Copper - Copperbelt Katanga Mining

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

Copper Mining in Zambia

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

July 5, 2024July 5, 2024 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

Mining in DRC Cobalt Copper

Gecamines Opposes Chemaf Sale to Norin Mining, Citing Ownership Rights

July 3, 2024July 3, 2024 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

International Copper

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

July 3, 2024July 3, 2024 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

International Copper News in Brief

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

July 3, 2024July 3, 2024 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

Mining in DRC Copper

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

July 3, 2024July 3, 2024 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

Mining in DRC Artisanal mining Cobalt Copper

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

June 30, 2024July 1, 2024 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

Mining in Zambia Copper Economy

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

June 30, 2024June 30, 2024 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

International Copper Economy News in Brief

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

June 30, 2024June 30, 2024 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 International

Copper Stockpiles in China Decline, Indicating Potential Market Recovery

June 30, 2024June 30, 2024 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