International - Copperbelt Katanga Mining

Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management 1

Anglo American has finalized agreements to sell two royalties to Taurus Funds Management for a total cash consideration of up to $195 million. Under the deal, Anglo American will receive $150 million in upfront cash, with an additional potential payment of up to $45 million contingent upon specific conditions. Taurus will purchase an iron ore royalty held by De Beers, linked to the Onslow Iron project in West Pilbara, Australia. This includes acquiring the De Beers subsidiary that owns the royalty for $125 million upfront, along with up to $25… Read More Here

BHP and Lundin Mining Partner to Expand Copper Portfolio with Joint Acquisition

July 31, 2024July 31, 2024 Constance

Diversified miner BHP, in collaboration with Lundin Mining, has announced a strategic move to enhance its copper portfolio by jointly acquiring an advanced-stage copper exploration project in South America. This partnership will see the creation of a joint venture (JV) to develop a burgeoning copper district in the Vicuna belt, spanning Argentina and Chile. Copper, a vital component in the energy transition, remains highly sought after by miners. BHP’s recent unsuccessful bid to acquire Anglo American underscored its strategic objective to increase its copper holdings. Under the new agreement, BHP… Read More Here

International

Anglo American Faces Interim Loss Amid Woodsmith Project Write-Down

July 31, 2024July 31, 2024 Constance

Anglo American reported an interim loss of 55 US cents per share on Thursday, following a $1.6 billion write-down of its investment in the Woodsmith fertilizer minerals project. Basic underlying earnings fell to $1.06 per share, marking a 23% year-on-year decline due to a 10% drop in the basket price for metals mined by Anglo, particularly platinum group metals (PGMs) and iron ore. The write-down occurred as Anglo decided to delay the Woodsmith project amid a restructuring of the group, announced in May shortly after BHP’s £38 billion all-share takeover… Read More Here

International Copper

LME approves Saudi port as warehouse delivery point

July 30, 2024July 30, 2024 Constance

The London Metal Exchange (LME) has approved Red Sea port city Jeddah in Saudi Arabia as a warehouse delivery point for copper and zinc, it said on Monday. The exchange said the listing will become active three months after the first warehouse company has been approved in the new location. Warehouses registered with the LME, the world’s largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam. Saudi Arabia is planning an ambitious industrial development and logistics program,… Read More Here

International Gold Mining tax

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

July 28, 2024July 28, 2024 Constance

The Mozambican state loses around 50 million meticais annually in unpaid and underpaid taxes from gold and limestone exploitation in Sofala province, according to the Centre for Public Integrity (CIP). A CIP document accessed today highlights illegal exploitation, lack of transparency in production data, poor supervision, failure to properly channel taxes to local communities, unfulfilled promises, suspicions of corruption, high prices for mining-related products, and significant environmental impacts as key issues contributing to the shortfall. These practices are linked to at least three companies and one association operating in the… Read More Here

International Gemstones Mergers & Acquisitions

URA Holdings Acquires Majority Stake in Curlew Emerald Mine

July 27, 2024July 27, 2024 Constance

London-listed URA Holdings, owner and operator of the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine in Western Australia’s Pilbara region. URA purchased a 65% interest in Prasinus for A$450,000 (approximately £237,000) and has the option to acquire the remaining 35% interest for an additional A$300,000 (about £158,000) in URA shares after a 12-month period, which expires on October 18, 2025. “We are thrilled to add a controlling interest in the Curlew mine to our portfolio.… Read More Here

International Gold

Zijin Mining Acquires Strategic Stake in Montage Gold

July 27, 2024July 27, 2024 Constance

Montage Gold announced on Tuesday that Zijin Mining Group, a Chinese mining firm, will acquire a 9.9% strategic stake in the company through a brokered private placement. Zijin Mining will purchase 32.7 million shares of the Vancouver-based company at C$1.75 per share, totaling nearly C$57.3 million. The offering is expected to be completed by August 12. This deal comes amid Canada’s efforts to tighten its Investment Canada Act, which reviews foreign investments to safeguard national security. However, Montage believes the investment does not require Canadian government approval because Zijin will… Read More Here

Gold International

Zimbabwe State Miner Seeks $150M to Boost Gold Output

July 26, 2024July 26, 2024 Constance

Zimbabwe’s largest gold producer, Kuvimba Mining House, is negotiating with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Kuvimba Mining House, which is 65% state-owned, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard. “We are discussing that with potential partners to go forward,” Barnard said during a press briefing in Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.” Zimbabwe acquired Shamva… Read More Here

International Gold Mine Safety

Tragic Mine Collapse in Northern Kenya Claims Multiple Lives

July 26, 2024July 26, 2024 Constance

At least five people were killed and several others injured when an informal gold mine caved in and buried them alive in northern Kenya, according to a local official. The Hillo subsistence gold mine near the Ethiopian border was closed by authorities in March due to deadly clashes between local communities over access to the site. Despite the closure, miners have continued their activities at the location. On Monday evening, around 1,000 people overpowered security forces and invaded the area, said Marsabit County Deputy Commissioner David Saruni. “They dug an… Read More Here

International Copper Exploration

CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration

July 26, 2024July 26, 2024 Constance

Critical Mineral Resources (CMR) has signed an exclusive option to acquire the Igli project, a high-grade silver/copper site in Morocco’s Anti-Atlas region, with reported grades up to 912 g/t silver and 2.97% copper. To support this acquisition and fund exploration, CMR has raised £750,000 through a convertible loan note (CLN) issue. A significant portion of this investment comes from the Swiss and UAE-based Prism Group, known for its long-term investment strategy. CMR’s nonexecutive chairperson, Dominic Traynor, will transition to executive chairperson to oversee the company’s strategic developments. The Igli project… Read More Here