International - Copperbelt Katanga Mining

Panama president sees no immediate risk from First Quantum mine

December 28, 2024December 28, 2024 Constance

Panama’s President Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama, the First Quantum Minerals Ltd. copper mine that was shut in 2023. Mulino cited a recent report conducted by the environment ministry, which examined minerals and other materials stored at the site. Mulino said the government will start to study a “conservation plan” for the mine in January. “Right now, there is no irreversible contamination,” Mulino said Thursday. “Even though it doesn’t represent an imminent risk for the country… Read More Here

International Corporate News

Sibanye-Stillwater Secures $500 Million Streaming Deal with Franco-Nevada

December 25, 2024December 25, 2024 Constance

Multinational metals and mining group Sibanye-Stillwater has finalized a $500-million streaming agreement with Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada Corporation. The deal grants Franco-Nevada access to gold and platinum streams from Sibanye-Stillwater’s Marikana, Kroondal, and Rustenburg operations in South Africa, in exchange for an upfront payment of $500 million. Under the terms of the agreement, Sibanye-Stillwater will deliver: Sibanye-Stillwater will also receive a production payment equal to 5% of the spot price of the respective metals during the initial delivery periods, increasing to 10% for gold once 237,000 ounces… Read More Here

International Gemstones

Gemfields Warns of Potential Disruptions at Mozambique Ruby Mine Amid Rising Unrest

December 25, 2024December 25, 2024 Constance

Gemfields Group announced on Tuesday that disruptions could affect operations at its largest ruby mine in Mozambique, following escalating unrest tied to October’s disputed election. The violence, which includes protests from opposition groups claiming election fraud, has resulted in significant unrest, particularly after Mozambique’s top court confirmed the victory of the ruling Frelimo party on Monday. According to civil society group Plataforma Decide, at least 130 people have been killed in clashes with police. Foreign mining operations in Mozambique, including those of South32, have also been impacted by the unrest.… Read More Here

International

Chile Files Four Environmental Charges Against Anglo American’s Los Bronces Mine

December 25, 2024December 25, 2024 Constance

Chile’s environmental regulator has filed four charges against Anglo American’s Los Bronces copper mine for failing to comply with environmental permits, the agency announced on Monday. The charges, which could result in a fine of nearly 17 billion pesos (approximately $17.17 million), were brought by the Superintendency of the Environment (SMA). Los Bronces, one of Chile’s largest copper mines with an output of 255,000 metric tons in the previous year, is a key asset for Anglo American, which has been the target of a potential takeover by larger rival BHP.… Read More Here

International Corporate News News in Brief

Vedanta to exclude base metals business from sweeping demerger

December 22, 2024December 22, 2024 Constance

Indian miner Vedanta will not carve out a separate listed unit for its base metals business, it said last week, after discussing the matter with its stakeholders and lenders. Vedanta, led by billionaire Anil Agarwal, had last year launched a sweeping overhaul to carve itself up into six separate businesses, in a move aimed at shoring up the group’s financial performance. The company will consider the base metals business demerger at a later stage, it said in an exchange filing, adding that the share entitlement ratio for the demerger of… Read More Here

International Corporate News

Glencore in Talks to Sell Philippine Copper Smelting Unit Amid Historic Low Processing Fees

December 22, 2024December 22, 2024 Constance

Glencore Plc is in discussions to sell its copper business in the Philippines, the Philippine Associated Smelting and Refining Corp. (Pasar), as the global smelting industry faces record-low processing fees. According to sources familiar with the matter, who requested anonymity due to the private nature of the talks, Glencore is negotiating with at least one domestic buyer. However, the outcome of these discussions remains uncertain. Pasar has been a key asset for Glencore due to its strategic location, serving as an important outlet for copper concentrates from Australian and Indonesian… Read More Here

International Copper

Copper Stockpile at Panama’s Closed Cobre Mine Deemed Safe for Now

December 21, 2024December 22, 2024 Constance

Over 100,000 metric tons of copper concentrate remain stored at First Quantum Minerals’ Cobre Panama mine, which has been closed since November following a Panamanian Supreme Court ruling that invalidated the company’s contract. Panamanian President Jose Raul Mulino assured on Thursday that the stockpile currently poses no environmental risk. Cobre Panama, a major global source of copper, was shut down after environmental protests led to the court’s decision. Since then, global commodity markets have closely monitored Panama’s stance on the fate of the 130,000 tons of copper concentrate left behind.… Read More Here

International Corporate News Mining Personality

Rio Tinto Appoints Georgie Bezette as New Chief People Officer

December 21, 2024December 21, 2024 Constance

Australia-based mining giant Rio Tinto has named Georgie Bezette as its new Chief People Officer, succeeding James Martin, who is set to retire at the end of 2024. Bezette, who has been with Rio Tinto since 2008, currently serves as Chief Operating Officer for the People division, where she has been instrumental in driving the company’s cultural transformation efforts. She will assume her new role on January 1, 2025, and will be based in London. Rio Tinto CEO Jakob Stausholm praised Bezette’s appointment, highlighting her dedication to talent development, cultural… Read More Here

Copper International

Peru’s Copper Output Stagnates for a Third Consecutive Year

December 21, 2024December 21, 2024 Constance

Peruvian copper production is projected to remain flat in 2025, marking the third consecutive year of stagnant output, according to industry analysts and the country’s leading mining association, SNMPE. Challenges such as declining ore grades and a lack of new mining projects continue to cap production, even as global demand for copper surges. Peru, the world’s third-largest copper producer, was overtaken by the Democratic Republic of Congo (DRC) in 2023 for the second spot behind Chile. The decline in ore quality after years of extraction is straining miners’ ability to… Read More Here

International Gold

Barrick Gold Seeks Arbitration with Mali Over Loulo-Gounkoto Dispute

December 19, 2024December 19, 2024 Constance

Barrick Gold, the leading gold producer in Mali, has submitted a request for arbitration to the International Centre for Settlement of Investment Disputes (ICSID), a World Bank institution. The Canadian company is seeking to resolve ongoing disagreements with the Malian government concerning the Loulo-Gounkoto mining complex, the country’s largest gold mine. In a press release on December 18, 2024, Barrick confirmed its decision to use ICSID’s services to address the dispute. However, the company has not disclosed the specifics of its claims or the nature of the request. It remains… Read More Here