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Category: Copper

China’s Copper Demand to Peak by 2030 Amid Economic Shifts 1 Copper International 

China’s Copper Demand to Peak by 2030 Amid Economic Shifts

Constance
A state-backed researcher forecasts that China’s copper demand will peak around the end of this decade, signaling a potential shift away from the bullish outlook traditionally associated with copper. Beijing Antaike Information Development Co. projects strong demand from the renewables sector—an area copper advocates often highlight. However, a slowing Chinese economy and an increasing shift toward aluminum in some applications may temper future copper demand. According to Antaike analyst Yang Changhua, copper demand in China is expected to grow at an annual average of 1.1% over the five years leading… Read More Here
Falling Cobalt Prices Force DRC Artisanal Miners to Shift to Less Profitable Copper 2 Mining in DRC Cobalt Copper 

Falling Cobalt Prices Force DRC Artisanal Miners to Shift to Less Profitable Copper

Constance
Cobalt prices have plummeted over the last three years, dropping by two-thirds—a severe blow for the Democratic Republic of Congo (DRC), the world’s leading cobalt producer with the largest global reserves. This price slump has forced many artisanal miners to abandon cobalt mining, with some turning to copper despite its limited profitability. In Kolwezi’s Kamilombe artisanal mine, under a corrugated shed, 39-year-old miner Guelord Kongolo prepares raw cobalt for sale. “The activity here has slowed down; it’s not like it used to be,” says Kongolo, who supports four children. Faced… Read More Here
FQM in Talks for Potential Partnerships on Zambian Assets 3 Copper Mining in Zambia Nickel 

FQM in Talks for Potential Partnerships on Zambian Assets

Constance
First Quantum Minerals, the Canadian mining company, is in discussions with potential partners regarding its Zambian copper and nickel assets, though it has not disclosed the names of the firms involved. Last week, Reuters reported that Saudi Arabia’s Manara Minerals was nearing a deal to acquire a minority stake in these Zambian assets, citing sources familiar with the matter. “We are open to partnerships, including in Zambia, but only if it benefits our Zambian operations, the government, and all stakeholders,” First Quantum CEO Tristan Pascall said during a conference call… Read More Here
Konkola Copper Mines Reports Second Fatality at Nchanga Mine 4 Mining in Zambia Copper Mining safety 

Konkola Copper Mines Reports Second Fatality at Nchanga Mine

Constance
CHINGOLA, 21 October 2024: Konkola Copper Mines Plc (KCM) deeply regrets to announce a second fatality at its Nchanga mine. Mr. Stephen Daka, a 38-year-old dump truck driver employed by GRN Mining Contractor, tragically lost his life at the Chingola Open Pit (COP, F&D) operations on Monday, 21 October 2024, around 13:00 hours. Mr. Daka’s body was discovered by the mine’s investigation team a few meters from the dump truck he had been operating. The circumstances leading to the accident are currently under investigation. KCM’s management has expressed its heartfelt… Read More Here
Copper Prices Projected to Rise as DRC and Zambia Prepare for Increased Production 5 Mining in DRC Copper Mining in Zambia 

Copper Prices Projected to Rise as DRC and Zambia Prepare for Increased Production

Constance
Copper prices are anticipated to average around US$10,265 per tonne in the final quarter of 2024, according to estimates from Fastmarkets. Analysts at Reuters, a commodity price intelligence firm, suggest that positive economic outlooks in the United States and China will contribute to upward pressure on copper prices. Goldman Sachs has also predicted a gradual increase in copper prices in the coming months. The American bank projects that the price of copper will reach US$10,100 per tonne by 2025. This price rise is expected to enhance the revenues of copper… Read More Here
DRC Govt Advocates for Involvement in Kamoa Copper Buyer Selection 6 Mining in DRC Copper 

DRC Govt Advocates for Involvement in Kamoa Copper Buyer Selection

Constance
During a recent Council of Ministers meeting in Kinshasa, the Minister of Mines emphasized the necessity for the Congolese government to participate in the selection of buyers for Kamoa Copper. This mining company, located 25 kilometers west of Kolwezi in the Mutshatsha territory of Lualaba province, is recognized by international mining consultant Wood Mackenzie as the largest undeveloped high-grade copper discovery in the world. The Democratic Republic of Congo (DRC) is Africa’s leading copper producer and ranks fifth globally, contributing 5% of total world production. The Kamoa mine is notable… Read More Here
Gecamines Bids for Chemaf Resources Amid Ongoing Controversy Over Chinese Sale 7 Mining in DRC Cobalt Copper 

Gecamines Bids for Chemaf Resources Amid Ongoing Controversy Over Chinese Sale

Constance
The Democratic Republic of Congo’s state-owned miner, Gecamines, has submitted a bid for Chemaf Resources Ltd.’s unit in the country. This move comes months after Gecamines announced its intention to block a previous deal that would sell the copper and cobalt miner to a Chinese investor. Chemaf, which is backed by Trafigura Group, spent nine months searching for a buyer before announcing a sale to China’s Norin Mining Ltd. in June. Although Chemaf is still working to finalize that deal, it has faced opposition from the government and Gecamines, which… Read More Here
Peru’s August copper output jumps 11% after five-month decline 8 International Copper 

Peru’s August copper output jumps 11% after five-month decline

Constance
Peru’s copper production rose by 10.7% in August compared to a year earlier, reaching the highest level of any month this year, the Andean nation’s energy and mines ministry said on Wednesday, though accumulated output remained below 2023 levels. The monthly increase follows five months of consecutively lower year-on-year output. August’s production landed at 246,568 metric tons, bringing the accumulated output from January through August to 1.76 million metric tons, 0.7% less than in the same period in 2023, the ministry said. Peru, the world’s third largest copper producer, produced… Read More Here
Saudi's Manara Minerals Eyes Stake in First Quantum's Zambian Mines 9 Mining in Zambia Copper Mergers & Acquisitions Nickel 

Saudi’s Manara Minerals Eyes Stake in First Quantum’s Zambian Mines

Constance
Saudi Arabia’s Manara Minerals is close to finalizing a deal to acquire a minority stake in First Quantum Minerals’ Zambian copper and nickel assets, sources familiar with the matter told Reuters. Manara, a joint venture between Saudi mining company Ma’aden and the $925-billion Public Investment Fund, is in advanced discussions to purchase a 15% to 20% equity share in the Zambian operations. The stake is estimated to be worth between $1.5 billion and $2 billion. First Quantum’s sale of the stake is expected to be completed by year-end, though there… Read More Here
Tertiary Minerals Completes Inaugural Drilling at Mushima North Copper Project in Zambia 10 Mining in Zambia Copper Drilling 

Tertiary Minerals Completes Inaugural Drilling at Mushima North Copper Project in Zambia

Constance
Aim-listed Tertiary Minerals has successfully concluded its first drilling program at the Mushima North copper project in Zambia. The objective was to test the A1 and C1 copper, zinc, and arsenic soil anomalies identified through last year’s soil sampling. The program involved drilling 25 reverse circulation holes, reaching a maximum depth of 112 meters, with three drill traverses at the A1 anomaly and one at the C1 anomaly. Tertiary is now conducting portable X-ray fluorescence analysis on the samples, with selected samples being sent to an independent laboratory for further… Read More Here

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