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Category: Cobalt

Anglo American Highlights the Vital Role of Zambian Capital Markets for Mining Sector Growth 1 Mining in Zambia Cobalt Copper Events & Expos Press Release 

Anglo American Highlights the Vital Role of Zambian Capital Markets for Mining Sector Growth

Constance
A strong and vibrant local capital market is essential to attract foreign institutional investors to Zambia’s mining sector, said Norman Mbazima, senior Anglo American executive for the last 20 years and Chairman of Anglo American Platinum. Speaking at the Zambian Mining and Investment Insaka last week, Mr Mbazima underscored the critical importance of creating a conducive investment climate to unlock the country’s mining potential. Participating in a panel discussion titled “Mining Beyond Copper: What’s in it for Zambia?”, Mr Mbazima joined a group of esteemed experts to explore the past,… Read More Here
Glencore’s 6th Annual DRC Mining Conference Highlights ESG and Sustainability Efforts 2 Mining in DRC Cobalt Copper Events & Expos 

Glencore’s 6th Annual DRC Mining Conference Highlights ESG and Sustainability Efforts

Constance
On October 8, 2024, Glencore held its 6th annual conference in Kinshasa, Democratic Republic of Congo (DRC), bringing together key stakeholders to address crucial issues in the country’s mining sector. The event, an essential platform for industrial miners like Glencore, emphasized the promotion of Environmental, Social, and Governance (ESG) standards, traceability, and sustainability. Glencore has been a significant player in the DRC since 2007, contributing substantially to the nation’s economy through its copper and cobalt production. Its major assets include Kamoto Copper Company (KCC), co-owned with Gécamines (25% stake), and… Read More Here
Glencore’s Kamoto Copper Faces Royalties Dispute Amid Ties to Dan Gertler 3 Mining in DRC Cobalt Copper 

Glencore’s Kamoto Copper Faces Royalties Dispute Amid Ties to Dan Gertler

Constance
A long-standing dispute between a Glencore Plc unit and the Democratic Republic of Congo (DRC) is centered around a deal struck years ago by Israeli businessman Dan Gertler, who has been sanctioned by the US for alleged corruption. The conflict involves Kamoto Copper Company (KCC), a major copper and cobalt mine owned by Glencore, and concerns royalty payments made to Gertler. Congo’s mines minister, Kizito Pakabomba, stated that the government believes part of these funds should have been paid to the state rather than Gertler. Gertler was sanctioned by the… Read More Here
Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia 4 Battery Metals Cobalt Mining in DRC 

Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia

Constance
The price of cobalt has reached its lowest level since January 2016, according to a daily assessment by Fastmarkets, a UK-based agency specializing in metal prices. On September 24, 2024, cobalt prices on the London Metal Exchange had dropped by 54% since early September 2022, standing at $22,382 per tonne. This significant price decline is attributed to an oversupply, primarily from the Democratic Republic of Congo (DRC) and Indonesia, the world’s top two producers of cobalt. According to the Cobalt Institute, global demand for cobalt was projected to reach 197,000… Read More Here
Glencore's Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC 5 Mining in DRC Cobalt Copper Mining tax 

Glencore’s Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC

Constance
Glencore’s Kamoto Copper Company (KCC), a major copper and cobalt mine in the Democratic Republic of Congo (DRC), is facing a dispute with the country’s tax authority, DGRAD, over unpaid royalties amounting to more than €800 million ($894 million). According to sources, earlier this year, DGRAD froze KCC’s local bank accounts, and recently sealed off a metal storage warehouse, though the facility was reopened the next day. Kamoto, in which Glencore holds a 75% stake, is one of the largest mines in the DRC. It exported 200,000 tons of copper… Read More Here
Zambia’s New $30 Million Copper and Cobalt Mine Set to Open in Mufulira District 6 Mining in Zambia Cobalt Copper New Mining Projects 

Zambia’s New $30 Million Copper and Cobalt Mine Set to Open in Mufulira District

Constance
A $30 million copper and cobalt mine is set to open in Mufulira District, located in Zambia’s Copperbelt Province. Chilibwe Mine, which will be positioned off the Ndola-Mufulira road, is expected to operate for a lifespan of 10 years. The mine covers an area of 20 hectares and aims to produce 2,000 metric tonnes of copper and cobalt each month. This initiative aligns with President Hakainde Hichilema’s goal to ramp up copper production to 3 million tonnes per annum by 2032. In a recent scoping meeting in Mufulira, the mine’s… Read More Here
EGC Reaffirms Commitment to Ethical and Transparent Artisanal Cobalt Mining Practices 7 Mining in DRC Cobalt 

EGC Reaffirms Commitment to Ethical and Transparent Artisanal Cobalt Mining Practices

Constance
Entreprise Générale du Cobalt (EGC) has reaffirmed its dedication to upholding rigorous ethical, transparent, and responsible practices in artisanal cobalt mining, in alignment with the commitments set forth by the government of the Democratic Republic of Congo (DRC). In a statement shared with DESKECO.COM, EGC emphasized its ongoing efforts to formalize artisanal cobalt mining with the goal of generating sustainable economic opportunities for local communities. The company highlighted its initiatives, developed through dialogue with various stakeholders, particularly the creation of pilot sites designed to establish a model for ethical and… Read More Here
$30 Million Copper and Cobalt Mine Set to Boost Production in Zambia’s Copperbelt 8 Mining in Zambia Cobalt Copper New Mining Projects 

$30 Million Copper and Cobalt Mine Set to Boost Production in Zambia’s Copperbelt

Constance
A new $30 million copper and cobalt mine, Chilibwe Mine, is set to begin operations in Mufulira District, Copperbelt Province. The mine, located off the Ndola-Mufulira road, spans 20 hectares and is expected to produce 2,000 metric tonnes of copper and cobalt per month over its projected 10-year lifespan. This venture aligns with President Hakainde Hichilema’s vision to increase Zambia’s copper output to 3 million tonnes annually by 2032. At a recent scoping meeting in Mufulira, Chilibwe Mine’s management engaged key stakeholders to discuss the project’s potential environmental and social… Read More Here
WTO Chief Advocates Local Processing of Mining Products to Boost Africa’s Economic Value 9 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 10 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

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