Copper - Copperbelt Katanga Mining

FQM Dominates Zambia’s Extractive Sector Contributions

February 4, 2024February 4, 2024 Constance

First Quantum Minerals (FQM) emerged as the primary revenue contributor to the Zambian government from the extractive sector in 2022, according to the latest Zambia Extractive Industry Transparency Initiative (ZEITI) report. The independently audited report unveiled that FQM, a key player in the mining industry, significantly contributed over K25 billion in taxes, royalties, and various payments. The report, presented during the launch in Solwezi, North-Western Province, underscored FQM’s pivotal role in supporting the Zambian economy. The company made a substantial commitment of over a billion dollars for additional capital investment,… Read More Here

Mining in Zambia Copper Economy

IMF Forecasts 4.7% Economic Growth for Zambia in 2024, Citing Mining Sector Reopenings

January 31, 2024January 31, 2024 Constance

The Country Representative of the International Monetary Fund (IMF), Eric Lautier, has projected a robust economic growth of 4.7% for Zambia in 2024, surpassing last year’s recorded growth of 4.3%. Lautier attributes this positive outlook to the anticipated reopening of production at Konkola Copper and Mopani Copper Mines. The economic trajectory is expected to receive further impetus from increased investments in Kansanshi and Sentinel Mines. Lautier shared these insights in response to inquiries from various stakeholders in Zambia. However, he highlighted that the mining sector’s low production has adversely impacted… Read More Here

International Cobalt Copper Exploration

Rio Tinto Strengthens Mining Ties with Angola through Second Investment Contract

January 30, 2024January 30, 2024 Constance

On January 17, 2024, Rio Tinto, the prominent English-Australian mining company, formalized a significant mining investment contract with the Angolan Ministry of Mineral Resources, Oil, and Gas in Luanda. The lucrative $5.7 million USD deal encompasses a 35-year exploratory license for the Moxico Concession, spanning an extensive 9,987 square kilometers (3,856 square miles). Rio Tinto’s exploration efforts will focus on uncovering base metals, including copper, zinc, cobalt, and titanium, according to the company’s official statement. The contractual agreement initiates a dedicated five-year prospecting phase, with the potential for a two-year… Read More Here

Copper Artisanal mining Mining in Zambia

FQM AND MINE UNIONS SIGN COLLECTIVE AGREEMENT FOR 2024

January 25, 2024January 25, 2024 Constance

First Quantum Minerals Ltd subsidiaries Kansanshi Mining and FQM Trident have signed a collective bargaining agreement with six unions that sees eligible employees receive an 8 percent increase in basic salary from January 1, 2024. The agreement was signed with the National Union of Miners and Allied Workers (NUMAW), Mine Workers Union of Zambia (MUZ), Miners and Allied Workers Union (MAWU), United Mine Workers Union of Zambia (UMUZ), Consolidated Miners and Allied Workers Union of Zambia (CMAUZ), and Miners Technicians, Artisans and Allied Workers Union of Zambia (MTAAWZ).Speaking during the… Read More Here

Mining in DRC Copper

First Shipment of DRC Copper Ore Sets Sail for China

January 25, 2024January 25, 2024 Constance

A total of 1,246 tons of concentrated copper ore from the Democratic Republic of Congo (DRC), which was located at the Port of Lobito container terminal, was transported to China, on January 20th, on the ship M/V-MSC HELENA III. The ore, originally part of the experimental train’s cargo, had been stationed at the Port of Lobito for 16 days before being loaded onto the ship M/V-MSC HELENA III. The entire shipment, consisting of 49 containers, made its way to the Republic of China. Additionally, it was revealed by Nicolau Neto,… Read More Here

International Copper

Glencore to procure copper from TNC’s Cloncurry project

January 24, 2024January 24, 2024 Constance

True North Copper (TNC) has entered two agreements with commodities giant Glencore International for its CCP in Queensland, Australia. The binding offtake agreement will see Glencore purchasing 100% of the copper concentrate from the CCP, while the toll-milling agreement allows for the processing of up to one million tonnes of ore per year throughout the project’s LOM. Under the terms of the offtake agreement, the sales price for the metals in the copper concentrate will align with the market’s commercial terms, including adjustments for penalties, treatment and refining charges, and… Read More Here

International Copper

Glencore, Trafigura target spot prices for mined copper sales

January 24, 2024January 24, 2024 Constance

Glencore and Trafigura are pushing Asian smelters to accept low spot prices for turning their mined copper into metal this year, as opposed to industry benchmarks that are much higher, three sources with knowledge of the matter said. Historically, the industry has used annual benchmarks for their fees, known as treatment charges (TCs), for contracts to process concentrate into copper. But London-listed Glencore (GLEN.L) and Trafigura want to base TCs on the spot market, where the expansion of Chinese and global smelting capacity, as well as tight concentrate supplies have… Read More Here

Copper Mining in Zambia

Jubilee Metals production performance ‘strong’ in second quarter

January 24, 2024January 24, 2024 Constance

Jubilee Metals Group PLC highlighted a robust production performance in the second quarter, with a significant surge in chrome concentrate output while copper production faced a decline. The London-based metal processing company disclosed that Inyoni platinum group metal production remained steady at 10,131 ounces in the three months ending December 31. However, copper output witnessed a 20% decline to 749 tonnes. Chrome concentrate production exhibited substantial growth, rising by 13% to 381,114 tonnes in Q2, attributed to the successful achievement of full production targets at the Thutse project. Despite operational… Read More Here

Mining in Zambia Copper Mine Safety Safety & Health

ZAMBIAN MINERS still TRAPPED IN FLOODED SHAFT

January 24, 2024January 24, 2024 Constance

In a bid to accelerate the dewatering process of shaft number THREE at Macro Link mine on the Ndola-Mufulira road, management has secured and implemented a larger pump from Mopani Copper Mines. The mine manager, Joseph Manyepa, conveyed ongoing efforts to rescue the seven trapped miners in the flooded underground mine. As of the latest update, water is continuously being pumped out of the shaft where the miners are stranded. The mine manager highlighted the installation of the more powerful pump to expedite the rescue operation. Copperbelt Province Police Commissioner… Read More Here

Mining in Zambia Copper

Lumwana Super Pit Project On Track for First Production in 2028

January 24, 2024January 24, 2024 Constance

The Lumwana copper mine’s Super Pit expansion project has been accelerated with first production now scheduled for 2028, Barrick president and chief executive Mark Bristow advised Zambian president Hakainde Hichilema at their meeting yesterday. The project will transform Lumwana into one of the world’s major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life1. It is a key component of the Zambian government’s drive to revive the country’s copper industry over the next 10 years. The estimated cost of the project is almost… Read More Here