International - Copperbelt Katanga Mining

Peruvian Artisanal Miners Demand Extension of Temporary Mining Program 1

Thousands of small-scale miners in Peru are protesting for an extension of the REINFO program, which allows them to operate temporarily while awaiting formalization. Demonstrations include road blockages and a campsite outside Congress, as miners push back against the government’s proposed six-month extension after the program expires on December 31. Led by the National Confederation of Small and Artisanal Mining (Confemin), miners argue that the limited extension is insufficient for formalization and demand a two-year extension along with new legislation to support their efforts. Protesters have blocked highways in southern… Read More Here

International Corporate News

Vedanta Resources Set to Launch $500 Million Bond Issue Amid Adani Crisis Fallout

November 25, 2024November 25, 2024 Constance

Vedanta Resources, which delayed a planned dollar bond sale last week following allegations against Adani Group officials by U.S. prosecutors, is now set to proceed with the issuance on Monday, according to sources familiar with the matter. The bond issue, expected to raise up to $500 million, will gauge global investor appetite for Indian high-yield credit in the wake of the Adani controversy. The Adani Group, led by billionaire Gautam Adani, has dismissed the U.S. allegations as “baseless.” “Since the Adani crisis hasn’t escalated as feared, the company decided to… Read More Here

International Oil & Gas Petroleum

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

November 24, 2024November 24, 2024 Constance

The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains sluggish, exacerbated by the country’s real estate crisis and ongoing concerns about economic growth. These… Read More Here

International Economy

AfDB Urges Integration of Africa’s Natural Capital into GDP Measurement

November 24, 2024November 24, 2024 Constance

Africa’s forests play a crucial role in stabilizing the global climate by sequestering carbon, controlling pollution, retaining water, and enhancing soil fertility. The African Development Bank (AfDB) has estimated the value of these ecosystems at $6.2 trillion, according to a report released during the 29th International Climate Conference (COP29) in Baku, Azerbaijan. The AfDB has called for the inclusion of this natural capital in the Gross Domestic Product (GDP) calculations of African nations. The report reveals that, in 2018, Africa’s overall GDP was valued at $2.5 trillion, while the value… Read More Here

International Corporate News Gold

Barrick Gold Boosts Growth with Strong Portfolio and Strategic Investments

November 24, 2024November 24, 2024 Constance

Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) is making significant strides toward securing its future with a Tier One-focused asset portfolio and a strategy that continually uncovers value while fostering productive partnerships with host countries. At an investor presentation in New York, president and CEO Mark Bristow highlighted Barrick’s achievements since its merger, including generating $23 billion in operating cash flow, investing $15 billion in operations and growth projects, reducing net debt by nearly $4 billion, and returning over $5 billion to shareholders. “Our world-class projects are set to drive… Read More Here

International Corporate News Gold

Barrick’s Fourmile Project Shows Further World-Class Potential

November 24, 2024November 24, 2024 Constance

Barrick Gold Corporation has updated its mineral resource estimate for its wholly-owned Fourmile project in Nevada, resulting in a 192% increase in indicated resources (1.4 million ounces grading 11.76g/t), a 137% increase in inferred resources (6.4 million ounces grading 14.1g/t) and a 35% increase in grade relative to Barrick’s 2023 year-end mineral resource estimate.1 The increases reflect the addition of 25 new drill holes to the 2023 mineral resource estimate across the southernmost portion of the orebody, immediately adjacent to the Goldrush project at Cortez which is part of the… Read More Here

International Gold New Mining Projects

Kavango Plans to Boost Gold Production at Zimbabwe’s Prospect 4

November 24, 2024November 24, 2024 Constance

London-listed Kavango Resources is focusing on increasing high-grade gold production at Prospect 4 within its Hillside project in Matabeleland, southern Zimbabwe. Currently, high-grade gold is being extracted by contract miners on a small scale at Prospect 4. The material is then trucked 20 km to Kavango’s processing facility at the main Hillside site. However, production is limited due to the mining methods, the long distance to the processing plant, and the facility’s capacity, which can only process 40-50 tons per day (t/d). Given the current low production volumes, Kavango sees… Read More Here

International Copper Corporate News

BHP Invests Billions in Chilean Mines to Tackle Global Copper Shortage

November 24, 2024November 24, 2024 Constance

BHP Group, the world’s largest mining company, anticipates a global copper shortage of 10 million metric tons by 2035. This looming deficit has prompted the company to commit between $10.7 billion and $14.7 billion over the next decade to boost copper production at its operations in Chile, including the world’s largest copper mine, Escondida. BHP plans significant investments in Escondida and the smaller Spence mine, alongside a restart of the Cerro Colorado mine. The company’s copper output is expected to decline by 300,000 tons to 1.6 million tons annually by… Read More Here

International Copper

Panama’s New President Criticizes Past Mismanagement of Cobre Panama Crisis

November 24, 2024November 24, 2024 Constance

Panama’s President José Raúl Mulino has condemned the previous administration for mishandling the crisis surrounding First Quantum Minerals’ $6.5 billion Cobre Panama copper mine. The mine, which accounts for nearly 5% of Panama’s GDP, was shut down in 2023 after the Supreme Court deemed its concession contract unconstitutional. Mulino blamed the closure on widespread dissatisfaction with former President Laurentino Cortizo’s government, which had faced mounting protests over legal and environmental concerns tied to the project. “The mine paid the price for national discontent under a government with only 25% popularity,”… Read More Here

International Electricity

Zimbabwe’s Cost-Reflective Tariffs Drive Energy Investments Amid Power Crisis

November 21, 2024November 21, 2024 Constance

Zimbabwe’s adoption of cost-reflective tariffs has triggered a surge in energy sector investments aimed at alleviating the nation’s ongoing power shortages. Since the tariff adjustment in December 2023, energy projects totaling 3,000 MW are under development, according to Zimbabwe Electricity Supply Authority (ZESA) chairperson Sydney Gata. “Immediately after the tariffs were corrected, we engaged industry, particularly mining, encouraging them to invest in electricity infrastructure,” Gata said at an energy summit in Victoria Falls. Miners were urged to take responsibility for their energy needs instead of relying on government subsidies. “To… Read More Here