Copper - Copperbelt Katanga Mining

Jubilee Metals Increases Stake in Zambia's Project G and Secures Renewable Energy Supply 1

Diversified metals producer Jubilee Metals has completed its due diligence on Project G, an open-pit copper mining operation in Zambia, and has decided to increase its ownership from 51% to 65%. This acquisition, initially announced in August, marks Jubilee’s second open-pit copper venture in Zambia, following the implementation of Project Munkoyo. In a related move, Jubilee has expanded its power allocation under the recently announced private power purchase agreement (LHPC agreement), securing an additional 2 MW of electricity. This will ensure that all Zambian operations, including the Roan concentrator, operate… Read More Here

International Copper

TotalEnergies Eyes Copper Trading to Capitalize on Energy Transition

October 7, 2024October 7, 2024 Constance

France’s TotalEnergies is exploring the possibility of expanding its oil trading operations into copper, aiming to benefit from the growing demand for metals driven by the global energy transition, according to a report by the Financial Times. Rahim Azouni, Senior Vice President of Crude, Fuel, and Derivatives Trading at TotalEnergies, revealed at a private conference in London that the company is “studying the case” for entering the copper trading market. However, no final decision has been made, according to sources present at the event. This move would follow the path… Read More Here

Copper Economy Mining in Zambia

Zambia Aims for Copper Production Surge Amid $12 Billion Investment Boom

October 7, 2024October 7, 2024 Constance

Zambia’s Minister of Mines and Minerals Development, Hon. Paul Kabuswe, MP, recently announced that the country’s mining sector has successfully attracted US$12 billion in investments. However, despite this impressive capital influx, the minister raised concerns about stagnant copper production, which has plateaued at 750,000 metric tons. Minister Kabuswe reaffirmed the government’s commitment to significantly increase production, with a target of three million metric tons within a set timeframe. “The mining sector remains the key driver of our country’s economic transformation,” Kabuswe stated, underscoring the sector’s essential role in fostering national… Read More Here

International Copper

Rio Tinto Chairman Calls for New Mines to Meet Energy Transition Demand

October 6, 2024 Constance

The world urgently needs new mines to meet the growing demand for essential energy-transition metals like copper, according to Rio Tinto Group chairman Dominic Barton. He stressed that mergers and acquisitions (M&A) alone won’t close the looming supply gap. “We can’t rely solely on inorganic growth through deals to solve this issue,” Barton said in a Bloomberg TV interview. “The challenge is vast, spanning at least five critical commodities.” While global mining M&A activity has surged recently, driven by strong cash flows and the demand for green energy metals, Barton… Read More Here

Mining in Zambia Copper Electricity

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

October 6, 2024October 6, 2024 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

Mining in DRC Cobalt Copper

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

October 4, 2024October 4, 2024 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

Mining in Zambia Copper Mining Supply Tenders

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

October 3, 2024October 8, 2024 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

Copper International

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

October 3, 2024 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

Mining in Zambia Copper

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

October 3, 2024October 3, 2024 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

Mining in DRC Copper New Mining Projects

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

September 29, 2024September 30, 2024 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