Gold - Copperbelt Katanga Mining

Caledonia Mining on Track to Meet 2024 Gold Production Goals

August 12, 2024August 12, 2024 Constance

Caledonia Mining, listed on the AIM, has announced it is on course to meet its full-year production target of 74,000 to 78,000 ounces at its Blanket gold mine in Zimbabwe. In the quarter ending June 30, the mine produced 20,773 ounces of gold, a significant increase from the 17,436 ounces produced in the same period in 2023. The on-mine cost for the quarter was reduced to $906 per ounce, down from $915 per ounce in the previous year. Caledonia reported gross revenues of $50.1 million for the quarter, up from… Read More Here

International Gold

B2Gold Lowers 2024 Production Forecast Amid Fekola Mine Delays

August 12, 2024August 12, 2024 Constance

B2Gold, a Canada-based precious metals miner, has revised its 2024 production guidance downwards due to lower-than-expected output from its Fekola mine in Mali. The company now forecasts total production between 800,000 and 870,000 ounces for the year, including 20,000 ounces from the recently sold Calibre Mining. This is a reduction from the previous range of 860,000 to 940,000 ounces, which had included 40,000 to 50,000 ounces from Calibre before its sale in June. The drop in Fekola’s output—expected to be around 50,000 ounces less for the full year—stems from delays… Read More Here

International Gold

Ghana Unveils First Gold Refinery to Curb Smuggling and Add Value

August 10, 2024August 10, 2024 Constance

The Royal Ghana Gold Refinery, which will process 400 kilograms of gold daily, primarily sources raw materials from artisanal and small-scale mines. These mines contribute about one-third of Ghana’s annual gold output of roughly 4 million ounces, according to Bloomberg. Bank of Ghana Governor Ernest Addison stated that the refinery will play a crucial role in curbing gold smuggling, a persistent issue in the country, by providing a ready market for artisanal and small-scale miners. “This refinery can mitigate the incentive for smuggling and help promote transparency and accountability in… Read More Here

International Copper Gold

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

August 9, 2024August 9, 2024 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

Mining in DRC Economy Gold Governance

Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects

July 31, 2024July 31, 2024 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

International Gold Mining tax

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

July 28, 2024July 28, 2024 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

International Gold

Zijin Mining Acquires Strategic Stake in Montage Gold

July 27, 2024July 27, 2024 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

Gold International

Zimbabwe State Miner Seeks $150M to Boost Gold Output

July 26, 2024July 26, 2024 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

International Gold Mine Safety

Tragic Mine Collapse in Northern Kenya Claims Multiple Lives

July 26, 2024July 26, 2024 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

Gold International Mining in Uganda

Uganda’s Gold Trade Strengthens Import Ties with Tanzania

July 26, 2024July 26, 2024 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