International - Copperbelt Katanga Mining

Zimbabwe to Seek 26% Stake in New Mining Projects

December 13, 2024December 13, 2024 Constance0 comment

Zimbabwe plans to acquire a 26% free-carry stake in all new mining projects and will also negotiate with existing operators to secure similar shares in established projects. Pfungwa Kunaka, Zimbabwe’s Secretary for Mines, told Bloomberg that the government aims for a 26% ownership in most major mining ventures. He added that these negotiations would involve discussions with investors already operating in the country. Kunaka did not disclose how the government would finance these acquisitions. However, the move aligns with the rising trend of resource nationalism across Africa, where nations are… Read More Here

International Copper

Arbitration Proceedings Over Cobre Panama Mine Escalate as Investors Await Panama’s Decision

December 13, 2024December 13, 2024 Constance0 comment

Arbitration proceedings between Canadian miner Franco-Nevada and the government of Panama over the Cobre Panama copper mine entered a new phase this week with the formation of a tribunal to hear the case, according to legal filings. Investors are awaiting a crucial decision from Panama’s President, Jose Raul Mulino, regarding the future of the Cobre Panama mine, which was shut down last year due to public unrest. Cobre Panama is the flagship operation of Canadian miner First Quantum Minerals, which is also seeking damages from Panama. Franco-Nevada, which had a… Read More Here

Gemstones International

Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges

December 13, 2024December 13, 2024 Constance0 comment

Gemfields, a leading gemstone miner, reported $46.2 million in revenue from its recent auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction, which featured 102 lots, saw 97 lots successfully sold. The auction revenue was impacted by a lower quantity of premium rubies available, which Gemfields identified as the primary factor driving the lower-than-expected results. However, the company noted that the average price per carat reached a record high for its mixed-quality ruby auctions, despite observing softer prices and thinner bidding. The rubies were… Read More Here

International Corporate News Gold

Barrick Gold Seeks Buyer for Côte d’Ivoire’s Tongon Mine Amid Gold Price Surge

December 11, 2024December 11, 2024 Constance0 comment

Barrick Gold Corp., the world’s second-largest gold producer, is seeking buyers for its Tongon gold mine in Côte d’Ivoire as part of its strategy to divest aging assets while gold prices remain high. Barrick has partnered with Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine, according to sources familiar with the matter. Neither Barrick nor TD Bank has commented on the sale. Located 682 km north of Côte d’Ivoire’s port city of Abidjan, Tongon is an open-pit mine nearing the end of its operational life. Production… Read More Here

International Copper

Codelco and Enami Explore Collaboration on Copper Smelting Expansion

December 11, 2024December 11, 2024 Constance0 comment

Chile’s state-owned copper giants, Codelco and Enami, are in early discussions to consolidate their efforts to expand smelting capacity into a single project, according to sources familiar with the matter. A newly formed working group is exploring options for cooperation between two initiatives: Enami’s project to revamp its closed Hernan Videla Lira smelter and Codelco’s proposal to build a new smelting facility. The collaboration could range from aligning their projects to meet national processing needs to merging the two into a single venture. Strengthening Chile’s smelting capacity is a key… Read More Here

International Gold New Mining Projects

Barrick Gold Increases Commitment to Pueblo Grande Project in Dominican Republic

December 7, 2024December 7, 2024 Constance0 comment

Precipitate Gold, a TSX-V-listed company, announced that Barrick Gold has amended their earn-in agreement for the Pueblo Grande project in the Dominican Republic, raising its total required work expenditures from $10 million to $22 million. This represents a 120% increase in Barrick’s financial commitment to the project, which is located next to Barrick’s Pueblo Viejo mine. As per the revised agreement, Barrick must now spend an additional $17 million to fulfill its earn-in obligations, which would grant it a 70% stake in the Pueblo Grande project. Since the original agreement… Read More Here

International Gold

Bristow Faces Geopolitical Struggles as Mali’s Military Junta Targets Barrick Gold

December 7, 2024December 7, 2024 Constance0 comment

Mark Bristow has spent three decades navigating civil wars and coups to build some of Africa’s richest gold mines, but now, Barrick Gold’s CEO is facing pressure from a cash-strapped Mali junta. This comes after a dispute over the division of economic benefits from the country’s largest gold mine. In 2012, when Mali’s government was overthrown, the junta allowed Bristow’s Randgold Resources to continue operations, even granting special permits for the company to fly gold bullion out of the country. However, the relationship has soured over time, and now, a… Read More Here

International Copper

Panama Divided Over Future of Cobre Panamá Mine Amid Environmental and Economic Concerns

December 7, 2024December 7, 2024 Constance0 comment

A recent nationwide survey in Panama has revealed strong divisions among the population regarding the potential reopening of First Quantum’s $6.5 billion Cobre Panamá copper mine, which has been closed for over a year following a presidential decree. Commissioned by ARCA Media en Direct and conducted by research firm DOXA, the survey involved 1,600 face-to-face interviews across the country, including 400 participants from communities near the mine. The results show a nation torn between concerns about environmental impacts and governance issues, and the mine’s vital economic role. The closure of… Read More Here

International Copper

Chile to Invest $83 Billion in Mining Projects Through 2033

December 7, 2024December 7, 2024 Constance0 comment

Chile plans to invest approximately $83.18 billion in mining projects between now and 2033, according to a study by state-run agency Cochilco, cited in a newspaper report on Tuesday. This marks a 27% increase from last year’s investment estimate. The Cochilco report, set to be presented on Wednesday, outlines 51 projects across the country, which is the world’s largest producer of copper and the second-largest producer of lithium, a crucial element for rechargeable batteries. Chile’s Diario Financiero reported that the Cochilco study did not include the recently announced $14 billion… Read More Here

Gold International

Mali Issues Arrest Warrant for Barrick Gold CEO Mark Bristow Amid Rising Tensions

December 7, 2024December 7, 2024 Constance0 comment

BAMAKO – Mali, one of Africa’s largest gold producers, has issued an arrest warrant for Barrick Gold CEO Mark Bristow, according to a warrant document seen by Reuters on Thursday. This marks an escalation in the ongoing dispute between the Canadian mining company and the West African nation. The junta-led government of Mali is seeking to increase state revenues from the mining sector as gold prices rise. In an effort to exert pressure on foreign companies, the government has detained mining executives. In September, four senior local employees of Barrick… Read More Here