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Vedanta Resources Initiates Funding and Transition Plans for Konkola Copper Mines in Zambia 1 Mining in Zambia Copper 

Vedanta Resources Initiates Funding and Transition Plans for Konkola Copper Mines in Zambia

Constance
Vedanta Resources, a global natural resources company, has commenced financial support for Konkola Copper Mines (KCM) in Zambia, with an initial disbursement of $25 million allocated for employee salaries, contract labor, and critical services to uphold the asset’s integrity. The company has deployed a technical team to collaborate with KCM’s current management to assess the condition of the operation, ensuring readiness for operations under Vedanta’s control pending the conclusion of the ongoing scheme of arrangement before the court. Upon agreement with creditors and the withdrawal of court cases, the provisional… Read More Here
Glencore Plans Closure or Sale of Unprofitable Nickel Mines in New Caledoni 2 International Battery Metals Lithium 

Glencore Plans Closure or Sale of Unprofitable Nickel Mines in New Caledoni

Constance
Glencore’s joint venture, Koniambo Nickel SAS (KNS), in New Caledonia, is set to transition into care and maintenance due to high operating costs and weak nickel market conditions, the company announced on Monday. Acquired as part of Glencore’s 2013 Xstrata transaction, KNS has struggled with profitability despite efforts by the French government to support the nickel industry in New Caledonia. Glencore expressed gratitude for the government’s initiatives but stated that KNS remained unsustainable, and funding further losses was not justifiable for its shareholders. The company plans to seek a new… Read More Here
Haul road FQM Mining in Zambia Copper 

FQM Expands Central Africa Copperbelt Licences

Constance
Canada-based First Quantum Minerals (FQM) has exercised its option to acquire the remaining two licences in the Central Africa Copperbelt from an agreement with London-listed African Pioneer’s 80%-owned subsidiary, African Pioneer Zambia. The option agreement, initially announced on January 22, saw FQM sign an addendum on February 15 confirming its decision to exercise the option over the two licences, which had not been previously exercised. These licences are identified as exploration licences 27770-HQ-LEL and 27768-HQ-LEL. In addition, FQM had already exercised its option over licences 27767-HQ-LEL and 27771-HQ-LEL, as announced… Read More Here
Vedanta Resources Sells $209 Million Stake in Vedanta Ltd 3 International 

Vedanta Resources Sells $209 Million Stake in Vedanta Ltd

Constance
Vedanta Resources, the parent company of Vedanta, has divested a stake valued at over 17.37 billion rupees ($209 million) in the Indian mining giant, according to exchange data released this week. Finsider International, a subsidiary of Vedanta Resources led by billionaire Anil Agarwal, sold more than 65.5 million shares of Vedanta at 265.14 rupees each, representing a 5.2% discount to Vedanta Ltd’s closing price on Wednesday. Vedanta Ltd’s stock closed 4.2% lower at 267.95 rupees on Thursday. As of December 31, 2023, UK-based Vedanta Resources held a 63.72% stake in… Read More Here
Premier African Minerals Secures Funding for Zulu Lithium and Tantalum Project 4 International Battery Metals Lithium 

Premier African Minerals Secures Funding for Zulu Lithium and Tantalum Project

Constance
Aim-listed Premier African Minerals has announced plans to raise £2.48 million to advance its Zulu lithium and tantalum project. The funds will be utilized for direct operating expenses at Zulu, including final payments for equipment, mining costs, and day-to-day operations. CEO George Roach emphasized the importance of this funding, stating that it ensures the startup of plant operations at Zulu. The company remains focused on its objective and targets to commence production by next week, pending suppliers meeting their obligations. Premier has expanded its mining operations to optimize ore delivery… Read More Here
Africa Nears Milestone with First Cobalt Sulphate Refinery 5 Battery Metals Cobalt Mining in DRC Mining in Zambia 

Africa Nears Milestone with First Cobalt Sulphate Refinery

Constance
Africa is on the brink of achieving a significant milestone with plans for its inaugural cobalt sulphate refinery, poised to be operational by the end of 2025. This development, spearheaded by Nigeria-based Africa Finance Corp. (AFC) and backed by mining luminary Mick Davis’ Vision Blue, marks a crucial step in diversifying the global battery supply chain beyond China, a dominant player in cobalt refining. Last week, AFC signed an expression of interest to provide $100 million in financing to Kobaloni Energy for the construction of the refinery in Zambia. According… Read More Here
Barrick Announces New Share Buyback Program 6 International Gold Press Release 

Barrick Announces New Share Buyback Program

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) announced on Wednesday that it plans to undertake a new share repurchase program for the buyback of its common shares. Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 15, 2023. The Company… Read More Here
Clear Strategies and Strong Partnerships Set Barrick Up to Outperform 7 Gold International 

Clear Strategies and Strong Partnerships Set Barrick Up to Outperform

Constance
A strong finish to 2023 boosted Barrick’s full-year gold production to 4.05 million ounces and its copper output to 420 million pounds1 while its Tier One2 gold mines capitalized on a record gold price to deliver a robust financial performance. Commenting on the annual results here today, president and chief executive Mark Bristow said despite picking up the pace in the latter half of the year, Barrick couldn’t quite make up for the challenges it faced in the first half, and gold production fell slightly short of the annual guidance as flagged… Read More Here
Women Break Ground in Heavy Machinery Operation at Kagem Mining 8 Mining in Zambia Emeralds Gemstones 

Women Break Ground in Heavy Machinery Operation at Kagem Mining

Constance
In a revolutionary shift towards gender diversity and inclusion, Kagem Mining is rewriting the narrative of women in the mining industry. What was once considered an unconventional sight—women skillfully maneuvering heavy-duty machinery—is now becoming a norm at the emerald mine, challenging traditional gender stereotypes and fostering an environment of empowerment. The journey towards inclusivity began in 2022 when Kagem welcomed four female heavy equipment operators into its workforce. Since then, the mine has made remarkable strides, recently incorporating an additional 11 female operators, totaling 14 women in this role alone.… Read More Here
FQM AND ZESCO IN TALKS TO IMPROVE NATIONAL GRID EFFICIENCY 9 Mining in Zambia Copper Electricity 

FQM AND ZESCO IN TALKS TO IMPROVE NATIONAL GRID EFFICIENCY

Constance
Stabilisation of the national power grid is a prerequisite to increasing Zambia’s copper production to 3 million tonnes a year, says First Quantum Minerals (FQM). The need to ensure that power is available ahead of new mine production, and that this power is efficiently transmitted through the national grid cannot be over emphasised, said the company. The message came as the country’s largest power user hosted engineers from ZESCO this week at its Trident mine in Kalumbila as part of on-going discussions to improve the efficiency of the nation’s power… Read More Here

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