hopes of finding survivors. The Porgera Mine, an underground gold mine, is operated by Barrick Gold in partnership with China’s Zijin Mining and stakeholders from Papua New Guinea. The mine resumed operations earlier this year following a… Read More Here
SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE 4 International Gold 

SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE

Constance
Billions of dollars worth of gold are smuggled out of Africa every year, with most of it exported to the United Arab Emirates (UAE) for processing, according to a report by SwissAid. The Bern-based non-governmental organization analyzed declared and undeclared gold imports over a ten-year period ending in 2022. They estimate that the illicit trade amounts to between $23.7 billion and $35 billion annually based on current market prices. In 2022 alone, more than 435 tons of gold were smuggled out of Africa. The revenue from this illegal trade fuels… Read More Here
Sibanye-Stillwater Finalizes Fourth Renewable Energy Power Purchase Agreement 5 International Energy 

Sibanye-Stillwater Finalizes Fourth Renewable Energy Power Purchase Agreement

Constance
Johannesburg- and New York-listed Sibanye-Stillwater has finalized its fourth renewable energy power purchase agreement (PPA), marking a significant milestone in its commitment to carbon neutrality by 2040. The green metals and gold producer has reached financial close on a 140 MW wind energy project, the Umsinde Emoyeni Wind Farm, located near Murraysburg on the border between the Northern Cape and the Western Cape. Sibanye-Stillwater CEO Neal Froneman emphasized the importance of this development in a release to Mining Weekly, stating that the project represents another crucial step toward achieving carbon… Read More Here
Economics Association of Zambia Analyzes Impact of Eurobond Restructuring Deal 6 Economy Mining in Zambia 

Economics Association of Zambia Analyzes Impact of Eurobond Restructuring Deal

Constance
The recent Eurobond restructuring deal between the Government of Zambia and bondholders has garnered significant economic and business interest across the nation. In response, the Economics Association of Zambia (EAZ) has issued a statement providing insights into the matter. Dr. Oswald Mungule, President of the EAZ, announced that bondholders have positively responded to the restructured terms of Zambia’s initial $3 billion Eurobond, which had accrued to approximately $3.98 billion by 2024 due to accumulated interest and penalties. Despite this progress, Zambia’s credit rating remains low, indicating a high credit risk.… Read More Here
Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling 7 International Gold 

Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling

Constance
Zimbabwe’s sole authorized gold buyer, Fidelity Gold Refinery (FGR), will implement a new tracking system to monitor the supply of gold from mines to the market, aiming to curb rampant smuggling. General Manager Peter Magaramombe announced the initiative, which will launch on September 30, during a meeting with miners in the capital city, Harare. The International Crisis Group estimates that Zimbabwe loses approximately $1.5 billion annually due to gold smuggling. The new system will enable real-time monitoring from the initial weighing of bullion by producers to its delivery to FGR… Read More Here
Zambia Finalizes AI Strategy to Boost National Development 8 Mining in Zambia Copper Events & Expos Technology & Innovation 

Zambia Finalizes AI Strategy to Boost National Development

Constance
The Zambian government has completed drafting a comprehensive Artificial Intelligence (AI) strategy, poised to harness the latest technological advancements for national development. Technology and Science Minister, Hon. Felix Mutati, announced that the AI strategy is set to be launched within the next two months. Speaking at a side event during the Copperbelt Agricultural Mining Industrial Networking Enterprise (CAMINEX) in Kitwe, Mr. Mutati underscored AI’s potential to help Zambia achieve its goal of producing three million tonnes of copper annually. He emphasized that AI would significantly enhance exploration efforts and bring… Read More Here
President Hichilema Inaugurates CAMINEX 2024 with a Call for National Development 9 Mining in Zambia Events & Expos 

President Hichilema Inaugurates CAMINEX 2024 with a Call for National Development

Constance
President Hakainde Hichilema inaugurated the 2024 Copperbelt Mining, Agriculture, and Industrial Trade Expo (CAMINEX) in Kitwe yesterday, urging Zambians to embrace hard work as a catalyst for national development. The event, themed “Unlocking Opportunities for Growth: Zambia’s Land-Linked Position,” saw the President highlight the crucial role of diligence in driving both individual and collective progress, contributing significantly to food security and economic stability. In his address, President Hichilema stressed the importance of self-improvement as a means to create employment opportunities and foster entrepreneurship, thereby raising living standards across the nation.… Read More Here
Lobito Corridor IPA Welcomes Patson Malisa as New Director General 10 Transport and Logistics 

Lobito Corridor IPA Welcomes Patson Malisa as New Director General

Constance
On May 28, 2024, the Lobito Corridor Investment Promotion Authority (“LCIPA” or the “IPA”) announced Patson Malisa as the Director General of the LCIPA. The LCIPA is confident that Patson Malisa’s leadership will significantly advance the goals and potential of the Lobito Corridor. “The Lobito Corridor has unlimited potential to safely acquire, transport, and secure the minerals essential to providing the clean energy on which the world increasingly runs; to spur healthy economic development of the region and beyond; and to improve the lives of millions of people living along… Read More Here

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