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Category: International

First Quantum Minerals completes pair of key financing deals 1 Mining in Zambia International 

First Quantum Minerals completes pair of key financing deals

arnbethnic
First Quantum Minerals Ltd. has completed two key financing deals to raise a total of more than US$2 billion that it plans to use to repay other debt and for general corporate purposes. The refinancing comes as the company pursues an international arbitration process over Panama’s decision to effectively shut down the company’s copper mine in the country. First Quantum chief executive Tristan Pascall says the successful completion of the refinancing has strengthened the company’s balance sheet and will enable it to deliver on an expansion at its Kansanshi mine… Read More Here
Panama to defend interests in FQM case, official says 2 Copper International 

Panama to defend interests in FQM case, official says

Constance
Panama will defend its interests in a legal dispute with Canadian miner First Quantum, Panama’s deputy finance minister told Reuters on Monday. The miner had last week said it was seeking $20 billion through international arbitration after Panama ordered the closure of a major copper mine there. The government ordered the shutdown in December after protests calling for more environmental protections erupted across the country and a court ruling deemed the contract to run the mine unconstitutional. “As we have done before will defend the interests of the Republic of… Read More Here
Sibanye-Stillwater Faces $2.58 Billion Impairments Amid Metal Price Decline 3 International 

Sibanye-Stillwater Faces $2.58 Billion Impairments Amid Metal Price Decline

Constance
Multinational mining and metals processing giant Sibanye-Stillwater grapples with impairments totaling $2.58 billion (approximately R47.45 billion) for the 2023 fiscal year due to plummeting metal prices and operational challenges. CEO Neal Froneman highlighted the adverse impact of sharply declining commodity prices on the group’s profitability, particularly affecting platinum group metal (PGM) operations in the United States and South Africa, as well as zinc operations in Australia. The average rand-denominated platinum, palladium, rhodium, and gold (4E) PGMs basket price decreased by 32%, while the average dollar-denominated platinum and palladium (2E) PGMs… Read More Here
Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara 4 Gold International Press Release 

Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara

Constance
 Tanzania’s Parliamentary Standing Committee for Energy and Minerals has commended Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) for the significant turnaround at the North Mara gold mine and its improved relations with the community. Members of Parliament recently visited the mine along with the Deputy Minister of Minerals, Ministry officials, the Regional Commissioner, District Commissioner, ward councilors and village leaders. The delegation was shown the mine’s water treatment plant, tailings storage facility, the Nyabigena and Gokona open pits and a number of Barrick’s community development projects such as Matongo’s agribusiness initiative and secondary… Read More Here
FQM shares jump on refinancing measures 5 Copper International 

FQM shares jump on refinancing measures

Constance
First Quantum Minerals (TSE: FM) shares surged as much as 11% after it agreed to sell $1 billion in stock and raise $1.6 billion from a notes offering to strengthen its balance sheet after Panama closed the company’s flagship copper mine. The Vancouver-based metals producer has been under growing pressure to provide answers on how it will continue to meet obligations, with billions of dollars maturing in the coming years while its biggest profit driver remained indefinitely closed. In an announcement on Wednesday, First Quantum said it also agreed with… Read More Here
Three dead as bus carrying B2Gold employees attacked in Mali 6 International Mining safety 

Three dead as bus carrying B2Gold employees attacked in Mali

Constance
B2Gold Corp on Thursday last week said that three of its employees died after sustaining injuries in an attack on an employee transport convoy in Mali. A bus transporting B2Gold employees from the Fekola mine to Bamako was attacked approximately 75 kilometres west of Bamako, the Canadian miner said. Mining and processing activities at the Fekola mine have not been impacted by the incident, B2Gold said, adding that it is working with the Malian government to understand further details of the attack. Initial reports indicate several other employees travelling on… Read More Here
Canada to accelerate critical mineral mining – energy minister 7 International Battery Metals 

Canada to accelerate critical mineral mining – energy minister

Constance
Canada plans to boost its energy security by slashing the time it takes to develop new critical mineral mines by nearly a decade with improved permitting processes, energy minister Jonathan Wilkinson told Reuters on Tuesday. Ottawa is focused on six critical minerals key to making electric vehicles and wind turbines: lithium, graphite, nickel, cobalt, copper, and so-called rare earth elements. Wilkinson said the mining and processing of critical minerals was currently too dominated by China. “(We’re) looking at how do we optimize the regulatory and permanent processes so you can… Read More Here
Barrick Gold CEO Bristow Dismisses Interest in Piecemeal Bids for FQM's Assets 8 International Copper Gold 

Barrick Gold CEO Bristow Dismisses Interest in Piecemeal Bids for FQM’s Assets

Constance
Barrick Gold Corp’s CEO Mark Bristow stated on Wednesday that the company is not interested in fragmented discussions when questioned about bidding for any of First Quantum Minerals Ltd’s assets. Bristow clarified that Barrick Gold did not engage with First Quantum shareholders during any roadshow to assess their support for a potential takeover, refuting a media report from the previous month. “I’m not interested in working on any sort of piecemeal discussion,” Bristow told Reuters in an interview following the company’s quarterly earnings report. First Quantum, facing challenges after an… Read More Here
First Quantum CEO: Panama’s next government cannot ignore mining sector 9 Copper International 

First Quantum CEO: Panama’s next government cannot ignore mining sector

Constance
Two months after protests led the Panamanian government to order the shutdown of First Quantum’s Cobre Panama mine, chief executive Tristan Pascall, sees an opportunity for discussing mining’s contribution to Panama’s economy as the country approaches an election in May. “We see that some of the emotion (from the protests) has really dialled back,” Pascall told the Financial Post. “There’s significant economic challenges emerging in the country and we believe it’s impossible for the next government to ignore the contribution that a responsible mining sector can make.” The mine accounts… Read More Here
Glencore Plans Closure or Sale of Unprofitable Nickel Mines in New Caledoni 10 International Battery Metals Lithium 

Glencore Plans Closure or Sale of Unprofitable Nickel Mines in New Caledoni

Constance
Glencore’s joint venture, Koniambo Nickel SAS (KNS), in New Caledonia, is set to transition into care and maintenance due to high operating costs and weak nickel market conditions, the company announced on Monday. Acquired as part of Glencore’s 2013 Xstrata transaction, KNS has struggled with profitability despite efforts by the French government to support the nickel industry in New Caledonia. Glencore expressed gratitude for the government’s initiatives but stated that KNS remained unsustainable, and funding further losses was not justifiable for its shareholders. The company plans to seek a new… Read More Here

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