Gold - Copperbelt Katanga Mining

Barrick Gold Supports Pakistan-Saudi Deal for Stake in Reko Diq Mining Project

January 22, 2025January 22, 2025 Constance

Pakistan is still in negotiations with Saudi Arabia over the sale of a minority stake in the Reko Diq copper and gold mining project, controlled by Barrick Gold. Key details, including where the minerals will be processed, remain under discussion. The Pakistani government hopes the agreement will extend beyond exploration to involve some downstream activities within the country, according to Musadik Malik, Pakistan’s petroleum minister. Earlier, the Saudi government announced plans to acquire Pakistan’s minority stake in the Reko Diq project through Manara Minerals Investment Co., a Saudi firm backed… Read More Here

International Copper Gold New Mining Projects

Reko Diq Copper and Gold Project to Boost Pakistan’s Economy with $74 Billion in Cash Flow

January 20, 2025January 20, 2025 Constance

The Reko Diq copper and gold project in Pakistan is expected to generate approximately $74 billion in free cash flow over the next 37 years, according to Barrick Gold CEO Mark Bristow. The project, which Barrick co-owns with the governments of Pakistan and Balochistan, is considered one of the world’s largest underdeveloped copper-gold deposits, and its development is expected to have a significant positive impact on Pakistan’s struggling economy. Barrick holds a 50% stake in the mine, with the remaining ownership split between the federal and provincial governments of Pakistan.… Read More Here

Mining in Zambia Copper Corporate News Gold Nickel

FQM ANNOUNCES STRONG 2024 ZAMBIAN PRODUCTION RESULTS AND FOCUS ON SUSTAINABLE GROWTH

January 19, 2025January 19, 2025 Constance

First Quantum Minerals (FQM) has announced a strong performance from its Zambian operations in 2024, with strong copper, gold, and nickel production. The company also reaffirmed its focus on sustainability and operational resilience, with the S3 Expansion project on track for completion in mid-2025. The mining firm achieved annual copper production of 431 thousand tonnes (“kt”) in 2024, exceeding the guidance range of 400 to 420kt. Kansanshi achieved its highest copper and gold production since 2021 and 2022, respectively, predominately driven by higher grades. Sentinel’s increased copper production reflected higher… Read More Here

International Corporate News Gold

Barrick Continues to Unlock Value Embedded in Its Asset Base

January 3, 2025January 3, 2025 Constance

Barrick is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade while it continues to unlock the value embedded in its portfolio. Mark Bristow says while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future. “Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class… Read More Here

Mining in DRC Gold Tin

Congolese Mining Sector Boosted by Rising Tin and Gold Prices

December 28, 2024December 28, 2024 Constance

The Congolese mining sector is experiencing a significant revival, driven by the recent surge in the price of tin on international markets. According to the latest data from the National Commission of Mercuriales within the Ministry of Foreign Trade, the price of a tonne of tin reached $29,306 USD during the week of December 23–28, 2024. This marks a 1.06% increase compared to the previous week. The Commission’s report also highlights that the price of tin stood at $28,998 USD per tonne during the week of December 16–22, 2024, reflecting… Read More Here

Mining in DRC Economy Gold

Gold Price Increase Supports DRC’s Economic Growth Amid Global Uncertainty

December 22, 2024December 22, 2024 Constance

The price of gold, the Democratic Republic of Congo’s (DRC) leading export mineral, experienced a modest increase during the week of December 16 to 21, 2024. According to data from the National Commission of Mercuriales, part of the Ministry of Foreign Trade, the price of a gram of gold reached $86.05, reflecting a 0.66% increase compared to the previous week. This rise can be attributed to several factors, including increased demand for gold as a safe-haven asset amid global economic uncertainties. As a key source of revenue for the DRC,… Read More Here

International Gold

Barrick Gold Seeks Arbitration with Mali Over Loulo-Gounkoto Dispute

December 19, 2024December 19, 2024 Constance

Barrick Gold, the leading gold producer in Mali, has submitted a request for arbitration to the International Centre for Settlement of Investment Disputes (ICSID), a World Bank institution. The Canadian company is seeking to resolve ongoing disagreements with the Malian government concerning the Loulo-Gounkoto mining complex, the country’s largest gold mine. In a press release on December 18, 2024, Barrick confirmed its decision to use ICSID’s services to address the dispute. However, the company has not disclosed the specifics of its claims or the nature of the request. It remains… Read More Here

International Gold Press Release

Barrick’s Pueblo Viejo Remains Committed to Fair Resettlement Process

December 18, 2024December 18, 2024 Constance

The Barrick operated Pueblo Viejo mine has said it remained committed to an equitable Resettlement Action Plan required to advance the development of the El Naranjo Tailings Storage Facility, which will help extend the life of the mine beyond 2040 while sustaining gold production above 800,000 ounces a year. Barrick’s Dominican Republic country manager, Juana Barcelo, said Pueblo Viejo has been working closely and transparently with those community members who will need to be resettled, including on issues such as the development of the host site, the construction of houses,… Read More Here

International Gold Press Release

Barrick Update on Mali Operations

December 17, 2024December 17, 2024 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reports that although it had previously agreed on a framework to achieve a global resolution of the disputes with the Government of Mali over the Loulo-Gounkoto complex, it has to date been unsuccessful in arriving at a final resolution despite numerous good-faith attempts to negotiate and a willingness to compromise beyond its legal rights. Barrick has engaged constructively with the Malian government and its external advisors over the past 12 months, addressing their requests for an increased share of the economic benefits generated by Loulo-Gounkoto. Notably,… Read More Here

International Gold

B2Gold Faces Disruption at Fekola Mine Due to Workers’ Strike in Mali

December 13, 2024December 13, 2024 Constance

A workers’ strike at B2Gold’s flagship Fekola mine in southwest Mali has significantly reduced mining operations to just 25% of its full capacity, according to two employees at the mine. The strike, which began on November 29, involves between 1,875 and 2,000 workers protesting the dismissal of some of their colleagues. The strike, lasting seven days, was triggered after several employees were let go. While the Vancouver-based miner acknowledged the reduced capacity, it disputed the 25% figure, stating operations at Fekola were continuing at a “well in excess” of the… Read More Here