Economy - Copperbelt Katanga Mining

The Inauguration of the Musompo Trading Centre set for August 2020 (Artisanal mineral market in Kolwezi) DRC

July 18, 2020July 18, 2020 arnbethnic

The governor of Lualaba province, Richard Muyej, plans to inaugurate the Musompo Trading Centre in Kolwezi in 2020 to bring together, under a modern structure, the sellers of artisanal ores in order to better control this trade. He made the premier Year 1 speech under provincial government on Saturday, July 11. “We are continuing with the ambition of reforming the artisanal mining sector by commissioning the Musompo Trading Centre planned at the end of August 2020 and the servicing of the EAZs, in order to clean up the sector, empowering… Read More Here

Copper Economy International

Copper poised to maintain its upward price trajectory

July 12, 2020July 12, 2020 arnbethnic

In April, copper was trading below USD 5,000/t and most analysts were reaching newfound levels of bearishness. Fast-forward to the end of June, and prices have just experienced six consecutive weeks of increase and are now knocking on the USD 6,000/t door. Visible copper inventories are down by an astounding 33% YoY, copper concentrate treatment and refining charges (TC/RCs) have narrowed to the lowest level since 2012 and CIF Shanghai cathode premiums hit a two-year peak last month. The evidence points to a tight market, which justifies the current price… Read More Here

Covid-19 Economy Mining in Zambia

South Africa and Zambia to strengthen Trade Relations | Covid-19

July 9, 2020July 9, 2020 arnbethnic

The theme for this year’s meeting is Developing Afrocentric solutions and forging partnership in response to COVID-19 PRETORIA, South Africa, July 9, 2020/ — The Deputy Minister of the Department of Trade, Industry and Competition (the dtic), Ms Nomalungelo Gina will address a virtual Trade and Investment seminar with Zambia. The two day-session will take place tomorrow, 9 July 2020 to Friday, 10 July 2020 from 09:00 The theme for this year’s meeting is Developing Afrocentric solutions and forging partnership in response to COVID 19. Gina says that the seminar… Read More Here

International Covid-19 Economy

Reopening of economies boosting metals prices

July 3, 2020July 3, 2020 arnbethnic

Since lockdown measures to contain Covid-19 around the world have eased, ratings and research agency Standard & Poor’s Global (S&P Global) says the reopening of economies, combined with monetary stimulus by banks and governments, has allowed industrial metal prices to rise. However, even though industrial metal prices have risen from the lows experienced in the first quarter of the year, there remains a possibility of a second wave of Covid-19 infections as lockdowns are eased. “It nevertheless remains a significant downside risk to industrial metal prices for the rest of… Read More Here

Taxes Economy Mining in DRC Mining tax

Glencore paid DRC Govt $614-million in 2019

July 3, 2020July 3, 2020 arnbethnic

Diversified miner Glencore made payments of $7.7-billion to the governments of countries in which it operates in 2019. This includes $614-million paid to the Democratic Republic of Congo’s government in taxes, royalties and other payments. Glencore paid Argentina $21.6-million, Australia $1.6-billion, Bolivia $10.9-million, Cameroon $5.3-million, Canada $51.4-million, Chad $88.6-million, Chile $235.6-million, Colombia $291.7-million, South Africa $96.6-million, Equatorial Guinea $65.9-million, Kazakhstan $414.2-million, Peru $417.1-million and Zambia $11.6-million. Thirty per cent of these payment contributions went towards adjusted effective tax rates, while $5.2-billion was paid in salaries, wages, social security and other… Read More Here

Mining in DRC Economy

UN calls for ‘sustained efforts’ against DRC mineral resource trafficking

June 26, 2020June 26, 2020 arnbethnicNatural Resource trafficking, Smuggling Gold

The UN Security Council called Thursday for “sustained efforts” in preventing the illegal trade of natural resources from the DR Congo, as gold in particular fuels conflict between armed groups in the region. The Council’s 15 member states also renewed UN sanctions on the country for the period of a year, allowing for both individuals and groups to be targeted. In a statement following a videoconference, the Council expressed concern over “continued illegal exploitation and trade of natural resources” while calling for “sustained efforts to prevent” such practices. UN experts… Read More Here

Copper Economy Mining in Zambia Mining tax

First Quantum Minerals tops Zambian taxpayer list

June 12, 2020June 12, 2020 arnbethnic

Copper, gold and zinc miner First Quantum Minerals (FQM) paid over K7-billion in taxes and royalties to the Zambian government in 2018, representing almost 40% of total payments made by the mining industry, making it the nation’s largest taxpayer. The 2018 Zambia Extractive Industry Transparency Initiative report, published in June, reveals that the majority of FQM’s taxes – amounting to K4.47-billion – were paid by its subsidiary, Kansanshi Mining. This payment alone accounted for about a quarter of the country’s extractive payment receipts for that period of K17.98-billion, based on… Read More Here

Copper Cobalt Economy Mining in Zambia

Katanga Mining Completes Amalgamation Transaction

June 12, 2020June 13, 2020 arnbethnicKatanga mining

Katanga Mining Limited (TSX: KAT) is pleased to announce the successful completion of its previously announced amalgamation (the “Amalgamation“) with 836074 Yukon Inc. The Amalgamation was approved by 99.9% of the votes cast by shareholders of the Company (the “Shareholders“) at the Company’s special meeting of Shareholders held on June 2, 2020, and the Amalgamation was completed pursuant to Section 183 and Section 184 of the Business Corporations Act (Yukon) (“YBCA“), on the terms and subject to the conditions set out in an amalgamation agreement (the “Amalgamation Agreement“) dated June… Read More Here

New Mining Projects Economy

DRC’s major development projects have stalled

June 12, 2020June 12, 2020 arnbethnic

Dry port of Kasumbalesa, Deepwater port of Banana, Construction of the terminals of N’djili and Luano, inga 3 project, rehabilitation of the national number one, are all major projects undertaken by the Republic but not always materialized. The President of the Republic declared 2020 the year of action during his speech to Congress on 13 December 2019. This political ambition was not to mention the serious health crisis that the country, like the rest of the world, has been experiencing since the beginning of the year. The Democratic Republic of… Read More Here

Cobalt Battery Metals Economy International Mining in DRC

What Investors Should Know About Cobalt Supply Chains

June 8, 2020June 8, 2020 arnbethnic

Interest in the cobalt space surged in 2017 and 2018, when prices were going through the roof on the back of expected demand from the electric vehicle (EV) space. Cobalt is a key element in the lithium-ion batteries used to power EVs, and even though prices are far away from those highs, the long-term future of the metal is still quite bright. When looking at the cobalt supply chain, there are two countries that dominate. On the mining side, the Democratic Republic of Congo (DRC) takes the lead, with Benchmark Mineral Intelligence… Read More Here