International - Copperbelt Katanga Mining

Orano Loses Control of Niger's Somair Uranium Mine Amid Governance Issues 1

Orano, a major player in the nuclear energy sector, has lost control of its Somair uranium mine in Niger due to governance issues and interference from Nigerien authorities. The French company, which owns over 60% of Somair, had already suspended production after Niger halted uranium exports last year. Niger, responsible for around 4% of global uranium production, has long been a key supplier to Orano. However, following a military coup in the country last year, the situation for international companies has become increasingly unstable. Orano cited the recent actions of… Read More Here

Rio Tinto Sells 30% Stake in Winu Copper-Gold Project to Sumitomo for $399 Million

December 5, 2024December 5, 2024 Constance0 comment

Rio Tinto Plc has agreed to sell a 30% stake in its Winu copper-gold project in Western Australia to Japan’s Sumitomo Metal Mining Co. for $399 million. Under the terms of the deal, Sumitomo will pay $195 million upfront and an additional $204 million in deferred payments tied to development progress, Rio Tinto said in a statement on Wednesday. The two companies also plan to explore further partnership opportunities across copper, other base metals, and lithium. Katie Jackson, Rio Tinto’s Chief Executive of Copper, described the transaction as a “unique… Read More Here

International Economy Gold

Gold Prices Dip Amid Stronger Dollar and Geopolitical Shifts

December 5, 2024December 5, 2024 Constance0 comment

Gold prices edged lower on Monday, pressured by a strengthening US dollar following comments from President-elect Donald Trump, who warned BRICS nations against forming a new currency. The rising dollar has made gold more expensive for holders of other currencies, further dampening demand. Spot gold traded at $2,635 an ounce in early Asian hours, after falling nearly 3% the previous week. As of 9:13 a.m. in Singapore, the metal was down 0.4% to $2,632.11, while the Bloomberg Dollar Spot Index rose 0.3%. Other precious metals, including silver, platinum, and palladium,… Read More Here

International

Peru Extends Controversial Permit for Informal Miners Amid Industry Tensions

December 5, 2024December 5, 2024 Constance0 comment

Peru’s Congress voted late Friday to extend the controversial Reinfo permit for six months, allowing informal mines to continue operating legally. The decision reflects a complex battle of interests, with large business groups opposing the permit and hundreds of thousands of informal miners advocating for its continuation. Peru is a significant global hub for copper mining, home to major operators such as Freeport-McMoRan and Southern Copper. The Reinfo permit has become a contentious issue as it seeks to regulate informal mining while addressing concerns about illegality and environmental impact. The… Read More Here

International Corporate News

Rio Tinto Cuts Jobs at West Angelas Mine Amid Green Iron Concerns

December 2, 2024December 2, 2024 Constance0 comment

Australian mining giant Rio Tinto has laid off a group of workers at its West Angelas iron ore mine near Newman, in Western Australia’s Pilbara region, and scaled back proposed developments at two nearby sites. Approximately 40 production staff were let go after arriving for their shifts this week, according to The West Australian. Rio Tinto confirmed the job losses but did not disclose the exact number. A spokesperson explained that the company regularly assesses its workforce to ensure it aligns with ongoing operational needs. Despite its profitability from iron… Read More Here

International Governance

Biden’s First Visit to Angola to Strengthen U.S. Ties with Sub-Saharan Africa

December 2, 2024December 2, 2024 Constance0 comment

Outgoing U.S. President Joe Biden is making a historic visit to Angola, fulfilling a pledge to strengthen U.S. ties with sub-Saharan Africa as competition with China intensifies. Biden, the first U.S. president to visit Angola since its independence in 1975, will spend three days in Luanda, from Monday to Wednesday, discussing economic, political, and cultural partnerships. The visit honors a promise Biden made in 2022 to engage more closely with Africa. Originally scheduled for October, the trip was delayed due to Hurricane Milton’s landfall in Florida. Despite his “lame-duck” status,… Read More Here

International Gold

Northern Star Resources Acquires De Grey Mining in $3.2 Billion Australian Gold Sector Deal

December 2, 2024December 2, 2024 Constance0 comment

Two of Australia’s largest gold miners have struck a groundbreaking AU$5 billion ($3.2 billion) takeover agreement as the gold sector experiences a surge in consolidation driven by record-high commodity prices. Northern Star Resources, operator of the iconic Super Pit gold mine in Western Australia, announced the acquisition of De Grey Mining in an all-share deal. The transaction represents a 37% premium to De Grey’s share price, with its shareholders set to hold a 20% stake in the combined entity. This acquisition marks another significant milestone in global gold sector consolidation.… Read More Here

International Gold

Resolute Mining Makes Progress on $160 Million Settlement with Mali Government

November 30, 2024November 30, 2024 Constance0 comment

London- and Australia-listed Resolute Mining has completed a second settlement payment of approximately $50 million to the government of Mali, funded from its existing cash reserves. The company confirmed that the remaining balance of $30 million will be settled by the end of this year using its current liquidity sources. These payments are part of a $160 million settlement outlined in a memorandum of understanding (MoU) signed with the Malian government on November 18. Resolute agreed to the settlement after its CEO and other executives were detained in Mali. An… Read More Here

International Gold

Ontario Court Dismisses Tanzanian Lawsuit Against Barrick Gold

November 30, 2024November 30, 2024 Constance0 comment

Dual-listed Barrick Gold has welcomed the Ontario Superior Court’s decision to dismiss a lawsuit brought by 21 Tanzanian nationals alleging human rights abuses by Tanzanian police at the North Mara gold mine. The court ruled that Ontario, Canada, was not the appropriate jurisdiction for the claims. The lawsuit, filed in November 2022, accused Barrick of complicity in extrajudicial killings purportedly committed by police officers stationed at the mine. The plaintiffs argued that Barrick, as the majority owner of the North Mara mine, effectively controlled the police presence and should be… Read More Here

International Events & Expos

COP29: Rich Nations Pledge $300 Billion Annually for Climate Action

November 30, 2024December 3, 2024 Constance0 comment

Rich countries have pledged to contribute at least $300 billion annually to combat climate change, with a cumulative target of $1.3 trillion by 2035. This milestone was announced in a United Nations press release on Sunday, November 24, 2024. The announcement follows two weeks of intense negotiations at COP29, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). Delegates also approved rules for a UN-backed global carbon market, aimed at enabling carbon credit trading. This market is expected to incentivize nations to reduce… Read More Here