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Category: Copper

Chinese firm says it’s probing case of missing Russian copper 1 Copper International 

Chinese firm says it’s probing case of missing Russian copper

Constance
The Chinese state-owned firm whose shipment of copper from Russia went missing said it’s investigating the matter which involves a monetary value of about 110 million yuan ($15 million). Wuchan Zhongda Group Co. bought 2,000 tons of refined copper from a Russian company that should have been delivered last month but never arrived, Bloomberg News reported on Thursday, citing people familiar with the matter. In a statement Friday, the firm said it had conducted a preliminary review after media reports about its copper business. The case concerns an international trading… Read More Here
Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover 2 Mining in Zambia Copper Economy Mining tax Taxes 

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

Constance
Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here
Zambia to Establish New Mineral Investment Entity to Boost Revenue 3 Mining in Zambia Copper Economy 

Zambia to Establish New Mineral Investment Entity to Boost Revenue

Constance
Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here
MMG to invest $700 million to double copper output at Botswana mine 4 Copper International 

MMG to invest $700 million to double copper output at Botswana mine

Constance
Chinese miner MMG Ltd will invest $700 million to double production at Botswana’s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday. MMG announced in March that it had completed a deal to buy Canada-based Cuprous Capital, the parent company of the copper mine which lies in the Kalahari Copper Belt. Amid a surge in demand for the metal required for the green energy transition, Khoemacau has embarked on an expansion which will see the mine’s copper output more than… Read More Here
Ivanhoe Mines Achieves Early Production of Kamoa-Kakula Phase 3 Concentrate 5 Mining in DRC Copper 

Ivanhoe Mines Achieves Early Production of Kamoa-Kakula Phase 3 Concentrate

Constance
Ivanhoe Mines’ Executive Co-Chair Robert Friedland announced on 11th June, ahead of his appearance at the 2024 Evercore Global Clean Energy & Transition Technologies Summit at the Mandarin Oriental Hotel in New York, that on June 10, 2024, first concentrate production by Kamoa-Kakula’s Phase 3 concentrator in the Democratic Republic of the Congo (DRC) was celebrated by the mine-site management and employees. First copper concentrate was achieved approximately two weeks after the first feed of ore into the concentrator, as announced on May 28, 2024. The Phase 3 concentrator expansion was… Read More Here
KoBold Metals Plans $2.3 Billion Investment in Zambia's Largest Copper Mine 6 Mining in Zambia Copper New Mining Projects 

KoBold Metals Plans $2.3 Billion Investment in Zambia’s Largest Copper Mine

Constance
KoBold Metals, a mining exploration company backed by Bill Gates, is planning to invest up to $2.3 billion to develop a major new copper mine in Zambia, according to President Hakainde Hichilema, who cited company figures. The company aims to produce over 300,000 metric tons of copper annually at the Mingomba site, positioning it as Zambia’s largest copper operation. KoBold Metals plans to begin sinking the mining shaft in the first half of 2026, as announced by company officials during a meeting with Hichilema, which was broadcast on state television.… Read More Here
Rising Trends in DRC Mining Export Prices: May 27 - June 1, 2024 7 Mining in DRC Cobalt Copper 

Rising Trends in DRC Mining Export Prices: May 27 – June 1, 2024

Constance
The prices of mining export products from the Democratic Republic of Congo experienced an upward trend during the week of May 27 to June 1, 2024, according to projections by experts from the National Mercurial Commission of the Ministry of Trade. The only exception was cobalt, which saw a slight decrease, falling to $27,438 per tonne from $27,467 per tonne the previous week, marking a drop of $29. Copper prices, on the other hand, continued to improve, trading at $10,556 per tonne this week compared to $9,994 per tonne last… Read More Here
Traders are desperate for copper deals and miners are cashing in 8 International Copper 

Traders are desperate for copper deals and miners are cashing in

Constance
A heated competition for copper among some of the biggest commodity traders is creating opportunities for miners to negotiate favorable terms ranging from huge upfront payments to extra-long contracts. Recent moves by cash-flush energy traders including Mercuria Energy Group Ltd. to expand in metals — a market long dominated by Glencore Plc and Trafigura Group — are raising tensions and sparking a scramble for contracts, at a time when the industry is already facing an unprecedented supply squeeze in copper ore. And mining companies are seizing the moment. One producer,… Read More Here
HARNESSING ZAMBIA’S MINES FOR CLIMATE CHANGE INVESTMENT: A GREEN INITIATIVE TAKES ROOT 9 Mining in Zambia Copper Environment Social Governance (ESG) Press Release 

HARNESSING ZAMBIA’S MINES FOR CLIMATE CHANGE INVESTMENT: A GREEN INITIATIVE TAKES ROOT

Constance
Zambia, renowned for its abundant mineral resources, is now emerging as a potential leader in climate change investment. However, in recent years, Zambia’s landscape has not been spared the effects of climate change, from erratic weather patterns to dwindling natural habitats. Amidst these challenges, a beacon of hope emerges: the role of mines as potential investors in climate change programmes. In a ground-breaking move, several mining companies operating within Zambia have begun to recognise their role in combating climate change and have taken proactive steps to invest in sustainable initiatives.… Read More Here
FQM AFFIRMS COMMITMENT TO ZAMBIA'S GROWTH WITH OVER $727.8M CONTRIBUTION IN 2023  10 Mining in Zambia Copper Mining tax Taxes 

FQM AFFIRMS COMMITMENT TO ZAMBIA’S GROWTH WITH OVER $727.8M CONTRIBUTION IN 2023 

Constance
First Quantum Minerals (FQM), has reaffirmed its commitment to transparency and sustainable development in Zambia by announcing US$727.8 million of contributions to the nation in 2023, according to the company’s latest Tax Transparency and Contributions to Government Report.  The report highlights FQM’s contributions to the Zambian economy and local communities through its Kansanshi copper mine in Solwezi, Trident projects in Kalumbila, as well as First Quantum Mining and Operations (FQMO). In 2023, FQM’s Kansanshi contributed US$153.3 million, while FQM Trident contributed US$263 million in taxes and royalties. Of the royalties paid at… Read More Here

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