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Category: International

Trafigura CEO says copper must surpass $10,000 to meet demand 1 International Copper Mining Personality News in Brief 

Trafigura CEO says copper must surpass $10,000 to meet demand

Constance
In order to fill a potential supply gap of 8 million tons by 2034, mining companies need prices that are higher than $10,000 a ton and possibly as high as $12,000, says Trafigura Group chief executive officer Jeremy Weir. Weir made his comments Tuesday during a presentation at the CRU World Copper Conference in Santiago, where the copper industry is gathering for one of the industry’s biggest annual events. SOURCE:mining.com Read More Here
Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle 2 International Copper 

Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle

Constance
In December 2016, a group of mining executives embarked on a pivotal meeting at Panama’s Palacio de las Garzas, a prelude to the turbulence that would engulf the nation in anti-mining protests. First Quantum Minerals Ltd. was there, discussing progress on their ambitious Cobre Panama copper mine, but a foreboding warning from the president hinted at looming challenges. The project, touted as Panama’s economic linchpin, faced scrutiny over tax disputes and legal hurdles. Despite warnings, Philip Pascall, the bold leader of First Quantum, brushed off concerns, a move that would… Read More Here
IMF Managing Director Urges Global Cooperation for Economic Transformation 3 International Economy 

IMF Managing Director Urges Global Cooperation for Economic Transformation

Constance
In a keynote speech delivered at the IMF-World Bank 2024 Spring Meetings, Managing Director Kristalina Georgieva emphasized the critical need for coordinated policy responses to address the current economic landscape and pave the way for a transformative future. Against the backdrop of geopolitical tensions and lingering pandemic scars, Georgieva painted a nuanced picture of the global economy. While acknowledging marginal improvements in growth, particularly in the United States and select emerging markets, she underscored persistent challenges and growing divergence, especially among low-income countries grappling with severe scarring. Central to Georgieva’s… Read More Here
Manica's Private Sector Calls for Gold Refinery Installation in Mozambique 4 International Gold 

Manica’s Private Sector Calls for Gold Refinery Installation in Mozambique

Constance
Alcides Cintura, President of the Manica Business Council (CPE), underscored the imperative need for establishing a gold refinery in central Mozambique to bolster the province’s economic landscape and enhance the organization of the mining sector. Highlighting the abundance of mineral resources, including gold and precious stones, in districts like Manica, Gondola, Báruè, Macossa, Guro, and Vanduzi, Cintura emphasized the urgency of regulating their exploitation, which currently operates largely without oversight. “The establishment of a refinery will not only create job opportunities for young people but also boost revenue collection for… Read More Here
Barrick On Track to Achieve 2024 Targets 5 International Gold 

Barrick On Track to Achieve 2024 Targets

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q1 production of 940 thousand ounces of gold and 40 thousand tonnes of copper, as well as preliminary Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. We remain on track to achieve our… Read More Here
Suncor to deploy super size Komatsu PC9000 at Fort Hills 6 International Mining Equipment 

Suncor to deploy super size Komatsu PC9000 at Fort Hills

Constance
As the market stands today, the largest available big surface mining hydraulic excavators are generally in the 800 t class – the Komatsu Mining PC8000 (shown in the attached photo), Hitachi EX8000 and Liebherr R 9800. Caterpillar still in theory has the 1,000 t 6090 FS face shovel machine – whose design dates from O&K days in Dortmund (which became Terex O&K then briefly was part of Bucyrus) before its acquisition by Caterpillar in 2011. But this unit (then known as the RH400) has not been built in some years… Read More Here
South Sudan Govt to Establish Mining Marketing Stations 7 International Gold 

South Sudan Govt to Establish Mining Marketing Stations

Constance
South Sudan’s government has announced its plans to work with Qatari gold firm United Gold Factory to establish mining marketing stations in mineral-rich areas in the country. The marketing stations will be used to organize small-scale mining enterprises in South Sudan and facilitate the trade of refined extractive resources. The marketing stations will also serve to formalize the mining sector, improving working conditions and hours, wages as well as health and safety concerns. In addition to streamlining activities in the sector, support for local miners will also allow for better… Read More Here
Kenya proposes regional maritime treaty to ease Ethiopia-Somalia tension 8 International Governance 

Kenya proposes regional maritime treaty to ease Ethiopia-Somalia tension

Constance
Kenya has proposed an idea that would diffuse the tension between Somalia and Ethiopia. Kenya suggested that both countries come to a regional maritime treaty concerning Ethiopia’s deal with a region Somalia considers a breakaway state; Somaliland. Leaders of Ethiopia and Somalia are said to be considering the proposal. Back in January, the landlocked East African giant, Ethiopia revealed that it had begun the process of gaining direct access to the sea. The Ethiopian government stated that it recently signed a deal with the Republic of Somaliland to use one… Read More Here
Kristalina Georgiva re-elected as Managing Director of the IMF 9 International Economy 

Kristalina Georgiva re-elected as Managing Director of the IMF

Constance
On April 12, 2024, the Executive Board of the International Monetary Fund (IMF) reaffirmed its endorsement of Kristalina Georgieva as the sole candidate for the position of Managing Director for a second term, commencing on October 1, 2024. The decision, reached by consensus, followed extensive discussions, including dialogues with Georgieva herself. Coordinators of the Executive Council, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, emphasized Georgieva’s exemplary leadership amidst global challenges. The Board commended Georgieva’s proactive response to major global shocks during her tenure, including facilitating over $360 billion… Read More Here
China to build more coal mines to feed surging power capacity 10 International Coal 

China to build more coal mines to feed surging power capacity

Constance
China’s National Development and Reform Commission announced plans to increase coal mining to bolster domestic supply and control price surges. The policy paper, released last week, outlines targets to add approximately 300 million tons of annual mining capacity by 2030 for “emergency storage reserves.” Qualified miners, particularly in key regions like Shanxi, Inner Mongolia, Shaanxi, and Xinjiang, will be encouraged to allocate up to 30% of the new capacity as backup reserves to mitigate price fluctuations. China has been leading a global resurgence in coal-powered capacity, contributing to about two-thirds… Read More Here

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