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Category: Copper

Mining in Zambia Copper 

ZCCM-IH Faces Arbitration Proceedings Over Trafigura Payment Dispute

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LUSAKA – ZCCM Investments Holdings Plc (LUSE: ZCCM-IH) has informed its shareholders and the investing public of ongoing confidential arbitration proceedings initiated by Trafigura Pte Limited. The arbitration, filed under the London Court of International Arbitration (LCIA) Rules 2020 on February 24, 2024, follows Trafigura’s demand for payment made on November 21, 2023. The dispute relates to a guarantee signed on July 28, 2021, by ZCCM-IH’s then-CEO. The guarantee was provided as security for a ZMW 1.663 billion (approximately US$100 million) prepayment agreement between Trafigura and Konkola Copper Mines Plc… Read More Here
International Copper 

Codelco Shifts Copper Sales to U.S. Amid Trade Uncertainty

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Codelco, the world’s largest copper producer, is redirecting some of its spot sales to the United States, CEO Rubén Alvarado announced on Friday. This move follows U.S. President Donald Trump’s February directive to investigate potential tariffs on copper imports, an effort aimed at revitalizing domestic production. The announcement has fueled a surge in copper demand. Alvarado expressed confidence in copper’s long-term market fundamentals and dismissed concerns over potential sanctions or tariffs. “We are committed to meeting the needs of our U.S. clients and have adjusted part of our spot sales… Read More Here
Copper Corporate News International 

FQM Suspends Public Tours of Panama Copper Mine Amid Govt Pressure

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First Quantum Minerals announced on Thursday that it will halt public tours of its shuttered copper mine in Panama following concerns raised by President José Raúl Mulino that the company should not create the impression that the site remains operational. Speaking at a press conference earlier that day, Mulino clarified that no discussions had taken place with First Quantum regarding the mine’s future. The Panamanian government ordered its closure in late 2023 after widespread public protests over environmental concerns. “I don’t want them to give the impression that the mine… Read More Here
International Copper Corporate News Gold 

Zijin Mining Sees 52% Profit Growth Amid Rising Copper and Gold Prices

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Zijin Mining Group, China’s largest metals producer, reported a 52% surge in profit for the past year, driven by higher copper and gold prices, as well as increased production. Net income rose to 32.1 billion yuan ($4.4 billion), while sales climbed 3.5% to 303.6 billion yuan, according to an exchange filing. The company had initially expected earnings to increase by 53%, reaching 32 billion yuan. Over the past decade, Zijin has expanded aggressively, becoming a significant global copper supplier through major new projects in the Democratic Republic of Congo and… Read More Here
International Copper Corporate News 

First Quantum Opens Cobre Panama to Public in Bid for Restart Support

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First Quantum Minerals (TSX: FM) officially opened Cobre Panama to visitors on Monday as part of its efforts to regain public support for restarting the $10 billion copper mine, which has remained shut for over a year. In a press release, Cobre Panama announced the launch of its Mine Visit program, granting the public access to one of Latin America’s most advanced copper mining operations. Guided by Panamanian engineers and miners, visitors can tour key facilities, including the Botija pit, the 300 MW power plant, the international port, and the… Read More Here
Mining in Zambia Copper Mining safety 

Zambia Faces Environmental Crisis After Copper Mine Waste Spill

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A massive waste spill from a Chinese-owned copper mine in Zambia has raised serious environmental and health concerns, with authorities fearing long-term damage to the Kafue River, the country’s most vital waterway. According to an investigation by the Engineering Institution of Zambia, approximately 50 million liters of waste—containing concentrated acid, dissolved solids, and heavy metals—spilled from the Chambishi copper mine into streams that feed into the Kafue River. The incident occurred on February 18 when a tailings dam at the mine, operated by Sino-Metals Leach Zambia, collapsed. The company is… Read More Here
Mining in DRC Copper Gold 

Zijin Mining Reports 52% Profit Surge Amid Strong Copper and Gold Prices

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Zijin Mining Group, China’s largest metals producer, recorded a 52% increase in net profit in 2023, driven by higher production and rising copper and gold prices. The company reported a net income of 32.1 billion yuan ($4.4 billion), aligning with its forecast of 32 billion yuan, while revenue climbed 3.5% to 303.6 billion yuan. Over the past decade, Zijin has aggressively expanded its global presence, establishing major copper projects in China and the Democratic Republic of Congo. As securing critical mineral supply becomes a growing concern for global powers, Chairman… Read More Here
Mining in DRC Cobalt Copper 

Chemaf Scraps Norin Mining Deal Amid US-China Mineral Tensions

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Copper and cobalt producer Chemaf Resources Ltd. has abandoned its planned sale to Norin Mining Ltd., marking a potential victory for US efforts to curb China’s influence over global mineral supply chains. The deal collapsed after Democratic Republic of Congo (DRC) authorities failed to approve the transaction, according to a source familiar with the matter. Chemaf, backed by commodity trader Trafigura Group, informed creditors that the sale to Norin—a subsidiary of China’s state-owned Norinco Group—would not proceed. Congo’s state-owned mining company, Gécamines, which holds the permit for Chemaf’s Mutoshi cobalt… Read More Here
Mining in DRC Battery Metals Cobalt Copper 

CMOC Posts Record Earnings in 2024 on Strong Cobalt and Copper Output

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China’s CMOC Group Ltd., the world’s largest cobalt producer, reported record earnings in 2024, driven by increased production, higher sales, and rising copper prices. The company’s net income surged 64% to 13.5 billion yuan ($1.9 billion), surpassing analysts’ estimates of 12.3 billion yuan. Revenue rose 14% to 213 billion yuan, also exceeding forecasts. CMOC attributed its strong performance to capacity expansions and efficiency improvements. “Mining is a cyclical industry, and accurately understanding market cycles is key to successful expansion,” the company stated in its earnings report. “At the bottom of… Read More Here
International Copper Corporate News 

Panama Awaits Formal Notice on First Quantum’s Arbitration Suspension

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PANAMA CITY – Panamanian President Jose Raul Mulino stated on Thursday that his government has yet to receive official notification from Canada’s First Quantum Minerals regarding the suspension of arbitration over its Cobre Panama copper mine. An internal memo from Cobre Panama, the company’s local unit, revealed last Friday that First Quantum had instructed its lawyers to begin suspending arbitration proceedings. The cases were originally filed after the Panamanian government shut down the mine in 2023 following widespread protests over environmental concerns. Mulino clarified that his administration cannot engage in… Read More Here

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