Corporate News - Copperbelt Katanga Mining

Kibali Gold Mine Achieves Record Performance and Strengthens Sustainability Efforts 1

Barrick Gold Corp, headquartered in Canada, reports that its joint venture Kibali Gold Mine in the Democratic Republic of Congo achieved improved performance during the last quarter of 2024, culminating in its highest annual throughput since the mine’s commissioning. This milestone highlights the mine’s ongoing commitment to operational excellence and its ability to deliver strong results, according to the company. Sebastiaan Bock, Barrick Africa and Middle East COO, noted, “Despite facing challenges in 2024, including leadership changes and a necessary reset, Kibali has proven itself to be a reliable, low-cost… Read More Here

International Corporate News

Glencore Reports Decline in Copper, Cobalt, Zinc, Nickel, and Thermal Coal Output for 2024

January 31, 2025January 31, 2025 Constance

Glencore reported lower production of copper, cobalt, zinc, nickel, and thermal coal in 2024, aligning with its guidance. The company produced 951,600 metric tons of copper, a 6% decline from 1.01 million tons in 2023, reaching the lower end of its forecasted range of 950,000 to 1.01 million tons. Copper, essential for electric vehicle wiring, batteries, renewable energy infrastructure, and data centers, faces increasing supply constraints due to declining ore grades and rising demand driven by the energy transition. Glencore will release its 2025 production guidance alongside its annual financial… Read More Here

Mining in Zambia Copper Corporate News Press Release

Barrick’s Lumwana Mine Fuels Zambia’s Economic Growth With Major Expansion on the Horizon

January 27, 2025January 27, 2025 Constance

Lumwana Mine, Zambia – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has reaffirmed its commitment to Zambia’s economic growth, contributing over $3.7 billion since 2019. In 2024 alone, Lumwana’s operations contributed $887 million to the economy through royalties, taxes, salaries and procurement of goods and services, solidifying its position as one of the nation’s top five taxpayers. Copper production for 2024 was within guidance, supported by investments in operator training and an upgraded ultra-class fleet. Lumwana remains a leader in advancing local content, with 72% of the $906 million spent on goods and services in… Read More Here

Corporate News International

Zijin Mining Reports Record Profit but Adjusts Production Targets Amid Market Challenges

January 26, 2025January 26, 2025 Constance

Zijin Mining Group has posted a record net profit of 32 billion yuan (approximately $4.4 billion) for the year 2024, marking a 52% increase from the previous year. This impressive performance aligns the Chinese company with global commodities leader Glencore Plc, with rising gold prices and increased copper production being key contributors to its success. However, despite strong financial results, the company has lowered its copper production target by 6%, now aiming for 1.15 million tonnes. Additionally, Zijin has scaled back its lithium ambitions, reducing its 2025 production target by… Read More Here

International Corporate News Gold

Barrick Gold’s Twiga JV Drives Significant Economic Impact in Tanzania

January 26, 2025January 26, 2025 Constance

Barrick Gold has contributed over $4.24 billion to the Tanzanian economy since the inception of its Twiga joint venture (JV) with the government in 2019. In 2024 alone, its investment amounted to $888 million. Twiga encompasses the North Mara and Bulyanhulu gold mines. Barrick President and CEO Mark Bristow highlighted the ongoing success of the Twiga partnership, emphasizing its leadership in Tanzania’s extractive sector. The JV has created thousands of jobs, supported local businesses, and funded essential community projects. In 2023, Barrick spent $573 million on national suppliers and service… Read More Here

Gold Corporate News International

B2Gold to Invest $10 Million in Fekola Exploration After Mali Settlement

January 26, 2025January 26, 2025 Constance

Canadian miner B2Gold is moving forward with plans to invest $10 million in exploration at its Fekola gold complex in Mali in 2025, following a settlement with the Malian government that has reduced the risk of disruption. In August 2023, Mali introduced a new mining code that increases the state’s share of mining revenues and removes tax exemptions for mining companies. B2Gold was one of the first companies to reach a settlement with the government, resolving an income tax dispute in September 2024 and agreeing to adapt one part of… Read More Here

Cobalt Corporate News

CMOC Targets Sustained Cobalt Output in 2025 Amid Market Pressure

January 25, 2025January 25, 2025 Constance

The world’s largest cobalt producer, China’s CMOC Group, is aiming to maintain record-high cobalt production levels in 2025 following a rapid ramp-up at its African mining operations. The company has set a production target of 100,000 to 120,000 tons of cobalt for 2025, after achieving an impressive 114,165 tons in 2024, according to a statement on its WeChat account. Elevated production levels could add further pressure to cobalt prices, which are already at their lowest since 2016. CMOC exceeded its full-year 2024 production guidance within the first nine months, causing… Read More Here

Mining in Zambia Corporate News Electricity

Jubilee Metals Secures New Power Supply Agreement in Zambia for Stable Operations

January 23, 2025January 23, 2025 Constance

London- and Johannesburg-listed Jubilee Metals has successfully secured regulatory approval for a new power supply agreement in Zambia, with power delivery commencing on January 20. This agreement enables the company to restart its Roan concentrator, ensuring a stable power supply moving forward. The new power supply agreement, executed with a broad-based power provider, grants Jubilee access to a distributed power base from multiple generation sources. This reduces reliance on a single supply source and mitigates risks associated with localized power distribution limitations. Jubilee highlights that the additional power supply is… Read More Here

International Corporate News New Mining Projects

Barrick Gold Seeks to Sell Stake in Zaldivar Copper Mine as Focus Shifts to Larger Projects

January 22, 2025January 22, 2025 Constance

Barrick Gold is looking to divest its 50% stake in the Zaldivar copper mine in Chile, as the company shifts its focus to larger and more profitable operations, according to sources familiar with the matter. The company has enlisted advisors and approached potential buyers for its share in the mine, which is jointly owned with Antofagasta. The process is still in its early stages, and no deal is guaranteed, the sources said, speaking on the condition of anonymity. Although Barrick is keen to expand its copper portfolio in response to… Read More Here

International Corporate News Gold New Mining Projects

Barrick Gold Supports Pakistan-Saudi Deal for Stake in Reko Diq Mining Project

January 22, 2025January 22, 2025 Constance

Pakistan is still in negotiations with Saudi Arabia over the sale of a minority stake in the Reko Diq copper and gold mining project, controlled by Barrick Gold. Key details, including where the minerals will be processed, remain under discussion. The Pakistani government hopes the agreement will extend beyond exploration to involve some downstream activities within the country, according to Musadik Malik, Pakistan’s petroleum minister. Earlier, the Saudi government announced plans to acquire Pakistan’s minority stake in the Reko Diq project through Manara Minerals Investment Co., a Saudi firm backed… Read More Here