International - Copperbelt Katanga Mining

FQM Seeks Compensation from Panama Over Stranded Copper Stockpile

August 29, 2024August 29, 2024 Constance

First Quantum Minerals is pursuing compensation from Panama for a stockpile of semi-processed copper ore stranded at its flagship Cobre Panama mine. The material, valued between $225 million and $340 million at current copper prices, has been idle for months while the Panamanian government assesses whether it was mined before or after the mine was ordered to close last year. The Canadian mining company has warned that the stockpile’s value could degrade over time and that leaving it idle poses environmental risks. First Quantum insists that Panama must either allow… Read More Here

International Coltan

CMOC Group Anticipates Easing Cobalt Supply Pressure in H2 2024

August 29, 2024August 29, 2024 Constance

China’s CMOC Group, the world’s largest cobalt producer, expects cobalt supply pressures to ease in the second half of 2024. Cobalt, essential in batteries and alloys, has seen prices plummet to near an eight-year low due to a surge in production outpacing demand, according to Fastmarkets data. CMOC forecasts that global supply growth will gradually stabilize. “Global cobalt resources are concentrated, and after the current supply surge, no significant new resources are expected for a long time,” CMOC stated while announcing a record first-half profit. “This should support medium- and… Read More Here

International Gold

Mali’s 2024 Gold Production on Track to Meet or Exceed 57.3 Metric Ton Target

August 29, 2024August 29, 2024 Constance

Mali, one of Africa’s leading gold producers, is set to meet or surpass its 2024 industrial gold production forecast of 57.3 metric tons, according to the country’s Ministry of Mines. Gold output from major mining companies, including Barrick Gold, B2Gold, Resolute Mining, Allied Gold, and Endeavour Mining, reached 30.5 tons in the first half of the year, exceeding the initial forecast of 28.4 tons by 7.2%, as per ministry data provided to Reuters. While the 2024 forecast is 14% lower than the 66.5 tons produced in 2023, the country remains… Read More Here

International Equipment & Technology Mergers & Acquisitions

Sandvik to acquire Universal Field Robots

August 29, 2024August 29, 2024 Constance

Sandvik has signed an agreement to acquire Universal Field Robots (UFR), a fast-growing Australia-based provider of autonomous interoperable solutions for the surface mining and underground mining markets. UFR will be reported in Digital Mining Technologies, a division within business area Sandvik Mining and Rock Solutions. UFR’s solution portfolio is built on a common autonomy platform, which is a strong complement to Sandvik’s automation offering and includes OEM (Original Equipment Manufacturer) agnostic robotic and autonomous solutions for trucks, loaders and auxiliary equipment. The acquisition will help to increase the addressable market… Read More Here

International Mining Equipment

Hitachi introduces new-gen excavator, backhoe loader to Southern Africa

August 29, 2024August 29, 2024 Constance

Japanese multinational Hitachi’s African business, Hitachi Construction Machinery Africa (HCAF), is making available to the Southern African market the Zaxis 7G Series excavator and the BX100 Shinrai-Power backhoe loader. These machines introduce higher efficiencies and increased safety for the mining and construction sectors, complementing its existing range of excavators, wheel loaders and rigid dump trucks in the region. HCAF sales and marketing director Riaan Carstens says the increasingly turbulent economic environment is putting more pressure on customers to remain competitive. The new product offerings, with their focus on high productivity… Read More Here

International Copper

Codelco could face $8 million fine for tailings dam violations

August 26, 2024August 26, 2024 Constance

Chile’s environmental regulator on Thursday said it filed two charges against state copper giant Codelco over the management of its Talabre tailings dam at its Ministro Hales division in northern Chile. The charges were for the lack of a contingency plan to avoid affecting underground water, and for the incorrect deposit of tailings materials dating to 2017. The company, the world’s biggest copper miner, has ten days to submit a compliance plan and an additional five days to appeal, and could face a fine of about 8 billion pesos ($8.71… Read More Here

International Gold

Mwamba Mining Partners with Barrick Gold to Explore Tanzania’s Nzega Greenstone Belt

August 26, 2024August 26, 2024 Constance

Mwamba Mining (“Mwamba”), dedicated to advancing inclusive and sustainable gold mining in Tanzania, has partnered with Barrick Gold Corporation (“Barrick”) through its Twiga partnership with the Tanzanian Government. This collaboration will focus on exploring Mwamba’s 1,325 km² land position in the Nzega district, an area noted for its significant greenstone belts, which are known to host world-class gold deposits. Under an earn-in agreement, Barrick may invest up to $16.5 million in prospecting and exploration to acquire up to 80% joint venture interest in the Property. Founded in 2018 by Tanzanian… Read More Here

International Copper

Lundin Mining Workers in Chile End Strike with New Wage Agreement

August 26, 2024August 26, 2024 Constance

Workers at Lundin Mining Corp.’s Caserones mine in Chile have ended a nearly two-week strike after accepting a new wage proposal. Approximately 90% of one of the mine’s three unions voted in favor of the new three-year contract on Saturday, following a preliminary agreement reached late Friday, according to union leader Marco Garcia. The strike, led by a union representing 29% of the workforce at Caserones, had disrupted production at the mine, which produced 137,100 tons of copper last year, according to Chilean government data. The resolution of the strike… Read More Here

International Gold

South Africa’s Gold Sector Declines Despite Record Prices

August 26, 2024August 26, 2024 Constance

Despite record-high gold prices, South Africa’s gold sector continues to experience a “deep structural decline,” according to Hugo Pienaar, chief economist at the Minerals Council. Reviewing the latest mining production and sales data from Stats SA for the second quarter of 2024, Pienaar highlighted the ongoing challenges in the industry. Since the fourth quarter of 2019, only manganese and chrome have shown growth, while overall mining production in the second quarter of 2024 was 8.7% lower than pre-COVID levels. Iron ore and gold have been the worst performers, with the… Read More Here

International Gold

Sibanye-Stillwater Secures R6bn Credit Facility and Gold Prepay Deal

August 25, 2024August 25, 2024 Constance

Sibanye-Stillwater has refinanced its rand revolving credit facility (RCF), increasing it to R6 billion, and secured R1.8 billion through a gold prepay arrangement to enhance its financial position. CEO Neal Froneman described the gold prepayment as a “proactive, strategic financing alternative” that boosts liquidity while maintaining exposure to potential gold price increases. The RCF refinancing, which includes an option to expand by an additional R1 billion, signals strong support from South African lenders. These measures follow June’s agreement to adjust debt covenants, allowing the company to carry net debt up… Read More Here