Corporate News - Copperbelt Katanga Mining

Panama opens public consultation on First Quantum mine

January 10, 2025January 10, 2025 Constance

Panama’s government has kicked off a public consultation on an environmental audit of First Quantum Minerals’s (TSX: FM) Cobre Panama copper mine, which was announced in mid-2024 by then president-elect José Raúl Mulino. The Ministry of Environment (MiAmbiente) invited this week environmental organizations, local communities, academia, the private sector, and the general public to participate in the process, which will remain open until February 7. Mulino announced in July last year he would order a “strict audit” of the $10 billion mine, which was shuttered in 2023 after Panama’s Supreme… Read More Here

CMOC Group Achieves Record Cobalt Production with African Expansion

January 8, 2025January 8, 2025 Constance

China’s CMOC Group set a new benchmark in global cobalt production in 2024, thanks to a rapid increase in output from its African mining operations. The company announced it produced 114,165 tonnes of cobalt last year, nearly doubling the 55,526 tonnes achieved in 2023. This output far exceeded its 2024 guidance of 70,000 tonnes, solidifying CMOC’s status as the world’s leading cobalt supplier. In 2023, CMOC overtook Glencore as the largest global cobalt producer, driven by significant production gains from its Kisanfu mine in the Democratic Republic of Congo (DRC),… Read More Here

Exploration Copper Corporate News New Mining Projects

KoBold Metals Raises $537 Million to Accelerate AI-Driven Mineral Exploration

January 3, 2025January 3, 2025 Constance

KoBold Metals, a Berkeley-based mining and artificial intelligence (AI) start-up backed by Bill Gates and Jeff Bezos, has raised $537 million in its latest funding round. This Series C round values the company at $2.96 billion and was co-led by existing investor T. Rowe Price and Durable Capital Partners. Other participants included Gates’ Breakthrough Energy Ventures, Andreessen Horowitz, and new backers like StepStone. With total funding of $1 billion to date, KoBold is positioning itself as a leading competitor in the critical minerals sector, challenging China’s dominance. The company specializes… Read More Here

International Corporate News Gold

Barrick Continues to Unlock Value Embedded in Its Asset Base

January 3, 2025January 3, 2025 Constance

Barrick is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade while it continues to unlock the value embedded in its portfolio. Mark Bristow says while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future. “Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class… Read More Here

International Copper Corporate News

Panama president sees no immediate risk from First Quantum mine

December 28, 2024December 28, 2024 Constance

Panama’s President Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama, the First Quantum Minerals Ltd. copper mine that was shut in 2023. Mulino cited a recent report conducted by the environment ministry, which examined minerals and other materials stored at the site. Mulino said the government will start to study a “conservation plan” for the mine in January. “Right now, there is no irreversible contamination,” Mulino said Thursday. “Even though it doesn’t represent an imminent risk for the country… Read More Here

Mining in DRC Corporate News New Mining Projects

DRC President Announces $50 Million Investment to Revive MIBA Mining Company

December 28, 2024December 28, 2024 Constance

The President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, has announced a $50 million investment to revive the struggling Bakwanga Mining Company (MIBA). The announcement was made on Thursday, December 26, 2024, during his visit to Mbuji-Mayi, the capital of Kasaï Oriental province, as part of his ongoing tour of the country’s provinces. Amidst a warm welcome from the local population, President Tshisekedi emphasized the importance of strict oversight in the use of these funds to ensure the revitalization of MIBA, which has faced decades of financial challenges.… Read More Here

International Corporate News

Sibanye-Stillwater Secures $500 Million Streaming Deal with Franco-Nevada

December 25, 2024December 25, 2024 Constance

Multinational metals and mining group Sibanye-Stillwater has finalized a $500-million streaming agreement with Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada Corporation. The deal grants Franco-Nevada access to gold and platinum streams from Sibanye-Stillwater’s Marikana, Kroondal, and Rustenburg operations in South Africa, in exchange for an upfront payment of $500 million. Under the terms of the agreement, Sibanye-Stillwater will deliver: Sibanye-Stillwater will also receive a production payment equal to 5% of the spot price of the respective metals during the initial delivery periods, increasing to 10% for gold once 237,000 ounces… Read More Here

International Corporate News News in Brief

Vedanta to exclude base metals business from sweeping demerger

December 22, 2024December 22, 2024 Constance

Indian miner Vedanta will not carve out a separate listed unit for its base metals business, it said last week, after discussing the matter with its stakeholders and lenders. Vedanta, led by billionaire Anil Agarwal, had last year launched a sweeping overhaul to carve itself up into six separate businesses, in a move aimed at shoring up the group’s financial performance. The company will consider the base metals business demerger at a later stage, it said in an exchange filing, adding that the share entitlement ratio for the demerger of… Read More Here

Mining in DRC Corporate News

Gécamines Workers Strike Over Illegal Occupation of Djambelwa Copper Deposit

December 22, 2024December 22, 2024 Constance

Gécamines agents in Likasi, Haut Katanga province, have been on strike for three days, protesting the illegal occupation of a copper deposit by a mining cooperative. Etienne Musinde, President of the union delegation, explained to the foreign press, “Given that most of our deposits have been leased, the Djambelwa deposit has become crucial for Gécamines. It must be used to restart production in Likasi. While exploration is underway at Djambelwa, a cooperative called ‘Salama’ has been forcibly installed, with military backing, halting all Gécamines activities at the site.” The workers… Read More Here

International Corporate News

Glencore in Talks to Sell Philippine Copper Smelting Unit Amid Historic Low Processing Fees

December 22, 2024December 22, 2024 Constance

Glencore Plc is in discussions to sell its copper business in the Philippines, the Philippine Associated Smelting and Refining Corp. (Pasar), as the global smelting industry faces record-low processing fees. According to sources familiar with the matter, who requested anonymity due to the private nature of the talks, Glencore is negotiating with at least one domestic buyer. However, the outcome of these discussions remains uncertain. Pasar has been a key asset for Glencore due to its strategic location, serving as an important outlet for copper concentrates from Australian and Indonesian… Read More Here