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Category: Copper

UAE's IRH Withdraws Bid for Vedanta's Zambian Copper Mines 1 Copper Mining in Zambia 

UAE’s IRH Withdraws Bid for Vedanta’s Zambian Copper Mines

Constance
International Resources Holding (IRH), a subsidiary of UAE’s International Holding Company IHC.AD, has announced the withdrawal of its bid to acquire a stake in Vedanta Resources Ltd’s Zambian copper mines. The decision follows unsuccessful negotiations over the valuation of the assets, as reported by Reuters. IRH had proposed acquiring a 51% stake in Vedanta’s Konkola Copper Mines (KCM) for more than $1 billion, aiming to strengthen its copper holdings in Zambia after a recent acquisition of a 51% stake in Mopani Copper Mines. “IRH terminated the transaction discussions two months… Read More Here
Gecamines Opposes Chemaf Sale to Norin Mining, Citing Ownership Rights 2 Mining in DRC Cobalt Copper 

Gecamines Opposes Chemaf Sale to Norin Mining, Citing Ownership Rights

Constance
Gecamines, the Democratic Republic of Congo’s state-owned miner, announced its opposition to the sale of Chemaf Resources Ltd., backed by Trafigura Group, to China’s Norin Mining Ltd. Chemaf holds the lease for its flagship Mutoshi project from Gecamines, which asserted its right to reject the transfer of ownership in a statement on Monday. In response, Chemaf noted that the Congolese government had approved the transaction. Struggling with a downturn in cobalt prices, Chemaf has been searching for a buyer to help complete critical projects like Mutoshi. Last Thursday, Chemaf announced… Read More Here
FQM Sees 6% Surge on TSX Amid Panama's Cobre Panama Mine Audit 3 International Copper 

FQM Sees 6% Surge on TSX Amid Panama’s Cobre Panama Mine Audit

Constance
Shares of Canadian miner First Quantum Minerals surged 6% on the Toronto Stock Exchange early Tuesday, driven by news of Panama’s decision to conduct an environmental audit of the Cobre Panama mine to assess its potential reopening. President Jose Raul Mulino, who assumed office on Monday, announced the environmental audit in his inaugural address. “I will order a rigorous environmental audit of the mine, involving top international experts, to provide clarity on its current state,” President Mulino stated. He emphasized that the auditing costs will not burden the government. “The… Read More Here
Panama to review all information to make an informed First Quantum decision 4 International Copper News in Brief 

Panama to review all information to make an informed First Quantum decision

Constance
Panama’s government will review and analyze all the available information to make an “informed and responsible decision” regarding new President Jose Raul Mulino’s request for an environmental audit of Canadian miner First Quantum Minerals’ Cobre Panama mine. “In his message to the nation, President Mulino said he will order a strict environmental audit; So for our part, we are going to review and analyze all the information available to make informed and responsible decision,” Trade and Industry Minister Julio Molto told Reuters on Tuesday. SOURCE:mining.com Read More Here
Gecamines Assumes Control of Copper Sales from Joint Ventures to Enhance Oversight of the Metal 5 Mining in DRC Copper 

Gecamines Assumes Control of Copper Sales from Joint Ventures to Enhance Oversight of the Metal

Constance
The Democratic Republic of Congo’s state miner, Gecamines, has begun selling its share of copper from joint-venture projects for the first time as the country seeks greater control over a metal crucial to the energy transition. Gecamines holds minority stakes in large mines operated by companies such as China’s CMOC Group and Glencore Plc. Until now, the joint ventures themselves have sold all the production. However, the state company is now taking a more active role in marketing its portion, totaling hundreds of thousands of tons a year, according to… Read More Here
Civil Society Calls for Transparency on Child Labor Statistics in DRC Mining 6 Mining in DRC Artisanal mining Cobalt Copper 

Civil Society Calls for Transparency on Child Labor Statistics in DRC Mining

Constance
During the 19th edition of DRC Mining Week in Lubumbashi, Grant Leaity, UNICEF’s representative in the DRC, alarmed attendees with statistics suggesting that around 361,000 children are engaged in copper and cobalt mining in Haut-Katanga and Lualaba provinces. This revelation has prompted Congolese civil society to raise concerns and demand further verification and transparency regarding these figures. In response to UNICEF’s statement, Congolese civil society has expressed reservations about the reported numbers of child laborers in mining sites. They emphasize the need for additional information and rigorous verification of these… Read More Here
Vedanta Regains Control of Konkola Copper Mines in Zambia After Court Approval 7 Mining in Zambia Copper Economy 

Vedanta Regains Control of Konkola Copper Mines in Zambia After Court Approval

Constance
Vedanta Resources Ltd. can regain control of the Konkola Copper Mines (KCM) project in Zambia following a court-sanctioned plan to settle the mine’s debts. On Friday, a court in Lusaka approved a scheme of arrangement supported by KCM’s creditors, as announced by Zambia’s Mines Minister, Paul Kabuswe, on Facebook. Billionaire Anil Agarwal’s Vedanta has been striving to reclaim the significant copper asset since 2019. At that time, KCM was placed into provisional liquidation by the previous government, which accused the owner of misleading about expansion plans and underpaying taxes. To… Read More Here
IMF Highlights Uncertainty in Panama's Economic Outlook Amid Copper Mine Closure 8 International Copper Economy News in Brief 

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

Constance
Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here
Copper Stockpiles in China Decline, Indicating Potential Market Recovery 9 Copper International 

Copper Stockpiles in China Decline, Indicating Potential Market Recovery

Constance
Copper stockpiles in China, which had surged earlier this year, are showing signs of decline, suggesting that buyers may be returning in the world’s largest consumer of commodities. Inventories of the industrial metal on the Shanghai Futures Exchange fell for the third consecutive week, reaching their lowest level in over a month. The price of copper has dropped about 13% from last month’s record highs due to concerns about increasing global inventories, profit-taking by investment funds, and subdued Chinese demand. This price reduction may now be attracting buyers back to… Read More Here
Chile's Copper Production Shows Signs of Recovery 10 International Copper News in Brief 

Chile’s Copper Production Shows Signs of Recovery

Constance
Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here

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