International - Copperbelt Katanga Mining

Barrick Mines Set to Deliver Strong Finish to the Year

November 7, 2024November 7, 2024 Constance

Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) dealt with ongoing challenges and made significant progress on many fronts in the third quarter of the year to keep its annual production and cost guidance within reach on the back of the strong performance anticipated in Q4. Gold production was in line with that of the previous quarter while copper production was up 12% quarter on quarter. The Company said it was on track for a materially improved Q4, driven by the continuing ramp-up of the Pueblo Viejo plant expansion, increased throughput at Nevada Gold… Read More Here

Corporate News International

Glencore Maintains 2024 Production Targets Amid Positive Q3 Performance

November 3, 2024November 3, 2024 Constance

Glencore has reaffirmed its full-year 2024 production guidance across all commodities, the company announced in its third-quarter production report on October 30. This stable outlook reflects the addition of steelmaking coal from the July acquisition of a 77% stake in Elk Valley Resources (EVR), Canadian company Teck’s steelmaking coal business, according to CEO Gary Nagle. Throughout Q3, several key operations saw production increases. African Copper output rose by 6,000 tons (13% quarter-over-quarter), Antapaccay by 9,000 tons (35%), Kazzinc by 13,000 tons (27%), Murrin Murrin by 1,000 tons (7%), and Australian… Read More Here

International

Mercuria Eyes African Investments to Expand Metals Trading Operations

November 3, 2024November 3, 2024 Constance

Kostas Bintas, Mercuria Energy Group’s new head of metals, has announced that the trading house is considering stakes in African projects to establish a large-scale metals business. “You will see us very present in Africa and putting our money where our mouth is in respect of the Copperbelt,” Bintas said during a panel at the Financial Times Africa Summit on Wednesday, referring to Africa’s mineral-rich region. Traditionally known for its expertise in oil, natural gas, and power, Mercuria made a substantial return to metals trading this year. This move aligns… Read More Here

International Copper

Codelco Reports 4.9% Drop in Copper Output as it Aims for Production Recovery

October 31, 2024October 31, 2024 Constance

SANTIAGO – Chile’s state-owned mining giant, Codelco, reported 918,000 metric tons of copper production from January through September, marking a 4.9% decline from the same period last year, according to a filing with the country’s financial regulator on Wednesday. Copper production in the third quarter reached 338,000 metric tons, a 2% increase year-over-year, as Codelco works to address declining ore quality in its key deposits and boost output despite challenges with its priority mining projects. “This quarter, we reversed the downward trend and started to recover production. We will continue… Read More Here

International Gold

Global Gold Demand Soars Amid Strong ETF Inflows in Q3

October 31, 2024October 31, 2024 Constance

Healthy inflows into global gold exchange-traded funds (ETFs) significantly boosted gold demand in the third quarter, according to the World Gold Council. Combined with ongoing investor interest in over-the-counter markets, these factors contributed to a series of record-high gold prices during the period. While gold jewelry consumption declined due to rising prices, India experienced a notable rebound following a reduction in gold import duties. Net demand from central banks slowed but remained robust, with official institutions purchasing a net total of 186 tonnes of gold in the quarter. Year-to-date purchases… Read More Here

International Battery Metals

Sibanye-Stillwater Gains from U.S. Regulatory Changes on Critical Minerals

October 30, 2024October 30, 2024 Constance

Sibanye-Stillwater has received a significant boost from the United States following the publication of final regulations that provide incentives for mining critical minerals, including palladium and platinum. These incentives are part of the Inflation Reduction Act’s (IRA) Section 45X, which now allows for a 10% ‘Advance Manufacturing Production’ credit. The previous version of the Act restricted this incentive to refiners, excluding miners, but has since been amended. “We welcome the amendments to the Section 45X regulations made by the U.S. Treasury and applaud its foresight in understanding our industry and… Read More Here

International Battery Metals Cobalt Lithium

African Nations Called to Invest in Beneficiation of Critical Minerals for Industrial Growth

October 30, 2024October 30, 2024 Constance

Africa has the potential to be a key player in the global energy transition due to its rich reserves of critical minerals like lithium and cobalt. However, maximizing this potential requires a robust strategy for building manufacturing capacity, scaling up production, and increasing exports. This perspective was shared during a panel discussion at the recent Manufacturing Indaba, highlighting how resource extraction and industrialisation offer African nations opportunities to advance along the value chain, create high-skilled jobs, and drive technological innovation. “We need to explore ways to deepen those value chains,… Read More Here

International Mergers & Acquisitions

BHP Shifts Focus After Rejected Anglo American Takeover Bid

October 30, 2024October 30, 2024 Constance

BHP has turned its attention to new growth prospects after Anglo American shareholders rejected its $49-billion takeover proposal earlier this year, the company’s Chairperson Ken MacKenzie confirmed on Wednesday. In May, BHP withdrew from its acquisition bid for Anglo after three failed attempts. With a six-month restriction on reapproaching Anglo soon to expire, there had been speculation that BHP might revisit the offer. “We saw a unique opportunity for synergy with Anglo American—an idea where one plus one equals three,” MacKenzie remarked at BHP’s annual meeting. “However, Anglo’s shareholders favored… Read More Here

International Gold New Mining Projects

Caracal Gold Secures Mining License for Kanegele Project in Tanzania

October 30, 2024October 30, 2024 Constance

London-listed Caracal Gold has obtained a mining license for its Kanegele project in Tanzania. Caracal’s subsidiary, Tyacks Gold, successfully applied for two mining licenses in December 2023, and the Kanegele project, located within the Nyakafuru area, has now received its first permit. Located in the Lake Victoria Gold Fields, Kanegele lies 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from established infrastructure. The Kanegele project encompasses four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 oz. Substantial historical mining and… Read More Here

International Economy

Zimbabwe to Replace US Dollar with Gold-Backed ZiG as Exclusive Legal Tender

October 29, 2024October 29, 2024 Constance

Zimbabwe’s ruling party, Zanu-PF, has passed a resolution to make the gold-backed ZiG currency the country’s sole legal tender, moving to phase out the US dollar. The resolution, finalized at Zanu-PF’s annual conference, mandates the government to “expedite dedollarization efforts” and prioritize the ZiG currency, though no specific timeline was provided. The ZiG, short for Zimbabwe Gold, marks Zimbabwe’s sixth currency shift in 15 years as an alternative to the US dollar, which remains legal tender until at least 2030 under current law. President Emmerson Mnangagwa has hinted at accelerating… Read More Here