Copper - Copperbelt Katanga Mining

FQM to Launch Arbitration Against Panama Over Cobre Panama Mine Closure

June 30, 2024June 30, 2024 Constance

TORONTO/PANAMA CITY – Canadian miner First Quantum Minerals is set to initiate formal arbitration proceedings against Panama in July, following the country’s decision to close the giant Cobre Panama mine last November, according to sources familiar with the matter. This move coincides with the start of a new administration in Panama, which could determine the future of one of the world’s largest and newest copper mines, previously responsible for 1% of global copper output before its closure. First Quantum’s shares fell by 2% on the Toronto Stock Exchange on Friday… Read More Here

Mining in Zambia Copper Equipment & Technology Mining Equipment

Hitachi Begins World’s First Trial of Full Battery Dump Truck at FQM’s Kansanshi Mine

June 30, 2024June 30, 2024 Constance

Hitachi Construction Machinery Co., Ltd. has launched a groundbreaking technological feasibility trial of an ultra-large full battery rigid frame dump truck at First Quantum Minerals Ltd.’s Kansanshi copper and gold mine in Zambia. The trial, initiated in June 2024, aims to validate the operational capabilities of the battery-powered dump truck under real mining conditions, including its performance in tasks such as traveling, turning, and braking, as well as assessing battery charging and discharging cycles. First Quantum, known for its expertise in trolley system operations and technological development, is facilitating this… Read More Here

Mining in Zambia Copper

Vedanta Resources Nears Reacquisition of KCM Amid Expected Surge in Demand

June 29, 2024June 29, 2024 Constance

Vedanta Resources Ltd. is on the verge of reclaiming control of the Konkola Copper Mine in Zambia and plans to rapidly increase output in anticipation of soaring demand in the coming years. Billionaire Anil Agarwal’s firm is prepared to pay $250 million to settle the mine’s debts, enabling access to the asset once more, according to Chris Griffith, head of Vedanta’s base metals unit, in a recent interview in London. Konkola Copper Mines was placed under provisional liquidation in 2019 after the previous government accused its owner of misrepresenting expansion… Read More Here

Mining in Zambia Copper Gold Press Release

BeMetals Announces $7M Private Placement Led by B2Gold

June 29, 2024June 29, 2024 Constance

Vancouver, British Columbia – BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) (the “Company” or “BeMetals”) has announced it intends to complete a non-brokered private placement offering of up to 70,000,000 units (the “Units”) at a price of $0.10 per Unit (the “Offering”) for aggregate gross proceeds of up to $7,000,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one-half Share purchase warrant. Each whole Share purchase warrant (a “Warrant”) will entitle the holder thereof to purchase one additional Share at… Read More Here

Mining in DRC Copper Economy

FBN UK, ABSA, and AFC Partner to Boost DRC’s Global Copper Market Position with Kamoa Mine Financing

June 28, 2024June 28, 2024 Constance

A new strategic partnership has been formed for the syndication financing of the Kamoa mine, involving FBN UK, ABSA, and Africa Finance Corporation (AFC). This partnership aims to strengthen the Democratic Republic of Congo’s (DRC) position in the global copper market. Mustafa Rawji, CEO of Rawbank, commented, “AFC is a benchmark institution in Africa. We are proud to have them as partners in creating a Congolese copper champion.” The Kamoa-Kakula copper complex, recognized for its high performance and low carbon footprint, will benefit from this financing to expand its production… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

JCHX Mining Nears Acquisition of Zambia’s Lubambe Copper Mine

June 27, 2024June 27, 2024 Constance

JCHX Mining is in the final stages of acquiring an 80% stake in Zambia’s Lubambe copper mine from EMR Capital, sources informed Reuters. This move marks another significant acquisition by Chinese firms expanding their footprint in Africa’s copper mining sector. The Shanghai-listed mining services and contracting firm’s deal, nearing completion, had faced potential competition from Abu Dhabi’s International Resources Holding (IRH), which later withdrew its interest. This development has cleared the path for JCHX Mining to proceed with the transaction. Under the agreement, Zambia’s state firm ZCCM-IH will retain a… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

IRH in Talks to Acquire Stake in Vedanta’s Zambian Copper Assets

June 27, 2024June 27, 2024 Constance

International Resources Holding (IRH), the mining investment arm of Abu Dhabi’s International Holding Company, is engaged in discussions to purchase a stake in Vedanta Resources’ Zambian copper assets, according to Chris Griffith, Vedanta’s chief executive for base metals. IRH, part of a conglomerate with assets totaling approximately $244 billion, is conducting due diligence on acquiring a stake in Konkola Copper Mines (KCM). This interest underscores IRH’s commitment to expanding its presence in copper mining, as indicated in previous statements to Reuters. Griffith confirmed that besides IRH, other investors have shown… Read More Here

Mining in Zambia Copper

Konkola Copper Mines Announces Salary Delays Due to Cash Flow Issues

June 27, 2024June 27, 2024 Constance

Konkola Copper Mines (KCM) has informed its employees that their June salaries will be delayed due to unforeseen circumstances that have negatively impacted the company’s cash flow. This mirrors the situation from last month when the company notified workers that their May salaries would be delayed due to circumstances beyond their control. KCM’s Human Capital Management Acting Vice-president, Prudence Chisakuta, had previously released a statement assuring employees that the challenges faced in May had been resolved and that future payments would be made on time. However, in a notice dated… Read More Here

Mining in DRC Copper Economy

AFC Invests in Kamoa-Kakula, Africa’s Largest Copper Deposit

June 26, 2024June 26, 2024 Constance

Kamoa-Kakula is a world-class, high-grade, low-carbon underground copper deposit located on the western edge of the prolific Central African Copperbelt. KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC), the leader in infrastructure solutions on the continent, has announced the closing of a $150 million senior loan agreement with Kamoa Copper to support the expansion of the Kamoa-Kakula copper deposit in the Democratic Republic of the Congo. The loan provided by AFC, which acted as the financier and arranger, demonstrates its commitment to supporting the… Read More Here

Mining in Zambia Copper Drilling Gold

Galileo Resources to Launch Phase 3 Drilling at Zambia’s Shinganda Copper/Gold Project

June 25, 2024June 25, 2024 Constance

Aim-listed Galileo Resources has announced the commencement of a Phase 3 drilling program at its Shinganda copper/gold project in Zambia. This phase aims to validate the company’s belief that near-surface copper and gold mineralization occurs along the Shinganda fault splay over a strike length of more than 4 km, potentially leading to the development of a preliminary mineral resource. Phases 1 and 2 of the drilling program confirmed the presence of copper and gold mineralization associated with major regional and localized structures. Mineralization has been identified in vein and alteration… Read More Here