Constance - Copperbelt Katanga Mining

Written by Constance

Shareholder Urges Glencore to Retain Coal Business Despite Teck Acquisition

March 14, 2024March 14, 2024 Constance

Tribeca Investment Partners, a shareholder of Glencore, is advocating for the mining giant to retain its coal business even after finalizing the acquisition of Teck Resources’s coal-mining unit. While many of Glencore’s industry peers have divested from coal due to investor pressure, Tribeca believes that Glencore should maintain ownership of its coal assets, citing their world-class quality and strategic importance to the company’s earnings profile and shareholder value. Glencore’s initial plan was to spin off the combined coal unit following the completion of the Teck acquisition, pending shareholder approval. However,… Read More Here

Twelve die in two China coal mine accidents

March 14, 2024March 14, 2024 Constance

Two coal mine accidents in China within a span of 24 hours have led to a death toll of 12, according to state broadcaster CCTV. The first incident occurred in an underground coal bunker in Zhongyang County, Shanxi province, which collapsed, resulting in five deaths as well as two individuals missing. The bunker is operated by Taoyuan Xinlong Coal Industry. The accident in Shanxi follows a notice issued last month by the mining safety regulator, which instructed mines to limit overproduction to avoid such incidents. Despite these measures, China’s leading coal-producing… Read More Here

Mining in Zambia Copper Electricity

Chambishi Copper Smelter Reduces Production Amid Power Shortages

March 14, 2024March 14, 2024 Constance

Zambia’s Chambishi Copper Smelter, owned by China Nonferrous Metal Mining Corp (CNMC), has cut one-fifth of its production due to severe power shortages in the country. The smelter, a key processing facility in Zambia, typically produces 250,000 tonnes of copper annually. However, ongoing droughts and maintenance projects by state-owned power utility Zesco have led to reduced electricity supply, prompting Chambishi to scale back capacity. Sources indicate that Chambishi began reducing production last week, anticipating power rationing announced by Zesco starting March 11. To address concerns about power security during shortages,… Read More Here

Mining in DRC Governance News in Brief

ARSP Cancels Three Subcontracts Worth US$1 Billion Due to Legal Violations

March 14, 2024March 14, 2024 Constance

The Regulatory Authority for Public Procurement (ARSP) has taken decisive action by canceling three subcontract agreements, valued at over US$1 billion collectively, for violations of the law. Among the affected companies are RSN (CREC 7, CREC 9) and International Fourteenth First Congo SARL, both affiliated with SICOMINES shareholders, who were operating as subcontractors for excavation projects within the main company. The third company facing sanctions is BANGDE CONSTRUCTION. These cancellations come as a response to these subcontractors’ failure to comply with legal requirements. Their combined contracts exceeded the stipulated limit,… Read More Here

Mining in Zambia Copper

Lumwana’s Super Pit Expansion Set to Elevate Zambia’s Copper Industry

March 13, 2024March 13, 2024 Constance

Lumwana, a prominent copper mine in Zambia, is on the brink of a transformative expansion project that will position it among the world’s leading copper producers. The development of the Super Pit expansion is poised to elevate Lumwana’s annual copper production to approximately 240,000 tonnes over a lifespan exceeding 30 years. This ambitious endeavor is a pivotal element of the Zambian government’s strategic initiative aimed at revitalizing the nation’s copper sector within the next decade. With an estimated project cost nearing $2 billion, construction is slated to commence later this… Read More Here

Mining in Zambia Battery Metals Cobalt Copper Exploration Lithium

KoBold Metals Leads the Charge in Mineral Exploration for Energy Transition

March 13, 2024March 13, 2024 Constance

KoBold Metals, a pioneering mining startup with backing from industry giants like Bill Gates and Jeff Bezos, is optimistic about its prospects in uncovering crucial metals vital for the energy transition. The company’s enthusiasm surged following its recent breakthrough discovery of a substantial copper deposit in Zambia. According to Josh Goldman, KoBold Metals’ president, this find marks a significant milestone, especially amid the mining industry’s struggle to meet the growing demand for metals essential to the energy transition. Utilizing artificial intelligence to create a “treasure map,” KoBold Metals focuses on… Read More Here

International Copper

FQM expects to ship trapped Panama copper within weeks

March 13, 2024March 13, 2024 Constance

First Quantum Minerals Ltd. expects to secure authorization from Panamanian officials in the coming weeks to sell more than 120,000 metric tons of copper concentrate stored near a port that served its flagship mine. Unleashing the stockpile of semi-processed metal could generate between $200 million and $300 million based on today’s copper prices. That would be a welcome boost to First Quantum’s balance sheet after the government ordered the closure of the Cobre Panama copper mine in November following fierce public protests. Releasing the copper cache would also bolster a… Read More Here

International Economy

BRICS Prepares to Launch Currency in 2024

March 13, 2024March 13, 2024 Constance

BRICS member India is studying the prospects and usage of a new BRICS currency against the US dollar. Reports state that India has ordered a group of financial analysts to study the possibility of a new BRICS currency. The order indicates leading financial intellectuals and think tanks to debate the formation of a new currency, which could be an alternative to the US dollar. A senior and top-level government official from India said on the condition of anonymity that the study on BRICS currency could be a talking point at… Read More Here

Mining in DRC Governance

Kagame and Lourenço Discuss DRC Security in Luanda Meeting

March 12, 2024March 12, 2024 Constance

President Paul Kagame of Rwanda and his Angolan counterpart Joao Lourenço met in Luanda on Monday, March 11, to discuss the security situation in eastern DR Congo, as reported by Village Urugwiro. Kagame was on a one-day working visit to Luanda, where both leaders agreed on key steps to address the root causes of the conflict. They emphasized the importance of upholding the Luanda and Nairobi processes to achieve peace and stability in the region. Lourenço, serving as a mediator between Rwanda and DR Congo, played a crucial role in… Read More Here

Mining in Zambia Economy

Zambia Allocates 11.7 Billion Kwacha for Public Service Delivery in February 2024

March 11, 2024March 11, 2024 Constance

The Ministry of Finance and National Planning has allocated 11.7 billion Kwacha to finance public service delivery in February 2024, according to recent reports. Out of this amount, 2.1 billion Kwacha has been allocated to transfers, subsidies, and social benefits, while 1.3 billion Kwacha will go towards implementing various government programs and general operations. Additionally, 911.3 million Kwacha has been earmarked for capital expenditure programs. Furthermore, 3.1 billion Kwacha has been allocated for debt service and arrears, with the remaining 4.3 billion Kwacha allocated for the public service wage bill.… Read More Here