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Category: Copper

Tertiary Minerals' Zambian Subsidiary Signs Strategic Agreement with FQM on Mukai Copper Project 1 Mining in Zambia Copper New Mining Projects Partnership 

Tertiary Minerals’ Zambian Subsidiary Signs Strategic Agreement with FQM on Mukai Copper Project

Constance
Tertiary Minerals’ newly established Zambian subsidiary, Copernicus Minerals, has signed a binding letter of agreement (BLA) with First Quantum Minerals (FQM) for the Mukai copper project in Zambia. Copernicus Minerals is 90% owned by Tertiary Minerals (Zambia), which is 96% owned by Tertiary Minerals. Under the agreement, FQM is granted an initial 24-month exploration due diligence period, during which it is committed to funding a minimum of $1.5 million in exploration expenses, with $500,000 allocated for the first year (Phase 1). FQM can earn an initial 51% stake in the… Read More Here
Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months 2 Mining in DRC Cobalt Copper 

Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months

Constance
Glencore has ceased stockpiling electric vehicle (EV) battery material cobalt, according to CEO Gary Nagle, who stated on Wednesday that the market is likely to remain in surplus for another 18 to 20 months. In August 2023, the London-listed miner announced that it had stockpiled cobalt in the first half of the year, reducing supplies to the market to support prices. However, the company did not disclose the quantity of cobalt stockpiled, and Nagle declined to comment on current stock levels. Increased production in the Democratic Republic of Congo (DRC),… Read More Here
FQM to trim work hours at stalled Panama copper mine 3 Mining in Zambia Copper 

FQM to trim work hours at stalled Panama copper mine

Constance
First Quantum Minerals Ltd. is trimming working hours at its stalled copper mine in Panama in a bid to rein in the cost of preserving the site following last year’s shutdown order, the union said. The Canadian firm will reduce extraordinary hours available to workers and end Sunday activities, according to a union statement. Changes will take effect Aug. 15. First Quantum declined to comment. “The company is executing this action without support from the workers that are still there to keep the project afloat,” union leader Michael Camacho said… Read More Here
Proposed Mining Law Threatens Zambia's Copper Production Goals 4 Mining in Zambia Copper Economy 

Proposed Mining Law Threatens Zambia’s Copper Production Goals

Constance
Zambia’s proposed Minerals Regulation Law could deter investment and deliver a “fatal blow” to the country’s goal of increasing annual copper output to 3 million metric tons, according to two mining organizations. As Africa’s second-largest copper producer, Zambia is considering a Minerals Regulation Commission Bill that would allow the government to acquire a stake in exploration areas before granting licenses to investors for mineral exploration, including copper. The proposed legislation, which was reviewed by Reuters, seeks to empower the finance minister to maintain a shareholding in a mining license on… Read More Here

Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024

Constance
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC). According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide. As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC. Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments,… Read More Here
Tenke Fungurume Mining Celebrates Copper Mark Certification 5 Mining in DRC Copper Environment Social Governance (ESG) 

Tenke Fungurume Mining Celebrates Copper Mark Certification

Constance
The Copper Mark is a prestigious certification awarded to mining companies that undergo a rigorous audit of their environmental, social, and governance (ESG) practices. To date, only 52 mining operations worldwide have received this mark of distinction, with Tenke Fungurume Mining (TFM) being the first mine in Africa to achieve this certification. The celebration of this significant accomplishment took place on July 31, commemorating the international recognition obtained on June 12. The event was hosted at TFM’s facilities, with CEO Wang Hanyuan, PCA Wang Quan, and CEO John Woto attending… Read More Here
BHP’s Spence copper mine in Chile now fully autonomous 6 Copper International 

BHP’s Spence copper mine in Chile now fully autonomous

Constance
BHP’s (ASX, NYSE: BHP) Spence copper mine in Chile has celebrated three months of being the company’s first fully autonomous operation, a status reached in April after a two-year journey that included converting its trucks fleet and drilling rigs. Spence, which produced 249,000 tonnes of copper last year, is BHP’s second largest copper mine behind Escondida, the world’s biggest copper operation. In the three months to July 29, the copper operation has moved 80 million tonnes of material without any safety incidents, surpassing the production plan to date, BHP said.… Read More Here
Ivanhoe Mines announces quarterly profit of $67 million 7 Mining in DRC Copper 

Ivanhoe Mines announces quarterly profit of $67 million

Constance
Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024 Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 million Kamoa-Kakula’s quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per… Read More Here
First Quantum Trials World’s First Battery-Powered Dump Truck 8 Mining in Zambia Copper Equipment & Technology 

First Quantum Trials World’s First Battery-Powered Dump Truck

Constance
First Quantum Minerals has partnered with Hitachi Construction Machinery to trial a fully electric dump truck at the Kansanshi mine. This groundbreaking initiative represents a significant step toward a more sustainable and environmentally friendly mining industry. Copper is crucial for the global transition to a lower carbon, renewably powered, electric future. However, mining this essential resource must be done responsibly, with a focus on reducing emissions. Electrifying mining machinery, including dump trucks, is a key component of this effort, despite the technical challenges it presents. The trial of the battery-powered… Read More Here
Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex 9 International Copper 

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

Constance
Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland. On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants. This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to… Read More Here

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