Corporate News - Copperbelt Katanga Mining

Vedanta Restores Ownership of Konkola Copper Mines in Zambia

November 7, 2023November 7, 2023 Constance

In a significant development, Vedanta Resources and the Zambian government have put an end to a long-standing ownership dispute by reaching an agreement that restores Vedanta’s ownership of Konkola Copper Mines (KCM). This agreement brings closure to a protracted battle that had a negative impact on investments in the region. Zambia’s Mines Minister, Paul Kabuswe, presided over the signing of the agreement between the state-owned firm ZCCM-IH and Chris Griffith, Vedanta’s Head of Base Metals, in Lusaka. The formal handover of the copper assets, which the state had seized in… Read More Here

Gold Corporate News

Barrick Sustains Progress with Key Projects and Achieves Improved Production and Efficiency in Latest Quarter

November 6, 2023November 6, 2023 Constance

Barrick’s Q3 results showed improved production at lower costs and confirmed its long term growth forecast. President and chief executive Mark Bristow said the Q3 performance was an improvement on the previous quarter’s and Q4 is expected to be better. Despite the projected second half improvement, gold production is forecast to be marginally below the low end of our annual guidance range. Copper is comfortably on track to meet its guidance for production and costs. Gold production in Q3 was higher than Q2 driven by improved performances at Cortez, Turquoise… Read More Here

Mining in DRC Corporate News

Resource Matters Calls for Accountability in Gécamines Tax Advances Scandal

November 4, 2023November 4, 2023 Constance

Resource Matters, a civil society organization, has issued a press release on November 1, 2023, calling on the Court of Auditors and the courts to broaden their investigation into the disappearance of hundreds of millions of USD in tax advances from Gécamines, a state-owned mining company. The organization commends the Court of Auditors for revisiting the case of missing Gécamines funds, particularly the 25.5 million USD presumed to have been embezzled by Mr. Albert Yuma, the former Chairman of Gécamines, and Deogratias Mutombo, the former Governor of the Central Bank… Read More Here

Mining in Zambia Copper Corporate News

ZCCM-IH Delivers 436 Million Kwacha Dividend to IDC Amidst Resilient Performance

October 27, 2023October 27, 2023 Constance

ZCCM-IH, under the leadership of Chairperson Kakenenwa Muyangwa, demonstrated its financial strength and resilience by delivering a substantial dividend totaling over 436 million Kwacha. This dividend reflects the company’s performance over the financial years 2021 and 2022, even in the face of a challenging business environment in the past three years. Despite these challenges, ZCCM-IH exhibited robust growth. The group’s revenue soared from 174 million Kwacha in 2020 to an impressive 11.9 billion Kwacha in 2022. A significant contributor to this remarkable surge was the strategic acquisition of Mopani Copper… Read More Here

International Corporate News News in Brief

Sibanye-Stillwater to Begin Talks on Restructuring of Four Southern African PGM Shafts

October 25, 2023October 25, 2023 Constance

Sibanye-Stillwater, a dual-listed company, is entering discussions with organized labor and other affected non-unionized employees and their representatives regarding the potential restructuring of four platinum group metal (PGM) shafts in its Southern African business. This restructuring and potential shaft closures may impact around 4,095 employees and contractors, including support services employees. While two of the shafts have already ceased production due to depleted ore reserves and economic viability, the other two require restructuring for sustainable production. Rising costs and falling PGM prices have challenged the profitability of the global PGM… Read More Here

Mining in DRC Corporate News Mining Projects Press Release

ERG Breaks Ground on Hydrometallurgical Plant in DRC for Copper and Cobalt Production

October 20, 2023October 20, 2023 Constance

COMIDE comprises some of the largest known copper and cobalt resources still to be developed globally. Following a comprehensive technical study, the development potential of its resource base and production capacity were established, paving the way for the project at hand. The COMIDE project includes the construction of a hydrometallurgical plant, an extensive exploration and drilling programme, as well as mine development – backed by a total investment of around USD$800 million. The start of works was marked by a groundbreaking ceremony held at COMIDE in Lualaba Province on 12… Read More Here

International Corporate News Mining Equipment Mining Personality

Caterpillar Appoints Chief Operating Officer

October 19, 2023October 19, 2023 Constance

Caterpillar Inc. (NYSE: CAT) has announced that Joseph E. Creed, group president of Energy & Transportation, has been appointed to the newly created position of chief operating officer, effective Nov. 1, 2023. In this newly created position, Creed will report to Jim Umpleby, chairman and chief executive officer. Reporting to Creed will be group presidents Tony Fassino of Construction Industries, Denise Johnson of Resource Industries and Bob De Lange of Services, Distribution and Digital. Creed’s replacement as group president of Energy & Transportation will be named at a later date and… Read More Here