Copper - Copperbelt Katanga Mining

Copper price surpasses $10,000, expected to rise further, says Citigroup

July 7, 2024July 7, 2024 Constance

Copper prices surpassed $10,000/tonne on Friday after Citigroup analysts predicted the industrial metal may retest that level on investor optimism over policy support in China. The world’s biggest consumer is widely anticipated to introduce further stimulus to upgrade its renewable energyThese additional measures, specifically targeting domestic property and grid investments, are expected to support copper prices in the near term, Citi analysts said in a note. The bank also noted that the recent pullback in copper is mainly due to weaker manufacturing data globally, which it believes is only temporary.… Read More Here

Mining in DRC Copper

US Blocks Sale of Congolese Copper Mine to Chinese Defense Firm

July 7, 2024July 7, 2024 Constance

The US has intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to prevent Beijing from gaining further control over critical minerals, according to sources familiar with the matter. US officials urged the Democratic Republic of Congo’s state-owned miner, Gécamines, to review the recent sale of Trafigura-backed Chemaf Resources to Norin Mining, a subsidiary of China’s state-owned defense company Norinco, these sources said. This action is part of Washington’s broader effort to secure access to essential metals for US-friendly companies amid increasing competition between the… Read More Here

Press Release Copper Mining in Zambia

Vedanta ready with $250 million funding to pay KCM Creditors

July 5, 2024July 5, 2024 Constance

Friday 5th July, 2024 Lusaka, Zambia – In a significant development, Vedanta has arranged USD 250 million funding to pay KCM Creditors as per High Court decision rendered on 28 June 2024. With Vedanta Resources’ reinstatement, Konkola Copper Mines (KCM) is poised for a new era of growth and prosperity. Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH) are working in close collaboration to complete all steps outlined in the transaction documents. The parties involved are demonstrating their shared commitment to KCM’s… Read More Here

Mining in DRC Copper Infrastructural Development Press Release

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