Constance - Copperbelt Katanga Mining

Written by Constance

Porto do Lobito on a trade Facilitation platform

November 24, 2023November 24, 2023 Constance

The Lobito Port Company officially joined the Single Window for Trade Facilitation (SWIFT) on Monday, November 20th, by signing a protocol with the International Maritime Organization (IMO). This step integrates the Angolan company into a global platform for the sector, ushering in the era of the “paperless port” concept. This accession means that the Lobito Port Company will now operate within a platform shared by global port authorities and companies. This electronic interaction streamlines the process, allowing for a single declaration of necessary information for ship docking, as described by… Read More Here

Mining in DRC Mining in Zambia Transport and Logistics

DRC and Zambia Formalize Historic Agreement for Chalwe-Kabila Border Post Development

November 23, 2023November 23, 2023 Constance

The governments of the Democratic Republic of Congo and Zambia inked a significant bilateral agreement on November 17, 2023, in Lusaka, Zambia, marking a pivotal step toward the implementation and operation of the Chalwe-Kabila single border post. This post is a key component of the Kasomeno-Mwenda toll road project, developed by GED Africa Ltd. Representing the DRC government, Prime Minister Jean-Michel Sama Lukonde’s presence was symbolized by Minister of State for Infrastructure, Alexis Gisaro, accompanied by Minister of Foreign Trade Jean Lucien Bussa Tongba and Prime Minister’s Special Advisor, Romulus… Read More Here

Economy Mining in Zambia

IMF Staff Reach Agreement for Second Review of Zambia Facility, Unlocks $184 Million

November 22, 2023November 22, 2023 Constance

The International Monetary Fund has reached a staff-level agreement with Zambia on the second review of its Extended Credit Facility, unlocking another $184 million upon IMF board approval, the Fund said on Monday November 20th. The IMF’s mission chief for Zambia added in a statement that the Fund welcomed Zambia’s memorandum of understanding with its official creditors and ongoing discussions with private creditors to reach an agreement on debt restructuring. She said Zambia may need to further tighten monetary policy to contain inflationary pressures and that building reserves would enhance… Read More Here

Copper International Mergers & Acquisitions

MMG Limited Expands its Portfolio with Acquisition of Khoemacau Copper Mine in Botswana

November 22, 2023November 22, 2023 Constance

MMG Limited (HK.1208) has unveiled a pivotal move in the mining industry by finalizing a Share Purchase Agreement (SPA) to acquire the parent company of the esteemed Khoemacau Copper Mine in Botswana. This strategic acquisition comes with an effective Enterprise Value of US$ 1,875 million and marks a significant milestone in MMG’s pursuit of establishing a robust portfolio comprising top-tier mines catering to the needs of a decarbonized world. Khoemacau stands out as one of the premier new copper mines on a global scale, renowned for its exceptional quality. The… Read More Here

Mining in DRC Exploration

DRC Government Unveils $60M Strategic Plan for Mineral Exploration and Certification

November 17, 2023November 17, 2023 Constance

The Government of the Democratic Republic of Congo (DRC) has devised and approved a comprehensive national strategic plan aimed at exploring and certifying mineral reserves across the country. Valued at $60 million, this strategic initiative aims to provide the state with accurate and certified data concerning the nation’s mineral wealth. President Félix Tshisekedi hailed the launch of this project during his address to the Congolese parliamentarians gathered in Congress on Tuesday, November 14, 2023. He emphasized that concerted efforts were undertaken to eliminate uncertainties surrounding mineral reserves and enhance geological… Read More Here

International Copper

FQM Reaches Salary Agreements with Union Amid Mine Access Protests

November 17, 2023November 17, 2023 Constance

The union for Canadian miner First Quantum’s unit in Panama said on Thursday that it reached an agreement with the company to guarantee salaries as protests and blockades against the miner prevent them from working. Protests have raged for weeks against First Quantum’s contract for a $10 billion copper mine, with some protests blocking access to the mine. The blockades “put at risk the daily bread of some 7,000 workers who are also Panamanians who have not been able to return to our posts to make a living in a… Read More Here

International Gold

Barrick Announces Additional Investment in Hercules Silver

November 17, 2023November 17, 2023 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) announced that on November 10, 2023, it purchased 7,000,000 warrants to purchase common shares of Hercules Silver Corp. (“Hercules”) for total consideration of C$6,580,000. The warrants were immediately exercised at their exercise price of C$0.11 per Hercules common share. Prior to its acquisition and exercise of the warrants, Barrick owned 26,556,870 common shares of Hercules and 6,804,918 warrants, representing approximately 12.33% of the outstanding Hercules common shares on a non-diluted basis, and 15.02% on a partially-diluted basis. Barrick now owns 33,556,870 common shares and 6,804,918… Read More Here

Mining in DRC

Gécamines’ $10 Million Investigation Sparks Public Outcry and Protests

November 17, 2023November 17, 2023 Constance

Following revelations of embezzlement exceeding $10 million within Gécamines, the General Inspectorate of Finance (IGF) has concluded its investigation. The findings shed light on the opaque distribution of funds among Gécamines’ Board of Directors, sparking public outrage and demonstrations in Greater Katanga, particularly in Lubumbashi. Amidst mounting pressure, Minister of State and Portfolio Minister faces the responsibility of addressing the disbursement of millions among Gécamines’ directors, neglecting urgent needs within the mining sector. Close sources revealed the IGF’s investigation exposed the lack of transparency in misappropriating funds, diverting resources from… Read More Here

Mining in DRC Governance

Sabwe Mining company placed under the control of ARSP inspectors

November 17, 2023November 17, 2023 Constance

After monitoring compliance with the regulations on subcontracting in mining companies in the province of Lualaba, inspectors from the regulatory authority for subcontracting in the private sector (ARSP), led by its general director Miguel Kashal, launched control activities in companies in the Haut-Katanga province. Miguel Kashal recommended that Sabwe Mining officials work in collaboration with ARSP OPJs so that entrepreneurs are included in the database and have access to markets. “The Head of State wants to write a new page in the economic history of our country. The fight has… Read More Here

Mining in DRC Battery Metals Lithium

AVZ Minerals Secures Strategic Funding Pact to Resolve Legal Battles

November 17, 2023November 17, 2023 Constance

In a strategic move, AVZ Minerals, an Australian company, has inked a significant binding term sheet with Locke Capital, a global litigation funder. The deal, valued at $20 million, aims to address corporate, legal, and project expenses while resolving multifaceted litigation surrounding the Manono lithium and tin mine in the Democratic Republic of Congo (DRC). The funds will play a pivotal role in managing several arbitration cases at the International Chamber of Commerce (ICC) in Paris, primarily revolving around the Manono lithium permits. Notably, AVZ has secured emergency relief orders… Read More Here