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Category: Cobalt

WTO Chief Advocates Local Processing of Mining Products to Boost Africa’s Economic Value 1 Lithium Battery Metals Cobalt Mining in Zambia 

WTO Chief Advocates Local Processing of Mining Products to Boost Africa’s Economic Value

Constance
On Tuesday, September 12, 2024, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala urged Africa to process its strategic mining products locally instead of exporting them raw. In a media briefing, she emphasized the need for an integrated approach to develop full value chains on the continent, particularly in resource-rich countries like the DRC. “Why continue to export raw materials?” Okonjo-Iweala questioned. “We should process these critical minerals locally, in partnership with neighboring countries such as Zambia, to create jobs and increase value addition in the region.” She highlighted Africa’s potential… Read More Here
ERG Secures $150M Financing to Boost DRC Copper and Cobalt Operations 2 Mining in DRC Cobalt Copper 

ERG Secures $150M Financing to Boost DRC Copper and Cobalt Operations

Constance
Eurasian Resources Group (ERG) has secured a $150 million pre-export financing agreement with Bank of China Limited, London Branch, in collaboration with Glencore International. This financing will support ERG’s mining operations in the Democratic Republic of Congo (DRC), particularly at Metalkol, a unit focused on reprocessing copper and cobalt residues. The agreement hinges on a copper cathode supply contract from Metalkol, using future export revenues as collateral. This arrangement provides ERG with the liquidity needed to sustain its investments in the Kolwezi region. “We are delighted to support the continued… Read More Here
US sees bipartisan backing for Africa critical minerals plan 3 Mining in DRC Cobalt Copper Transport and Logistics 

US sees bipartisan backing for Africa critical minerals plan

Constance
A senior US State Department official reassured African governments that an initiative to help counter China’s influence through developing infrastructure on the continent will continue even after a change in administration. The flagship of the plan — a railway project known as the Lobito corridor that connects copper and cobalt mines in the Democratic Republic of Congo to an Atlantic port in Angola — is already far advanced, Helaina Matza, acting special coordinator for the Partnership for Global Infrastructure and Investment, told reporters on Wednesday. “In many ways, there’s a… Read More Here
Gécamines Faces Proposed Overhaul to Address Deep-Rooted Challenges 4 Mining in DRC Cobalt Copper 

Gécamines Faces Proposed Overhaul to Address Deep-Rooted Challenges

Constance
Gécamines, one of the largest state-owned mining companies in the DRC, is poised for a major transformation following proposals from the human rights organization Justicia Asbl. During the Council of Ministers meeting on August 23, 2024, chaired by the Head of State, discussions centered on revitalizing Gécamines. However, Justicia Asbl argues that the current measures are insufficient to address the company’s deep-seated structural issues. In a statement released on Monday, Justicia Asbl advocated for a “total overhaul” of Gécamines, emphasizing that merely resuming mining activities will not resolve the company’s… Read More Here
DRC Govt Blocks Chemaf’s Sale of Copper and Cobalt Mines to China’s Norin Mining 5 Mining in DRC Cobalt Copper 

DRC Govt Blocks Chemaf’s Sale of Copper and Cobalt Mines to China’s Norin Mining

Constance
The government of the Democratic Republic of Congo (DRC) has opposed Chemaf SA’s plan to sell its copper and cobalt mines to China’s Norin Mining, according to a document reviewed by Reuters. In June, Chemaf, a long-time partner of commodities trader Trafigura, announced its agreement to sell its mining operations in the DRC to a subsidiary of China North Industries Corp (Norinco), a state-backed defense and industrial giant. The sale was driven by financial difficulties that had delayed the expansion of Chemaf’s Etoile and Mutoshi projects amid falling cobalt prices.… Read More Here
DRC Mines Minister Visits Tenke Fungurume to Inspect Development Projects 6 Mining in DRC Cobalt Copper 

DRC Mines Minister Visits Tenke Fungurume to Inspect Development Projects

Constance
On Saturday, August 17, Minister of Mines Kizito Pakapomba arrived in Fungurume and was warmly received at Tenke Fungurume Mining (TFM) Airport by CEO Wang Hanyuan, along with other senior management members and state representatives. The delegation, including Gécamines Deputy General Manager and other government officials, gathered at the foot of the plane to welcome the minister. The visit commenced with an overview of the 30K factory, TFM’s latest facility, which is expected to significantly boost copper and cobalt production once it reaches full capacity. The minister then visited the… Read More Here
DRC Minister of Mines, H.E. Mr Kizito Pakabomba, visits Metalkol SA 7 Mining in DRC Cobalt Corporate News 

DRC Minister of Mines, H.E. Mr Kizito Pakabomba, visits Metalkol SA

Constance
On Saturday, 17 August 2024, Eurasian Resources Group in Africa (ERG Africa) had the honour of welcoming His Excellency (H.E), Mr Kizito Pakabomba, the National Minister of Mines of the Democratic Republic of Congo (DRC), to its Metalkol SA operation in the province of Lualaba for an official visit that marks the strengthening of a shared and promising vision for the sustainable development of the mining sector at national and international levels. As part of his tour of the Greater Katanga region, the Minister of Mines, H.E. Mr Kizito Pakabomba,… Read More Here
DRC's Renegotiated Mining Contract with Chinese Enterprise Sparks Debate Over Missed Potential 8 Mining in DRC Cobalt Copper 

DRC’s Renegotiated Mining Contract with Chinese Enterprise Sparks Debate Over Missed Potential

Constance
The recently signed contract on March 14 between the Democratic Republic of Congo (DRC) and the Chinese Enterprise Group (GEC) continues to fuel discussions. Bodom Matungulu, president of the think tank RDC Stratégie, which specializes in public policy, argues that the renegotiated contract, known as “Amendment No. 5,” could potentially generate over $117 billion for the DRC, thanks to the significant reserves of copper and cobalt within the country’s subsoil. However, he contends that the contract represents only a small fraction of the DRC’s vast mining potential. “The deposits covered… Read More Here
Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months 9 Mining in DRC Cobalt Copper 

Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months

Constance
Glencore has ceased stockpiling electric vehicle (EV) battery material cobalt, according to CEO Gary Nagle, who stated on Wednesday that the market is likely to remain in surplus for another 18 to 20 months. In August 2023, the London-listed miner announced that it had stockpiled cobalt in the first half of the year, reducing supplies to the market to support prices. However, the company did not disclose the quantity of cobalt stockpiled, and Nagle declined to comment on current stock levels. Increased production in the Democratic Republic of Congo (DRC),… Read More Here

Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024

Constance
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC). According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide. As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC. Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments,… Read More Here

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