International - Copperbelt Katanga Mining

Barrick Gold’s Missed Opportunities and Future M&A Strategy

June 30, 2024June 30, 2024 Constance

John Thornton, who joined Barrick Gold as a director in 2012, has identified a reluctance in mergers and acquisitions as a major mistake for the company. “Barrick has been, in my view, very slow to say to themselves: the most important thing when you’re buying companies in the mining industry … is just buy it. We have not done that. We have insisted on getting into the weeds, and that has been a mistake.” Thornton recently transitioned from his role as executive chairman of Barrick to a non-executive position after… Read More Here

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

June 30, 2024June 30, 2024 Constance

Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here

Copper International

Copper Stockpiles in China Decline, Indicating Potential Market Recovery

June 30, 2024June 30, 2024 Constance

Copper stockpiles in China, which had surged earlier this year, are showing signs of decline, suggesting that buyers may be returning in the world’s largest consumer of commodities. Inventories of the industrial metal on the Shanghai Futures Exchange fell for the third consecutive week, reaching their lowest level in over a month. The price of copper has dropped about 13% from last month’s record highs due to concerns about increasing global inventories, profit-taking by investment funds, and subdued Chinese demand. This price reduction may now be attracting buyers back to… Read More Here

International Copper News in Brief

Chile’s Copper Production Shows Signs of Recovery

June 30, 2024June 30, 2024 Constance

Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here

International Energy Uranium

Bannerman Energy Raises A$85 Million to Advance Etango-8 Uranium Project

June 30, 2024June 30, 2024 Constance

Australia-listed uranium junior Bannerman Energy announced on Friday a placement to raise A$85 million for the continued development of its Etango-8 project in Namibia. The two-tranche placement consists of 25.8 million new fully paid ordinary shares issued to new and existing institutional and sophisticated investors at a price of A$3.30 each. Upon completion, Bannerman will have about A$100 million in cash reserves. “Proceeds from this placement will enable us to further progress our Etango-8 project, following positive outcomes from the recently announced front-end engineering design (FEED) and control budget estimates… Read More Here

International Copper

FQM to Launch Arbitration Against Panama Over Cobre Panama Mine Closure

June 30, 2024June 30, 2024 Constance

TORONTO/PANAMA CITY – Canadian miner First Quantum Minerals is set to initiate formal arbitration proceedings against Panama in July, following the country’s decision to close the giant Cobre Panama mine last November, according to sources familiar with the matter. This move coincides with the start of a new administration in Panama, which could determine the future of one of the world’s largest and newest copper mines, previously responsible for 1% of global copper output before its closure. First Quantum’s shares fell by 2% on the Toronto Stock Exchange on Friday… Read More Here

International Oil & Gas Petroleum

President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

June 29, 2024June 29, 2024 Constance

President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my commitment and that of the government to the transparent and equitable management of our natural… Read More Here

Oil & Gas International Petroleum

Namibia Emerges as a New Frontier for Oil Production in Southern Africa

June 29, 2024June 29, 2024 Constance

While most oil-producing African nations are located in the Western, Northern, and Central regions of the continent, the Southern and Eastern parts have largely been devoid of this valuable resource. Except for Angola, no Southern African nation has contributed significantly to the global oil market. However, recent discoveries suggest a potential shift, with Namibia poised to become a key player. A report by Reuters revealed that major oil conglomerates have been actively exploring Namibia’s oil potential in recent years. In 2023, the National Petroleum Company of Namibia (NAMCOR) announced the… Read More Here

International Tin

Andrada Mining Sees Production Surge Amid Strategic Expansion Plans

June 25, 2024June 25, 2024 Constance

Andrada Mining, listed on AIM and operating in Namibia, has marked a significant 14% quarter-on-quarter increase in saleable tantalum concentrate production to 9 tonnes for the first quarter of its 2025 financial year. This growth is part of the company’s latest operational update released on June 21, which also highlighted positive developments across its tin production and operational efficiency. During the quarter ended May 31, Andrada processed 237,976 tonnes of ore, up from 217,189 tonnes in the same period last year, reflecting a proactive approach to scaling operations. Tin concentrate… Read More Here

International Uranium

Gibb River Diamonds Acquires Uranium Projects in Namibia

June 25, 2024June 25, 2024 Constance

Australian company Gibb River Diamonds has acquired two uranium projects in Namibia, encompassing six exclusive prospecting licenses over an area of 1,828 km². Alongside its ongoing development of the Ellendale diamond project and Edjudina gold project in Australia, Gibb River Diamonds is expanding its portfolio with these strategic acquisitions in the Erongo and Kunene districts of Namibia. The Erongo district is a world-renowned uranium-producing region, hosting significant assets like Paladin’s Langer Heinrich, Deep Yellow’s Tumas deposit, and Elevate Uranium’s Koppies project. Gibb’s Erongo project currently includes two permit applications covering… Read More Here