Corporate News - Copperbelt Katanga Mining

Barrick Gold Employees Charged Amid Mali’s Push for Mining Revenue

November 28, 2024November 28, 2024 Constance

Four employees of Barrick Gold, one of Canada’s leading gold mining companies, have been charged and detained in Mali as the military-led government intensifies efforts to secure more revenue from the mining sector. The employees, who were initially detained in September, have been re-arrested, according to a source familiar with the matter. Barrick has strongly denied the charges but has not disclosed specifics. The company stated it is actively engaging with Mali’s government to negotiate an amicable resolution and secure the release of the detainees. “Since September 30, Barrick has… Read More Here

International Corporate News Zinc

Trafigura’s Zinc Withdrawal Sparks Price Surge on LME

November 28, 2024November 28, 2024 Constance

Trafigura Group, a major player in the global zinc market, has triggered a rally in zinc prices by ordering the withdrawal of thousands of tons of the metal from London Metal Exchange (LME) warehouses, according to sources familiar with the situation. Orders for zinc withdrawals surged by 97,225 tons over two days—the largest spike in more than a decade—leaving less stock available for other buyers. This shortage has supported a 5.5% increase in zinc prices this week, with the metal trading 1.8% higher at $3,129.50 per ton on Wednesday. Trafigura,… Read More Here

International Corporate News

Vedanta Resources Set to Launch $500 Million Bond Issue Amid Adani Crisis Fallout

November 25, 2024November 25, 2024 Constance

Vedanta Resources, which delayed a planned dollar bond sale last week following allegations against Adani Group officials by U.S. prosecutors, is now set to proceed with the issuance on Monday, according to sources familiar with the matter. The bond issue, expected to raise up to $500 million, will gauge global investor appetite for Indian high-yield credit in the wake of the Adani controversy. The Adani Group, led by billionaire Gautam Adani, has dismissed the U.S. allegations as “baseless.” “Since the Adani crisis hasn’t escalated as feared, the company decided to… Read More Here

Corporate News Events & Expos Mining in DRC

Kamoa Copper Leads New Era of Sustainable Mining and Economic Development at Makutano Forum

November 24, 2024November 24, 2024 Constance

Kamoa Copper SA participated in the 10th edition of the Makutano Forum in Kinshasa, DRC, from November 13 to 15. As a co-sponsor of the event, the company showcased its vision for the future of mining in the Democratic Republic of Congo (DRC), presenting its “New Deal” for the industry as a model of progress and sustainability. With over $5.5 billion invested over the past five years, Kamoa Copper’s scale and copper production have made a significant impact on the national mining sector. Beyond its size, the company has driven… Read More Here

International Corporate News Gold

Barrick Gold Boosts Growth with Strong Portfolio and Strategic Investments

November 24, 2024November 24, 2024 Constance

Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) is making significant strides toward securing its future with a Tier One-focused asset portfolio and a strategy that continually uncovers value while fostering productive partnerships with host countries. At an investor presentation in New York, president and CEO Mark Bristow highlighted Barrick’s achievements since its merger, including generating $23 billion in operating cash flow, investing $15 billion in operations and growth projects, reducing net debt by nearly $4 billion, and returning over $5 billion to shareholders. “Our world-class projects are set to drive… Read More Here

International Corporate News Gold

Barrick’s Fourmile Project Shows Further World-Class Potential

November 24, 2024November 24, 2024 Constance

Barrick Gold Corporation has updated its mineral resource estimate for its wholly-owned Fourmile project in Nevada, resulting in a 192% increase in indicated resources (1.4 million ounces grading 11.76g/t), a 137% increase in inferred resources (6.4 million ounces grading 14.1g/t) and a 35% increase in grade relative to Barrick’s 2023 year-end mineral resource estimate.1 The increases reflect the addition of 25 new drill holes to the 2023 mineral resource estimate across the southernmost portion of the orebody, immediately adjacent to the Goldrush project at Cortez which is part of the… Read More Here

International Copper Corporate News

BHP Invests Billions in Chilean Mines to Tackle Global Copper Shortage

November 24, 2024November 24, 2024 Constance

BHP Group, the world’s largest mining company, anticipates a global copper shortage of 10 million metric tons by 2035. This looming deficit has prompted the company to commit between $10.7 billion and $14.7 billion over the next decade to boost copper production at its operations in Chile, including the world’s largest copper mine, Escondida. BHP plans significant investments in Escondida and the smaller Spence mine, alongside a restart of the Cerro Colorado mine. The company’s copper output is expected to decline by 300,000 tons to 1.6 million tons annually by… Read More Here

Mining in DRC Cobalt Copper Corporate News

Gécamines Seeks to Block Chemaf Sale to China

November 24, 2024November 24, 2024 Constance

The Democratic Republic of Congo’s state mining company, Gécamines, has submitted a $1 million bid to acquire the cobalt and copper assets of financially troubled Chemaf. This move seeks to prevent further Chinese control of critical metals in the mineral-rich country, according to sources close to the matter. Chemaf, a partner of global commodities trader Trafigura, had previously agreed to sell its assets to China’s state-owned industrial giant, Norinco, in June 2024. These assets include copper and cobalt mines critical for electric vehicles and clean energy infrastructure. However, Gécamines, which… Read More Here

Mining in Zambia Corporate News Emeralds

Gemfields’ November Emerald Auction Nets $16.1 Million Amid Market Challenges

November 24, 2024November 24, 2024 Constance

Gemfields has reported revenues of $16.1 million from its November 2024 higher-quality emerald auction. The auction, held online from November 4–21, achieved a 70% sales rate, with 141,084 carats sold out of the 200,460 carats offered across 43 lots. The average price per carat was $113.96, reflecting mixed market dynamics. Adrian Banks, Managing Director of Product & Sales at Gemfields, acknowledged the auction’s mixed outcomes: “Top-quality lots achieved bids close to record levels, but the overall result was disappointing due to weaker and fewer bids for lower-quality grades.” The emerald… Read More Here

Mining in Zambia Corporate News

FQM Empowers Local Businesses with Over K3.4 Million in Grants

November 24, 2024November 24, 2024 Constance

First Quantum Minerals (FQM), through its Kansanshi Mining operations, has disbursed over K3.4 million in grants to 13 cooperatives under the Tujipamo Multi-Purpose Project. This initiative underscores FQM’s commitment to fostering local economic development and sustainable community growth. Launched in 2022, the Tujipamo Project aims to empower small businesses and enhance socio-economic resilience. The grants will provide essential support for cooperatives, enabling them to scale their operations and drive long-term impact. Speaking at the grant handover ceremony, North-Western Province Permanent Secretary, Colonel Grandson Katambi (Rtd), commended FQM for partnering with… Read More Here