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Category: Copper

Suitors Eye Stake in FQMs' Zambian Copper Mines 1 Mining in Zambia Copper 

Suitors Eye Stake in FQMs’ Zambian Copper Mines

Constance
Rio Tinto Group and Saudi Arabia’s Manara Minerals Investment Co., alongside Mitsui & Co. and Sumitomo Corp., are reportedly considering bids for a stake in First Quantum Minerals Ltd.’s Zambian copper mines, according to sources familiar with the matter. First Quantum, open to selling up to 30% of its Zambian assets, including the Sentinel and Kansanshi mines, has attracted interest from potential buyers such as Zijin Mining Group Co. and Jiangxi Copper Co. Shares of First Quantum surged in response to the news. With Zambia contributing significantly to First Quantum’s… Read More Here
Panama election unlikely to shift outlook for FQM's copper mine 2 International Copper 

Panama election unlikely to shift outlook for FQM’s copper mine

Constance
Prospects are poor for First Quantum Minerals to recover its canceled concession for a lucrative copper mine after presidential elections in May, a Reuters review of the campaigns’ proposals and interviews with protest leaders show. Protests against First Quantum’s concession demanding greater environmental guarantees and transparency in negotiations made authorities not only annul its contract to operate one of the world’s largest and newest copper mines but ban all new metal mining permits last year. Metal traders and investors are closely watching the election outcome to see if a new… Read More Here
Jubilee Metals Achieves Record Chrome Production 3 Copper 

Jubilee Metals Achieves Record Chrome Production

Constance
Jubilee Metals, listed on both the AIM and ASX, has achieved remarkable milestones in its South African chrome operations, marking record production levels for both the month of March and the quarter ending March 31, the third quarter of the company’s 2024 financial year. Chrome output totaled 408,710 tonnes for the quarter, up from 381,114 tonnes in the previous quarter, with a record monthly production of 145,102 tonnes in March alone. The company’s chrome concentrate production for the nine months ended March 31 saw a significant increase of 19.2% year-on-year,… Read More Here
UAE's IRH Targets Majority Stake in Vedanta's Zambian Copper Assets 4 Copper Mining in Zambia 

UAE’s IRH Targets Majority Stake in Vedanta’s Zambian Copper Assets

Constance
Abu Dhabi’s International Resources Holding (IRH), backed by the UAE’s prominent conglomerate, is aiming to secure a controlling interest in Vedanta Resources’ Zambian copper assets, signaling a strategic move to strengthen its position in Africa’s copper mining sector. Sources familiar with the matter revealed to Reuters that IRH, a subsidiary of International Holding Company, has proposed a deal surpassing $1 billion to acquire a 51% stake in Konkola Copper Mines plc (KCM), currently owned by Vedanta. IRH’s ambitious bid follows its recent acquisition of a majority share in Mopani Copper… Read More Here
Political Unrest Shadows Panama's Economic Future 5 International Copper Economy 

Political Unrest Shadows Panama’s Economic Future

Constance
Six months after Panama was rocked by violent protests, the country’s political landscape remains tense, deterring foreign investors. The demonstrations, initially led by local unions and students, led to the abrupt closure of a crucial copper mine in December, causing discomfort among politicians and candidates in the upcoming presidential election. With the mine’s closure, Panama’s economy faces significant challenges, prompting concern among creditors and investors. The country’s investment-grade ratings have been downgraded, and its bonds have underperformed in emerging markets. The closure of the Cobre Panama mine, which contributed about… Read More Here
Zambia's Power Utility Declares Force Majeure on Mines' Electricity Supply 6 Mining in Zambia Copper Electricity 

Zambia’s Power Utility Declares Force Majeure on Mines’ Electricity Supply

Constance
Zambia’s state-owned power utility has issued force majeure notices regarding electricity supply to certain mines, as reported by an industry association, intensifying the strain on the copper market amidst unprecedented challenges. According to the Chamber of Mines in Africa’s second-largest copper producer, ZESCO Ltd has informed several members of the organization that it cannot fulfill its supply obligations. However, specific details regarding the affected projects were not disclosed in the statement. The market for semi-processed copper ore, commonly known as concentrates, is currently facing unparalleled tightness, with veteran traders highlighting… Read More Here
Rio Tinto Vows to Keep All Copper from Resolution Mine in the United States 7 International Copper 

Rio Tinto Vows to Keep All Copper from Resolution Mine in the United States

Constance
Rio Tinto, a leading mining company, is determined to ensure that all copper extracted from its Resolution mine remains within the United States if the project receives regulatory approval, a senior executive revealed on Tuesday. Situated in Arizona, the proposed mine has the potential to yield over 40 billion pounds (18.1 million metric tons) of copper throughout its lifespan, catering to more than a quarter of the country’s demand. However, it faces staunch opposition from some Native American groups due to concerns about potential damage to culturally significant sites. Bold… Read More Here
Trafigura CEO says copper must surpass $10,000 to meet demand 8 International Copper Mining Personality News in Brief 

Trafigura CEO says copper must surpass $10,000 to meet demand

Constance
In order to fill a potential supply gap of 8 million tons by 2034, mining companies need prices that are higher than $10,000 a ton and possibly as high as $12,000, says Trafigura Group chief executive officer Jeremy Weir. Weir made his comments Tuesday during a presentation at the CRU World Copper Conference in Santiago, where the copper industry is gathering for one of the industry’s biggest annual events. SOURCE:mining.com Read More Here
Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle 9 International Copper 

Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle

Constance
In December 2016, a group of mining executives embarked on a pivotal meeting at Panama’s Palacio de las Garzas, a prelude to the turbulence that would engulf the nation in anti-mining protests. First Quantum Minerals Ltd. was there, discussing progress on their ambitious Cobre Panama copper mine, but a foreboding warning from the president hinted at looming challenges. The project, touted as Panama’s economic linchpin, faced scrutiny over tax disputes and legal hurdles. Despite warnings, Philip Pascall, the bold leader of First Quantum, brushed off concerns, a move that would… Read More Here
President Hichilema's Initiative Receives Praise for Luanshya Copper Mine Revival 10 Mining in Zambia Copper New Mining Projects 

President Hichilema’s Initiative Receives Praise for Luanshya Copper Mine Revival

Constance
Stakeholders and the business community in the mining sector of the Copperbelt region have commended President Hakainde Hichilema and his government for their efforts in revitalizing Luanshya Copper Mine Shaft 28. Businessman Phesto Musonda highlighted the significance of Shaft 28 as a major source of high-grade copper concentrate and cobalt. He expressed optimism that its full operationalization would lead to the reopening of Chambeshi Metals, positively impacting the economy of Luanshya and the broader Copperbelt through job creation and opportunities for small businesses. The Mine Workers Union of Zambia President,… Read More Here

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