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Category: International

Paladin Energy Celebrates First Uranium Shipment from Langer Heinrich Mine in Namibia 1 International Uranium 

Paladin Energy Celebrates First Uranium Shipment from Langer Heinrich Mine in Namibia

Constance
Paladin Energy announced on July 22 that it has successfully completed its first shipment of uranium since the restart of its Langer Heinrich mine in Namibia. A cargo of 319,229 pounds of uranium departed from the port of Walvis Bay on July 12, destined for customers. The Langer Heinrich mine resumed commercial production on March 30, 2024, following a maintenance and servicing period that began in May 2018 due to low global uranium prices. The company is on track to meet its fiscal year 2025 targets, with the mine having… Read More Here
IEA Forecasts 35% Increase in Global Electricity Supply by 2025 2 International Electricity 

IEA Forecasts 35% Increase in Global Electricity Supply by 2025

Constance
The International Energy Agency (IEA) projects a 35% increase in global electricity supply by 2025, up from 30% in 2023, according to its latest report published this month. The report indicates a gradual decrease in dependence on coal, which is expected to decline from 36% to 33% during the same period. Titled “Electricity Mid-Year Update,” the report highlights the significant role of solar photovoltaic (PV) and wind power in this energy transformation. Their combined share in the global electricity mix is anticipated to rise from 13% in 2023 to 15%… Read More Here
Uganda’s Gold Trade Strengthens Import Ties with Tanzania 3 Gold International Mining in Uganda 

Uganda’s Gold Trade Strengthens Import Ties with Tanzania

Constance
Tanzania has emerged as Uganda’s primary import partner within the East African Community (EAC), driven by Uganda’s significant gold trade worth close to $3 billion. Uganda imports unrefined gold, refines it, and then sells the refined product to markets in the EAC, Asia, the EU, and beyond. According to Uganda’s Ministry of Finance, Uganda now imports more goods from Tanzania than from any other East African nation. The Ministry’s Performance of the Economy report for June revealed that, in the 12 months leading up to May, 83% of all products… Read More Here
Botswana Proposes New Law Requiring Local Stake in Mining Operations 4 International Diamond 

Botswana Proposes New Law Requiring Local Stake in Mining Operations

Constance
Botswana is proposing a new law that mandates mining companies to sell a 24% stake in their operations to local citizens or citizen-owned companies once a license is granted, should the government choose not to exercise its option to acquire the shareholding. Botswana, renowned for its rich natural resources, particularly diamonds, saw its diamond production valued at $3.28 billion in 2023, making it the leading diamond producer in Africa and the second globally, only behind Russia, which had a production value of $3.60 billion. The proposed amendment to the existing… Read More Here
Anglo American Lowers Coal Production Guidance Following Grosvenor Mine Fire 5 International Coal 

Anglo American Lowers Coal Production Guidance Following Grosvenor Mine Fire

Constance
Diversified major Anglo American has revised its coal production guidance for the year due to the impact of a recent fire at the Grosvenor underground mine in Australia. As a result of the incident, Anglo has lowered its steelmaking coal production forecast to between 14 million and 15.5 million tonnes, down from the previous guidance of 15 million to 17 million tonnes. The fire, which occurred at the end of June, led to a suspension of production at Grosvenor. According to a statement released by Anglo on Thursday, efforts are… Read More Here
Panamanian President Delays Addressing FQM Copper Mine Issues Until 2025 6 International Copper 

Panamanian President Delays Addressing FQM Copper Mine Issues Until 2025

Constance
Panamanian President Jose Raul Mulino announced on Thursday that the government will not address issues surrounding the shuttered First Quantum copper mine until early 2025. The Cobre Panama mine, one of the world’s largest copper sources, was closed in November after Panama’s Supreme Court declared its contract unconstitutional. First Quantum had been granted a 20-year mining right with an option to extend for another 20 years, in exchange for $375 million in annual revenue to Panama. Critics argued the contract was too favorable to the company, and environmental protests against… Read More Here
FQM launches standstill deal with Chinese shareholder 7 International Copper 

FQM launches standstill deal with Chinese shareholder

Constance
First Quantum Minerals Ltd. reached an agreement with Jiangxi Copper Co Ltd., its second-largest shareholder, that limits the Chinese firm’s ownership of the Canadian copper producer. First Quantum said Tuesday that the shareholder rights agreement prevents Jiangxi from buying more stock in t company or selling a shares block of 5% or larger without First Quantum’s consent. The three-year agreement also gives Jiangxi the right to nominate one person for consideration by First Quantum’s governance committee to the board of directors. The agreement follows efforts by Canada’s government to crack… Read More Here
African Nations Boost Gold Reserves Amid Geopolitical Tensions 8 International Gold 

African Nations Boost Gold Reserves Amid Geopolitical Tensions

Constance
African nations are increasingly building their gold reserves to hedge against geopolitical tensions that have weakened their currencies and fueled inflation. Countries such as South Sudan, Zimbabwe, and Nigeria have either taken steps to increase their holdings or are considering doing so. This move aligns with central banks in China and India, which have accumulated gold to diversify reserves and reduce dependency on the US dollar. A World Gold Council survey indicates that about 20 central banks globally are expected to increase their gold reserves in the coming year. “As… Read More Here
Peak Rare Earths and Shenghe Forge Partnership to Develop Tanzanian REE Project 9 International Rare Earth Minerals 

Peak Rare Earths and Shenghe Forge Partnership to Develop Tanzanian REE Project

Constance
Australia’s Peak Rare Earths has signed a non-binding term sheet with Chinese miner Shenghe Resources to support the development and funding of the Ngualla rare earth elements (REE) project in Tanzania. The agreement outlines Shenghe’s plan to acquire a 50% stake in the entity that holds an effective 84% interest in the Ngualla project by subscribing for new shares worth AUD 96 million. This valuation implies a post-transaction share price of AUD 0.36, which Peak notes is more than double its current share price on the ASX. Upon completion, Peak… Read More Here
Vedanta seeks $1 billion in upsized share placement 10 International 

Vedanta seeks $1 billion in upsized share placement

Constance
Vedanta Ltd., the Indian mining company controlled by billionaire Anil Agarwal, is seeking to raise about $1.02 billion through an upsized share sale to institutional investors. Vedanta is offering about 193.2 million shares, up from 114 million previously, according to terms of the deal obtained by Bloomberg News. Shares of the company are being offered at a floor price of 440 rupees apiece, the terms show. Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country. India… Read More Here

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