Copper - Copperbelt Katanga Mining

China’s copper smelters to discuss production cut as fees slump

March 10, 2024March 10, 2024 Constance

China’s biggest copper smelters are set to meet in Beijing next week to discuss measures to counter a plunge in ore processing fees to the lowest level in years, including potential production cuts. At least 15 smelters were invited to the meeting hosted by the China Nonferrous Metals Industry Association, said people familiar with the matter, who asked not to be identified as they aren’t authorized to speak publicly. The fees that companies receive to turn concentrate into refined metal, so-called treatment charges, have slumped to a record low in… Read More Here

International Copper

Panama asks FQM to suspend visitor program at disputed copper mine

March 9, 2024March 9, 2024 Constance

Panama said on Wednesday it had asked First Quantum Minerals to suspend a visitor program launched last month at the disputed Cobre Panama mine, saying the miner did not consult the government before starting the community relations initiative. The Canadian miner announced the program to help the Panamanian society to get a first-hand experience of what was happening at the site of the copper mine, according to a post from the company’s Panama unit on social media platform X. “The ministry informed them (First Quantum) that these type of decisions,… Read More Here

Copper International

FQM’s Panama mine closure to cost around $800m, minister says

March 9, 2024March 9, 2024 Constance

The cost of the closure of Canadian miner First Quantum’s copper mine in Panama is estimated at around $800 million, Trade and Industry Minister Jorge Rivera said on Wednesday. An inter-ministry coalition, which is developing the mine’s closure plan, is working on alternative measures to recoup funds so that the cost does not come out of the state’s coffers, Rivera told journalists. Panama’s government ordered the shutdown in December after protests calling for more environmental protections erupted across the country and a court ruling deemed the contract to run the… Read More Here

Mining in Zambia Copper New Mining Projects

KoBold Metals Expedites High-Grade Copper Mine in Zambia

March 8, 2024March 8, 2024 Constance

KoBold Metals, a California-based metals exploration company with backing from billionaires Bill Gates and Jeff Bezos, is considering partnerships as it aims to expedite the development of a new copper mine in Zambia, with an estimated cost of around $2 billion. The Silicon Valley start-up, renowned for its use of artificial intelligence in prospecting for copper, cobalt, nickel, and lithium, is also contemplating a potential public listing of its shares within the next three to four years, according to Josh Goldman, its co-founder and president, as reported by Reuters. Initially… Read More Here

Mining in Zambia Copper Economy Mining tax Press Release

FQM Supports Zambia’s Export Tracking Framework

March 8, 2024March 8, 2024 Constance

Zambia’s largest taxpayer First Quantum Minerals (FQM), has pledged its support for the Bank of Zambia’s Export Proceeds Tracking Framework directives, which aim to ensure revenue from exports of goods and services, and the use of these funds, can be tracked through local Zambian bank accounts. The directives, which came into effect on January 1 this year, require exporters to match export records to funds flowing through Zambian bank accounts in order to give the Bank of Zambia greater visibility of both the source of the funds received and the… Read More Here

Mining in Zambia Copper

FQM Seeks Minority Stake Sale in Zambian Copper Operations

March 8, 2024March 8, 2024 Constance

First Quantum Minerals Limited is currently attracting interest from various parties interested in acquiring a minority stake in its Zambian copper operations, as the Canadian mining company endeavors to strengthen its balance sheet. Discussions regarding the sale of a minority stake in the Zambian business are underway, as the company faces pressure to bolster its financial position and generate cash following the closure of its flagship copper mine in Panama. This information was reported by Bloomberg News. Robert Harding, Chairman of First Quantum, indicated that the company is specifically seeking… Read More Here

Mining in Zambia Copper

FQM touts interest in its Zambia copper operations

March 7, 2024March 7, 2024 Constance

First Quantum Minerals Ltd. has attracted interest from multiple parties wanting to buy a minority stake in its Zambian copper operations, as the Canadian miner continues efforts to shore up its balance sheet. First Quantum has signed non-disclosure agreements with several groups interested in the African mines, and expects to soon provide access to a data room for due diligence, said First Quantum Chairman Robert Harding. He didn’t specify details about the parties or a timeline for signing a potential deal. Talks to sell a minority stake in the Zambian… Read More Here

Mining in Zambia Copper

Zambian Govt to Monitor Contractor Conditions at Mopani Copper Mines

March 3, 2024March 3, 2024 Constance

In response to the acquisition of Mopani Copper Mines by Abu Dhabi’s International Resources Holdings, the government has announced plans to closely monitor the working conditions of contractors. Minister of Mines, Paul Kabuswe, asserts that this oversight aims to uphold fair wages and decent standards of work. During an appearance on Radio Mafken’s express chit-chat programme, Minister Kabuswe emphasized the government’s commitment to ensuring that the transition of Mopani to a new investor benefits all workers, including contractors and suppliers. Highlighting the significance of the issue, Minister Kabuswe disclosed plans… Read More Here

International Battery Metals Copper Nickel

Glencore banks on Anuri mine to extend life of Raglan nickel-copper project

March 3, 2024March 3, 2024 Constance

Glencore (LSE: GLEN) has inaugurated the Anuri mine, which will lengthen the Raglan nickel-copper project’s life for at least 20 years. The company says this is undertaking highlights its ongoing commitment to the local communities in which it operates. The Raglan mine, located in northern Quebec, began operations in 1997. It was the first mining project to sign an impact and benefits agreement with the local Indigenous bands. The mine’s name Anuri, which means “wind” in Inuktitut, was chosen by a committee of Raglan employees. The mine is part of… Read More Here

Mining in Zambia Copper

Jiangxi Copper buys $212 million of First Quantum shares

March 3, 2024March 3, 2024 arnbethnic

First Quantum Minerals Ltd.’s second-largest shareholder bought an additional C$287.5 million ($212 million) in shares of the Canadian metals producer that’s been hurt by the forced closure of its flagship copper mine in Panama. China’s Jiangxi Copper Co. bought 25.9 million First Quantum shares for C$11.10 each through a stock sale by the Canadian company, according to a Friday regulatory filing. The Canadian company raised C$1.55 billion last month through a bought deal offering that was part of refinancing measures to shore up its balance sheet following the shutdown of… Read More Here