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Barrick Gold eyes Peru expansion 1 International Gold 

Barrick Gold eyes Peru expansion

Constance
Barrick Gold is looking to acquire assets in Peru as its push for global expansion continues. According to local newspaper Gestión, a subsidiary of the Canadian mining company, Barrick Peru, submitted a request to obtain a mining concession for 400 hectares of land in the Puno region in the south-east of Peru. Submission of the request marks a step towards further exploration and extraction of mineral resources in the area, where Barrick first carried out exploration two years ago. In a statement referring to the company’s financial results, president and… Read More Here
Barclays Analysts Recommend Exploiting Discount in Rio Tinto's Dual Listing Discrepancy 2 International 

Barclays Analysts Recommend Exploiting Discount in Rio Tinto’s Dual Listing Discrepancy

Constance
Rio Tinto, with its UK-listed shares trading at a significant discount compared to its Australian counterparts, presents an opportunity for investors to capitalize on the disparity, according to Barclays Plc analysts. On Thursday, Rio Tinto Ltd closed at $80.58 per share in Sydney, whereas Rio Tinto Plc traded at $65.01, over $15 cheaper, as of 2:50 p.m. in London. Barclays analysts, led by Amos Fletcher, highlighted that historically, purchasing London shares while shorting Sydney shares during periods of extreme spread has yielded positive returns. They identified potential catalysts for the… Read More Here
Trafigura Announces Retirement of Senior Executives in Management Reshuffle 3 International Mining Personality 

Trafigura Announces Retirement of Senior Executives in Management Reshuffle

Constance
Global commodity trader Trafigura revealed on Friday that two senior executives would retire this year, marking a significant transition within the company’s leadership and paving the way for a new generation of management. Last September, the Geneva-based firm streamlined its management structure by consolidating divisional leadership roles. Ben Luckock assumed sole responsibility for oil, Gonzalo De Olazaval for metals and minerals, while Richard Holtum expanded his portfolio to include renewables and power. Trafigura disclosed that its CFO, Christophe Salmon, would retire at the end of June after serving 12 years… Read More Here
West African Resources Reports Strong First Quarter Gold Production at Sanbrado Operations 4 International Gold 

West African Resources Reports Strong First Quarter Gold Production at Sanbrado Operations

Constance
West African Resources, an ASX-listed unhedged gold mining company, has announced the production of 56,595 ounces of gold in the first quarter at its Sanbrado gold operations. The gold production, derived from milling 844,000 tonnes of ore at a head grade of 2.2 g/t and a recovery rate of 93.9%, remained consistent with the output recorded in the preceding quarter of December 2023. During the quarter, underground mined ounces witnessed a notable increase of 22% quarter-on-quarter, with 105,000 tonnes of ore extracted from M1 South at a grade of 8.1… Read More Here
Progress Update on Red Rock Resources' Arbitration in the DRC 5 Mining in DRC Cobalt Copper 

Progress Update on Red Rock Resources’ Arbitration in the DRC

Constance
Red Rock Resources, listed on AIM, has issued a significant update regarding its ongoing arbitration proceedings in the Democratic Republic of Congo (DRC) concerning the company’s stake in the VUP copper/cobalt joint venture (JV). As of February 5, Red Rock announced that the finalization of the arbitration award regarding its claim for a portion of the sale proceeds from a JV asset was pending signature and release. Despite a temporary halt in proceedings due to Presidential elections and the subsequent formation of a new administration, Red Rock has indicated that… Read More Here
Lwisha Artisanal Miners Face Harassment and Exploitation by State Services 6 Mining in DRC Artisanal mining Cobalt Copper Zinc 

Lwisha Artisanal Miners Face Harassment and Exploitation by State Services

Constance
At artisanal mining sites in Lwisha, located in the Haut-Katanga province, diggers endure not only the illegal presence of numerous state services but also harassment and arbitrary taxes. In areas like “Kasonga” or “Double Band,” where copper is extracted, artisanal diggers are subjected to abuses by state services. These services control the region, imposing various taxes and fees without clear justification, plunging diggers into perpetual poverty. Working under deplorable conditions, diggers in Lufira’s sector face multiple barriers controlled by different state departments, each demanding payments upon each visit. Refusal often… Read More Here
Reserve Bank of Zimbabwe Introduces Gold-Backed Currency ZiG 7 International Economy 

Reserve Bank of Zimbabwe Introduces Gold-Backed Currency ZiG

Constance
The Reserve Bank of Zimbabwe has launched ZiG, a new gold-backed currency aimed at stabilizing the economy and shielding citizens from currency fluctuations and soaring inflation. ZiG, short for “Zimbabwe Gold,” was unveiled by Central Bank Governor John Mushayavanhu on Friday last week. The move comes amidst the drastic depreciation of the Zimbabwean dollar, or RTGS, which has lost three-quarters of its value this year. Mushayavanhu emphasized that the goal is to replace the RTGS with the gold-backed ZiG currency. Citizens have been given a 21-day window to exchange their… Read More Here
African Rainbow Minerals Invests in Surge Copper's Critical Metals District 8 International Copper 

African Rainbow Minerals Invests in Surge Copper’s Critical Metals District

Constance
African Rainbow Minerals (ARM), a diversified mining company listed on the Johannesburg Stock Exchange, has finalized a subscription agreement with Surge Copper, a Canadian company advancing a critical metals district in British Columbia. Through its subsidiary ARM Copper, ARM will invest C$3.8 million to subscribe for 39,608,708 common shares of Surge Copper. Upon completion of the placement, ARM will hold a 15% stake in Surge, subject to approval from the TSX Venture Exchange and the South African Reserve Bank. As a member of the International Council on Mining and Metals,… Read More Here
Trafo Power Solutions Upgrades Mine Transformers in DRC with Agility 9 Mining in DRC 

Trafo Power Solutions Upgrades Mine Transformers in DRC with Agility

Constance
With its experience in Africa and its agility in executing projects rapidly, Trafo Power Solutions is supplying three mini-substations and two transformers to a copper-zinc mine in the Democratic Republic of Congo. David Claassen, Managing Director of Trafo Power Solutions, says the pressure was on from early in the planning stages to ensure this critical equipment would be available on time – to facilitate the continued  mine expansion. From the date of the contract award, the company will deliver the units to the mine site within just four months –… Read More Here
Madagascar Villagers Accuse Rio Tinto of Contaminating Water Sources 10 International 

Madagascar Villagers Accuse Rio Tinto of Contaminating Water Sources

Constance
Villagers in rural Madagascar are embroiled in a legal dispute with mining giant Rio Tinto, alleging contamination from the nearby QIT Minerals Madagascar (QMM) mine has resulted in dangerous levels of uranium and lead in their bodies. The 64 residents from the Anosy region claim that the QMM mine, predominantly owned by Rio Tinto, has polluted surrounding lakes and waterways, impacting up to 15,000 people reliant on these water sources. Anosy, with its diverse population of around 500,000, faces challenges such as high poverty rates, food insecurity, and water scarcity,… Read More Here

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