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Mining in Zambia Copper Mergers & Acquisitions

Jubilee Metals Acquires Two Opencast Copper Mines in Zambia

June 25, 2024June 25, 2024 Constance

Johannesburg- and London-listed Jubilee Metals has acquired two opencast copper mining operations in Zambia. “The strategic acquisition of these two opencast operations demonstrates our ability to leverage our process capabilities to secure significant near-surface copper resources already in operation,” said Jubilee CEO Leon Coetzer. Jubilee Metals, chaired by former Mpumalanga Premier Mathews Phosa, continues to advance as a diversified metals producer. Jubilee, listed on AltX and Aim, specializes in the recovery of metal from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials, and tailings in South Africa… Read More Here

Mining in Zambia Copper Economy

Pressure Intensifies on Zambia’s Mines Minister to Complete Konkola Copper Mines Transfer to Vedanta Resources

June 20, 2024June 20, 2024 Constance

The Minister of Mines and Minerals Development, Honorable Paul Kabuswe, is under increasing pressure to fulfill the government’s promise of transferring control of Konkola Copper Mines (KCM) to Vedanta Resources by June 30, 2024. Advocates for National Development and Democracy (ANDD) have welcomed Minister Kabuswe’s assurance that the legal framework for the KCM-Vedanta transition will be finalized by the end of this month. Executive Director Samuel Banda emphasized the urgent need for KCM to resume operations swiftly to stimulate job creation and business opportunities. “We urge the minister to honor… Read More Here

Mining in Zambia Copper Economy

ZUPED Urges Swift Action on Konkola Copper Mines to Revitalize Economy

June 19, 2024June 19, 2024 Constance

The Zambians for Unity, Peace, and Development (ZUPED) has voiced serious concerns about the ongoing inactivity of Konkola Copper Mines Plc (KCM), stressing its detrimental impact on Zambia’s national economy. ZUPED President Ronnie Jere highlighted that the weakening of the kwacha is partly due to decreased revenue from copper exports, directly linked to KCM’s halt in operations. Mr. Jere emphasized that current favorable copper prices on the international market represent a missed opportunity for Zambia to boost production and secure essential foreign exchange. He urged the government to expedite the… Read More Here

Mining in Zambia Copper Economy

Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer

June 19, 2024June 23, 2024 Constance

Finance and National Planning Minister Dr. Situmbeko Musokotwane has expressed confidence that Zambia’s current policies and strategies will enable the country to reclaim its position as Africa’s leading copper producer. Dr. Musokotwane made these remarks during a courtesy call by Barrick Lumwana Country Manager Anthony Malenga in Lusaka. Mr. Malenga announced that the Lumwana super-pit expansion project, valued at $2 billion, will commence in 2025, following the completion of feasibility studies. The expansion is expected to create approximately 2,500 jobs. “In the interim, we will continue to ramp up production… Read More Here

Mining in Zambia Copper Mining tax Taxes

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023

June 19, 2024June 19, 2024 Constance

Zambia Consolidated Copper Mines Limited (ZCCM-IH) has reported a significant increase in post-tax losses for the 2023 financial year, reaching over K4 billion (approximately $222 million). According to financial statements reviewed by Zambian Business Today (ZBT), the group faced notable financial challenges in 2023. Post-tax losses rose from ZMW3,786 million ($222.03 million) in 2022 to ZMW4,076 million ($198.59 million) in 2023. The primary factor contributing to this increase was the underperformance of Mopani Copper Mines Plc, which reported a substantial loss of ZMW8.97 billion ($436.94 million). “Mopani’s lower copper production… Read More Here

Mining in DRC Cobalt Copper

Tenke Fungurume Mining Achieves Copper Mark Certification

June 16, 2024June 16, 2024 Constance

Tenke Fungurume Mining SA (TFM) of CMOC Group Ltd. (CMOC), a prominent copper and cobalt mine in the Democratic Republic of the Congo (DRC), has officially achieved Copper Mark certification for its responsible production practices. This milestone makes TFM the first mine in Africa to receive this prestigious certification. The Copper Mark is based on assessments by independent third parties to ensure that mines and smelters meet rigorous standards for responsible production. Launched in 2020, it addresses growing international demands for responsible sourcing and promotes best practices across the value… Read More Here

Copper International

Chinese firm says it’s probing case of missing Russian copper

June 15, 2024June 15, 2024 Constance

The Chinese state-owned firm whose shipment of copper from Russia went missing said it’s investigating the matter which involves a monetary value of about 110 million yuan ($15 million). Wuchan Zhongda Group Co. bought 2,000 tons of refined copper from a Russian company that should have been delivered last month but never arrived, Bloomberg News reported on Thursday, citing people familiar with the matter. In a statement Friday, the firm said it had conducted a preliminary review after media reports about its copper business. The case concerns an international trading… Read More Here

Mining in Zambia Copper Economy Mining tax Taxes

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

June 15, 2024June 15, 2024 Constance

Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here

Mining in Zambia Copper Economy

Zambia to Establish New Mineral Investment Entity to Boost Revenue

June 15, 2024June 15, 2024 Constance

Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here

Copper International

MMG to invest $700 million to double copper output at Botswana mine

June 15, 2024June 15, 2024 Constance

Chinese miner MMG Ltd will invest $700 million to double production at Botswana’s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday. MMG announced in March that it had completed a deal to buy Canada-based Cuprous Capital, the parent company of the copper mine which lies in the Kalahari Copper Belt. Amid a surge in demand for the metal required for the green energy transition, Khoemacau has embarked on an expansion which will see the mine’s copper output more than… Read More Here