Copper - Copperbelt Katanga Mining

DRC: the price of copper exceeds the mark of 10,000 USD per tonne

May 9, 2024May 9, 2024 Constance

The price of copper surged by 2.19% weekly, reaching USD 10,024.50 per tonne, marking its highest level in two years. Analysts at the Central Bank of Congo (BCC) attribute this increase to rising Chinese imports. Year-to-date, copper prices have risen by 17.51% compared to December 31, 2023, and over the past twelve months, they have increased by 16.70%. This uptrend presents an opportune moment for the Government of the Democratic Republic of Congo to capture more revenue from mining companies operating in the country, especially with the renegotiated Chinese contract… Read More Here

International Copper Gold Mergers & Acquisitions

Barrick Gold CEO Advocates Exploration Over Mergers for Copper Supply

May 8, 2024May 8, 2024 Constance

Mark Bristow, CEO of Barrick Gold (NYSE: GOLD), expressed his belief that mergers and acquisitions (M&A) would not effectively expand the copper supply needed for the energy transition. While mining giant BHP (ASX: BHP) pursues a $39 billion deal for Anglo American (LON: AAL), Bristow emphasized to the Financial Times the importance of companies prioritizing investments in exploring and developing new copper deposits. He argued that BHP’s pursuit of Anglo underscores the necessity for industry investment in its future. Bristow cautioned against the misconception that consolidation automatically leads to increased… Read More Here

Mining in Zambia Copper Press Release

FQM SUPPORTS PRESIDENT’S CALL FOR SKILLS DEVELOPMENT TO COMBAT UNEMPLOYMENT

May 8, 2024May 8, 2024 Constance

First Quantum Minerals (FQM) has pledged its support for President Hakainde Hichilema’s call to advance skills development in mining communities to combat unemployment. Speaking during Labour Day celebrations attended by the President this week, FQM Trident Human Resource Manager Brighton Mwiinga said the mining firm wanted to ensure that its employees were at the centre of helping rebuild the recovery of the economy, through improved productivity in the mining sector. Mr Mwiinga explained that while possessing the right knowledge and key competencies for a job was crucial, a well-coordinated workforce… Read More Here

Mining in DRC Copper Infrastructural Development

DRC’s $7 Billion Infrastructure Deal with China Tied to Copper Prices

May 8, 2024May 8, 2024 Constance

Details published on Friday reveal that around $7 billion in infrastructure investments by Chinese companies in the Democratic Republic of Congo (DRC) under a revised minerals deal will be closely tied to copper prices. President Felix Tshisekedi’s government pushed for a review of the 2008 infrastructure-for-minerals deal with Sinohydro Corp and China Railway Group to secure greater benefits for the DRC, known as the world’s largest cobalt producer. The revised agreement was signed in March. Under the terms of the new agreement, the parties have agreed to maintain the current… Read More Here

International Copper

FQM hopes new Panamanian leader brings fresh look to disputed copper mine

May 8, 2024May 8, 2024 Constance

First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution to the Canadian company’s disputed Cobre Panama mine. Panama on Sunday elected Jose Raul Mulino as its new president. Analysts see the election result as a positive development for the Cobre Panama mine, which accounts for about 1% of global copper output. Panama’s outgoing government ordered the mine shut down last year after public protests over environmental damage from mining in the Central American country. Mulino won the election with… Read More Here

Mining in Zambia Copper Mining in DRC

Zambia’s Mineral-Rich Copperbelt Seeks New Investment

May 3, 2024May 3, 2024 Constance

Zambia’s economy hinges significantly on copper production, with the Copperbelt region, spanning the border between Zambia and the Democratic Republic of Congo (DRC), serving as its mainstay. This mineral-rich area contributes 90% to the country’s GDP and employs the majority of its populace, generating about 70% of national revenue. With over a tenth of the world’s copper reserves, Zambia ranks among the top global producers, aiming to boost production to 3 million tons by 2032. Critical mineral supply chains have become focal points for development partnerships. Last October, Zambia and… Read More Here

International Copper

Anglo’s copper assets worth $35bn, report shows

May 3, 2024May 3, 2024 Constance

Anglo American’s copper assets are valued at about $35-billion and, if BHP aims to clinch these prized operations, the miner must substantially enhance its offer for its competitor. This is according to a report by CreditSight analysts Wen Li and Michael O’Brien, who estimate Anglo’s enterprise value at $63-billion. BHP’s initial offer of $32 a share (£25) falls short of the mark, considering that CreditSight’s valuation corresponds to a share price of $39 (£31). Market sentiment, as gauged from analysts and traders surveyed by Bloomberg converge around an average price of £30.43 a share for a potential… Read More Here

Copper Cobalt Mining in DRC

CMOC Reports Significant Growth in Copper and Cobalt Production for Q1

April 30, 2024April 30, 2024 Constance

Chinese mining company CMOC announced substantial increases in copper and cobalt production for the first quarter of the year, showcasing growth rates of 123% and 392%, respectively. Operating primarily in the Democratic Republic of Congo, CMOC reported production figures of 147,500 metric tons of copper and 25,200 tons of cobalt during the first three months of the year. The company’s Tenke Fungurume Mining (TFM) site expanded its mining capacity in March, elevating its annual capacity to 450,000 tons of copper and 37,000 tons of cobalt. This achievement propels TFM into… Read More Here

Mining in Zambia Copper

Vedanta Seeks Capital to Revitalize Konkola Copper Mines in Zambia

April 30, 2024April 30, 2024 Constance

Vedanta Resources Ltd, led by billionaire Anil Agarwal, is in discussions with trading houses to raise capital for the revival of the Konkola copper mining and smelting complex in Zambia. According to sources familiar with the matter, Vedanta has explored tolling and prepayment arrangements with commodity traders, including Mercuria Energy Group, for the output from Konkola Copper Mines Plc. In addition to discussing tolling and prepayment facilities, Vedanta is considering the sale of a minority stake in KCM to address creditor obligations and invest in the mines, which were placed… Read More Here

Mining in Zambia Copper

Swedish Delegation Explores Zambia’s Mining Sector & Green Transition at Kansanshi Mine

April 28, 2024April 28, 2024 Constance

A Swedish delegation, led by Sweden’s Ambassador to Zambia, Johan Hallenborg, toured First Quantum Minerals’ subsidiary, Kansanshi Mining Plc, to gain insights into Zambia’s mining sector and the ongoing green transition efforts. With a keen interest in understanding both the challenges and opportunities within Zambia’s mining industry, the Swedish delegation engaged in a series of discussions and briefings during their visit. The primary focus was on sustainability practices and environmental stewardship initiatives being implemented by Kansanshi Mine. Kansanshi Mine Assistant General Manager Axel Kottgen led the delegation through a detailed… Read More Here