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Category: Gold

BHP Plans to Sell Brazilian Copper and Gold Assets Acquired from Oz Minerals 1 International Copper Gold 

BHP Plans to Sell Brazilian Copper and Gold Assets Acquired from Oz Minerals

Constance
BHP Group, the world’s largest miner, is planning to sell the Brazilian copper and gold assets it acquired through its $6.3 billion takeover of Oz Minerals in May 2023, according to sources familiar with the matter. The company has enlisted Banco Santander SA to advise on a potential sale following a strategic review of these assets. This acquisition was BHP’s largest in over a decade and was aimed at increasing the company’s exposure to critical materials used in clean energy and electric vehicles. However, BHP has no plans to divest… Read More Here
Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects 2 Mining in DRC Economy Gold Governance 

Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects

Constance
The Minister of Mines, Kizito Pakabomba, was enthusiastically welcomed to Kibali Gold Mine, one of the largest gold mines in Africa. Located in the north-east of the Democratic Republic of Congo (DRC), about 220 kilometers from the town of Isiro, the visit marks a significant milestone for the region. The primary purpose of Minister Pakabomba’s visit was to inaugurate new projects funded by the allocation of 0.3% of the mine’s minimum turnover. This allocation underscores the mine’s commitment to reinvest in local infrastructure and community development. During the visit, Minister… Read More Here
Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining 3 International Gold Mining tax 

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

Constance
The Mozambican state loses around 50 million meticais annually in unpaid and underpaid taxes from gold and limestone exploitation in Sofala province, according to the Centre for Public Integrity (CIP). A CIP document accessed today highlights illegal exploitation, lack of transparency in production data, poor supervision, failure to properly channel taxes to local communities, unfulfilled promises, suspicions of corruption, high prices for mining-related products, and significant environmental impacts as key issues contributing to the shortfall. These practices are linked to at least three companies and one association operating in the… Read More Here
Zijin Mining Acquires Strategic Stake in Montage Gold 4 International Gold 

Zijin Mining Acquires Strategic Stake in Montage Gold

Constance
Montage Gold announced on Tuesday that Zijin Mining Group, a Chinese mining firm, will acquire a 9.9% strategic stake in the company through a brokered private placement. Zijin Mining will purchase 32.7 million shares of the Vancouver-based company at C$1.75 per share, totaling nearly C$57.3 million. The offering is expected to be completed by August 12. This deal comes amid Canada’s efforts to tighten its Investment Canada Act, which reviews foreign investments to safeguard national security. However, Montage believes the investment does not require Canadian government approval because Zijin will… Read More Here
Zimbabwe State Miner Seeks $150M to Boost Gold Output 5 Gold International 

Zimbabwe State Miner Seeks $150M to Boost Gold Output

Constance
Zimbabwe’s largest gold producer, Kuvimba Mining House, is negotiating with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Kuvimba Mining House, which is 65% state-owned, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard. “We are discussing that with potential partners to go forward,” Barnard said during a press briefing in Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.” Zimbabwe acquired Shamva… Read More Here
Tragic Mine Collapse in Northern Kenya Claims Multiple Lives 6 International Gold Mine Safety 

Tragic Mine Collapse in Northern Kenya Claims Multiple Lives

Constance
At least five people were killed and several others injured when an informal gold mine caved in and buried them alive in northern Kenya, according to a local official. The Hillo subsistence gold mine near the Ethiopian border was closed by authorities in March due to deadly clashes between local communities over access to the site. Despite the closure, miners have continued their activities at the location. On Monday evening, around 1,000 people overpowered security forces and invaded the area, said Marsabit County Deputy Commissioner David Saruni. “They dug an… Read More Here
Uganda’s Gold Trade Strengthens Import Ties with Tanzania 7 Gold International Mining in Uganda 

Uganda’s Gold Trade Strengthens Import Ties with Tanzania

Constance
Tanzania has emerged as Uganda’s primary import partner within the East African Community (EAC), driven by Uganda’s significant gold trade worth close to $3 billion. Uganda imports unrefined gold, refines it, and then sells the refined product to markets in the EAC, Asia, the EU, and beyond. According to Uganda’s Ministry of Finance, Uganda now imports more goods from Tanzania than from any other East African nation. The Ministry’s Performance of the Economy report for June revealed that, in the 12 months leading up to May, 83% of all products… Read More Here
African Nations Boost Gold Reserves Amid Geopolitical Tensions 8 International Gold 

African Nations Boost Gold Reserves Amid Geopolitical Tensions

Constance
African nations are increasingly building their gold reserves to hedge against geopolitical tensions that have weakened their currencies and fueled inflation. Countries such as South Sudan, Zimbabwe, and Nigeria have either taken steps to increase their holdings or are considering doing so. This move aligns with central banks in China and India, which have accumulated gold to diversify reserves and reduce dependency on the US dollar. A World Gold Council survey indicates that about 20 central banks globally are expected to increase their gold reserves in the coming year. “As… Read More Here
AngloGold Ashanti and European Investor Back G2 Goldfields' Capital Raise for Oko Project 9 Gold International 

AngloGold Ashanti and European Investor Back G2 Goldfields’ Capital Raise for Oko Project

Constance
Gold mining major AngloGold Ashanti and a new European investor have supported Canadian junior G2 Goldfields’ latest capital raise for its Oko project in Guyana. The TSX-V-listed exploration company announced a non-brokered private placement of 28.97 million shares at C$1.45 per share, yielding gross proceeds of C$42 million. A single European investor has agreed to purchase 20 million shares, while AngloGold Ashanti will acquire the remaining shares. Upon closing, AngloGold will hold approximately 15% of G2’s common shares, up from its current 12.8%. The offering is expected to close in… Read More Here
Montage Gold Seeks $131.6 Million to Accelerate Koné Gold Project in Ivory Coast 10 Gold Copper 

Montage Gold Seeks $131.6 Million to Accelerate Koné Gold Project in Ivory Coast

Constance
Montage Gold, a Canadian company controlling 90% of the Koné gold deposit in Ivory Coast, announced on July 16 its intention to raise $131.6 million to fast-track the development of its largest Ivorian mining asset. The company aims to close the funding round by August 12. Zijin Mining Group, active in copper mining in the Democratic Republic of Congo (DRC), has pledged $41 million, while the Swedish Lundin Family Trusts will contribute $31.4 million. The Koné project is projected to commence production in 2027. “We are thrilled to welcome Zijin… Read More Here

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