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Category: Copper

Proposed Mining Law Threatens Zambia's Copper Production Goals 1 Mining in Zambia Copper Economy 

Proposed Mining Law Threatens Zambia’s Copper Production Goals

Constance
Zambia’s proposed Minerals Regulation Law could deter investment and deliver a “fatal blow” to the country’s goal of increasing annual copper output to 3 million metric tons, according to two mining organizations. As Africa’s second-largest copper producer, Zambia is considering a Minerals Regulation Commission Bill that would allow the government to acquire a stake in exploration areas before granting licenses to investors for mineral exploration, including copper. The proposed legislation, which was reviewed by Reuters, seeks to empower the finance minister to maintain a shareholding in a mining license on… Read More Here

Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024

Constance
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC). According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide. As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC. Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments,… Read More Here
Tenke Fungurume Mining Celebrates Copper Mark Certification 2 Mining in DRC Copper Environment Social Governance (ESG) 

Tenke Fungurume Mining Celebrates Copper Mark Certification

Constance
The Copper Mark is a prestigious certification awarded to mining companies that undergo a rigorous audit of their environmental, social, and governance (ESG) practices. To date, only 52 mining operations worldwide have received this mark of distinction, with Tenke Fungurume Mining (TFM) being the first mine in Africa to achieve this certification. The celebration of this significant accomplishment took place on July 31, commemorating the international recognition obtained on June 12. The event was hosted at TFM’s facilities, with CEO Wang Hanyuan, PCA Wang Quan, and CEO John Woto attending… Read More Here
BHP’s Spence copper mine in Chile now fully autonomous 3 Copper International 

BHP’s Spence copper mine in Chile now fully autonomous

Constance
BHP’s (ASX, NYSE: BHP) Spence copper mine in Chile has celebrated three months of being the company’s first fully autonomous operation, a status reached in April after a two-year journey that included converting its trucks fleet and drilling rigs. Spence, which produced 249,000 tonnes of copper last year, is BHP’s second largest copper mine behind Escondida, the world’s biggest copper operation. In the three months to July 29, the copper operation has moved 80 million tonnes of material without any safety incidents, surpassing the production plan to date, BHP said.… Read More Here
Ivanhoe Mines announces quarterly profit of $67 million 4 Mining in DRC Copper 

Ivanhoe Mines announces quarterly profit of $67 million

Constance
Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024 Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 million Kamoa-Kakula’s quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per… Read More Here
First Quantum Trials World’s First Battery-Powered Dump Truck 5 Mining in Zambia Copper Equipment & Technology 

First Quantum Trials World’s First Battery-Powered Dump Truck

Constance
First Quantum Minerals has partnered with Hitachi Construction Machinery to trial a fully electric dump truck at the Kansanshi mine. This groundbreaking initiative represents a significant step toward a more sustainable and environmentally friendly mining industry. Copper is crucial for the global transition to a lower carbon, renewably powered, electric future. However, mining this essential resource must be done responsibly, with a focus on reducing emissions. Electrifying mining machinery, including dump trucks, is a key component of this effort, despite the technical challenges it presents. The trial of the battery-powered… Read More Here
Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex 6 International Copper 

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

Constance
Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland. On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants. This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to… Read More Here
China’s copper buyers make cautious return after prices slump 7 International Copper 

China’s copper buyers make cautious return after prices slump

Constance
China’s copper market is showing a tentative improvement after a months-long slump in demand that stunned bullish investors and dragged prices down from a record high. While there’s no major turnaround so far, analysts and traders in China say that buyers in the world’s biggest copper market are starting to dip in again after prices crashed from above $11,000 a ton in May to below $9,000 this week. “We’re still subscribing to the view that the weakness in the second quarter was due to a delay in demand because there… Read More Here
Vedanta Completes $245 Million Disbursement to Konkola Copper Mines 8 Mining in Zambia Copper 

Vedanta Completes $245 Million Disbursement to Konkola Copper Mines

Constance
Vedanta Resources Holdings Limited has successfully disbursed over $245 million from its escrow account to Konkola Copper Mines (KCM) bank accounts in Zambia. Masuzyo Ndhlovu, Vedanta’s Director of Corporate Communications, stated that the funding was sourced internally within the Vedanta group. He emphasized that the disbursement to creditors and employees is a crucial step in KCM’s transformational journey, showcasing Vedanta’s commitment to the mine’s resurgence and proposed growth trajectory. KCM Chief Operating Officer Malcolm Mewett added that the release of funds by Vedanta reaffirms the company’s dedication to Zambia and… Read More Here
Vedanta Resources Reinstates Board of Directors at Konkola Copper Mines 9 Mining in Zambia Copper 

Vedanta Resources Reinstates Board of Directors at Konkola Copper Mines

Constance
Vedanta Resources Holdings Limited has reinstated the Board of Directors for Konkola Copper Mines (KCM), marking the return of full management control to Vedanta. This step is essential for ramping up production and unlocking KCM’s full potential. Chris Griffith, Chief Executive Officer of Vedanta Base Metals, expressed confidence in the newly reinstated board, stating that it consists of a team of highly skilled and experienced professionals. He believes the board will provide strong leadership and guidance to help drive the company’s success, aligning with the Zambian government’s vision of positioning… Read More Here

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