International - Copperbelt Katanga Mining

Glencore to procure copper from TNC’s Cloncurry project

January 24, 2024January 24, 2024 Constance

True North Copper (TNC) has entered two agreements with commodities giant Glencore International for its CCP in Queensland, Australia. The binding offtake agreement will see Glencore purchasing 100% of the copper concentrate from the CCP, while the toll-milling agreement allows for the processing of up to one million tonnes of ore per year throughout the project’s LOM. Under the terms of the offtake agreement, the sales price for the metals in the copper concentrate will align with the market’s commercial terms, including adjustments for penalties, treatment and refining charges, and… Read More Here

International Technology & Innovation

AI Governance Alliance calls for stronger global collaboration

January 24, 2024January 24, 2024 Constance

As global leaders and industry power players gather in Davos to address the world’s most pressing problems, the World Economic Forum’s (WEF) AI Governance Alliance (AIGA) has called for stronger collaboration to create a framework for advanced AI. In a series of three new reports, AIGA has focused on unlocking the value and creating a framework for generative AI (GenAI) usage. AIGA said a global effort is needed to create equitable access to AI. According to Cathy Li, head of AI, data and metaverse at the WEF: “The AI Governance… Read More Here

International Copper

Glencore, Trafigura target spot prices for mined copper sales

January 24, 2024January 24, 2024 Constance

Glencore and Trafigura are pushing Asian smelters to accept low spot prices for turning their mined copper into metal this year, as opposed to industry benchmarks that are much higher, three sources with knowledge of the matter said. Historically, the industry has used annual benchmarks for their fees, known as treatment charges (TCs), for contracts to process concentrate into copper. But London-listed Glencore (GLEN.L) and Trafigura want to base TCs on the spot market, where the expansion of Chinese and global smelting capacity, as well as tight concentrate supplies have… Read More Here

International Rare Earth Metals

Uganda Grants License for Mukuutu Heavy Rare Earths Project

January 24, 2024January 24, 2024 Constance

Ugandan rare earth mining company Rwenzori Rare Metals has received approval from the Ministry of Energy & Mineral Development to proceed with the development of the Makuutu Heavy Rare Earths Project in eastern Uganda. A mining license has been issued – the first under the 2022 Mining Act. The milestone brings the Makuutu project closer to a final investment decision, which is expected this year. Rwenzori Rare Metals plans to start production in 2026, with the company also securing a renewal of its exploration license for the area from the… Read More Here

International Coal

Mineral Exports Trigger Record Volumes at Mozambique Port in 2023

January 24, 2024January 24, 2024 Constance

The Port of Maputo in Mozambique achieved a record volume of 31.2-million tons of cargo in 2023. Of the total cargo recorded, approximately 25-million tons comprised various ores, including chromium, ferrochrome, magnetite, coal, phosphate ore, vanadium, titanium, copper, and vermiculite. Announced by privately held Mozambican company, the Maputo Port Development Company (MPDC), the uptick represents a 16% year-on-year growth compared to 2022, while contributing over $41 million in fixed and variable fees to the country’s government. “The handling of these cargoes reflects the diversification strategy on which the Port of… Read More Here

International Economy Transport and Logistics

U.S. Secretary of State Travels to Africa on Four-Nation Tour

January 22, 2024January 22, 2024 Constance

U.S. Secretary of State Antony Blinken has undertaken a four-nation tour of Africa to boost infrastructure investment and trade with the continent.During the tour, Blinken will visit Cape Verde, Côte d’Ivoire, Nigeria, and Angola. The six-day tour, which began on 21 January in Cape Verde, will focus on regional security, conflict prevention, democracy promotion, and trade, with particular emphasis being placed on the U.S.’s strategic partnership with Angola. Blinken is expected to expand on the Biden Administration’s partnership with Angola in the areas of economic investment, food security, health and… Read More Here

International

Brazil negotiates mining investments with Saudi Arabia-minister

January 22, 2024January 22, 2024 Constance

Brazil and Saudi Arabia are discussing investments in sustainable mining and the energy transition, according to Brazilian Minister of Mines and Energy, Alexandre Silveira. Attending the World Economic Forum in Davos, Switzerland, Silveira met with the Saudi ministers of investments, Khalid Al-Falih, and industry and mining, Bandar Alkhorayef. “Last night, I had a bilateral meeting with the minister of investment and the minister of mining from Saudi Arabia to discuss essential investments for Brazil in energy transition, as this is our great vocation,” Silveira told CNN. Silveira said he had… Read More Here

Battery Metals Cobalt International Lithium Mining Personality

Mehdi Wetterwald Exits Trafigura’s Metals Unit Amid Transformations

January 22, 2024January 22, 2024 Constance

Mehdi Wetterwald, previously co-head of battery metals at Trafigura Group, is leaving the trading house, marking the latest in a series of senior departures from its metals unit. Wetterwald, who had been with Trafigura since 2012, was appointed as co-head of global nickel, cobalt, and lithium trading alongside Daniel von Arx last February. Following a significant alleged nickel fraud against the company, von Arx later assumed sole leadership of the division. Sources familiar with the matter, speaking on condition of anonymity, indicated that Wetterwald is departing for personal reasons. His… Read More Here

International Gold

Barrick’s North Mara and Bulyanhulu Mines Achieve 2023 Production Targets in Tanzania

January 22, 2024January 22, 2024 Constance

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Barrick’s North Mara and Bulyanhulu gold mines have sustained their strong performance and achieved their production guidance for 2023. The mines are part of Twiga Minerals, a joint venture between Barrick and the Government of Tanzania. Speaking to media yesterday, president and chief executive Mark Bristow said the transformation of two derelict mines into a world-class complex which, on a combined basis, produce gold at a Tier One1 level, shows what could be achieved when mining companies and their host governments partner to deliver real… Read More Here

International Gold

Barrick Gold denies meeting First Quantum in Panama

January 22, 2024January 22, 2024 Constance

Barrick Gold has refuted a report from a Canadian newspaper saying that one of the gold miner’s executives had met with First Quantum representatives in Panama last week, to discuss a potential takeover of the troubled copper miner. The Globe and Mail reported on Thursday that Juana Barceló, president of Barrick’s Pueblo Viejo operations in the Dominican Republic, was recently in Panama, where she met First Quantum’s officials to discuss a possible merger or buyout. The publication cited Ebrahim Asvat, a former Panama government’s adviser, as the source. Barrick said… Read More Here