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Category: Cobalt

Copper and Other Mining Product Prices Show Slight Increases in International Markets 1 Mining in DRC Cobalt Copper Gold 

Copper and Other Mining Product Prices Show Slight Increases in International Markets

Constance
During the period between March 9 and 14, 2024, the price of copper was expected to experience a slight increase in international markets. According to the National Mercurial Commission of the Ministry of Foreign Trade, copper, a key mining product exported from the Democratic Republic of Congo (DRC), was projected to sell at USD 8,406 per tonne during this period, compared to USD 8,335 per tonne the previous week, indicating a modest increase of USD 71.45 or 0.86%. Additionally, other main mining products exported from the DRC, such as cobalt,… Read More Here
US Turns to Africa to Diversify Battery Metal Supply Chains 2 Cobalt Battery Metals Copper Lithium 

US Turns to Africa to Diversify Battery Metal Supply Chains

Constance
The United States is seeking to Africa to reduce reliance on Chinese-controlled battery metals and diminish Russia’s influence on mineral markets, US Deputy Treasury Secretary Wally Adeyemo stated on Thursday. In light of the pandemic and geopolitical tensions, Western nations are striving to decrease dependency on Chinese supply chains and disentangle their economies from Russia. As the US advances its energy transition agenda, it aims to catch up with China’s decade-long efforts to secure access to minerals crucial for electric vehicle batteries and solar panels. “We don’t want to overly… Read More Here
President Tshisekedi Oversees Renegotiation of Mining Contract with Chinese Group 3 Mining in DRC Cobalt Copper 

President Tshisekedi Oversees Renegotiation of Mining Contract with Chinese Group

Constance
In Kinshasa this Thursday, President Félix Tshisekedi led the signing of the renegotiated mining contract with the Chinese Enterprises Group (GEC), marking the fifth amendment to the collaboration agreement initiated in April 2008 for mining and infrastructure projects in the Democratic Republic of Congo (DRC). The contract amendment aims to establish a mutually beneficial partnership, including a significant increase in infrastructure investment from USD 3.2 billion to USD 7 billion, with plans for constructing approximately 5,000 km of roads, according to Alexis Gisaro, Minister of State for Infrastructure and Public… Read More Here
DRC Grants $3.5M to Buenassa for Copper-Cobalt Plant 4 Mining in DRC Battery Metals Cobalt Copper 

DRC Grants $3.5M to Buenassa for Copper-Cobalt Plant

Constance
Buenassa SARL has been granted $3.5 million by the Democratic Republic of Congo’s Industry Promotion Fund to facilitate the establishment of a copper and cobalt refinery in Lualaba province. The company announced this development in a recent press release. The funding, allocated by the Industry Minister Julien Paluku, is intended to kickstart the project aimed at bridging the gap between mining and the production of battery precursors. The initial focus will be on conducting studies, with production slated to commence in 2027. Buenassa SARL has set ambitious targets of producing… Read More Here
KoBold Metals Leads the Charge in Mineral Exploration for Energy Transition 5 Mining in Zambia Battery Metals Cobalt Copper Exploration Lithium 

KoBold Metals Leads the Charge in Mineral Exploration for Energy Transition

Constance
KoBold Metals, a pioneering mining startup with backing from industry giants like Bill Gates and Jeff Bezos, is optimistic about its prospects in uncovering crucial metals vital for the energy transition. The company’s enthusiasm surged following its recent breakthrough discovery of a substantial copper deposit in Zambia. According to Josh Goldman, KoBold Metals’ president, this find marks a significant milestone, especially amid the mining industry’s struggle to meet the growing demand for metals essential to the energy transition. Utilizing artificial intelligence to create a “treasure map,” KoBold Metals focuses on… Read More Here
Market Forecast: Cobalt, Nickel, and Lithium Prices to Decline by December 2024 6 International Battery Metals Cobalt Lithium Nickel 

Market Forecast: Cobalt, Nickel, and Lithium Prices to Decline by December 2024

Constance
Goldman Sachs Predicts Drop in Key Minerals for Energy Transition Goldman Sachs, renowned for its market analysis, foresees a downturn in cobalt, nickel, and lithium prices by December 2024, essential minerals for the energy transition. Analysts attributed this projected decline to decreasing demand from the electric vehicle industry in Western nations. According to Goldman’s forecast estimates, cobalt prices are expected to decrease by 12%, nickel by 15%, and lithium by 25% over the next twelve months. The bank’s analysts emphasized that despite supply constraints in late 2023 due to margin… Read More Here
Federal Court Clears Tech Giants of DRC Cobalt Child Labor Accusations 7 Mining in DRC Battery Metals Cobalt 

Federal Court Clears Tech Giants of DRC Cobalt Child Labor Accusations

Constance
A federal appeals court has dismissed a case accusing major technology companies, including Alphabet, Apple, Dell Technologies, Microsoft, and Tesla, of complicity in child labor practices within cobalt mining operations in the Democratic Republic of the Congo (DRC). Sixteen plaintiffs, representing children allegedly affected by cobalt mining, brought the case to court. The U.S. Court of Appeals for the District of Columbia ruled in favor of the technology companies, stating that their purchasing of cobalt did not constitute direct involvement in the use of child labor, as outlined in federal… Read More Here
Buenassa Secures $3.5M Grant for Sustainable Metal Refinery in DRC 8 Mining in DRC Battery Metals Cobalt Copper 

Buenassa Secures $3.5M Grant for Sustainable Metal Refinery in DRC

Constance
Buenassa, a pioneering company in the metal processing and trading sector, has reached a significant milestone with the award of a $3.5 million grant from the Democratic Republic of the Congo (DRC) Government through the Fonds de Promotion de l’Industrie (FPI). This grant marks the initial tranche of funding for Buenassa’s ambitious Project Preparation Facility, paving the way for an innovative copper and cobalt refinery project in the province of Lualaba. The venture represents not only a leap forward in industrial development but also a commitment to sustainable practices and… Read More Here
Gecamines Spearheads Efforts for Equity and Growth in the DRC's Mining Sector 9 Mining in DRC Battery Metals Cobalt Copper 

Gecamines Spearheads Efforts for Equity and Growth in the DRC’s Mining Sector

Constance
he Democratic Republic of Congo’s (DRC’s) state miner, Gecamines, is embarking on a comprehensive strategy to maximize returns from its copper and cobalt joint ventures. With a focus on renegotiating higher stakes and asserting greater influence in management, Gecamines aims to capitalize on the global demand for minerals crucial to the green energy transition. Gecamines, under the leadership of chairperson Guy Robert Lukama, is advocating for increased representation of local executives on joint venture boards to ensure more effective asset management and decision-making. Lukama emphasizes the need to rectify past… Read More Here
Gecamines Proposes Acquisition of ERG's DRC Assets 10 Mining in DRC Cobalt Copper 

Gecamines Proposes Acquisition of ERG’s DRC Assets

Constance
Gecamines, the state miner of Congo, has made a concrete offer to acquire select copper and cobalt assets from Eurasian Resources Group (ERG) in the country. This move aims to regain control over projects previously owned by partners and bolster reserves in metals crucial for the green transition. According to Robert Lukama, Chairman of Gecamines, the mining unit is targeting three of ERG’s assets in Congo and has the necessary funding to support the purchase. While the specific projects or mines were not disclosed, ERG’s assets in the region include… Read More Here

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