International - Copperbelt Katanga Mining

Barrick Update on Mali Operations

December 17, 2024December 17, 2024 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reports that although it had previously agreed on a framework to achieve a global resolution of the disputes with the Government of Mali over the Loulo-Gounkoto complex, it has to date been unsuccessful in arriving at a final resolution despite numerous good-faith attempts to negotiate and a willingness to compromise beyond its legal rights. Barrick has engaged constructively with the Malian government and its external advisors over the past 12 months, addressing their requests for an increased share of the economic benefits generated by Loulo-Gounkoto. Notably,… Read More Here

International Mining Equipment

Fortescue Metals Secures $10 Million for Development of Fast Chargers for Heavy Mining Equipment

December 15, 2024December 15, 2024 Constance

Australian technology, energy, and metals group Fortescue Metals has received A$10 million in funding from the Australian Renewable Energy Agency (ARENA) to advance the development of a 6 MW fast charger. This funding will support Fortescue’s efforts to deploy fast-charging technology capable of powering battery-electric heavy mining equipment. The project will involve designing, constructing, and validating several test-unit chargers, with the aim of launching the first production 6 MW charger by the end of 2025. Developed by Fortescue Zero, the company’s dedicated renewable-energy division, the 6 MW fast charger will… Read More Here

International Gold

B2Gold Faces Disruption at Fekola Mine Due to Workers’ Strike in Mali

December 13, 2024December 13, 2024 Constance

A workers’ strike at B2Gold’s flagship Fekola mine in southwest Mali has significantly reduced mining operations to just 25% of its full capacity, according to two employees at the mine. The strike, which began on November 29, involves between 1,875 and 2,000 workers protesting the dismissal of some of their colleagues. The strike, lasting seven days, was triggered after several employees were let go. While the Vancouver-based miner acknowledged the reduced capacity, it disputed the 25% figure, stating operations at Fekola were continuing at a “well in excess” of the… Read More Here

International Lithium New Mining Projects

Zimbabwe to Seek 26% Stake in New Mining Projects

December 13, 2024December 13, 2024 Constance

Zimbabwe plans to acquire a 26% free-carry stake in all new mining projects and will also negotiate with existing operators to secure similar shares in established projects. Pfungwa Kunaka, Zimbabwe’s Secretary for Mines, told Bloomberg that the government aims for a 26% ownership in most major mining ventures. He added that these negotiations would involve discussions with investors already operating in the country. Kunaka did not disclose how the government would finance these acquisitions. However, the move aligns with the rising trend of resource nationalism across Africa, where nations are… Read More Here

International Copper

Arbitration Proceedings Over Cobre Panama Mine Escalate as Investors Await Panama’s Decision

December 13, 2024December 13, 2024 Constance

Arbitration proceedings between Canadian miner Franco-Nevada and the government of Panama over the Cobre Panama copper mine entered a new phase this week with the formation of a tribunal to hear the case, according to legal filings. Investors are awaiting a crucial decision from Panama’s President, Jose Raul Mulino, regarding the future of the Cobre Panama mine, which was shut down last year due to public unrest. Cobre Panama is the flagship operation of Canadian miner First Quantum Minerals, which is also seeking damages from Panama. Franco-Nevada, which had a… Read More Here

Gemstones International

Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges

December 13, 2024December 13, 2024 Constance

Gemfields, a leading gemstone miner, reported $46.2 million in revenue from its recent auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction, which featured 102 lots, saw 97 lots successfully sold. The auction revenue was impacted by a lower quantity of premium rubies available, which Gemfields identified as the primary factor driving the lower-than-expected results. However, the company noted that the average price per carat reached a record high for its mixed-quality ruby auctions, despite observing softer prices and thinner bidding. The rubies were… Read More Here

International Corporate News Gold

Barrick Gold Seeks Buyer for Côte d’Ivoire’s Tongon Mine Amid Gold Price Surge

December 11, 2024December 11, 2024 Constance

Barrick Gold Corp., the world’s second-largest gold producer, is seeking buyers for its Tongon gold mine in Côte d’Ivoire as part of its strategy to divest aging assets while gold prices remain high. Barrick has partnered with Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine, according to sources familiar with the matter. Neither Barrick nor TD Bank has commented on the sale. Located 682 km north of Côte d’Ivoire’s port city of Abidjan, Tongon is an open-pit mine nearing the end of its operational life. Production… Read More Here

International Copper

Codelco and Enami Explore Collaboration on Copper Smelting Expansion

December 11, 2024December 11, 2024 Constance

Chile’s state-owned copper giants, Codelco and Enami, are in early discussions to consolidate their efforts to expand smelting capacity into a single project, according to sources familiar with the matter. A newly formed working group is exploring options for cooperation between two initiatives: Enami’s project to revamp its closed Hernan Videla Lira smelter and Codelco’s proposal to build a new smelting facility. The collaboration could range from aligning their projects to meet national processing needs to merging the two into a single venture. Strengthening Chile’s smelting capacity is a key… Read More Here

International Gold New Mining Projects

Barrick Gold Increases Commitment to Pueblo Grande Project in Dominican Republic

December 7, 2024December 7, 2024 Constance

Precipitate Gold, a TSX-V-listed company, announced that Barrick Gold has amended their earn-in agreement for the Pueblo Grande project in the Dominican Republic, raising its total required work expenditures from $10 million to $22 million. This represents a 120% increase in Barrick’s financial commitment to the project, which is located next to Barrick’s Pueblo Viejo mine. As per the revised agreement, Barrick must now spend an additional $17 million to fulfill its earn-in obligations, which would grant it a 70% stake in the Pueblo Grande project. Since the original agreement… Read More Here

International Gold

Bristow Faces Geopolitical Struggles as Mali’s Military Junta Targets Barrick Gold

December 7, 2024December 7, 2024 Constance

Mark Bristow has spent three decades navigating civil wars and coups to build some of Africa’s richest gold mines, but now, Barrick Gold’s CEO is facing pressure from a cash-strapped Mali junta. This comes after a dispute over the division of economic benefits from the country’s largest gold mine. In 2012, when Mali’s government was overthrown, the junta allowed Bristow’s Randgold Resources to continue operations, even granting special permits for the company to fly gold bullion out of the country. However, the relationship has soured over time, and now, a… Read More Here