International - Copperbelt Katanga Mining

Newmont Initiates Sale of Akyem Gold Mine in Ghana Amid Surging Metal Prices 1

Newmont Corp. has commenced the process of selling its Akyem gold mine in Ghana, with Chinese producers expressing early interest in the asset as gold prices soar, according to sources familiar with the matter. The disposal of the Akyem mine is being facilitated by Citigroup Inc., who has begun reaching out to potential buyers, including Shandong Gold Mining Co. and Zijin Mining Group Co., among others. Chifeng Jilong Gold Mining Co. and Australian miner Perseus Mining are also reportedly considering the acquisition. While discussions are in the preliminary stages, it’s… Read More Here

MMG Limited Completes Acquisition of Khoemacau Copper Mine in Botswana

March 25, 2024March 25, 2024 Constance

MMG Limited, a Hong Kong-listed base metals miner, has finalized the acquisition of the Khoemacau Copper Mine, a cutting-edge copper asset located in northwestern Botswana. The completion of the acquisition was announced today, March 22, 2024, marking a significant milestone for MMG Limited. The acquisition adds a high-quality growth project to MMG’s portfolio, signifying a transformative move for the company. As part of the acquisition, MMG paid an Aggregate Consideration of approximately US$1,734,657,000 (over P23 billion) to the sellers, with possible adjustments post-Completion. Additionally, MMG advanced approximately US$348,580,000 (over P4.5… Read More Here

International

Human rights court orders Peru to pay damages to mining town

March 25, 2024March 25, 2024 Constance

The Inter-American Court of Human Rights on Friday ordered Peru to pay damages to residents of an Andean town for violations of their right to a healthy environment from years of air, water and soil pollution from a nearby mine. The court ruled the state failed to comply with its duty to regulate and supervise La Oroya Metallurgical Complex, which was active for nearly a century before debts and environmental regulations forced it to close in 2009. The court said it corroborated that exposure to lead, cadmium, arsenic and sulfur… Read More Here

Mining Personality International

Glencore Announces Board Changes with Retirement of Peter Coates

March 23, 2024March 23, 2024 Constance

Global mining giant Glencore has disclosed the retirement of board member Peter Coates, effective May 29, marking the conclusion of his esteemed 30-year tenure with the company. Coates, who assumed his position on the Glencore board in 2011, notably served as the chairperson of the health and safety committee during his tenure. To fill the vacancy left by Coates, the company has appointed John Wallington as an independent non-executive director, effective June 1. Wallington brings over four decades of extensive experience in the mining sectors of South Africa, Australia, Colombia,… Read More Here

International Mergers & Acquisitions

Sibanye-Stillwater Successfully Concludes Acquisition of Reldan Group

March 23, 2024March 23, 2024 Constance

Sibanye-Stillwater has completed the acquisition of the Reldan Group of Companies, finalizing the transaction with a cash purchase consideration of $155.9 million. The purchase agreement between Sibanye and Reldan was initiated in November 2023 and has now been successfully executed. Funding for the acquisition was sourced from the proceeds of a $500 million senior unsecured guaranteed convertible bond, which was completed in November 2023, carrying an annual coupon rate of 4.25%. The acquisition of Reldan marks a strategic move for Sibanye, enhancing its presence in the circular economy and complementing… Read More Here

International Gold

West African Resources Advances Mining Projects in Burkina Faso

March 23, 2024March 23, 2024 Constance

The Burkina Faso Council of Ministers has endorsed the draft decree for the issuance of a mining permit to ASX-listed West African Resources for the Toega gold deposit. As per the Mining Code of Burkina Faso, the license will be granted to a local company, 90%-owned by West African Resources and 10%-owned by the State, spanning an initial eight-year period. This approval marks a significant milestone for the commencement of mining operations at the Toega open-pit gold deposit, following the acquisition of Toega’s environmental permit in 2023. With gold resources… Read More Here

International Copper

Successful Project Financing Secured for Centinela Copper Mine Expansion in Chile

March 22, 2024March 22, 2024 Constance

Marubeni Corporation, in collaboration with UK-based Antofagasta plc, has successfully secured loan agreements totaling $2.5 billion for the expansion project of Minera Centinela, situated in Chile. The financing agreement, concluded on March 15, involves a consortium of international lenders, including prominent institutions such as the Japan Bank for International Cooperation, Export Development Canada, Export-Import Bank of Korea, KfW IPEX-Bank, Sumitomo Mitsui Banking Corporation, Crédit Agricole, Société Générale, and Natixis. This landmark agreement aims to expedite the construction process and facilitate the commencement of production under the Expansion Project by 2027.… Read More Here

International Electricity

Mozambique: EDM loses over 78 million dollars from vandalization and illegal connections

March 22, 2024March 22, 2024 Constance

Mozambique’s publicly-owned electricity company, EDM, has recorded, over the last year, a financial loss of five billion meticais (78.3 million dollars at the current exchange rate) as a result of damage of equipment by criminals across the country, as well as illegal connections. According to EDM Executive Director, Noel Govene, who was speaking recently at the signing ceremony of a Memorandum of Understanding between EDM and the Institute for Scholarships (IBE), “in 2023 alone, EDM recorded losses of around five billion Meticais, an amount that could have been used to… Read More Here

International Zinc

Glencore pauses operations at McArthur River zinc and lead mine

March 22, 2024March 22, 2024 Constance

Swiss multinational commodity trading and mining company Glencore has suspended operations at the McArthur River zinc and lead mine in Australia due to heavy rainfall. The suspension could lead to a further tightening of the global zinc concentrate supply, which is crucial for the production of refined zinc. Located around 970km south-east of Darwin in Australia’s Northern Territory, the McArthur River mine includes an open-cut mine and processing facilities. The site experienced rainfall this week that surpassed the previous record set in 1974. Zinc and lead are mined and processed… Read More Here

International Oil & Gas Petroleum

Nigeria Leads Shell’s Payments to Governments, Receiving Record $4.92 Billion in 2023

March 22, 2024March 22, 2024 Constance

In 2023, Nigeria emerged as the top recipient of payments from Shell, receiving the highest payments in the form of production entitlements, royalties, taxes, and fees amounting to $4.92 billion, marking the highest figure recorded in four years. Shell’s total payments to governments across 27 countries in 2023 amounted to $29.51 billion. Following Nigeria, Oman and Norway ranked as the second and third highest recipients, receiving payments of $4.09 billion and $3.81 billion, respectively. Nigeria’s payout from Shell increased by 8.85 percent compared to the previous year, representing 16.67 percent… Read More Here