International - Copperbelt Katanga Mining

China’s Grid Investments Surge to Support Record Renewable Energy Growth 1

China, the global leader in renewable energy development, is ramping up its investment in power infrastructure to ensure that its rapidly growing clean energy capacity reaches homes and businesses effectively. In the first 11 months of last year, spending on power transmission infrastructure surged 19% to 529 billion yuan ($72 billion), according to the National Energy Administration. While funding for new power generation capacity reached 866.5 billion yuan, its growth rate was 12%, marking the first time since 2018 that grid investment outpaced generation projects. State Grid Corporation of China,… Read More Here

International Copper

Copper Production Declines in Peru as Antamina Mine Output Drops

January 17, 2025January 17, 2025 Constance

Peru, the world’s third-largest copper producer, reported a decline in copper output for November, primarily due to reduced production at the Antamina mine. According to the Ministry of Energy and Mines, national copper production fell 4.6% year-over-year in November, reaching 241,883 metric tons. Cumulative output for 2024 through November stood at 2.47 million tons, representing a 1.1% decline compared to the same period in 2023. The drop in November’s output was significantly impacted by a 31% decrease in production from the Antamina mine. The mine, jointly operated by Glencore, BHP,… Read More Here

International Copper

Chile Projects Copper Output Growth Amid Global Competition

January 17, 2025January 17, 2025 Constance

Chile, the world’s leading copper producer, is set to increase its copper output to 5.54 million metric tons by 2034, marking a 5.6% rise from 2023 levels, according to the state-run copper commission Cochilco. In 2024, Chile accounted for 23.6% of global copper production. By 2034, Cochilco anticipates this share will rise to 27.3%, further cementing the country’s dominance in the copper market. Despite this growth, fluctuations in annual output are expected due to challenges such as aging mines. Cochilco predicts that Chile’s copper production will peak at 6.07 million… Read More Here

International Mining safety

South African Rescue Efforts Conclude After 78 Deaths at Illegal Gold Mine

January 17, 2025January 17, 2025 Constance

Efforts to rescue miners from an illegal gold mine near Stilfontein, southwest of Johannesburg, ended on Thursday. At least 78 miners died during a months-long police siege that local labor groups have condemned as a humanitarian crisis. The police had encircled the mine since August, cutting off food and water in an attempt to force the miners out for arrest. The GIWASU labor union described the incident as “the worst state-sponsored massacre since the end of apartheid.” Since Monday, rescuers used a cylindrical metal cage to retrieve 78 bodies and… Read More Here

Corporate News International

Mali’s Gold Seizure Forces Barrick Gold to Suspend Operations at Loulo-Gounkoto

January 17, 2025January 17, 2025 Constance

Barrick Gold has announced the temporary suspension of operations at its Loulo-Gounkoto mining complex in Mali after the Malian government seized three metric tons of gold, valued at approximately $245 million, over the weekend. The gold, confiscated on Saturday and transported by Air Force helicopters, is being sent to the state-owned Banque Malienne de Solidarité (BMS) in Bamako, according to sources. This action follows a court-ordered seizure issued by Judge Boubacar Moussa Diarra, based on claims by Mali’s economy ministry that Barrick owes $5.5 billion in taxes—a figure drastically higher… Read More Here

International Contracts & tenders Corporate News

Barrick Gold Warns Shareholders Against Below-Market Mini-Tender Offer

January 13, 2025January 13, 2025 Constance

Canadian mining giant Barrick Gold has issued a caution to its shareholders regarding an unsolicited mini-tender offer from TRC Capital Investment. The offer seeks to acquire up to five million of Barrick’s common shares, representing approximately 0.29% of its outstanding shares, at a below-market price of C$21.35 per share. Barrick highlighted in a statement on Monday that the offer price reflects a discount of 4.52% on the Toronto Stock Exchange (TSX) and 4.38% on the New York Stock Exchange (NYSE) closing prices as of January 7. The company clarified that… Read More Here

International Corporate News

Mali Seizes Gold Stock at Barrick’s Loulo-Gounkoto Amid Contract Dispute

January 13, 2025January 13, 2025 Constance

Mali’s government has initiated the enforcement of a provisional order to seize gold stock at Barrick Gold’s Loulo-Gounkoto mining complex, according to a company memo to Malian staff. Barrick warned that this escalating dispute over mining rules could lead to a temporary suspension of operations at the site. The move highlights Mali’s military-led government’s push for greater control and revenue share from foreign mining companies. The conflict stems from new mining regulations introduced as part of broader efforts to renegotiate agreements with Western miners. “A provisional order to seize our… Read More Here

International

Mali to Receive $1.2 Billion from Miners in First Quarter Following Mining Overhaul

January 13, 2025January 13, 2025 Constance

Mali is set to receive 750 billion CFA francs ($1.2 billion) from miners in the first quarter of this year, following a significant overhaul of its mining sector. In late December, Mali received 500 billion CFA francs from mining companies after successful negotiations, Finance Minister Alousseni Sanou told Parliament. The total amount is expected by March 31, according to Sanou’s statement to Mali’s National Transition Council, as reported in minutes from the late December meeting, which were aired by the state broadcaster ORTM. Mali’s military-led government has taken a tough… Read More Here

International Uranium

Namibia Seeks Chinese Investment to Enhance Uranium Sector and Clean Energy Efforts

January 13, 2025January 13, 2025 Constance

Namibia, one of the world’s largest uranium producers, is actively seeking investment from China in nuclear power to strengthen its role in the global transition to clean energy. “We aim to add value to our uranium for the peaceful development of nuclear energy,” said President Nangolo Mbumba during a meeting on Monday with Chinese Foreign Minister Wang Yi, who is on a week-long tour of Africa. Yi’s visit underscores China’s efforts to expand its influence in Africa, aiming to outpace the United States by offering better trade deals, more investment… Read More Here

International Corporate News

Vedanta Secures $300 Million in Loans to Strengthen Financial Position

January 12, 2025January 12, 2025 Constance

Vedanta Resources’ parent company announced on Friday that it has secured commitments from Barclays, First Abu Dhabi Bank, and Mashreq for a $300 million loan, with a tenor of three years and three months. The funds will be used to refinance outstanding 2024 and 2026 bonds and cover other debt servicing obligations, according to Vedanta’s filing with the stock exchange. The company is seeking to expand the deal and is in advanced talks with other banks to secure an additional $200 million in loans. Last year, rating agencies S&P Global… Read More Here