Copper - Copperbelt Katanga Mining

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

International Copper News in Brief

Chile’s Copper Production Shows Signs of Recovery

June 30, 2024June 30, 2024 Constance

Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here

International Copper

FQM to Launch Arbitration Against Panama Over Cobre Panama Mine Closure

June 30, 2024June 30, 2024 Constance

TORONTO/PANAMA CITY – Canadian miner First Quantum Minerals is set to initiate formal arbitration proceedings against Panama in July, following the country’s decision to close the giant Cobre Panama mine last November, according to sources familiar with the matter. This move coincides with the start of a new administration in Panama, which could determine the future of one of the world’s largest and newest copper mines, previously responsible for 1% of global copper output before its closure. First Quantum’s shares fell by 2% on the Toronto Stock Exchange on Friday… Read More Here

Mining in Zambia Copper Equipment & Technology Mining Equipment

Hitachi Begins World’s First Trial of Full Battery Dump Truck at FQM’s Kansanshi Mine

June 30, 2024June 30, 2024 Constance

Hitachi Construction Machinery Co., Ltd. has launched a groundbreaking technological feasibility trial of an ultra-large full battery rigid frame dump truck at First Quantum Minerals Ltd.’s Kansanshi copper and gold mine in Zambia. The trial, initiated in June 2024, aims to validate the operational capabilities of the battery-powered dump truck under real mining conditions, including its performance in tasks such as traveling, turning, and braking, as well as assessing battery charging and discharging cycles. First Quantum, known for its expertise in trolley system operations and technological development, is facilitating this… Read More Here

Mining in Zambia Copper

Vedanta Resources Nears Reacquisition of KCM Amid Expected Surge in Demand

June 29, 2024June 29, 2024 Constance

Vedanta Resources Ltd. is on the verge of reclaiming control of the Konkola Copper Mine in Zambia and plans to rapidly increase output in anticipation of soaring demand in the coming years. Billionaire Anil Agarwal’s firm is prepared to pay $250 million to settle the mine’s debts, enabling access to the asset once more, according to Chris Griffith, head of Vedanta’s base metals unit, in a recent interview in London. Konkola Copper Mines was placed under provisional liquidation in 2019 after the previous government accused its owner of misrepresenting expansion… Read More Here

Mining in Zambia Copper Gold Press Release

BeMetals Announces $7M Private Placement Led by B2Gold

June 29, 2024June 29, 2024 Constance

Vancouver, British Columbia – BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) (the “Company” or “BeMetals”) has announced it intends to complete a non-brokered private placement offering of up to 70,000,000 units (the “Units”) at a price of $0.10 per Unit (the “Offering”) for aggregate gross proceeds of up to $7,000,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one-half Share purchase warrant. Each whole Share purchase warrant (a “Warrant”) will entitle the holder thereof to purchase one additional Share at… Read More Here

Mining in DRC Copper Economy

FBN UK, ABSA, and AFC Partner to Boost DRC’s Global Copper Market Position with Kamoa Mine Financing

June 28, 2024June 28, 2024 Constance

A new strategic partnership has been formed for the syndication financing of the Kamoa mine, involving FBN UK, ABSA, and Africa Finance Corporation (AFC). This partnership aims to strengthen the Democratic Republic of Congo’s (DRC) position in the global copper market. Mustafa Rawji, CEO of Rawbank, commented, “AFC is a benchmark institution in Africa. We are proud to have them as partners in creating a Congolese copper champion.” The Kamoa-Kakula copper complex, recognized for its high performance and low carbon footprint, will benefit from this financing to expand its production… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

JCHX Mining Nears Acquisition of Zambia’s Lubambe Copper Mine

June 27, 2024June 27, 2024 Constance

JCHX Mining is in the final stages of acquiring an 80% stake in Zambia’s Lubambe copper mine from EMR Capital, sources informed Reuters. This move marks another significant acquisition by Chinese firms expanding their footprint in Africa’s copper mining sector. The Shanghai-listed mining services and contracting firm’s deal, nearing completion, had faced potential competition from Abu Dhabi’s International Resources Holding (IRH), which later withdrew its interest. This development has cleared the path for JCHX Mining to proceed with the transaction. Under the agreement, Zambia’s state firm ZCCM-IH will retain a… Read More Here