International - Copperbelt Katanga Mining

Namibia Strengthens Uranium Market with Exploration and Production (E&P) Expansion 1

CAPE TOWN, South Africa, April 9, 2025/ — Namibia is expanding its uranium industry through a combination of established operations and new Exploration and Production (E&P) initiatives. With an average production of 5,613 metric tons in recent years, Namibia has solidified its position as the world’s third-largest uranium producer. As global interest in uranium increases to meet growing demand for nuclear electricity, the country is intensifying cooperation with international E&P companies to unlock the full potential of its uranium market. The upcoming African Mining Week – taking place October 1-3… Read More Here

International Economy

IMF Warns U.S. Tariffs Could Deepen Global Economic Strain

April 5, 2025April 5, 2025 Constance0 comment

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned that newly announced U.S. tariffs pose a “significant risk” to the global economy, particularly at a time of slow and fragile growth. In a statement released today, Georgieva stressed the need for constructive dialogue between the U.S. and its trading partners to avoid further economic disruption. “We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” she said. “It is important… Read More Here

International Economy

Zimbabwe’s Gold-Backed Currency Struggles as US Dollar Dominates Amid Economic Crisis

April 5, 2025April 5, 2025 Constance0 comment

Zimbabwe’s liquidity crunch is worsening the economy’s reliance on the US dollar, undermining the gold-backed currency, the Zimbabwe Gold (ZiG), introduced nearly a year ago. The ZiG, launched on April 8, is Zimbabwe’s sixth attempt since 2009 to replace the US dollar with a functional local currency, but the initiative has faced significant challenges. In September, the Reserve Bank of Zimbabwe devalued the ZiG by 43% after it weakened persistently against the dollar. The central bank also raised the key interest rate from 20% to 35% and increased cash reserve… Read More Here

Gold Corporate News International

Barrick Plans 30% Growth and Considers Rebrand to Reflect Broader Mining Focus

April 5, 2025April 5, 2025 Constance0 comment

Barrick Gold (NYSE: GOLD, TSX: ABX) announced on Friday that it is advancing a series of growth projects aimed at boosting gold-equivalent production by 30% by the end of the decade. Chairman John Thornton noted that despite a challenging global operating environment, Barrick met its 2024 gold and copper production targets, sustained its record of reserve replacement, and significantly expanded its resource base. “We improved our financial performance despite higher costs,” Thornton said in a statement. “Net earnings rose 69% — the highest in a decade — while operating cash… Read More Here

International

Glencore Reassesses Future of Australian Copper Smelter and Refinery Amid Market Pressures

April 5, 2025April 5, 2025 Constance0 comment

Anglo-Swiss commodities giant Glencore has engaged both Queensland’s and the Australian Federal Government in discussions concerning the future of its Mount Isa copper smelter and Townsville copper refinery. This follows Glencore’s October 2023 announcement that it would close its Mount Isa copper mines in the second half of 2025, citing studies showing that extending the life of the underground operations was no longer viable. “Following extensive assessments, we now estimate the workforce impact to be around 500 people—significantly lower than the initial projection of 1,200,” said Sam Strohmayr, Glencore’s Chief… Read More Here

International

Key South African mineral exports to the US excluded from damaging tariffs

April 5, 2025April 5, 2025 Constance0 comment

The Minerals Council South Africa is concerned about the potential damage to global economic growth and the resultant lower demand for South Africa’s minerals as a result of sweeping tariffs imposed by the US government on imports from foreign countries. While the majority of South Africa’s minerals and metals sold to US consumers are excluded from the tariffs, there are some like iron ore and diamonds that will be subject to the 30% reciprocal tariff on imports from South Africa that President Donald Trump announced on Tuesday as part of… Read More Here

International Copper

Codelco Shifts Copper Sales to U.S. Amid Trade Uncertainty

March 31, 2025March 31, 2025 Constance0 comment

Codelco, the world’s largest copper producer, is redirecting some of its spot sales to the United States, CEO Rubén Alvarado announced on Friday. This move follows U.S. President Donald Trump’s February directive to investigate potential tariffs on copper imports, an effort aimed at revitalizing domestic production. The announcement has fueled a surge in copper demand. Alvarado expressed confidence in copper’s long-term market fundamentals and dismissed concerns over potential sanctions or tariffs. “We are committed to meeting the needs of our U.S. clients and have adjusted part of our spot sales… Read More Here

International

Mercuria Intensifies Copper Trading to Match Oil Division Success

March 30, 2025March 30, 2025 Constance0 comment

Mercuria, one of the world’s largest independent energy and commodity trading companies, is making a significant shift in its business strategy by expanding into copper trading. The Swiss commodities giant aims to elevate its metals division to the same scale and profitability as its well-established oil trading business, signaling a long-term strategic pivot. At the FT Commodities Global Summit, CEO Marco Dunand emphasized Mercuria’s “substantial investment in the metals sector,” focusing particularly on copper as a key growth driver. “There are significant opportunities to pre-finance, co-invest, and secure supply in… Read More Here

International Corporate News

Glencore Declares Force Majeure on Copper Shipments from Altonorte Smelter

March 30, 2025March 30, 2025 Constance0 comment

London-listed mining giant Glencore has declared force majeure on copper shipments from its Altonorte smelter in Chile, following a suspension of production at the facility, according to two industry sources. Force majeure is typically declared when unforeseen events prevent companies from meeting contractual obligations. The sources were unable to confirm how long operations at Altonorte, which has an annual capacity of 350,000 metric tons of copper in anode form, would remain halted. Glencore has yet to comment on the situation. Although Altonorte’s output represents only a small portion of global… Read More Here

Copper Corporate News International

FQM Suspends Public Tours of Panama Copper Mine Amid Govt Pressure

March 27, 2025March 27, 2025 Constance0 comment

First Quantum Minerals announced on Thursday that it will halt public tours of its shuttered copper mine in Panama following concerns raised by President José Raúl Mulino that the company should not create the impression that the site remains operational. Speaking at a press conference earlier that day, Mulino clarified that no discussions had taken place with First Quantum regarding the mine’s future. The Panamanian government ordered its closure in late 2023 after widespread public protests over environmental concerns. “I don’t want them to give the impression that the mine… Read More Here