International - Copperbelt Katanga Mining

Panama’s top court rules FQM contract unconstitutional

November 29, 2023November 29, 2023 Constance

Panama’s Supreme Court ruled on Tuesday that First Quantum Minerals’ contract to operate its giant Cobre Panama copper mine, the only mining operation in the Central American country, is unconstitutional. Challenges against the contract, which would have allowed Cobre Panama to keep operating for the next 20 years, piled up in court following public protests against the deal inked in October by the government and First Quantum’s local subsidiary, Minera Panama. The court began deliberations on Friday and continued over the weekend. It announced a 12-hour break at the end… Read More Here

New Mining Projects International

Ivanhoe Mines to Commence Exploration Activities in Angola

November 29, 2023November 29, 2023 Copperbelt Katanga News

22,195 square kilometres of prospecting rights granted in Moxico and Cuando Cubango provinces Licence package equivalent to half the size of Switzerland Project mobilization to commence in Q1 2024 United States Geological Survey also signs MOU with Geological Institute of Angola for the mapping of the country’s critical minerals Luanda, Angola– Ivanhoe Mines Executive Co-Chair Robert Friedland and President Marna Cloete are pleased to announce that the company has been granted 22,195 square kilometres of greenfield prospecting rights for exploration in the Moxico and Cuando Cubango Provinces of Angola. A… Read More Here

International Nickel

Nickel price hits two-year low

November 27, 2023November 27, 2023 Constance

Following international commodity market trends observed at the London Metal Exchange, it appears that nickel recorded a fall of 0.9% to trade at 16,405 US dollars per tonne – its lowest level since April 2021 – before to rebound to 16,405 US dollars, a drop of 0.2%. Experts say this is driven by ongoing concerns about oversupply putting pressure on the market. To this end, the most traded nickel contract in December on the Shanghai futures exchange closed down 3.2% at 127,720 yuan, equivalent to 17,711.58 US dollars per tonne.… Read More Here

Gold International

Mali and Russia Set to Establish West Africa’s Largest Gold Refinery

November 27, 2023November 27, 2023 Constance

Mali has announced a significant milestone in its economic partnership with Russia, revealing plans to construct a gold refinery in the capital city, Bamako. The deal, part of several bilateral agreements between the two nations, outlines the establishment of a refinery boasting an impressive 200-tonne annual capacity, positioning it as the largest of its kind in West Africa. The memorandum of understanding (MoU), while non-binding, signifies a promising collaboration between Bamako and Moscow. However, no specific timeline has been set for the refinery’s construction despite the four-year term outlined in… Read More Here

International Copper News in Brief

FQM plans to start arbitration against Panama – ministry

November 27, 2023November 27, 2023 Constance

Canada’s First Quantum sent two notifications of intent to start an arbitration process against Panama, the Central American country’s trade ministry said Sunday November 26, amid protests demanding the miner’s contract to run a key mine be scrapped. Panama’s top court started deliberations to rule on several constitutional challenges to First Quantum’s contract on Friday and is expected to issue a ruling in the coming days. SOURCE:mining.com Read More Here

Copper International

Panama copper miners attacked by protesters, union boss says

November 27, 2023November 27, 2023 Constance

Protesters attacked workers leaving the Cobre Panama mine early Sunday in an incident that left about eight people injured, a union leader said. A group of protesters in a pickup truck threw stones at buses carrying staff from the First Quantum-operated mine, Michael Camacho, a leader of the Utramipa union, said by telephone. After one bus was forced to stop, the passengers fled as protesters detained the driver, Camacho said. He said he was unaware of the extent of the injuries suffered by workers. The union has called for protection… Read More Here

Copper International

FQM suspends Copper production in Panama amid blockade

November 24, 2023November 24, 2023 Constance

First Quantum Minerals Ltd. suspended production in Panama as a blockade of boats restricts key supplies to one of the world’s biggest and newest copper mines. “Cobre Panama is no longer operating at commercial levels of production,” the Canadian company said in a text message, confirming union comments earlier Thursday. First Quantum had begun slowing operations at its flagship mine last week amid intensifying protests over the operating contract. The demonstrations include a blockade by small boats at a port used to deliver supplies like coal to a mine responsible… Read More Here

Copper International Mergers & Acquisitions

MMG Limited Expands its Portfolio with Acquisition of Khoemacau Copper Mine in Botswana

November 22, 2023November 22, 2023 Constance

MMG Limited (HK.1208) has unveiled a pivotal move in the mining industry by finalizing a Share Purchase Agreement (SPA) to acquire the parent company of the esteemed Khoemacau Copper Mine in Botswana. This strategic acquisition comes with an effective Enterprise Value of US$ 1,875 million and marks a significant milestone in MMG’s pursuit of establishing a robust portfolio comprising top-tier mines catering to the needs of a decarbonized world. Khoemacau stands out as one of the premier new copper mines on a global scale, renowned for its exceptional quality. The… Read More Here

International Copper

FQM Reaches Salary Agreements with Union Amid Mine Access Protests

November 17, 2023November 17, 2023 Constance

The union for Canadian miner First Quantum’s unit in Panama said on Thursday that it reached an agreement with the company to guarantee salaries as protests and blockades against the miner prevent them from working. Protests have raged for weeks against First Quantum’s contract for a $10 billion copper mine, with some protests blocking access to the mine. The blockades “put at risk the daily bread of some 7,000 workers who are also Panamanians who have not been able to return to our posts to make a living in a… Read More Here

International Gold

Barrick Announces Additional Investment in Hercules Silver

November 17, 2023November 17, 2023 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) announced that on November 10, 2023, it purchased 7,000,000 warrants to purchase common shares of Hercules Silver Corp. (“Hercules”) for total consideration of C$6,580,000. The warrants were immediately exercised at their exercise price of C$0.11 per Hercules common share. Prior to its acquisition and exercise of the warrants, Barrick owned 26,556,870 common shares of Hercules and 6,804,918 warrants, representing approximately 12.33% of the outstanding Hercules common shares on a non-diluted basis, and 15.02% on a partially-diluted basis. Barrick now owns 33,556,870 common shares and 6,804,918… Read More Here