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Category: Copper

Kansanshi Mining Reports Strong Financial Results Amid Zambia's Power Crisis 1 Mining in Zambia Copper Electricity 

Kansanshi Mining Reports Strong Financial Results Amid Zambia’s Power Crisis

Constance
Kansanshi Mining, a subsidiary of First Quantum Minerals (FQM), posted impressive financial results for the first half of 2024, driven by higher copper prices and improved ore grades despite ongoing electricity challenges in Zambia. The company recorded a net profit of $117 million, a remarkable recovery from a net loss of $1.1 million during the same period last year. Income tax contributions also surged to $56 million, up from $3.6 million in 2023. Revenue for the half-year increased by 25%, reaching $927 million. This growth was largely due to a… Read More Here
Glencore’s Kamoto Copper Faces Royalties Dispute Amid Ties to Dan Gertler 2 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
Metso Secures €70M Contract from Barrick Gold for Lumwana Copper Project Equipment 3 Mining in Zambia Copper Mining Supply Tenders 

Metso Secures €70M Contract from Barrick Gold for Lumwana Copper Project Equipment

Constance
Metso has secured a significant contract from Barrick Gold for the supply of essential process equipment at the Lumwana copper project in Zambia. Valued at approximately €70 million ($78.12 million), this order will be recorded in the minerals segment’s third-quarter 2024 intake. Under the terms of the contract, Metso will provide a comprehensive suite of equipment, including systems for grinding, flotation, thickening, feeding, and filtration. Markku Teräsvasara, Metso’s Deputy CEO and President of the Minerals Business Area, expressed gratitude for the opportunity, stating, “We are honored to have been selected… Read More Here
BHP Predicts Copper Demand to Surge by 1 Million Tonnes Annually Amid Energy Transition 4 Copper International 

BHP Predicts Copper Demand to Surge by 1 Million Tonnes Annually Amid Energy Transition

Constance
Global mining giant BHP released a report on September 30, highlighting that the global energy transition will drive copper demand up by an additional one million tonnes per year through 2035. The shift towards copper-intensive technologies, particularly in renewable energy and electric vehicles (EVs), has already doubled global copper production rates. In its report titled BHP Insights: How Copper Will Shape Our Future, the company noted that global copper demand has grown at a 3.1% compound annual growth rate (CAGR) over the past 75 years. Although this growth slowed to… Read More Here
Barrick Launches $2 Billion Super Pit Expansion at Lumwana Mine in Zambia 5 Mining in Zambia Copper 

Barrick Launches $2 Billion Super Pit Expansion at Lumwana Mine in Zambia

Constance
The development of a Super Pit at Barrick’s Lumwana copper mine was officially launched on 3rd October 2024, by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cabinet. The feasibility study for the Super Pit Expansion is expected by the end of the year, paving the way for construction to start in 2025. Once completed, the $2 billion project1,4 unlocks the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer1 and a Tier One2 copper mine. The expansion involves first doubling throughput of the existing process… Read More Here
Zijin Mining Eyes Major Expansion of Kamoa-Kakula Copper Mine in the DRC 6 Mining in DRC Copper New Mining Projects 

Zijin Mining Eyes Major Expansion of Kamoa-Kakula Copper Mine in the DRC

Constance
China’s Zijin Mining Group Co. is considering a significant expansion of the Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC), which could make it one of the largest copper sources globally. The company’s chairman, Chen Jinghe, revealed plans to boost production to 1 million tonnes annually—well above the current target of 600,000 tonnes—potentially challenging BHP Group’s aging Escondida mine in Chile, the world’s largest copper mine. “We are conducting research and making plans to achieve 1 million tonnes of production,” said Chen in an interview at Zijin’s headquarters… Read More Here
Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration 7 Mining in DRC Copper 

Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration

Constance
From September 21 to 22, Kamoa Copper hosted a visit from the Congolese Minister of Portfolio, His Excellency Jean-Lucien Bussa. The visit aimed to evaluate Kamoa Copper’s performance, in which the State of the Democratic Republic of Congo (DRC) holds a 20% stake, and to outline the minister’s strategy for enhancing public company performance through collaboration. “I am here as the Minister of Portfolio, representing the shareholder state, to visit a mixed economy mining company where the State, the Congolese economy, and the people all have vested interests. This company… Read More Here
Glencore's Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC 8 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 9 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
Panama eyes export of First Quantum’s stockpiled copper 10 International Copper 

Panama eyes export of First Quantum’s stockpiled copper

Constance
Panama’s finance chief sees no good reason why First Quantum Minerals Ltd. shouldn’t export the large volume of copper stockpiled at its shuttered mine in the country. The government is working with a third party on an environmental assessment to quantify the amount of copper concentrate stored at the mine and determine when it was extracted, Finance Minister Felipe Chapman said Friday. “The copper cannot lie sitting there forever. It has to be taken out, and if you are going to take it out, you might as well export it,”… Read More Here

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