International - Copperbelt Katanga Mining

Goldplat looks forward to improved 2024 performance after another difficult quarter 1

he operating profit of Aim-listed mining services group Goldplat, which owns and operates gold recovery operations in South Africa and Ghana, decreased to £1.19-million for the fourth quarter of its financial year ended June 30. The group’s operating profit for the financial year also decreased to £6.03-million, from £9.07-million in the 2022 financial year. The group’s Goldplat Recovery operation, in South Africa, posted an operating profit of £750 000 for the fourth quarter, down from £1.24-million in the fourth quarter of the 2022 financial year, as a result of power supply challenges and infrastructure-related issues. Goldplat points out that the operation lost 23 operating days – 25% of the total days available… Read More Here

International Copper

Codelco in talks with Anglo American to boost copper production in Chile

August 13, 2023August 13, 2023 Constance

orporación Nacional del Cobre de Chile (Codelco) and Anglo American are looking to collaborate to boost copper output and productivity at their adjoining operations in Chile, reported Bloomberg News, citing people familiar with the matter. The talks between the companies involve optimising mineral-rich grades located between Codelco’s Andina mine and Anglo’s Los Bronces mine. Furthermore, Codelco and Anglo American are considering processing ore from the Andina mine at the Los Bronces plants. A potential deal between the companies is expected to be limited to operational collaboration and would not include ownership changes, reported the… Read More Here

Gold International

Barrick open to Saudi wealth fund buying stake in Pakistan’s Reko Diq project

August 13, 2023August 13, 2023 Constance

Barrick Gold Corp (ABX.TO) is open to bringing in Saudi Arabia’s wealth fund as one of its partners in Pakistan’s Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on last week. He also dismissed a june media report that Barrick was in talks with fellow Canadian miner First Quantum Minerals (FM.TO) on a possible acquisition as a “rumour”. Barrick Gold owns a 50% stake in Pakistan’s Reko Diq mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine… Read More Here

International Gold Lithium

Minister highlights Zimbabwe mining sector’s growth potential

August 11, 2023August 11, 2023 Constance

By bringing previously unregulated small-scale miners into the formal fold and introducing incentives for established producers, Zimbabwe has boosted its gold output from about 20 t to 35 t a year over the past five years, with the small-scale miners now contributing 60% to the tally, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said on Wednesday August 9th. Mutsvangwa, who was speaking at a dinner she hosted in Harare for journalists from ten Southern African Development Community countries, said the country’s gold production was projected to double by 2025. “The mining sector is ripe for faster growth, as gold is literally… Read More Here

International Copper New Mining Projects

Sandfire cuts the ribbon at Botswana copper mine

August 11, 2023August 11, 2023 Constance

Copper miner Sandfire Resources has officially opened its Motheo copper mine, in Botswana. A final investment decision on the $259-million Motheo mine was taken in December 2020 and first concentrate from the mine was produced in May this year. The base-case Motheo operation requires a capital investment of $259-million, and based on a 3.2-million-tonne-a-year operation, would deliver 30 000 t/y of contained copper and 1.2-million ounces of contained silver over an initial mine life of 12.5 years. The project is expected to ramp up its initial throughput rate to 3.2-million tonnes rate, to produce 30 000 t/y of contained copper and… Read More Here

Gold International

B2Gold continues to look at opportunities in Mali

August 11, 2023August 11, 2023 Constance

Vancouver-based B2Gold remains actively committed to exploring expansion opportunities in Mali, despite the government’s proposal to introduce a new mining code. The proposed code aims to enhance the State’s stake in gold mining projects within the country. Under the leadership of the military-led government, discussions are under way with gold mining companies, including B2Gold, regarding potential amendments to the existing mining law that could increase the government’s take in projects from 20% to 35%. B2Gold CEO Clive Johnson has provided assurance on last week’s earnings call that the proposed 2023 mining code will only apply to future developments and that the Fekola mine will continue to be… Read More Here

International Gemstones

Gemfields to triple processing capacity at Moz ruby mine

August 11, 2023August 11, 2023 Constance

Gemstone miner Gemfields’ 75%-owned Montepuez Ruby Mining (MRM) subsdiary has entered into a legally binding contract with specialist engineering group Consulmet to build an additional processing plant at MRM’s ruby mine in Mozambique. The addition of the second plant will triple MRM’s processing capacity from the existing 200 t/h to 600 t/h, allowing MRM to process its sizeable stockpile, bring to market additional size and colour variations of rubies and to assess and expand into additional mining areas. The contract is a lump-sum turnkey contract based on industry standard International Federation of Consulting Engineers terms. MRM’s payment obligations are agreed in… Read More Here

International Copper Gold

Barrick CEO sees few good deals despite mining’s M&A revival

August 11, 2023August 11, 2023 Constance

Barrick Gold Corp. won’t be pressured into making any major acquisitions even as its rivals pursue a flurry of deal making in the mining industry, chief executive officer Mark Bristow said. “The market is constantly dragging us into the M&A conversation, and we don’t need that,” Bristow said on Tuesday August 8 in an interview at Bloomberg’s Toronto office. “We’re not anti-M&A — it’s a component of any industry rearrangement — but the problem is that, in the gold industry, most of the tier one assets remaining are embedded in bad assets.… Read More Here

Gold International

Uganda Gold Plant to Commence Operations in 2024

August 7, 2023August 7, 2023 Constance

Uganda’s Wagagai Gold Mine and Refinery will commence production in March 2024. The large-scale gold mining and refining facility is being developed by Wagagai Mining Limited and planned and designed by gold mining institution Shandong Gold Design Institute of China. Announced during a site visit at the facility, Wagagai Mining Limited’s General Manager, Tan Jiuchang, indicated that the firm will set up all aspects of the mining value chain, which will include mining, beneficiation, smelting, refining, logistics and foreign trade sales. “Our target is to get this facility ready for… Read More Here

Partnership Gold International

Barrick Gold Faces Tough Quest in Seeking a Partner

August 6, 2023August 6, 2023 Constance

Barrick Gold Corporation (NYSE: GOLD) is a major gold and copper producer worldwide, but its efforts to increase its copper production through acquisitions have been unsuccessful. First Attempt: Barrick Gold’s Merger with Freeport-McMoRan A potential merger between Barrick Gold and Freeport-McMoRan made sense due to both companies producing gold and copper, with Freeport-McMoRan being predominantly a copper producer. Barrick’s CEO, Mark Bristow, expressed a desire to grow the company’s copper segment, but the merger could not be achieved. Second Unsuccessful Attempt: Acquisition of Canadian Miner First Quantum Minerals Barrick Gold’s… Read More Here