You are here

Category: Gold

South Africa's Gold Sector Declines Despite Record Prices 1 International Gold 

South Africa’s Gold Sector Declines Despite Record Prices

Constance
Despite record-high gold prices, South Africa’s gold sector continues to experience a “deep structural decline,” according to Hugo Pienaar, chief economist at the Minerals Council. Reviewing the latest mining production and sales data from Stats SA for the second quarter of 2024, Pienaar highlighted the ongoing challenges in the industry. Since the fourth quarter of 2019, only manganese and chrome have shown growth, while overall mining production in the second quarter of 2024 was 8.7% lower than pre-COVID levels. Iron ore and gold have been the worst performers, with the… Read More Here
Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal 2 International Gold 

Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal

Constance
Sibanye-Stillwater has refinanced its rand revolving credit facility (RCF), increasing it to R6 billion, and secured R1.8 billion through a gold prepay arrangement to enhance its financial position. CEO Neal Froneman described the gold prepayment as a “proactive, strategic financing alternative” that boosts liquidity while maintaining exposure to potential gold price increases. The RCF refinancing, which includes an option to expand by an additional R1 billion, signals strong support from South African lenders. These measures follow June’s agreement to adjust debt covenants, allowing the company to carry net debt up… Read More Here
DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties 3 Mining in DRC Copper Gold Oil & Gas 

DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties

Constance
The Central Bank of Congo’s observation barometer reported that as of August 14, 2024, the price of oil increased by 2.07% on a weekly basis, reaching USD 79.98 per barrel. This rise was driven by concerns over potential conflict in the Middle East between Israel and Iran, along with a sharp drop in U.S. commercial crude reserves by approximately 5.2 million barrels. Since December 2023, the oil price has risen by 2.71%. Copper prices surged by 3.12%, reaching USD 9,077.00 per ton, influenced by a strike at Chile’s Escondida mine,… Read More Here
President Tshisekedi Appoints New Leadership at Primera Gold DRC SA 4 Mining in DRC Gold Mining Personality 

President Tshisekedi Appoints New Leadership at Primera Gold DRC SA

Constance
On Wednesday, August 21, 2024, President Félix-Antoine Tshisekedi Tshilombo announced new appointments to the board and executive management of Primera Gold DRC SA via a presidential decree broadcast on national television (RTNC). Mr. Joseph Mahombi Kazibaziba has been reappointed as Director General, while Mr. Vagheni Pay Pay is reappointed as Chairman of the Board of Directors. The decree also introduces several new board members, including Mr. Placide Nkala Basadilua, former Director General of Générale des Carrières et des Mines (Gécamines). Nkala Basadilua is noted for his controversial tenure, which involved… Read More Here
Mozambique's Gold Production Surges 19% in First Half of 2024 5 International Gold 

Mozambique’s Gold Production Surges 19% in First Half of 2024

Constance
Mozambique’s gold production increased by 19% year-on-year in the first half of 2024, reaching over 917 kilograms, according to official data accessed by Lusa. A report from the Ministry of Economy and Finance, detailing mining production in the first half of the year, revealed that this figure compares to nearly 769 kilograms produced in the same period of 2023. It also represents 58% of the 2024 target of 1,583 kilograms. With each kilogram of gold valued at approximately €73,000 on the international market, Mozambique’s total production in the first half… Read More Here
Ivanhoe Electric Begins Drill Testing at Saudi Gold-Copper-Zinc Mine 6 International Drilling Gold 

Ivanhoe Electric Begins Drill Testing at Saudi Gold-Copper-Zinc Mine

Constance
Ivanhoe Electric (NYSE American: IE) (TSX: IE) said on Monday its joint venture in Saudi Arabia has started drill testing the first of two chargeability anomalies identified near the Al Amar gold-copper-zinc mine, which is owned by Ma’aden, the state-owned mining company and Ivanhoe’s 50/50 partner. In November 2023, the JV kicked off its exploration campaign on 48,500 km2 of land on the Arabian Shield, initially targeting the areas surrounding Al Amar that are considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types. The resulting geophysical survey,… Read More Here
Nevada Gold Mines Completes Construction of 200MW Solar Power Plant 7 International Gold 

Nevada Gold Mines Completes Construction of 200MW Solar Power Plant

Constance
The Barrick-operated Nevada Gold Mines (NGM), a joint venture with Newmont Corporation, has completed the construction of the second and final phase of a 200-megawatt solar power plant, which will have the capacity of producing 17% of NGM’s annual power demand while realizing an equivalent emissions reduction of 234 kilotonnes of carbon dioxide per year. Speaking at a ribbon-cutting ceremony at NGM’s TS Solar Power Plant, which was attended by Senator Jacky Rosen and the Department of Energy’s Heidi Miller, Barrick president and chief executive Mark Bristow said the solar… Read More Here
First Quantum Mining in Zambia About Company Copper Gold 

Kansanshi Copper-Gold Mine – A Flagship of Innovation and Sustainability

Constance
Overview The Kansanshi copper-gold mine, located near Solwezi in Zambia’s North Western Province, has been a cornerstone of operations since 2005. As one of Africa’s largest copper-producing mine, Kansanshi stands out for its world-class efficiency and cutting-edge technology. Managed by Kansanshi Mining PLC, 80% owned by First Quantum, the mine employs over 13,000 people, predominantly Zambians, contributing significantly to the local economy. Mining and Processing Kansanshi is renowned for its rich vein deposits, with copper and gold mineralization found in three distinct ore types: primary sulphide, mixed supergene, and oxide.… Read More Here
Kasenseli Gold Mine to Reopen After K42 Million Investment in Safety Upgrades 8 Gold Mining in Zambia Mining safety New Mining Projects 

Kasenseli Gold Mine to Reopen After K42 Million Investment in Safety Upgrades

Constance
The Zambia Gold Company (ZGC) has approved a K42 million investment for remedial works at the Kasenseli Gold Mine in Mwinilunga District, North Western Province. This decision paves the way for the mine’s reopening, which had been suspended by the government in 2021 following a series of fatalities related to illegal mining activities. Guy Phiri, Chairperson of the ZGC Board of Directors, announced that the mine is expected to resume full operations by September this year. “We anticipate creating around 500 jobs once the mine is fully operational, with a… Read More Here
DRC Lifts Mining Suspension in South Kivu, Excluding Gold Extraction 9 Mining in DRC Gold 

DRC Lifts Mining Suspension in South Kivu, Excluding Gold Extraction

Constance
The Democratic Republic of Congo (DRC) has lifted a suspension on mining activities in South Kivu province, with the exception of gold extraction, as announced by the region’s governor on Thursday. Gold, tin ore (cassiterite), and high-tech mineral coltan are primarily mined by artisanal miners using rudimentary methods in this eastern province. However, the DRC’s gold production is often underreported, with significant quantities of the precious metal smuggled into global supply chains through neighboring countries. Governor Jean-Jacques Purusi Sadiki suspended all mining activities in the region in July, ordering companies… Read More Here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing.