Gold - Copperbelt Katanga Mining

Tragedy Strikes Illegal Gold Mining Operation in Shiwang’andu

July 16, 2024July 16, 2024 Constance

A tragic incident occurred in Shiwang’andu, Muchinga Province, where an unidentified man lost his life and another was injured during illegal gold mining activities. The accident took place on Friday around 16:00 at the Chipindo gold mine in Chief Mukwikile’s chiefdom. The survivor, 23-year-old Felix Mulenga from Mpika district, was rescued by fellow miners and rushed to Mpika Urban Clinic. Unfortunately, the deceased was pronounced dead upon arrival, while Mulenga suffered bruises to his neck, lips, and eyelids and is currently receiving treatment. Police commanding officer Paul Achinme confirmed that… Read More Here

Gold Economy Mining in Uganda

Uganda Turns to Gold to Bolster Currency and Support Local Miners

July 12, 2024July 12, 2024 Constance

Uganda has joined a growing list of African countries turning to gold to support their currencies. The Bank of Uganda (BOU) will directly purchase gold from artisanal miners to support local miners and reduce the importation of raw gold. According to a report posted on its website, the BOU stated that by purchasing domestic gold supplies, Uganda will strengthen its foreign exchange reserves and mitigate risks associated with traditional reserve investments. The BOU emphasized, “By purchasing gold directly from the artisanal miners, the BOU will also be supporting the livelihoods… Read More Here

Gold International

Barrick Continues to Invest in Mali

July 11, 2024July 11, 2024 Constance

Barrick president and chief executive Mark Bristow said on Tuesday, July 9th the need to guarantee the long-term viability of the Loulo-Gounkoto gold mining complex was of the utmost importance to ensure the Malian mining industry’s sustainability and maintain its substantial contribution to the country’s economy. Speaking to local media and stakeholders, Bristow noted that over the past 29 years Barrick had invested more than $10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country’s gross domestic product (GDP) annually. In the… Read More Here

Gold Mining in DRC Regional conflict Tin

UN Warns Companies of Sanctions Over Conflict Minerals from Central Africa

July 9, 2024July 9, 2024 Constance

Companies sourcing metals from central Africa may face UN sanctions for indirectly supporting the ongoing conflict in eastern Democratic Republic of Congo (DRC), according to a report by UN experts. The report highlights that Congo’s trade in gold, tin, and tantalum, a critical mineral used in portable electronics, directly funds armed groups involved in severe human rights abuses. This trade fuels one of the world’s deadliest conflicts. Over the past year, multiple armed groups have taken control of Rubaya, one of the world’s largest tantalum ore sites in Congo, rendering… Read More Here

International Economy Gold

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

July 7, 2024July 7, 2024 Constance

Zimbabwean President Emmerson Mnangagwa has outlined plans for ZiG, the nation’s new gold-backed currency, to replace the US dollar as the sole legal tender before the 2030 deadline, effectively phasing out the current multicurrency system, Bloomberg reported. Last October, Zimbabwe extended its multi-currency system, anchored by the US dollar, until 2030 to mitigate concerns over upcoming currency policy changes. Speaking at an event in Mutare on Thursday, Mnangagwa emphasized the importance of ZiG’s adoption nationwide: “In two years’ time — in fact, two years is too far — we will… Read More Here

International Gold

Mozambique Recovers Undeclared Gold Amid Efforts to Combat Mineral Smuggling

July 7, 2024July 7, 2024 Constance

The Mozambican government has recovered approximately 30 kilograms of undeclared gold from mining operators in the central province of Manica over recent years. Silva Manuel, Director of the Manica Provincial Service for Infrastructure, Mineral Resources, and Energy, told AIM that this recovery is a result of ongoing tracking efforts aimed at combating mineral exploitation and smuggling. However, the actual quantity of undeclared gold may exceed 30 kilograms. Companies operating in Mozambique’s mining sector have been involved in under-invoicing and tax evasion, resulting in significant financial losses for the state. In… Read More Here

Mining in DRC Gold Press Release

Kibali Gold Mine Extends Production to 15+ Years with Growth and Investment

July 3, 2024July 3, 2024 Constance

KINSHASA, DEMOCRATIC REPUBLIC OF CONGO – Africa’s largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its 750,000 ounces annual production past the current 10-year horizon to 15 years and beyond. Speaking to media and other stakeholders yesterday, Barrick president and chief executive Mark Bristow said Kibali was not only Africa’s largest gold mine but also its most automated and, thanks to its three hydropower stations, a leader in renewable energy. When its… Read More Here

Gold International

Barrick Gold’s Missed Opportunities and Future M&A Strategy

June 30, 2024June 30, 2024 Constance

John Thornton, who joined Barrick Gold as a director in 2012, has identified a reluctance in mergers and acquisitions as a major mistake for the company. “Barrick has been, in my view, very slow to say to themselves: the most important thing when you’re buying companies in the mining industry … is just buy it. We have not done that. We have insisted on getting into the weeds, and that has been a mistake.” Thornton recently transitioned from his role as executive chairman of Barrick to a non-executive position after… Read More Here

Mining in DRC Gold Regional conflict

CODECO Militiamen Kill Over 40 in Ituri Gold Mining Village

June 29, 2024June 29, 2024 Constance

More than forty people were killed in a double incursion by militiamen from the Cooperative for the Development of Congo (CODECO) from June 20 to 21, 2024, in the village of Bianda, Djugu territory, in the Ituri province. This tragic event was reported by MINES.CD, citing local sources. Dieudonné Lossa, a civil society activist from Ituri, stated that these attacks targeted gold-producing areas, likely for the purpose of exploiting gold. “These attacked areas are where gold mining takes place, and it is possible that it is a strategic move for… Read More Here

Mining in Zambia Copper Gold Press Release

BeMetals Announces $7M Private Placement Led by B2Gold

June 29, 2024June 29, 2024 Constance

Vancouver, British Columbia – BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) (the “Company” or “BeMetals”) has announced it intends to complete a non-brokered private placement offering of up to 70,000,000 units (the “Units”) at a price of $0.10 per Unit (the “Offering”) for aggregate gross proceeds of up to $7,000,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one-half Share purchase warrant. Each whole Share purchase warrant (a “Warrant”) will entitle the holder thereof to purchase one additional Share at… Read More Here