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Category: International

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit 1 International Cobalt Copper 

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

Constance
BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here
Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030 2 International Economy Gold 

Zimbabwe Plans Transition to Gold-Backed Currency ZiG by 2030

Constance
Zimbabwean President Emmerson Mnangagwa has outlined plans for ZiG, the nation’s new gold-backed currency, to replace the US dollar as the sole legal tender before the 2030 deadline, effectively phasing out the current multicurrency system, Bloomberg reported. Last October, Zimbabwe extended its multi-currency system, anchored by the US dollar, until 2030 to mitigate concerns over upcoming currency policy changes. Speaking at an event in Mutare on Thursday, Mnangagwa emphasized the importance of ZiG’s adoption nationwide: “In two years’ time — in fact, two years is too far — we will… Read More Here
GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit 3 International Uranium 

GoviEx Shares Plunge as Niger Revokes Madaouela Uranium Mining Permit

Constance
Shares in GoviEx fell by 29% last week after the company announced that Niger had withdrawn the mining permit for its Madaouela uranium property. “GoviEx Uranium has been informed by the Government of the Republic of Niger, via a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain,” the company stated. This development is a significant blow to GoviEx, which has been developing Madaouela since 2007. GoviEx CEO Daniel Major, who has… Read More Here
Mozambique Recovers Undeclared Gold Amid Efforts to Combat Mineral Smuggling 4 International Gold 

Mozambique Recovers Undeclared Gold Amid Efforts to Combat Mineral Smuggling

Constance
The Mozambican government has recovered approximately 30 kilograms of undeclared gold from mining operators in the central province of Manica over recent years. Silva Manuel, Director of the Manica Provincial Service for Infrastructure, Mineral Resources, and Energy, told AIM that this recovery is a result of ongoing tracking efforts aimed at combating mineral exploitation and smuggling. However, the actual quantity of undeclared gold may exceed 30 kilograms. Companies operating in Mozambique’s mining sector have been involved in under-invoicing and tax evasion, resulting in significant financial losses for the state. In… Read More Here
Copper price surpasses $10,000, expected to rise further, says Citigroup 5 Copper International 

Copper price surpasses $10,000, expected to rise further, says Citigroup

Constance
Copper prices surpassed $10,000/tonne on Friday after Citigroup analysts predicted the industrial metal may retest that level on investor optimism over policy support in China. The world’s biggest consumer is widely anticipated to introduce further stimulus to upgrade its renewable energyThese additional measures, specifically targeting domestic property and grid investments, are expected to support copper prices in the near term, Citi analysts said in a note. The bank also noted that the recent pullback in copper is mainly due to weaker manufacturing data globally, which it believes is only temporary.… Read More Here
BHP cuts employee incentives by 20% globally — report 6 International 

BHP cuts employee incentives by 20% globally — report

Constance
BHP (ASX, LON, NYSE: BHP), the world’s largest miner, is reportedly reducing by 20% short-term incentives offered for the 2023-24 fiscal year to all employees, the Australian Financial Review reported on Thursday. The move, according to sources quoted by AFR, comes as BHP failed to meet its internal performance targets. The company’s management attributed the reduction to failures in meeting cost and production goals in certain divisions, along with an incident that cost the life of a worker at its Saraji coal mine in Queensland in January, according to the… Read More Here
Anglo American Weighs Options for Coal Business Sale Amid Mine Explosion Setback 7 International Coal 

Anglo American Weighs Options for Coal Business Sale Amid Mine Explosion Setback

Constance
Anglo American is exploring options to proceed with the sale of its coal business following an explosion at its flagship Australian mine. The company may consider selling individual assets or excluding the damaged operation from a potential deal. This sale is part of a significant restructuring program announced earlier this year by Anglo American as the London-based miner sought to fend off a takeover bid by larger rival BHP Group. The company also plans to spin off its platinum unit and either sell or separate diamond miner De Beers. Initially,… Read More Here
Glencore Halts Sale of Stake in Kazakh Mining Firm Kazzinc 8 International 

Glencore Halts Sale of Stake in Kazakh Mining Firm Kazzinc

Constance
Glencore has abandoned its plans to sell its stake in the Kazakh mining company Kazzinc after potential buyers failed to meet its valuation, according to sources familiar with the situation. Glencore, which holds a 70% stake in Kazzinc, had considered exiting the business amid interest from Chinese buyers. However, the company has now sent termination letters to the bidders, the sources said, requesting anonymity due to the private nature of the matter. A Glencore spokesperson declined to comment. Kazzinc operates a vast network of mines, concentrators, and metal finishing plants… Read More Here
FQM Sees 6% Surge on TSX Amid Panama's Cobre Panama Mine Audit 9 International Copper 

FQM Sees 6% Surge on TSX Amid Panama’s Cobre Panama Mine Audit

Constance
Shares of Canadian miner First Quantum Minerals surged 6% on the Toronto Stock Exchange early Tuesday, driven by news of Panama’s decision to conduct an environmental audit of the Cobre Panama mine to assess its potential reopening. President Jose Raul Mulino, who assumed office on Monday, announced the environmental audit in his inaugural address. “I will order a rigorous environmental audit of the mine, involving top international experts, to provide clarity on its current state,” President Mulino stated. He emphasized that the auditing costs will not burden the government. “The… Read More Here
Panama to review all information to make an informed First Quantum decision 10 International Copper News in Brief 

Panama to review all information to make an informed First Quantum decision

Constance
Panama’s government will review and analyze all the available information to make an “informed and responsible decision” regarding new President Jose Raul Mulino’s request for an environmental audit of Canadian miner First Quantum Minerals’ Cobre Panama mine. “In his message to the nation, President Mulino said he will order a strict environmental audit; So for our part, we are going to review and analyze all the information available to make informed and responsible decision,” Trade and Industry Minister Julio Molto told Reuters on Tuesday. SOURCE:mining.com Read More Here

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