International - Copperbelt Katanga Mining

BHP Shifts Focus After Rejected Anglo American Takeover Bid

October 30, 2024October 30, 2024 Constance

BHP has turned its attention to new growth prospects after Anglo American shareholders rejected its $49-billion takeover proposal earlier this year, the company’s Chairperson Ken MacKenzie confirmed on Wednesday. In May, BHP withdrew from its acquisition bid for Anglo after three failed attempts. With a six-month restriction on reapproaching Anglo soon to expire, there had been speculation that BHP might revisit the offer. “We saw a unique opportunity for synergy with Anglo American—an idea where one plus one equals three,” MacKenzie remarked at BHP’s annual meeting. “However, Anglo’s shareholders favored… Read More Here

Caracal Gold Secures Mining License for Kanegele Project in Tanzania

October 30, 2024October 30, 2024 Constance

London-listed Caracal Gold has obtained a mining license for its Kanegele project in Tanzania. Caracal’s subsidiary, Tyacks Gold, successfully applied for two mining licenses in December 2023, and the Kanegele project, located within the Nyakafuru area, has now received its first permit. Located in the Lake Victoria Gold Fields, Kanegele lies 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from established infrastructure. The Kanegele project encompasses four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 oz. Substantial historical mining and… Read More Here

International Economy

Zimbabwe to Replace US Dollar with Gold-Backed ZiG as Exclusive Legal Tender

October 29, 2024October 29, 2024 Constance

Zimbabwe’s ruling party, Zanu-PF, has passed a resolution to make the gold-backed ZiG currency the country’s sole legal tender, moving to phase out the US dollar. The resolution, finalized at Zanu-PF’s annual conference, mandates the government to “expedite dedollarization efforts” and prioritize the ZiG currency, though no specific timeline was provided. The ZiG, short for Zimbabwe Gold, marks Zimbabwe’s sixth currency shift in 15 years as an alternative to the US dollar, which remains legal tender until at least 2030 under current law. President Emmerson Mnangagwa has hinted at accelerating… Read More Here

Gold International New Mining Projects

Montage Gold Secures $825 Million for Construction of Côte d’Ivoire’s Largest Gold Mine

October 27, 2024October 27, 2024 Constance

Montage Gold has successfully raised $825 million in Côte d’Ivoire to finance the construction of the country’s largest gold mine, which is expected to achieve an annual production capacity of 301,000 ounces during its first eight years of operation. This project is set to significantly bolster gold production in Ivory Coast in the long term. In a press release dated October 24, 2024, Montage announced that the funding was secured through a combination of loans and advance sales of future gold production. This financing involved collaboration with one of its… Read More Here

Copper International

China’s Copper Demand to Peak by 2030 Amid Economic Shifts

October 27, 2024October 27, 2024 Constance

A state-backed researcher forecasts that China’s copper demand will peak around the end of this decade, signaling a potential shift away from the bullish outlook traditionally associated with copper. Beijing Antaike Information Development Co. projects strong demand from the renewables sector—an area copper advocates often highlight. However, a slowing Chinese economy and an increasing shift toward aluminum in some applications may temper future copper demand. According to Antaike analyst Yang Changhua, copper demand in China is expected to grow at an annual average of 1.1% over the five years leading… Read More Here

International Economy

BRICS Expands to Include New African Partners

October 25, 2024October 25, 2024 Constance

South Africa has long stood as Africa’s sole representative within BRICS, the alliance comprising Brazil, Russia, India, China, and South Africa. However, at the recent BRICS summit, the alliance announced the addition of 13 new nations as partners, including three African countries, marking a significant shift in its influence and reach. BRICS has been rapidly expanding over the past two years, aiming to reshape the global economic landscape. Together, BRICS members represent 42% of the world’s population, 30% of the global landmass, and 24% of the global economy. This expansion… Read More Here

Gold Corporate News International

Mali Accuses Barrick Gold of Violating Agreement Amid Revenue Negotiations

October 25, 2024October 25, 2024 Constance

Mali has accused Barrick Gold of failing to meet commitments made in a recent agreement. The Canadian mining company, which operates the Loulo-Gounkoto gold mines in Mali, denied any wrongdoing on Thursday. Barrick, the world’s second-largest gold miner, announced on September 30 that it had reached an agreement with Mali’s government to settle disputes over the Loulo and Gounkoto mines. This announcement followed the brief detention of four Malian employees by authorities. However, in a joint statement dated October 23, Mali’s economy and mines ministries claimed Barrick had not fulfilled… Read More Here

International Gold

Newmont Sells Akyem Mine in Ghana to Zijin Mining for Up to $1 Billion

October 19, 2024October 19, 2024 Constance

US-based gold giant Newmont has reached an agreement to sell its Akyem mine in Ghana to Chinese mining firm Zijin Mining for up to $1 billion in cash. This sale is part of Newmont’s ongoing strategy to divest non-core assets following its acquisition of Newcrest Mining in 2023. Last month, the Denver-based company also agreed to sell two Australian assets for up to $475 million. Additional assets on the market include the Éléonore, Musselwhite, and Porcupine mines, along with the Coffee project in Canada, as well as the CC&V mine… Read More Here

Gold International Mining tax

Mali Seeks $512 Million in Tax Claims from Barrick Gold Amid Mining Revenue Drive

October 19, 2024October 19, 2024 Constance

Mali’s military government is demanding at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, as part of a broader initiative to increase revenue from mining companies. Last month, authorities briefly detained four Malian staff members employed by Barrick, the world’s second-largest gold miner. The Canadian company announced on September 30 that it had agreed to collaborate with the government to address existing claims and disputes. These demands follow an audit of mining contracts conducted last year and the government’s push to renegotiate agreements with… Read More Here

International Corporate News

Former Glencore Executives Await 2027 Trial for Bribery Charges

October 19, 2024October 19, 2024 Constance

A group of former Glencore executives accused of bribery and corruption in West Africa by UK authorities will have to wait until 2027 to stand trial. England’s criminal courts are currently facing a severe backlog of cases, worsened by years of underfunding, the COVID-19 pandemic, and lawyer strikes. On Wednesday, a judge at London’s Southwark Crown Court set a trial date for June 1, 2027, for the Serious Fraud Office’s case, which is anticipated to last up to six months. The accused include Alex Beard, the former head of oil… Read More Here