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Category: Copper

IRH in Talks to Acquire Stake in Vedanta's Zambian Copper Assets 1 Mining in Zambia Copper Mergers & Acquisitions 

IRH in Talks to Acquire Stake in Vedanta’s Zambian Copper Assets

Constance
International Resources Holding (IRH), the mining investment arm of Abu Dhabi’s International Holding Company, is engaged in discussions to purchase a stake in Vedanta Resources’ Zambian copper assets, according to Chris Griffith, Vedanta’s chief executive for base metals. IRH, part of a conglomerate with assets totaling approximately $244 billion, is conducting due diligence on acquiring a stake in Konkola Copper Mines (KCM). This interest underscores IRH’s commitment to expanding its presence in copper mining, as indicated in previous statements to Reuters. Griffith confirmed that besides IRH, other investors have shown… Read More Here
Konkola Copper Mines Announces Salary Delays Due to Cash Flow Issues 2 Mining in Zambia Copper 

Konkola Copper Mines Announces Salary Delays Due to Cash Flow Issues

Constance
Konkola Copper Mines (KCM) has informed its employees that their June salaries will be delayed due to unforeseen circumstances that have negatively impacted the company’s cash flow. This mirrors the situation from last month when the company notified workers that their May salaries would be delayed due to circumstances beyond their control. KCM’s Human Capital Management Acting Vice-president, Prudence Chisakuta, had previously released a statement assuring employees that the challenges faced in May had been resolved and that future payments would be made on time. However, in a notice dated… Read More Here
AFC Invests in Kamoa-Kakula, Africa's Largest Copper Deposit 3 Mining in DRC Copper Economy 

AFC Invests in Kamoa-Kakula, Africa’s Largest Copper Deposit

Constance
Kamoa-Kakula is a world-class, high-grade, low-carbon underground copper deposit located on the western edge of the prolific Central African Copperbelt. KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC), the leader in infrastructure solutions on the continent, has announced the closing of a $150 million senior loan agreement with Kamoa Copper to support the expansion of the Kamoa-Kakula copper deposit in the Democratic Republic of the Congo. The loan provided by AFC, which acted as the financier and arranger, demonstrates its commitment to supporting the… Read More Here
Galileo Resources to Launch Phase 3 Drilling at Zambia’s Shinganda Copper/Gold Project 4 Mining in Zambia Copper Drilling Gold 

Galileo Resources to Launch Phase 3 Drilling at Zambia’s Shinganda Copper/Gold Project

Constance
Aim-listed Galileo Resources has announced the commencement of a Phase 3 drilling program at its Shinganda copper/gold project in Zambia. This phase aims to validate the company’s belief that near-surface copper and gold mineralization occurs along the Shinganda fault splay over a strike length of more than 4 km, potentially leading to the development of a preliminary mineral resource. Phases 1 and 2 of the drilling program confirmed the presence of copper and gold mineralization associated with major regional and localized structures. Mineralization has been identified in vein and alteration… Read More Here
Jubilee Metals Acquires Two Opencast Copper Mines in Zambia 5 Mining in Zambia Copper Mergers & Acquisitions 

Jubilee Metals Acquires Two Opencast Copper Mines in Zambia

Constance
Johannesburg- and London-listed Jubilee Metals has acquired two opencast copper mining operations in Zambia. “The strategic acquisition of these two opencast operations demonstrates our ability to leverage our process capabilities to secure significant near-surface copper resources already in operation,” said Jubilee CEO Leon Coetzer. Jubilee Metals, chaired by former Mpumalanga Premier Mathews Phosa, continues to advance as a diversified metals producer. Jubilee, listed on AltX and Aim, specializes in the recovery of metal from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials, and tailings in South Africa… Read More Here
Pressure Intensifies on Zambia's Mines Minister to Complete Konkola Copper Mines Transfer to Vedanta Resources 6 Mining in Zambia Copper Economy 

Pressure Intensifies on Zambia’s Mines Minister to Complete Konkola Copper Mines Transfer to Vedanta Resources

Constance
The Minister of Mines and Minerals Development, Honorable Paul Kabuswe, is under increasing pressure to fulfill the government’s promise of transferring control of Konkola Copper Mines (KCM) to Vedanta Resources by June 30, 2024. Advocates for National Development and Democracy (ANDD) have welcomed Minister Kabuswe’s assurance that the legal framework for the KCM-Vedanta transition will be finalized by the end of this month. Executive Director Samuel Banda emphasized the urgent need for KCM to resume operations swiftly to stimulate job creation and business opportunities. “We urge the minister to honor… Read More Here
Nchanga KCM Open Pit Mining in Zambia Copper Economy 

ZUPED Urges Swift Action on Konkola Copper Mines to Revitalize Economy

Constance
The Zambians for Unity, Peace, and Development (ZUPED) has voiced serious concerns about the ongoing inactivity of Konkola Copper Mines Plc (KCM), stressing its detrimental impact on Zambia’s national economy. ZUPED President Ronnie Jere highlighted that the weakening of the kwacha is partly due to decreased revenue from copper exports, directly linked to KCM’s halt in operations. Mr. Jere emphasized that current favorable copper prices on the international market represent a missed opportunity for Zambia to boost production and secure essential foreign exchange. He urged the government to expedite the… Read More Here
Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer 7 Mining in Zambia Copper Economy 

Zambia Aims to Reclaim Title as Africa’s Leading Copper Producer

Constance
Finance and National Planning Minister Dr. Situmbeko Musokotwane has expressed confidence that Zambia’s current policies and strategies will enable the country to reclaim its position as Africa’s leading copper producer. Dr. Musokotwane made these remarks during a courtesy call by Barrick Lumwana Country Manager Anthony Malenga in Lusaka. Mr. Malenga announced that the Lumwana super-pit expansion project, valued at $2 billion, will commence in 2025, following the completion of feasibility studies. The expansion is expected to create approximately 2,500 jobs. “In the interim, we will continue to ramp up production… Read More Here
ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023 8 Mining in Zambia Copper Mining tax Taxes 

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023

Constance
Zambia Consolidated Copper Mines Limited (ZCCM-IH) has reported a significant increase in post-tax losses for the 2023 financial year, reaching over K4 billion (approximately $222 million). According to financial statements reviewed by Zambian Business Today (ZBT), the group faced notable financial challenges in 2023. Post-tax losses rose from ZMW3,786 million ($222.03 million) in 2022 to ZMW4,076 million ($198.59 million) in 2023. The primary factor contributing to this increase was the underperformance of Mopani Copper Mines Plc, which reported a substantial loss of ZMW8.97 billion ($436.94 million). “Mopani’s lower copper production… Read More Here
Tenke Fungurume Mining Achieves Copper Mark Certification 9 Mining in DRC Cobalt Copper 

Tenke Fungurume Mining Achieves Copper Mark Certification

Constance
Tenke Fungurume Mining SA (TFM) of CMOC Group Ltd. (CMOC), a prominent copper and cobalt mine in the Democratic Republic of the Congo (DRC), has officially achieved Copper Mark certification for its responsible production practices. This milestone makes TFM the first mine in Africa to receive this prestigious certification. The Copper Mark is based on assessments by independent third parties to ensure that mines and smelters meet rigorous standards for responsible production. Launched in 2020, it addresses growing international demands for responsible sourcing and promotes best practices across the value… Read More Here

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