International - Copperbelt Katanga Mining

Zimbabwe Launches Gold-Backed ZiG Tokens to Combat Re-Dollarization Threat

October 11, 2023October 11, 2023 Constance

Zimbabwe has launched a new gold-backed digital currency to halt re-dollarization, which the administration of President Emmerson Mnangagwa worries could destroy the nation’s already precarious economy. The digital tokens, also known as Zimbabwe Gold (ZiG), which are primarily measured in milligrams, may be used for transactions by both private persons and businesses, according to the nation’s central bank. In addition to being priced in US dollars and local currency, they may be purchased via banks in ZiG. Bank customers may use their ZiG accounts to make purchases through point-of-sale terminals… Read More Here

International Copper

China’s top copper buyers expect a 36% cut in Codelco premium

October 11, 2023October 11, 2023 Constance

China’s largest copper buyers expect to pay a premium of around $90 per metric ton next year for Codelco’s metal, 36% below what they are paying this year, four sources with direct knowledge of the matter said. Premiums set for physical delivery of copper are paid on top of the reference London Metal Exchange (LME) contract and are sometimes used as a benchmark for global contracts. Codelco Chairman Maximo Pacheco told Reuters last week that China remained an important market for the Chilean miner, accounting for 40%-45% of Codelco’s sales… Read More Here

Copper International

Panama cabinet approves modified contract with FQM

October 11, 2023October 11, 2023 Constance

Panama’s cabinet on Tuesday approved a modified version of the government’s contract with a local subsidiary of Canadian miner First Quantum, after extended talks over regulations concerning the open-pit copper mine the firm operates. A government statement said the modifications include stipulations that the subsidiary, Minera Panama, can only explore, extract and exploit copper and its derivatives in the concession area in the Donoso and Omar Torrijos districsts. It removed a clause saying the state would consider granting exploring rights for gold, silver and molybdenum, as well as a clause… Read More Here

International Gold Mining Personality

Mike Fraser appointed Gold Fields CEO

October 9, 2023October 9, 2023 Constance

Gold Fields has appointed Mike Fraser CEO and executive director of the company with effect from January 1, 2024. Fraser is currently CEO of Aim-listed Chaarat Gold Holdings. Prior to that, he was president and COO of South32’s key metal businesses. He will take over from Martin Preece, who took up the position of interim CEO on January 1 this year, following the resignation of former CEO Chris Griffith. To ensure a seamless leadership transition, Preece will continue as interim CEO until December 31. Preece will remain with the company thereafter as part of its executive management team,… Read More Here

Gold International

Barrick Pursues New Discoveries Amid Loulo-Gounkoto Success

October 9, 2023October 9, 2023 Constance

The Loulo-Gounkoto complex is set to maintain its status as one of the world’s Top 10 gold producers as it stays on track to meet this year’s guidance and continues to replace the reserves depleted by mining, Barrick president and chief executive Mark Bristow said. Briefing local journalists, he noted that in the 26 years Barrick had been in the country, it had worked tirelessly with successive governments and local partners to grow Mali’s mining industry and to promote it as a global investment destination, in the face of many… Read More Here

International Battery Metals

Kenya Proposes Comprehensive Mining Act Reform to Boost Industry Growth

October 6, 2023October 6, 2023 Constance

Kenya’s parliament has put forward a series of reforms aimed at revitalizing the country’s mining sector, building stronger government control, and overseeing critical minerals. These proposals, introduced in October, seek to modernize the existing Mining Act of 2016. One of the key reforms involves the establishment of a Mining Regulatory Authority. This authority will play a pivotal role in supervising every aspect of the critical minerals value chain, spanning exploration, extraction, production, processing, refining, transportation, storage, importation, and sale. Traditionally, the government has provided advisory support to the mineral industry.… Read More Here

International Economy

UAE Economy Sees 4-Year High in Business Demand Among BRICS

October 5, 2023October 5, 2023 Constance

Following its inclusion in the BRICS alliance, the United Arab Emirates’ (UAE) economic strength has led to its non-oil business demand reaching a 4-year high. Indeed, the country has noted an immense increase in its overall business operations, reflected in new orders. The S&P Purchasing Managers Index has shown the nation’s PMI to reach 56.7 for September. Moreover, that figure has increased compared to the 55 PMi that was tracked in August. The increase has been attributed to the overall economic health and pricing that the country has noted. The BRICS economic… Read More Here

International

Mozambique to Engage Independent Body for Mineral Export Inspections

October 4, 2023October 4, 2023 Constance

The Mozambican government intends to hire an independent entity to inspect the quantities of minerals exported overseas, in order to stop under-invoicing and tax evasion in the mineral sector, according to the director general of the National Mining Institute (INAMI), Elias Daúde. The entity, according to Daúde, cited in Monday’s issue of the Maputo daily “Notícias”, may start working within the current year. The director general said that the entity, identified in the first public tender, should have started working but it was noted that there were conflicts of interest,… Read More Here

International Gold Mining Personality

Sibanye-Stillwater CEO Neal Froneman Named Chair of World Gold Council

October 4, 2023October 4, 2023 Constance

Global gold industry organization, the World Gold Council (WGC), has appointed Neal Froneman, CEO of Sibanye-Stillwater, as its new chairperson and Niël Pretorius, CEO of DRDGold, as a director. Froneman, with over 40 years of mining experience, succeeds Randy Smallwood, President, and CEO of Wheaton Precious Metals Corp, who served as WGC chair since 2020. Under Froneman’s leadership, Sibanye-Stillwater transformed from a South African gold producer into a diversified mining and processing company with assets worldwide. Sibanye-Stillwater has also made significant strides in platinum group metals recycling and tailings reprocessing.… Read More Here

International Copper

Panama to withdraw proposed contract for Canadian miner FQM’s unit

October 4, 2023October 4, 2023 Constance

Panama’s government authorized on Tuesday September the withdrawal of a proposed contract to regulate operations of Canadian miner First Quantum’s local unit, Minera Panama, from Congress to make changes requested by lawmakers. President Laurentino Cortizo‘s administration and the Canadian miner had agreed on the text of the contract to operate the key Cobre Panama copper mine in March, but it was awaiting the assembly’s approval. “We hope to work together with the company Minera Panama to agree on the phrasing needed to resolve the points indicated by the congress’ trade committee,” the presidency said in a post on social… Read More Here