Corporate News - Copperbelt Katanga Mining

Glencore CEO Meets President Tshisekedi to Deepen Commitment to the DRC and Its People 1

Glencore Group CEO Gary Nagle held discussions with President Félix Tshisekedi and Prime Minister Judith Suminwa in Kinshasa on Tuesday, December 10. In a press release issued after the meeting, Glencore highlighted its intention to deepen its engagement with the Democratic Republic of Congo (DRC) and its citizens, especially in communities hosting its operations at Mutanda Mining (MUMI) and Kamoto Copper Company (KCC). Gary Nagle was accompanied by senior Glencore executives, including Anne Edwards, Head of Corporate Affairs; Marie-Chantal Kaninda, Chair of Glencore DRC; and Mark Davis, Managing Director of… Read More Here

Barrick Gold Seeks Buyer for Côte d’Ivoire’s Tongon Mine Amid Gold Price Surge

December 11, 2024December 11, 2024 Constance

Barrick Gold Corp., the world’s second-largest gold producer, is seeking buyers for its Tongon gold mine in Côte d’Ivoire as part of its strategy to divest aging assets while gold prices remain high. Barrick has partnered with Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine, according to sources familiar with the matter. Neither Barrick nor TD Bank has commented on the sale. Located 682 km north of Côte d’Ivoire’s port city of Abidjan, Tongon is an open-pit mine nearing the end of its operational life. Production… Read More Here

International Copper Corporate News Lithium

Rio Tinto Sells 30% Stake in Winu Copper-Gold Project to Sumitomo for $399 Million

December 5, 2024December 5, 2024 Constance

Rio Tinto Plc has agreed to sell a 30% stake in its Winu copper-gold project in Western Australia to Japan’s Sumitomo Metal Mining Co. for $399 million. Under the terms of the deal, Sumitomo will pay $195 million upfront and an additional $204 million in deferred payments tied to development progress, Rio Tinto said in a statement on Wednesday. The two companies also plan to explore further partnership opportunities across copper, other base metals, and lithium. Katie Jackson, Rio Tinto’s Chief Executive of Copper, described the transaction as a “unique… Read More Here

International Corporate News

Rio Tinto Cuts Jobs at West Angelas Mine Amid Green Iron Concerns

December 2, 2024December 2, 2024 Constance

Australian mining giant Rio Tinto has laid off a group of workers at its West Angelas iron ore mine near Newman, in Western Australia’s Pilbara region, and scaled back proposed developments at two nearby sites. Approximately 40 production staff were let go after arriving for their shifts this week, according to The West Australian. Rio Tinto confirmed the job losses but did not disclose the exact number. A spokesperson explained that the company regularly assesses its workforce to ensure it aligns with ongoing operational needs. Despite its profitability from iron… Read More Here

Mining in DRC Corporate News Lithium

AVZ Minerals Secures $15 Million Litigation Funding for DRC Disputes

November 30, 2024November 30, 2024 Constance

AVZ Minerals Limited, a lithium mining company, has secured $15 million in litigation funding from Locke Capital II to support its legal efforts related to disputes over its mining projects, including the Manono project in the Democratic Republic of Congo (DRC). AVZ CEO Nigel Ferguson expressed satisfaction with the agreement, stating on November 28: “Locke, a global litigation funder with a strong track record, has approved funding for AVZ, validating our strong position in these disputes and paving the way for a successful resolution.” The company plans to draw an… Read More Here

Mining in Zambia Copper Corporate News Press Release

MIMOSA RESOURCES AND MKUSHI TRADITIONAL LEADERS INSPIRED BY FQM’S BLUEPRINT FOR SUSTAINABLE MINING

November 29, 2024November 30, 2024 Constance

Mimosa Resources and the traditional leadership from Chief Chitina’s chiefdom in Mkushi have expressed appreciation of First Quantum Minerals’ (FQM) blueprint for sustainable mining in Zambia following a tour of its Kansanshi Mine in Solwezi District, North-Western Province. The familiarisation tour was recently undertaken as part of wider stakeholder engagement efforts by Mimosa Resources to foster collaboration between traditional leaders, mining operators, and the local community for its Kashime Copper Project in Mkushi, underscoring its dedication to creating a model of mining that balances economic growth with environmental and social… Read More Here

International Corporate News Gold

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