Copper - Copperbelt Katanga Mining

Political Unrest Shadows Panama’s Economic Future

April 17, 2024April 17, 2024 Constance

Six months after Panama was rocked by violent protests, the country’s political landscape remains tense, deterring foreign investors. The demonstrations, initially led by local unions and students, led to the abrupt closure of a crucial copper mine in December, causing discomfort among politicians and candidates in the upcoming presidential election. With the mine’s closure, Panama’s economy faces significant challenges, prompting concern among creditors and investors. The country’s investment-grade ratings have been downgraded, and its bonds have underperformed in emerging markets. The closure of the Cobre Panama mine, which contributed about… Read More Here

Mining in Zambia Copper Electricity

Zambia’s Power Utility Declares Force Majeure on Mines’ Electricity Supply

April 17, 2024April 17, 2024 Constance

Zambia’s state-owned power utility has issued force majeure notices regarding electricity supply to certain mines, as reported by an industry association, intensifying the strain on the copper market amidst unprecedented challenges. According to the Chamber of Mines in Africa’s second-largest copper producer, ZESCO Ltd has informed several members of the organization that it cannot fulfill its supply obligations. However, specific details regarding the affected projects were not disclosed in the statement. The market for semi-processed copper ore, commonly known as concentrates, is currently facing unparalleled tightness, with veteran traders highlighting… Read More Here

International Copper

Rio Tinto Vows to Keep All Copper from Resolution Mine in the United States

April 17, 2024April 17, 2024 Constance

Rio Tinto, a leading mining company, is determined to ensure that all copper extracted from its Resolution mine remains within the United States if the project receives regulatory approval, a senior executive revealed on Tuesday. Situated in Arizona, the proposed mine has the potential to yield over 40 billion pounds (18.1 million metric tons) of copper throughout its lifespan, catering to more than a quarter of the country’s demand. However, it faces staunch opposition from some Native American groups due to concerns about potential damage to culturally significant sites. Bold… Read More Here

International Copper Mining Personality News in Brief

Trafigura CEO says copper must surpass $10,000 to meet demand

April 17, 2024April 17, 2024 Constance

In order to fill a potential supply gap of 8 million tons by 2034, mining companies need prices that are higher than $10,000 a ton and possibly as high as $12,000, says Trafigura Group chief executive officer Jeremy Weir. Weir made his comments Tuesday during a presentation at the CRU World Copper Conference in Santiago, where the copper industry is gathering for one of the industry’s biggest annual events. SOURCE:mining.com Read More Here

International Copper

Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle

April 17, 2024April 17, 2024 Constance

In December 2016, a group of mining executives embarked on a pivotal meeting at Panama’s Palacio de las Garzas, a prelude to the turbulence that would engulf the nation in anti-mining protests. First Quantum Minerals Ltd. was there, discussing progress on their ambitious Cobre Panama copper mine, but a foreboding warning from the president hinted at looming challenges. The project, touted as Panama’s economic linchpin, faced scrutiny over tax disputes and legal hurdles. Despite warnings, Philip Pascall, the bold leader of First Quantum, brushed off concerns, a move that would… Read More Here

Mining in Zambia Copper New Mining Projects

President Hichilema’s Initiative Receives Praise for Luanshya Copper Mine Revival

April 16, 2024April 16, 2024 Constance

Stakeholders and the business community in the mining sector of the Copperbelt region have commended President Hakainde Hichilema and his government for their efforts in revitalizing Luanshya Copper Mine Shaft 28. Businessman Phesto Musonda highlighted the significance of Shaft 28 as a major source of high-grade copper concentrate and cobalt. He expressed optimism that its full operationalization would lead to the reopening of Chambeshi Metals, positively impacting the economy of Luanshya and the broader Copperbelt through job creation and opportunities for small businesses. The Mine Workers Union of Zambia President,… Read More Here

Mining in Zambia Copper Governance

President Hichilema Commits to Unlocking New Luanshya Mines

April 16, 2024April 16, 2024 Constance

President Hakainde Hichilema expressed gratitude to the residents of Luanshya and the Copperbelt for their patience as his government works to unlock Shaft 28, now renamed New Luanshya Mines. Speaking at a public rally in Luanshya’s Roan Constituency at Mpatamatu Stadium, President Hichilema reassured the community of his administration’s commitment to improving their livelihoods. President Hichilema underscored his government’s determination to ease the lives of the people of Luanshya and the broader Copperbelt region. He emphasized the importance of unity in fostering development, highlighting the need for collective efforts to… Read More Here

Mining in Zambia Copper New Mining Projects

Zambia and China Celebrate Revival of Luanshya Copper Mines

April 16, 2024April 16, 2024 Constance

Zambia and the People’s Republic of China commemorated the commencement of the dewatering process at the long-dormant Luanshya Copper Mines, affectionately known as Shaft 28, in a groundbreaking ceremony filled with jubilation and hope. This event, hailed as a significant milestone, signifies a new chapter in the enduring relationship between the two nations. President Hakainde Hichilema, speaking at the ceremony, expressed profound gratitude to His Excellency President Xi Jinping, the people of China, and the China Non-Ferrous Metals Corporation (CNMC) for their pivotal investment in revitalizing the once-thriving mine. He… Read More Here

Mining in Zambia Copper

President Hichilema Launches Revitalization of Luanshya Copper Mines

April 14, 2024April 14, 2024 Constance

In a landmark event, President Hakainde Hichilema inaugurated the dewatering of Shaft 28 at Luanshya Copper Mines last week, marking a significant step towards revitalizing Zambia’s mining industry. The ambitious project, backed by a $500 million investment from China Non-Ferrous Metals Corporation (CNMC), promises to create over 3,000 jobs and inject new life into the region’s economy. The ceremony, attended by dignitaries and officials, symbolized a strong partnership between Zambia and China, underscoring their commitment to fostering economic growth and development. President Hichilema expressed gratitude to President Xi Jinping and… Read More Here

International Copper

Chile’s copper output up 9.8% in February, Codelco production dips

April 13, 2024April 13, 2024 Constance

Copper production in Chile rose 9.8% on an annual basis to 417,000 metric tons in February even as state-run Codelco’s output dipped, the country’s copper commission Cochilco said last week. Despite the overall rise, production at Chile’s embattled copper giant Codelco, the world’s largest copper producer, dipped 1.6% to 103,700 tons. February’s rise in production was helped by a 34.1% year-on-year rise from BHP’s flagship Escondida mine, the world’s largest copper mine, which saw production reach 97,500 tons in February Collahuasi, another major copper mine in Chile jointly run by… Read More Here