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Category: International

Infinity to Inject $1 Billion Investment into Egypt's Gold Mining Sector 1 International Gold 

Infinity to Inject $1 Billion Investment into Egypt’s Gold Mining Sector

Constance
Russian mining firm Infinity is set to inject up to $1 billion into Egypt’s gold mining industry, aiming to not only bolster its own business portfolio but also invigorate the country’s extractive sector. Infinity has announced its participation in a bidding round initiated by the Egyptian mining company Shalateen Mineral Resources. The objective is to explore and exploit gold and associated minerals in Egypt, with a focus on the resource-rich basins of Baramiya and Hamata. This substantial investment by Infinity is anticipated to create around 100,000 jobs. Additionally, it includes… Read More Here
Barrick Gold eyes Peru expansion 2 International Gold 

Barrick Gold eyes Peru expansion

Constance
Barrick Gold is looking to acquire assets in Peru as its push for global expansion continues. According to local newspaper Gestión, a subsidiary of the Canadian mining company, Barrick Peru, submitted a request to obtain a mining concession for 400 hectares of land in the Puno region in the south-east of Peru. Submission of the request marks a step towards further exploration and extraction of mineral resources in the area, where Barrick first carried out exploration two years ago. In a statement referring to the company’s financial results, president and… Read More Here
Barclays Analysts Recommend Exploiting Discount in Rio Tinto's Dual Listing Discrepancy 3 International 

Barclays Analysts Recommend Exploiting Discount in Rio Tinto’s Dual Listing Discrepancy

Constance
Rio Tinto, with its UK-listed shares trading at a significant discount compared to its Australian counterparts, presents an opportunity for investors to capitalize on the disparity, according to Barclays Plc analysts. On Thursday, Rio Tinto Ltd closed at $80.58 per share in Sydney, whereas Rio Tinto Plc traded at $65.01, over $15 cheaper, as of 2:50 p.m. in London. Barclays analysts, led by Amos Fletcher, highlighted that historically, purchasing London shares while shorting Sydney shares during periods of extreme spread has yielded positive returns. They identified potential catalysts for the… Read More Here
Trafigura Announces Retirement of Senior Executives in Management Reshuffle 4 International Mining Personality 

Trafigura Announces Retirement of Senior Executives in Management Reshuffle

Constance
Global commodity trader Trafigura revealed on Friday that two senior executives would retire this year, marking a significant transition within the company’s leadership and paving the way for a new generation of management. Last September, the Geneva-based firm streamlined its management structure by consolidating divisional leadership roles. Ben Luckock assumed sole responsibility for oil, Gonzalo De Olazaval for metals and minerals, while Richard Holtum expanded his portfolio to include renewables and power. Trafigura disclosed that its CFO, Christophe Salmon, would retire at the end of June after serving 12 years… Read More Here
West African Resources Reports Strong First Quarter Gold Production at Sanbrado Operations 5 International Gold 

West African Resources Reports Strong First Quarter Gold Production at Sanbrado Operations

Constance
West African Resources, an ASX-listed unhedged gold mining company, has announced the production of 56,595 ounces of gold in the first quarter at its Sanbrado gold operations. The gold production, derived from milling 844,000 tonnes of ore at a head grade of 2.2 g/t and a recovery rate of 93.9%, remained consistent with the output recorded in the preceding quarter of December 2023. During the quarter, underground mined ounces witnessed a notable increase of 22% quarter-on-quarter, with 105,000 tonnes of ore extracted from M1 South at a grade of 8.1… Read More Here
Reserve Bank of Zimbabwe Introduces Gold-Backed Currency ZiG 6 International Economy 

Reserve Bank of Zimbabwe Introduces Gold-Backed Currency ZiG

Constance
The Reserve Bank of Zimbabwe has launched ZiG, a new gold-backed currency aimed at stabilizing the economy and shielding citizens from currency fluctuations and soaring inflation. ZiG, short for “Zimbabwe Gold,” was unveiled by Central Bank Governor John Mushayavanhu on Friday last week. The move comes amidst the drastic depreciation of the Zimbabwean dollar, or RTGS, which has lost three-quarters of its value this year. Mushayavanhu emphasized that the goal is to replace the RTGS with the gold-backed ZiG currency. Citizens have been given a 21-day window to exchange their… Read More Here
African Rainbow Minerals Invests in Surge Copper's Critical Metals District 7 International Copper 

African Rainbow Minerals Invests in Surge Copper’s Critical Metals District

Constance
African Rainbow Minerals (ARM), a diversified mining company listed on the Johannesburg Stock Exchange, has finalized a subscription agreement with Surge Copper, a Canadian company advancing a critical metals district in British Columbia. Through its subsidiary ARM Copper, ARM will invest C$3.8 million to subscribe for 39,608,708 common shares of Surge Copper. Upon completion of the placement, ARM will hold a 15% stake in Surge, subject to approval from the TSX Venture Exchange and the South African Reserve Bank. As a member of the International Council on Mining and Metals,… Read More Here
Madagascar Villagers Accuse Rio Tinto of Contaminating Water Sources 8 International 

Madagascar Villagers Accuse Rio Tinto of Contaminating Water Sources

Constance
Villagers in rural Madagascar are embroiled in a legal dispute with mining giant Rio Tinto, alleging contamination from the nearby QIT Minerals Madagascar (QMM) mine has resulted in dangerous levels of uranium and lead in their bodies. The 64 residents from the Anosy region claim that the QMM mine, predominantly owned by Rio Tinto, has polluted surrounding lakes and waterways, impacting up to 15,000 people reliant on these water sources. Anosy, with its diverse population of around 500,000, faces challenges such as high poverty rates, food insecurity, and water scarcity,… Read More Here
Rio Tinto to manage Ranger uranium mine clean-up in Australia 9 International Uranium 

Rio Tinto to manage Ranger uranium mine clean-up in Australia

Constance
Energy Resources of Australia (ERA) has chosen Rio Tinto to carry out Ranger uranium mine rehabilitation in Australia’s Northern Territory after several delays and cost overruns. Rio Tinto holds an 86.3% stake in ERA. ERA ceased mining operations at the Ranger site in 2021, aiming to complete the site’s clean-up and restoration by 2026 at an estimated cost of around A$800m ($527.7m). However, the company encountered several setbacks, leading to a revised cost projection of more than A$2.2bn and an extended completion timeline beyond 2028. ERA CEO Brad Welsh said:… Read More Here
KBR Secures Management Contract for Lobito Refinery Expansion Project in Angola 10 International Oil & Gas Petroleum 

KBR Secures Management Contract for Lobito Refinery Expansion Project in Angola

Constance
Engineering firm KBR has been awarded a project management contract for the development of the Lobito Refinery, a significant project located in Benguela Province, Angola. With a capacity of 200,000 barrels per day (bpd), this refinery expansion project marks a pivotal moment in Angola’s oil industry. Under the contract granted by Angolan national oil company Sonangol, KBR will oversee the engineering, procurement, and construction (EPC) phase of the project. This agreement solidifies a 20-year partnership between KBR and Sonangol, demonstrating KBR’s continued commitment to the region. Jay Ibrahim, President of… Read More Here

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