Copper - Copperbelt Katanga Mining

A.I. Technology Uncovers Vast Copper Deposit in Zambia

July 11, 2024July 11, 2024 Constance

Last year in California, data scientists peered into their screens and witnessed a remarkable revelation: a massive copper deposit deep in Zambia’s bedrock. This discovery, driven by years of A.I.-based research, marks a significant milestone for KoBold Metals. On Thursday, KoBold announced this potentially largest copper discovery in over a decade. Estimates reviewed by The New York Times suggest the mine could produce at least 300,000 tons of copper annually, translating to billions of dollars over decades. An independent third-party assessment largely confirmed the size of the deposit. KoBold anticipates… Read More Here

Mining in DRC Cobalt Copper Economy

CMOC Group Plans to Double Copper Output in the DRC by 2028

July 11, 2024July 11, 2024 Constance

CMOC Group plans to more than double its copper output from mines in the Democratic Republic of Congo (DRC) over the next four years, anticipating stronger future demand for the metal. The Chinese producer aims to increase its copper production to between 800,000 and 1 million tons by 2028 by expanding operations at its flagship Tenke Fungurume and Kisanfu (KFM) mines in the DRC, according to a company spokesperson. In 2023, CMOC produced approximately 420,000 tons of copper and is forecast to increase output to about 570,000 tons this year.… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

JCHX Acquires 80% Stake in Lubambe Copper Mines from EMR Capital

July 11, 2024July 11, 2024 Constance

The Board of ZCCM Investments Holdings Plc (“ZCCM-IH” or the “Company”) announced yesterday July 10th 2024, that EMR Capital has sold its 80% shareholding in Lubambe Copper Mines Limited (“Lubambe”) to JCHX Mining Management Company Limited (“JCHX”). This acquisition was executed through JCHX’s wholly owned overseas subsidiary, Sundimo Mining Investments Limited (“Sundimo”), which will now hold 80% of the issued share capital of Lubambe, including claims on shareholder loans, via a Share Sale and Purchase Agreement. As the principal funder, JCHX, through Sundimo, plans to invest approximately USD 300 million… Read More Here

International Cobalt Copper

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

July 9, 2024July 9, 2024 Constance

BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here

Mining in Zambia Copper

ZUPED Welcomes Vedanta’s $250 Million Commitment to Revive Konkola Copper Mines

July 7, 2024July 7, 2024 Constance

The Zambians for Unity, Peace, and Development (ZUPED) have expressed optimism regarding the future of Konkola Copper Mines Plc (KCM) following Vedanta Resources’ assurance of securing US$250 million to settle KCM’s creditors. This positive development follows a High Court decision on June 28, 2024, mandating the payment. Vedanta Resources, in collaboration with the Zambian government and ZCCM-IH, is diligently progressing to fulfill all requirements outlined in the transaction agreements. Ronnie Jere, President of ZUPED, voiced confidence that this financial injection would significantly bolster the country’s economy. “We believe the investor… Read More Here

Mining in DRC Copper

Tenke Fungurume Mining Achieves Copper Mark Certification, A First in Africa

July 7, 2024July 7, 2024 Constance

The Democratic Republic of Congo has made a significant stride in the mining sector with Tenke Fungurume Mining (TFM), a subsidiary of CMOC, achieving Copper Mark certification. This international label of social and environmental responsibility is a first for the country and the African continent. For TFM, the certification brings a sense of satisfaction and motivation to continue prioritizing social and environmental responsibility. The company aims to strengthen its position in the global copper and cobalt market while maintaining its commitment to sustainable development and respect for local communities. The… Read More Here

Copper International

Copper price surpasses $10,000, expected to rise further, says Citigroup

July 7, 2024July 7, 2024 Constance

Copper prices surpassed $10,000/tonne on Friday after Citigroup analysts predicted the industrial metal may retest that level on investor optimism over policy support in China. The world’s biggest consumer is widely anticipated to introduce further stimulus to upgrade its renewable energyThese additional measures, specifically targeting domestic property and grid investments, are expected to support copper prices in the near term, Citi analysts said in a note. The bank also noted that the recent pullback in copper is mainly due to weaker manufacturing data globally, which it believes is only temporary.… Read More Here

Mining in DRC Copper

US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm

July 7, 2024July 7, 2024 Constance

The US has intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to prevent Beijing from gaining further control over critical minerals, according to sources familiar with the matter. US officials urged the Democratic Republic of Congo’s state-owned miner, Gécamines, to review the recent sale of Trafigura-backed Chemaf Resources to Norin Mining, a subsidiary of China’s state-owned defense company Norinco, these sources said. This action is part of Washington’s broader effort to secure access to essential metals for US-friendly companies amid increasing competition between the… Read More Here

Press Release Copper Mining in Zambia

Vedanta ready with $250 million funding to pay KCM Creditors

July 5, 2024July 5, 2024 Constance

Friday 5th July, 2024 Lusaka, Zambia – In a significant development, Vedanta has arranged USD 250 million funding to pay KCM Creditors as per High Court decision rendered on 28 June 2024. With Vedanta Resources’ reinstatement, Konkola Copper Mines (KCM) is poised for a new era of growth and prosperity. Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH) are working in close collaboration to complete all steps outlined in the transaction documents. The parties involved are demonstrating their shared commitment to KCM’s… Read More Here

Mining in DRC Copper Infrastructural Development Press Release

Ivanhoe Mines Completes Construction of Kipushi Concentrator Ahead of Schedule

July 5, 2024July 7, 2024 Constance

First ore to Kipushi concentrator achieved on May 31; first concentrate produced on June 14 Kipushi sets 2024 production guidance at between 100,000 and 140,000 tonnes of zinc in concentrate Kipushi zinc production capacity to average 278,000 tonnes per annum over first five years, making Kipushi the fourth-largest zinc mine globally Basic engineering underway to increase processing capacity of concentrator by 20% to 960,000 tonnes per annum Off-take agreements signed with CITIC Metal and Trafigura, plus $170 million in financing facilities agreed Kipushi reconfirmed as the world’s lowest carbon-emission intensive… Read More Here