Copper - Copperbelt Katanga Mining

Vedanta Holdings Deposits $245.75 Million for Full Control of Konkola Copper Mines

July 20, 2024July 20, 2024 Constance

Friday, 19th July 2024, Lusaka, Zambia – Vedanta Resources Holdings Limited (“VRHL” or “Vedanta Holdings” or “Vedanta”) yesterday confirmed the deposit of USD 245.75 million into an escrow account designated by the Hon. High Court of Zambia. This critical financial move paves the way for the imminent reinstatement of the Board of the Konkola Copper Mines (KCM) and the return of full management control to Vedanta. This transition will enable Vedanta to take the necessary steps to allow KCM to operate at its full potential, thereby contributing significantly to Zambia’s… Read More Here

Mining in DRC Cobalt Copper

Eurasian Resources Group Releases Fourth Metalkol Clean Cobalt & Copper Performance Report

July 15, 2024July 15, 2024 arnbethnic

Eurasian Resources Group (“ERG” or “the Group”), a leading diversified natural resources group headquartered in Luxembourg, is pleased to announce the release of its fourth Metalkol Clean Cobalt & Copper Performance Report for 2024. The report, independently assured by auditors PwC, reports on Metalkol’s progress, approach, and performance across areas of responsible mining and due diligence in relation to its Clean Cobalt & Copper Framework (“Framework’). The report highlights four key achievements: The Clean Cobalt & Copper Framework, first released in 2018 as the Clean Cobalt Framework and extended to… Read More Here

Copper International

Copper Crisis Looms as Miners and Analysts Predict Supply Shortfall

July 14, 2024July 14, 2024 Constance

Boca Raton, Fla. – Miners and analysts gathered in a humid beach city in southeast Florida last week to discuss why the mining industry struggles to attract investors, despite a looming copper supply crisis. Mining mogul Robert Friedland, founder and executive co-chair of Ivanhoe Mines (TSX: IVN), addressed the Rule Symposium via a pre-recorded video interview from Telluride, Colorado. He emphasized the critical shortage of copper, stating that current prices around $4.60 per pound are insufficient to support the development of new projects. “We see a crisis coming in physical… Read More Here

Mining in DRC Copper

Ivanhoe Mines Reports Q2 2024 Production Results for the Kamoa-Kakula Copper Complex

July 12, 2024July 12, 2024 Constance

Kamoa-Kakula produced 100,812 tonnes of copper in concentrate in Q2 2024 First concentrate from the Phase 3 concentrator achieved on June 10, 2024, ramp up to steady state expected in Q3 2024 DRC power grid infrastructure upgrades continue, as well as phased roll-out of on-site, backup generation capacity Ivanhoe Mines to issue Q2 2024 financial results and host conference call for investors on July 31 Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announced today that the Kamoa-Kakula Copper Complex in the Democratic Republic… Read More Here

Mining in Zambia Copper Economy

A.I. Technology Uncovers Vast Copper Deposit in Zambia

July 11, 2024July 11, 2024 Constance

Last year in California, data scientists peered into their screens and witnessed a remarkable revelation: a massive copper deposit deep in Zambia’s bedrock. This discovery, driven by years of A.I.-based research, marks a significant milestone for KoBold Metals. On Thursday, KoBold announced this potentially largest copper discovery in over a decade. Estimates reviewed by The New York Times suggest the mine could produce at least 300,000 tons of copper annually, translating to billions of dollars over decades. An independent third-party assessment largely confirmed the size of the deposit. KoBold anticipates… Read More Here

Mining in DRC Cobalt Copper Economy

CMOC Group Plans to Double Copper Output in the DRC by 2028

July 11, 2024July 11, 2024 Constance

CMOC Group plans to more than double its copper output from mines in the Democratic Republic of Congo (DRC) over the next four years, anticipating stronger future demand for the metal. The Chinese producer aims to increase its copper production to between 800,000 and 1 million tons by 2028 by expanding operations at its flagship Tenke Fungurume and Kisanfu (KFM) mines in the DRC, according to a company spokesperson. In 2023, CMOC produced approximately 420,000 tons of copper and is forecast to increase output to about 570,000 tons this year.… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

JCHX Acquires 80% Stake in Lubambe Copper Mines from EMR Capital

July 11, 2024July 11, 2024 Constance

The Board of ZCCM Investments Holdings Plc (“ZCCM-IH” or the “Company”) announced yesterday July 10th 2024, that EMR Capital has sold its 80% shareholding in Lubambe Copper Mines Limited (“Lubambe”) to JCHX Mining Management Company Limited (“JCHX”). This acquisition was executed through JCHX’s wholly owned overseas subsidiary, Sundimo Mining Investments Limited (“Sundimo”), which will now hold 80% of the issued share capital of Lubambe, including claims on shareholder loans, via a Share Sale and Purchase Agreement. As the principal funder, JCHX, through Sundimo, plans to invest approximately USD 300 million… Read More Here

International Cobalt Copper

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

July 9, 2024July 9, 2024 Constance

BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here

Mining in Zambia Copper

ZUPED Welcomes Vedanta’s $250 Million Commitment to Revive Konkola Copper Mines

July 7, 2024July 7, 2024 Constance

The Zambians for Unity, Peace, and Development (ZUPED) have expressed optimism regarding the future of Konkola Copper Mines Plc (KCM) following Vedanta Resources’ assurance of securing US$250 million to settle KCM’s creditors. This positive development follows a High Court decision on June 28, 2024, mandating the payment. Vedanta Resources, in collaboration with the Zambian government and ZCCM-IH, is diligently progressing to fulfill all requirements outlined in the transaction agreements. Ronnie Jere, President of ZUPED, voiced confidence that this financial injection would significantly bolster the country’s economy. “We believe the investor… Read More Here

Mining in DRC Copper

Tenke Fungurume Mining Achieves Copper Mark Certification, A First in Africa

July 7, 2024July 7, 2024 Constance

The Democratic Republic of Congo has made a significant stride in the mining sector with Tenke Fungurume Mining (TFM), a subsidiary of CMOC, achieving Copper Mark certification. This international label of social and environmental responsibility is a first for the country and the African continent. For TFM, the certification brings a sense of satisfaction and motivation to continue prioritizing social and environmental responsibility. The company aims to strengthen its position in the global copper and cobalt market while maintaining its commitment to sustainable development and respect for local communities. The… Read More Here