International - Copperbelt Katanga Mining

Resolute Mining Makes Progress on $160 Million Settlement with Mali Government 1

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

International Energy

Zimbabwe’s Renewable Energy Sector Boosted by $10 Million Investment

November 28, 2024November 28, 2024 Constance0 comment

Zimbabwe’s renewable energy ambitions have gained momentum with a $10 million investment from the Facility for Energy Inclusion (FEI), finalized on August 30. The funding supports Cicada Solar Limited, a leading solar solutions provider in the country. The long-term senior debt financing will enable Cicada Solar to expand its operations, addressing Zimbabwe’s persistent energy challenges while fostering economic growth through affordable energy solutions and vendor financing programs. Cicada currently manages four active solar projects, with additional initiatives under development. Jonathan Wood, Managing Director of Cicada Solar, emphasized the importance of… Read More Here

International Corporate News Gold

Barrick Gold Employees Charged Amid Mali’s Push for Mining Revenue

November 28, 2024November 28, 2024 Constance0 comment

Four employees of Barrick Gold, one of Canada’s leading gold mining companies, have been charged and detained in Mali as the military-led government intensifies efforts to secure more revenue from the mining sector. The employees, who were initially detained in September, have been re-arrested, according to a source familiar with the matter. Barrick has strongly denied the charges but has not disclosed specifics. The company stated it is actively engaging with Mali’s government to negotiate an amicable resolution and secure the release of the detainees. “Since September 30, Barrick has… Read More Here

International Corporate News Zinc

Trafigura’s Zinc Withdrawal Sparks Price Surge on LME

November 28, 2024November 28, 2024 Constance0 comment

Trafigura Group, a major player in the global zinc market, has triggered a rally in zinc prices by ordering the withdrawal of thousands of tons of the metal from London Metal Exchange (LME) warehouses, according to sources familiar with the situation. Orders for zinc withdrawals surged by 97,225 tons over two days—the largest spike in more than a decade—leaving less stock available for other buyers. This shortage has supported a 5.5% increase in zinc prices this week, with the metal trading 1.8% higher at $3,129.50 per ton on Wednesday. Trafigura,… Read More Here

International Gold

Toubani Resources Secures Financial Advisor for Mali’s Kobada Gold Project

November 28, 2024November 28, 2024 Constance0 comment

Toubani Resources, a gold development company focused on Africa, has appointed Endeavour Financial as its financial advisor to advance the development of the Kobada gold project in Mali. This appointment follows significant interest from potential financiers, including African banks and credit funds, spurred by the recent release of the project’s definitive feasibility study (DFS). The DFS positioned Kobada as one of West Africa’s most cost-effective gold development projects, with an upfront capital requirement of $216 million. It also highlighted the project’s potential to produce over 150,000 ounces of gold annually,… Read More Here

International Mining Equipment Partnership

Fortescue Partners with XCMG for $400M Zero-Emission Mining Equipment Deal

November 28, 2024November 28, 2024 Constance0 comment

Australian iron ore giant Fortescue has signed a contract with Chinese heavy machinery manufacturer XCMG to acquire over 100 zero-emission heavy mobile mining equipment units. The deal, valued at more than $400 million, is XCMG’s largest mining equipment contract outside China. It includes battery-electric wheel loaders, wheel dozers, water carts, float prime movers, and graders for Fortescue’s Pilbara mining operations. The adoption of these zero-emission machines is expected to eliminate millions of liters of fossil fuel consumption over the lifespan of the equipment. Initial deployments are scheduled for 2026, with… Read More Here

International

Peru’s Energy and Mines Minister Ousted Amid Mining Protests

November 28, 2024November 28, 2024 Constance0 comment

Peru’s Congress removed Energy and Mines Minister Rómulo Mucho from his post on Tuesday following protests by small-scale miners demanding an extension of a program that allows temporary operations. Small-scale miners in the Andean nation have been calling for a two-year extension of the program, which authorities argue has contributed to the growth of illegal mining. The program is set to expire on December 31, and the government recently proposed a six-month extension for miners to formalize their operations. However, miners have rejected the proposal, citing insufficient time to comply.… Read More Here

International Copper

Vedanta to Invest $2 Billion in Saudi Copper Processing Facilities

November 28, 2024November 28, 2024 Constance0 comment

Vedanta Copper, a subsidiary of India’s Vedanta, has unveiled plans to invest $2 billion in copper-processing facilities in Saudi Arabia. This investment underscores the kingdom’s ambition to become a global hub for metals and mining, aligning with its Vision 2030 economic diversification strategy. The investment will fund the construction of a cutting-edge smelter and refinery with an annual production capacity of 400,000 tonnes of refined copper. Vedanta also plans to establish a facility capable of producing up to 300,000 tonnes of copper rods annually, a key component in electric cable… Read More Here