International - Copperbelt Katanga Mining

Trafigura brings Australian mined copper back to China -sources

November 14, 2023November 14, 2023 Constance

Swiss commodity trader Trafigura has agreed to help Chinese smelters clear imports of copper concentrate from Australia, suggesting an informal ban has been lifted if the cargo clears customs, three sources familiar with the matter told Reuters. China has gradually been easing a raft of unofficial curbs and tariffs on Australian imports, including copper concentrate and coal, that were imposed in 2020 at the height of a diplomatic spat over trade and security. Despite a wider informal easing, state-owned Chinese smelters that turn concentrate into copper metal, have been reluctant… Read More Here

International Precious Stones

Fura Gems appoints China Stone as sight holder for Mozambican rubies

November 12, 2023November 12, 2023 Constance

Fura Gems, the leading global gemstone mining company, and China Stone announce a global collaboration. Under this agreement, Fura Gems will grant China Stone access to a selection of premium rough rubies. This partnership guarantees a reliable source of ethically mined gemstones, supporting better production planning and forecasting for watches, jewellery manufacturers, and retailers. Key Highlights: Fura Gems will provide China Stone with rough rubies ranging from 0.25 carats to 0.75 carats.China Stone, a leading supplier of precision-cut and polished gemstones for the Watch and Jewellery Industry, will receive a… Read More Here

International Copper

Jiangxi Copper boosts stake in First Quantum

November 12, 2023November 12, 2023 Constance

Jiangxi Copper, First Quantum’s (TSX: FM) largest shareholder, has increased its stake in the Canadian miner, which is still reeling from the heavy losses caused by uncertainty regarding the future of its flagship copper mine in Panama. The Chinese miner grew its interest in First Quantum to 18.5% from 18.3%, after buying a total of 1.35 million shares this week. Panamanian legislators were very close to cancelling the Vancouver-based miner’s recently ratified 20-year contract to operate the giant Cobre Panama copper mine. After three consecutive days of extraordinary meetings, the… Read More Here

International

South Africa President deploys army to tackle illegal Mining

November 10, 2023November 10, 2023 Constance

South African President Cyril Ramaphosa has authorized the deployment of 3,300 army personnel to help combat illegal mining activities, Ramaphosa’s office said in a statement on Thursday November 9th. The deployment of the South African National Defence Force (SANDF), which is expected to cost about 492 million rand ($26 million), is aimed at maintaining law and order under “Operation Prosper”, Vincent Magwenya, Ramaphosa’s spokesperson, said in the statement. The SANDF was previously deployed in 2019 to the Western Cape province to fight gang violence under the same operation. “Members of… Read More Here

International Gemstones Precious Stones

Mozambique Forecasts a 38.8% Decline in Ruby Output for the Year

November 4, 2023November 4, 2023 Constance

The Mozambican government has warned that the country will miss its planned ruby production target this year. Output is expected to fall by almost 40% compared to 2022, when production of the stone reached 4.4 million carats. According to a report from the Ministry of Economy and Finance on the budget execution of the first semester, which Lusa accessed today, production data for three companies show that “the planned for the year will not be achieved 2023, with a decrease of around 38.83% expected”. This decline is explained by “the… Read More Here

International Copper

Panama to hold referendum on FQM contract, halts new projects

October 30, 2023October 30, 2023 Constance

Panama will hold a referendum in December to decide the fate of Canada’s First Quantum Minerals (TSX: FM) Cobre Panama copper mine, and has also announced a halt on new mining projects as the government tries to calm mass unrest triggered by the deal. After 10 months of negotiations between the parties, the Panamanian Congress approved on October 20 a revised operating contract for First Quantum’s flagship copper mine. The decision, which ended years of legal uncertainty and allows the company to operate for the next 20 years, was signed… Read More Here

International Copper

Panamanian protesters break into international port used by FQM

October 30, 2023October 30, 2023 Constance

On the sixth day of protests against the recent approval of the mining concession for the Cobre Panamá copper mine, activists broke into the Punta Rincón International Port, in the northern Colón province, which is used by Minera Panamá to ship copper abroad. The protesters arrived on a speedboat chanting slogans against the mine but were later escorted out by a patrol from the National Aeronaval Service. Right after the incident, which took place on Saturday, the subsidiary of Canada’s First Quantum Minerals (TSX: FM) issued a media statement deeming… Read More Here

International Copper

Panama’s top court considers lawsuit over First Quantum deal

October 27, 2023October 27, 2023 Constance

Panama’s Supreme Court will consider a lawsuit which alleges that the nation’s contract with copper miner First Quantum Minerals Ltd. violates the constitution. The court said in a statement that it will issue an opinion on the lawsuit within 10 business days. If it then proceeds, it will request written arguments from attorneys representing both sides. From there, it would advance to the magistrates for a ruling, the court said. Shares of First Quantum fell in Canada trading after the statement, and were down 4.1% at 12.47 a.m. in Toronto.… Read More Here

International Copper

Glencore to close copper mines in Mount Isa, Queensland in 2025

October 26, 2023October 26, 2023 Constance

Swiss commodity trader Glencore has plans to close its underground copper mines in Mount Isa, Queensland, Australia, in H2 2025, after 60 years of mining operations. The decision to close the underground copper operations belonging to operator Mount Isa Mines (MIM) is expected to affect 1,000 jobs. Affected operations include Enterprise, X41 and Black Rock, in addition to the nearby Lady Loretta Zinc mine. However, the company plans to continue to operate Mount Isa Mines’ other metals assets, including the copper smelter, the George Fisher Mine, the zinc-lead concentrator and… Read More Here

International Corporate News News in Brief

Sibanye-Stillwater to Begin Talks on Restructuring of Four Southern African PGM Shafts

October 25, 2023October 25, 2023 Constance

Sibanye-Stillwater, a dual-listed company, is entering discussions with organized labor and other affected non-unionized employees and their representatives regarding the potential restructuring of four platinum group metal (PGM) shafts in its Southern African business. This restructuring and potential shaft closures may impact around 4,095 employees and contractors, including support services employees. While two of the shafts have already ceased production due to depleted ore reserves and economic viability, the other two require restructuring for sustainable production. Rising costs and falling PGM prices have challenged the profitability of the global PGM… Read More Here