Copper - Copperbelt Katanga Mining

Rio Tinto Sells 30% Stake in Winu Copper-Gold Project to Sumitomo for $399 Million

December 5, 2024December 5, 2024 Constance

Rio Tinto Plc has agreed to sell a 30% stake in its Winu copper-gold project in Western Australia to Japan’s Sumitomo Metal Mining Co. for $399 million. Under the terms of the deal, Sumitomo will pay $195 million upfront and an additional $204 million in deferred payments tied to development progress, Rio Tinto said in a statement on Wednesday. The two companies also plan to explore further partnership opportunities across copper, other base metals, and lithium. Katie Jackson, Rio Tinto’s Chief Executive of Copper, described the transaction as a “unique… Read More Here

Mining in Zambia Copper Economy

Zambia Advances Mining Reforms to Boost Copper Production to 3 Million Metric Tonnes by 2031

December 3, 2024December 3, 2024 Constance

Zambia is advancing two mining reform bills aimed at transforming its mining sector and quadrupling copper production from the current 800,000 metric tonnes to 3 million metric tonnes annually by 2031. The Mining Regulations Commission Bill and the Geological and Minerals Development Bill will replace the Mines and Minerals Development Act of 2015, pending parliamentary approval and presidential assent following a multi-stakeholder consultation process. Chaanza Chifwepa, Principal Exploration Geologist at the Ministry of Mines and Minerals Development, explained during The Mining Show in Dubai that the reforms are designed to… Read More Here

Mining in DRC Copper Economy

Copper Prices to Fall 2.85% in November 2024, Impacts DRC Economy

November 30, 2024November 30, 2024 Constance

Copper, a key mineral for the Democratic Republic of Congo’s (DRC) economy, is expected to experience a notable price decline on international markets. Between November 25 and 30, 2024, copper is forecast to trade at USD 8,924.05 per ton, marking a 2.85% decrease from the previous period when it was priced at USD 9,186.25. This drop is part of a broader trend in which several other metals, including zinc, tin, gold, and silver, have also seen price reductions. Zinc is now trading at USD 29,490.05, down 0.64%, while gold has… Read More Here

Mining in Zambia Copper Corporate News Press Release

MIMOSA RESOURCES AND MKUSHI TRADITIONAL LEADERS INSPIRED BY FQM’S BLUEPRINT FOR SUSTAINABLE MINING

November 29, 2024November 30, 2024 Constance

Mimosa Resources and the traditional leadership from Chief Chitina’s chiefdom in Mkushi have expressed appreciation of First Quantum Minerals’ (FQM) blueprint for sustainable mining in Zambia following a tour of its Kansanshi Mine in Solwezi District, North-Western Province. The familiarisation tour was recently undertaken as part of wider stakeholder engagement efforts by Mimosa Resources to foster collaboration between traditional leaders, mining operators, and the local community for its Kashime Copper Project in Mkushi, underscoring its dedication to creating a model of mining that balances economic growth with environmental and social… Read More Here

International Copper

Vedanta to Invest $2 Billion in Saudi Copper Processing Facilities

November 28, 2024November 28, 2024 Constance

Vedanta Copper, a subsidiary of India’s Vedanta, has unveiled plans to invest $2 billion in copper-processing facilities in Saudi Arabia. This investment underscores the kingdom’s ambition to become a global hub for metals and mining, aligning with its Vision 2030 economic diversification strategy. The investment will fund the construction of a cutting-edge smelter and refinery with an annual production capacity of 400,000 tonnes of refined copper. Vedanta also plans to establish a facility capable of producing up to 300,000 tonnes of copper rods annually, a key component in electric cable… Read More Here

Mining in Zambia Copper Transport and Logistics

Cold Box Unit Completes Successful Journey to Kansanshi Mine in Zambia

November 25, 2024November 25, 2024 Constance

The Cold Box Unit has successfully arrived at Kansanshi Mine in Solwezi, completing a challenging journey that began on October 29, 2024, at the Katima Mulilo Border in Zambia’s Western Province. After a well-coordinated transport effort, the load passed through multiple provinces, navigating various terrains and logistical hurdles before arriving at the Kansanshi Mine boom gate at 16:50 hours. Transporting this large and complex piece of equipment posed significant challenges due to its abnormal size and weight. The operation required meticulous planning and coordination between transport authorities, logistics teams, and… Read More Here

International Copper Corporate News

BHP Invests Billions in Chilean Mines to Tackle Global Copper Shortage

November 24, 2024November 24, 2024 Constance

BHP Group, the world’s largest mining company, anticipates a global copper shortage of 10 million metric tons by 2035. This looming deficit has prompted the company to commit between $10.7 billion and $14.7 billion over the next decade to boost copper production at its operations in Chile, including the world’s largest copper mine, Escondida. BHP plans significant investments in Escondida and the smaller Spence mine, alongside a restart of the Cerro Colorado mine. The company’s copper output is expected to decline by 300,000 tons to 1.6 million tons annually by… Read More Here

International Copper

Panama’s New President Criticizes Past Mismanagement of Cobre Panama Crisis

November 24, 2024November 24, 2024 Constance

Panama’s President José Raúl Mulino has condemned the previous administration for mishandling the crisis surrounding First Quantum Minerals’ $6.5 billion Cobre Panama copper mine. The mine, which accounts for nearly 5% of Panama’s GDP, was shut down in 2023 after the Supreme Court deemed its concession contract unconstitutional. Mulino blamed the closure on widespread dissatisfaction with former President Laurentino Cortizo’s government, which had faced mounting protests over legal and environmental concerns tied to the project. “The mine paid the price for national discontent under a government with only 25% popularity,”… Read More Here

Mining in DRC Cobalt Copper Corporate News

Gécamines Seeks to Block Chemaf Sale to China

November 24, 2024November 24, 2024 Constance

The Democratic Republic of Congo’s state mining company, Gécamines, has submitted a $1 million bid to acquire the cobalt and copper assets of financially troubled Chemaf. This move seeks to prevent further Chinese control of critical metals in the mineral-rich country, according to sources close to the matter. Chemaf, a partner of global commodities trader Trafigura, had previously agreed to sell its assets to China’s state-owned industrial giant, Norinco, in June 2024. These assets include copper and cobalt mines critical for electric vehicles and clean energy infrastructure. However, Gécamines, which… Read More Here

Mining in Zambia Copper

Zambia’s Govt Reaffirms Commitment to Mining Sector Growth Amid Strong Copper Production

November 21, 2024November 21, 2024 Constance

Zambia’s government has reiterated its commitment to creating a favorable investment climate in the mining sector, citing impressive increases in copper production as evidence of the success of its policies, according to Canadian miner First Quantum Minerals (FQM). This affirmation followed a recent visit by government officials, including the Ministers of Finance, Mines, Information, and Labour, to FQM’s Kansanshi and Trident mining operations. The visit underscored a significant rise in copper production, which is helping Zambia move closer to its ambitious target of producing 3 million tons of copper annually… Read More Here