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OIl Mining in DRC Oil & Gas Petroleum 

DRC Petroleum Product Subsidies to Hit $400M Mark in 2023

Constance
The Democratic Republic of Congo (DRC) would not experience a shortage of stocks of petroleum products although it depends on the international situation. These assurances were given by the Minister of Finance, Nicolas Kazadi, during a press briefing organized on Tuesday, November 28, 2023, at the initiative of his colleague from Communication and Media, Patrick Muyaya. According to Nicolas Kazadi, the Congolese Government has already made some shortfall payments to oil companies. Like last year, the cost of subsidizing petroleum products in the Democratic Republic of Congo is estimated at… Read More Here
Global Uranium Prices Hit 15-Year High, Surpassing $80 USD per Pound Milestone 1 International 

Global Uranium Prices Hit 15-Year High, Surpassing $80 USD per Pound Milestone

Constance
Uranium prices have exceeded the US$80 per pound mark for the first time in more than 15 years. On the American stock exchange Nymex, futures contracts for yellowcake, a crude form of uranium, exceeded $80.25 on Monday, November 20, 2023. According to certain specialists, this historic peak comes after months of rising fuel prices, in a global context marked by the return to favor of nuclear power. Supply contracts with utilities responsible for purchasing uranium for nuclear power plants continue to intensify, according to Colin Hamilton, director of commodities research… Read More Here
DRC Initiates Central Bank Recapitalization to Strengthen Financial Independence 2 Mining in DRC Economy Gold 

DRC Initiates Central Bank Recapitalization to Strengthen Financial Independence

Constance
The Democratic Republic of Congo (DRC) government has initiated a two-year process, from 2024 to 2025, to recapitalize the Central Bank, aiming to elevate its capital to 213 billion FC in compliance with existing legislation. This endeavor seeks to strengthen the institution’s financial autonomy. Finance Minister Nicolas Kazadi revealed on Tuesday that despite the DRC holding approximately 30% of global reserves, its central bank currently lacks monetary gold. He highlighted an ongoing plan to address this deficiency. While the gold standard system has ceased, gold retains its stature as a… Read More Here
Rio Tinto Chief to join IGO board 3 International Mining Personality 

Rio Tinto Chief to join IGO board

Constance
Ivan Vella, former chief executive aluminium at Rio Tinto, will join the IGO leadership team as managing director and chief executive officer. Vella stepped down from his position at Rio in June, but remained with the company throughout the transition process. However, Vella’s contract with Rio was terminated on November 15. In a statement, Rio said the termination was due to the “failing to follow guidance on acceptable management of confidential information”. IGO spoke with both Vella and Rio Tinto about the termination, and has confirmed Vella’s future role with… Read More Here
DRC's Cobalt Prices Plunge Despite Global Supply Dominance 4 Mining in DRC Cobalt Copper Economy 

DRC’s Cobalt Prices Plunge Despite Global Supply Dominance

Constance
The Democratic Republic of Congo (DRC), renowned for supplying 70% of the world’s cobalt, confronts a significant downturn in cobalt prices. Finance Minister Nicolas Kazadi highlighted the staggering drop in cobalt prices from $81,000 to $31,000 per tonne within a year, expressing deep concerns about this drastic plunge. As of November 23, 2023, copper prices surged by 2.27% to $8,306.35 per tonne. In contrast, cobalt prices experienced a slight 0.03% decline, reaching $32,737.31 per tonne, according to the Central Bank of Congo (BCC). Minister Kazadi stressed the challenge the DRC… Read More Here
FQM SIGNS LANDMARK POWER SUPPLY AGREEMENT WITH ZESCO 5 Mining in Zambia Electricity Energy Partnership 

FQM SIGNS LANDMARK POWER SUPPLY AGREEMENT WITH ZESCO

Constance
First Quantum Minerals (FQM) and ZESCO have entered into a landmark Power Supply Agreement (PSA), marking a new era of cooperation and securing a sustainable energy supply for FQM’s Trident and Kansanshi mines in Zambia.  The ten-year agreement marks a significant milestone in the relationship between the two companies and represents a new era of collaboration and sustainable energy development in Zambia.  Under the terms of the PSA, ZESCO will supply over 420 Megavolt Amperes (MVA) of renewable power to FQM’s Trident and Kansanshi mine sites. This substantial power supply… Read More Here
Abu Dhabi's IRH Selected as Strategic Partner to Revitalize Mopani Mine 6 Mining in Zambia Copper Mergers & Acquisitions New Mining Projects 

Abu Dhabi’s IRH Selected as Strategic Partner to Revitalize Mopani Mine

Constance
International Resources Holding RSC Limited (IRH), an affiliate of Abu Dhabi’s conglomerate International Holding Company PJSC (IHC), the UAE’s most valuable listed company and the GCC region’s second most valuable, has been chosen as the preferred strategic equity partner (SEP). IRH has set a strategy to invest in crucial minerals and establish a new entity covering the entire metals and mining supply chain. The proposed investment in Mopani Copper Mines (MCM) stands as IRH’s most substantial single investment so far. It signifies a pivotal move in their strategy to emerge… Read More Here
SANDVIK EQUIPMENT TENDER TO BOLSTER KAMOA-KAKULA COPPER OPERATION 7 Mining Equipment Contracts & tenders Mining in DRC Mining Supply Tenders 

SANDVIK EQUIPMENT TENDER TO BOLSTER KAMOA-KAKULA COPPER OPERATION

Constance
JMMC, a subsidiary of JCHX Mining Management Co., Ltd., has announced a significant collaboration with Sandvik Mining and Rock Solutions. The deal involves the procurement of 15 new units of underground equipment destined for the Kamoa-Kakula copper operation situated in the Democratic Republic of the Congo (DRC). The comprehensive order consists of eight Toro™ TH663i trucks, five Toro™ LH621i loaders, and two Sandvik DL432i longhole production drills. The deliveries are scheduled across the initial three quarters of 2024. This acquisition will notably expand the Sandvik mobile fleet, establishing a count… Read More Here
Glencore's Mutanda Mine Faces Cobalt Output Decline Due to Ore Depletion 8 Mining in DRC Battery Metals Cobalt 

Glencore’s Mutanda Mine Faces Cobalt Output Decline Due to Ore Depletion

Constance
Glencore’s Mutanda mine in Congo is confronting a significant reduction in cobalt production, projected to be up to 15% less per year, according to sources familiar with the situation. The decline in cobalt output at Mutanda is attributed to diminishing surface oxide ore deposits. To tackle this challenge, Glencore is exploring the necessity of investing in the extraction and processing of sulphide ores located deeper underground, as indicated by the sources. The London-based mining company is currently engaged in a comprehensive feasibility study aimed at evaluating the required investment and… Read More Here
FQM Mine Faces Shutdown in Panama After Ruling, Confirms President 9 International Copper 

FQM Mine Faces Shutdown in Panama After Ruling, Confirms President

Constance
Panama’s government said it will shut a $10 billion copper mine owned by First Quantum Minerals Ltd., damping hopes that the company might reach a new deal to keep operating after a supreme court ruling against it. Authorities will start “the transition process for the orderly and safe closure of the mine,” President Laurentino Cortizo said in a post on X Tuesday. He didn’t say how long the process might take. Production had already been halted after protesters blocked supplies from reaching the mine. The announcement caps a dramatic six… Read More Here

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