You are here

Written by 

FQMs’ Q1 earnings drop by over 80% due to operational challenges 1 Copper International 

FQMs’ Q1 earnings drop by over 80% due to operational challenges

Constance
First Quantum Minerals, a Canadian mining company, reported a significant drop in earnings in Q1 2023, with profits falling by over 80% to $75 million compared to $385 million in the same period last year. The decline in earnings was attributed to a series of operational challenges affecting the company’s top three operations. Copper production in Q1 reached almost 139,000 tonnes, down 33% from the previous quarter, mainly due to a severe rainy season in Zambia and a standoff with the government of Panama, where the company runs the vast… Read More Here
Zimbabwe to Launch Gold-Backed Digital Currency 2 International Corporate News 

Zimbabwe to Launch Gold-Backed Digital Currency

Constance
Zimbabwe’s central bank has announced plans to introduce a gold-backed digital currency to the public from May 8th. The move is aimed at stabilizing the country’s currency, which has fallen 35% against the US dollar this year, and providing an alternative to the US dollar for transactions. The digital tokens will be sold through banks in local and foreign currency at a 20% margin above the interbank mid-rate, and will be introduced in two phases. Initially, they will be used for investment purposes before being rolled out for transactions. According… Read More Here
Glencore to fund restart of world's highest grade zinc Mine at Kipushi 3 Mining in DRC Zinc 

Glencore to fund restart of world’s highest grade zinc Mine at Kipushi

Constance
Glencore and Ivanhoe Mines have entered into off-take and financing agreements to restart Kipushi, the highest grade zinc mine in the world, located in the Democratic Republic of Congo. Glencore will fund the operation with a $250 million loan, repayable by 2028, and will take all of the mine’s zinc concentrate for five years. Kipushi, which is 68% owned by Ivanhoe and the remainder held by state-owned Gécamines, will mine a global-leading 36% zinc over the first five years of production. The mine, which is near the Zambian border in… Read More Here
DRC's Glencore yields 61,800 tonnes of copper and 9,800 tonnes of cobalt in Q1 of 2023 4 Copper Cobalt Mining in DRC 

DRC’s Glencore yields 61,800 tonnes of copper and 9,800 tonnes of cobalt in Q1 of 2023

Constance
Through its mines in the Democratic Republic of Congo, Katanga and Mutanda, Glencore produced 61,800 tonnes of copper and 9,800 tonnes of cobalt in the first quarter of 2023, up 11.15% and 11.36% respectively year-on-year annual, according to its activity report published on April 21, 2023. The Swiss commodities giant says its overall quarterly copper production has nevertheless fallen by 5% compared to 2022, to 244,100 tonnes for all its mines. On analysis, this drop is linked in particular to the expected lower grades of the ore extracted over the… Read More Here
Eurasian Resources Group to Double Copper and Cobalt Production in DRC and Zambia with $1.8B Investment 5 Copper Cobalt Mining in DRC Mining in Zambia 

Eurasian Resources Group to Double Copper and Cobalt Production in DRC and Zambia with $1.8B Investment

Constance
Eurasian Resources Group (ERG), a Kazakh company registered in Luxembourg, plans to invest US$1.8 billion in the development of its mines in the DRC. According to the words of the Managing Director of this company, Benedikt Sobotta, the company intends to develop the minerals produced in the Democratic Republic of Congo (DRC). ERG thus envisages significant production of copper and cobalt in this year 2023, with a focus on its mining operations in the Democratic Republic of Congo as well as in Zambia. “Regions like the DRC that produce the… Read More Here
Volvo launches R60 Rigid Hauler 6 International Mining Equipment 

Volvo launches R60 Rigid Hauler

Constance
Swedish vehicle manufacturer Volvo Construction Equipment has released the R60 Rigid Hauler. The R60 is based on the R100E model, and is designed to handle higher payloads and greater uptime. The machine also comes with a durable design, said Drew Watson, global product manager for the Volvo R60 at Volvo CE.  “The Volvo R60 offers a 55-tonne payload and body volume of 36m3, enabled by a V-shaped body ensuring optimum load retention and minimal material carry-back. “The rigid hauler is a perfect match for a 90-tonne excavator and meets the industry standard of… Read More Here
Zambia's Cobalt Production Reaches 251 Tons in 2022 7 Mining in Zambia Cobalt 

Zambia’s Cobalt Production Reaches 251 Tons in 2022

Constance
Official data from the Ministry of Mines and Minerals Development shows that Zambia’s annual cobalt production in 2022 has reached 251 tons, representing a 2% increase from the 247 tons produced in 2021. The country’s cobalt production had previously decreased after the collapse of international prices. The Ministry of Mines and Minerals Development, revealed that the country produced 251 metric tons of cobalt in 2022, 247 in 2021, 315 in 2020, and 878 in 2019. Reports show that global supplies of refined cobalt, which is used in the rechargeable batteries… Read More Here
The price of Gold continues to fall below the bar of 2000 USD per ounce 8 International Gold 

The price of Gold continues to fall below the bar of 2000 USD per ounce

Constance
Gold continued to slide on Tuesday 25th April as a stronger dollar countered support from lower Treasury yields, as investors await a slew of U.S. economic data due later this week that could sway the stance. Federal Reserve on interest rates. Spot gold fell 0.2% to $1,985.90 an ounce on Tuesday, after falling below the key $2,000 level late last week. US gold futures fell 0.1% to $1,997.40 an ounce. Meanwhile, the dollar rose 0.4% to make bullion relatively more expensive for buyers holding other currencies, while benchmark 10-year Treasury yields… Read More Here
DRC'S Finance Minister insists on certifying MIBA's reserves before implementing $453M recovery plan 9 Mining in DRC Corporate News 

DRC’S Finance Minister insists on certifying MIBA’s reserves before implementing $453M recovery plan

Constance
The “MIBA SA” has been experiencing serious difficulties for twenty years, the first visible signs of which appeared around 1998. They worsened over time to lead to the cessation of production in November 2008 and to resume in 2011 to date at an insignificant level. This company expects the government to finance its recovery plan estimated at 453 million USD to be implemented in 5 years.  The Minister of Finance, Nicolas Kazadi addressed the issue relating to the recovery plan for the Minière de Bakwanga (MIBA) during the press briefing held… Read More Here
DRC Govt encouraged to reduce economy's dependence on mining sector 10 Mining in DRC 

DRC Govt encouraged to reduce economy’s dependence on mining sector

Constance
Despite the good performance achieved by the Public Treasury of the Democratic Republic of the Congo during the year 2022, placing the country above the economies of the countries of sub-Saharan Africa, the Congolese Government has been encouraged to continue tax reforms to to reduce the dependence of the national economy on the mining sector. Reporting on the participation of the Democratic Republic of Congo in the 2023 spring meetings in Washington DC, the Minister of Finance, Nicolas Kazadi, indicated to the members of the Government Council on Friday, April… Read More Here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing.