Gold - Copperbelt Katanga Mining

Kavango Plans to Boost Gold Production at Zimbabwe’s Prospect 4

November 24, 2024November 24, 2024 Constance

London-listed Kavango Resources is focusing on increasing high-grade gold production at Prospect 4 within its Hillside project in Matabeleland, southern Zimbabwe. Currently, high-grade gold is being extracted by contract miners on a small scale at Prospect 4. The material is then trucked 20 km to Kavango’s processing facility at the main Hillside site. However, production is limited due to the mining methods, the long distance to the processing plant, and the facility’s capacity, which can only process 40-50 tons per day (t/d). Given the current low production volumes, Kavango sees… Read More Here

Gold Mining in Zambia New Mining Projects

President Hichilema Commissions Kasenseli Mine

November 20, 2024November 20, 2024 Constance

The commissioning of Kasenseli Mine marks a historic achievement as Zambia’s first government-led gold project, implemented through the Zambia Gold Company in partnership with the Chibwika Chiefdom Development Trust in Mwinilunga. This initiative underscores the government’s dedication to fostering local community involvement and increasing Zambian participation in the mining sector. During the exploration phase, the project has already created approximately 215 jobs, with employment expected to expand to 800 positions in the second phase. An initial investment of K300 million is projected to yield annual production levels of 100 kilograms… Read More Here

International Gold

Mali Secures $160M Settlement in Gold Mining Dispute Following CEO’s Detention

November 20, 2024November 20, 2024 Constance

Australian mining company Resolute Mining has agreed to pay Mali’s military government $160 million to resolve a tax dispute that escalated after the detention of the company’s British CEO, Terry Holohan, and two colleagues. The three employees were arrested 10 days ago while traveling to Bamako for what they believed would be routine negotiations. Their release is contingent on the signing of a memorandum of understanding and the completion of an initial $80 million payment, with the remaining $80 million to be paid in the coming months from the company’s… Read More Here

Mining in DRC Corporate News Events & Expos Gold

Kibali Mine Tackles DRC’s Energy Deficit with Renewables

November 17, 2024November 17, 2024 Constance

At the Makutano Forum on Thursday, November 14, 2024, several panelists discussed the theme, “Energy Deficit in the DRC: Can Miners Offer Solutions?” One of the key speakers, Jean-Paul Ilunga Mbayo, Power Engineer at Barrick Gold Corporation, highlighted the significant challenges faced by miners in investing in energy infrastructure in the Democratic Republic of Congo (DRC). Ilunga emphasized three primary challenges that hinder progress in addressing the country’s energy deficit. 1. Economic Challenges The foremost obstacle is the high tax burden associated with the construction of energy infrastructure. Ilunga pointed… Read More Here

Mining in DRC Economy Gold

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty

November 17, 2024November 17, 2024 Constance

During the week of November 11 to 16, 2024, the price of Congolese gold saw a slight increase of 0.07%, reaching $88.72 per gram, up from $88.66 the previous week, according to a report from the National Commission of Mercuriales under the Ministry of Foreign Trade. While this rise is modest, it reflects growing global interest in the precious metal as markets remain sensitive to fluctuations in raw material prices. Gold, often seen as a safe haven in times of economic uncertainty, continues to see increased demand. Even small price… Read More Here

Mining in DRC Economy Gold News in Brief

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

November 17, 2024November 17, 2024 Constance

The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here

Mining in DRC Gold

Primera Gold Rebrands as DRC Gold Training, Strengthens National Governance in the Gold Sector

November 17, 2024November 17, 2024 Constance

Mining company Primera Gold has officially rebranded as DRC Gold Training, marking a significant shift in the management of the country’s artisanal gold sector. This transformation comes under the stewardship of the Congolese state, which now holds a 55% majority stake in the company. Along with the state’s ownership, the Mining Fund for Future Generations has acquired 30% of the shares, and Gécamines holds 15%. This new structure underscores the government’s commitment to placing the management of artisanal gold mining at the heart of national interests, ensuring that local stakeholders… Read More Here

Gold Mining in Zambia

Zambia Launches Construction of Gold Mining Centers in Rufunsa and Mumbwa

November 12, 2024November 12, 2024 Constance

The construction of Zambia’s first two Gold Mining Centers in the Rufunsa and Mumbwa districts is now underway, with completion targeted for the end of this year. Mines and Minerals Development Minister Paul Kabuswe announced that the government has appointed Zamgold Limited as the official gold aggregator, responsible for purchasing gold from newly formalized gold markets. This initiative aims to regulate the sector and promote legal trade. In his statement to the National Assembly, Mr. Kabuswe highlighted that the establishment of these centers is a key step toward reducing illegal… Read More Here

International Gold

B2Gold Advances Namibia’s Springbok Zone Mining Project within Antelope Deposit

November 7, 2024November 7, 2024 Constance

B2Gold has initiated a preliminary economic assessment (PEA) for the Springbok Zone, part of the Antelope deposit, with an eye on starting mining operations in 2026. The Antelope deposit, located approximately three kilometers south of the Otjikoto open pit, includes the Springbok and Oryx Zones, along with a potential third structure known as Impala. The company expects to complete the PEA in the first half of 2025. In the second quarter of 2024, B2Gold released an initial inferred mineral resource estimate for the Springbok Zone, identifying 1.75 million tons grading… Read More Here

International Gold

Barrick Declares Q3 Dividend and Buys Back Additional Shares

November 7, 2024November 7, 2024 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced the declaration of a dividend of $0.10 per share for the third quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q3 2024 dividend will be paid on December 16, 2024 to shareholders of record at the close of business on November 29, 2024. Barrick also repurchased an additional 4.725 million shares during the third quarter under the $1 billion share buyback program that was announced in February 2024, bringing the total repurchases… Read More Here