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Category: International

Glencore to Consult Shareholders on Future of Coal Business Post Teck Resources Acquisition 1 International Coal 

Glencore to Consult Shareholders on Future of Coal Business Post Teck Resources Acquisition

Constance
Glencore will begin consulting with shareholders regarding the future of its coal business once its deal to acquire Teck Resources’ coal mines is finalized later this year. Crucially, Glencore has indicated that if a majority of shareholders support retaining its coal mines, the company will not proceed with a vote on the matter. Glencore’s coal division has been one of its most profitable segments, driving record returns in recent years. The plan to exit fossil fuels and list a new company in New York marked a significant strategic shift under… Read More Here
Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea 2 International Gold 

Barrick Gold Confirms Porgera Mine Operations Unaffected by Massive Landslide in Papua New Guinea

Constance
Barrick Gold announced on Monday that the Porgera Mine in Papua New Guinea remains fully operational and has sufficient fuel supplies for 40 days, despite a massive landslide in Enga province. The landslide, which buried over 2,000 people according to the government, has created treacherous conditions that are hindering aid efforts and diminishing hopes of finding survivors. The Porgera Mine, an underground gold mine, is operated by Barrick Gold in partnership with China’s Zijin Mining and stakeholders from Papua New Guinea. The mine resumed operations earlier this year following a… Read More Here
SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE 3 International Gold 

SwissAid Report Highlights Massive Gold Smuggling from Africa to UAE

Constance
Billions of dollars worth of gold are smuggled out of Africa every year, with most of it exported to the United Arab Emirates (UAE) for processing, according to a report by SwissAid. The Bern-based non-governmental organization analyzed declared and undeclared gold imports over a ten-year period ending in 2022. They estimate that the illicit trade amounts to between $23.7 billion and $35 billion annually based on current market prices. In 2022 alone, more than 435 tons of gold were smuggled out of Africa. The revenue from this illegal trade fuels… Read More Here
Sibanye-Stillwater Finalizes Fourth Renewable Energy Power Purchase Agreement 4 International Energy 

Sibanye-Stillwater Finalizes Fourth Renewable Energy Power Purchase Agreement

Constance
Johannesburg- and New York-listed Sibanye-Stillwater has finalized its fourth renewable energy power purchase agreement (PPA), marking a significant milestone in its commitment to carbon neutrality by 2040. The green metals and gold producer has reached financial close on a 140 MW wind energy project, the Umsinde Emoyeni Wind Farm, located near Murraysburg on the border between the Northern Cape and the Western Cape. Sibanye-Stillwater CEO Neal Froneman emphasized the importance of this development in a release to Mining Weekly, stating that the project represents another crucial step toward achieving carbon… Read More Here
Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling 5 International Gold 

Zimbabwe Introduces Gold Supply Tracking System to Combat Smuggling

Constance
Zimbabwe’s sole authorized gold buyer, Fidelity Gold Refinery (FGR), will implement a new tracking system to monitor the supply of gold from mines to the market, aiming to curb rampant smuggling. General Manager Peter Magaramombe announced the initiative, which will launch on September 30, during a meeting with miners in the capital city, Harare. The International Crisis Group estimates that Zimbabwe loses approximately $1.5 billion annually due to gold smuggling. The new system will enable real-time monitoring from the initial weighing of bullion by producers to its delivery to FGR… Read More Here
Zimbabwe’s Central Bank Gold Reserves to Back ZiG Currency Rise 6 International Economy Gold 

Zimbabwe’s Central Bank Gold Reserves to Back ZiG Currency Rise

Constance
Zimbabwe’s gold reserves backing its new bullion-linked currency are increasing and the stockpile’s value is also being boosted by the higher price of the precious metal, the central bank said.The Reserve Bank of Zimbabwe is seeing royalty payments of gold “rising daily,” said Deputy Governor Innocent Matshe. “As long as we are mining, gold reserves are increasing by the amount that we produce,” he said Wednesday in a telephone interview. “The proceeds from other precious minerals are being used to stockpile gold.” The central bank will give an update on… Read More Here
Chile to launch public consultation on tailings regulation 7 International Copper Gold 

Chile to launch public consultation on tailings regulation

Constance
Mining Minister Aurora Williams announced that, in July 2024, Chile will launch a public consultation to modify Supreme Decree No. 248, which regulates tailings deposit design, construction, operation and closure. During a presentation at the Sustainable Atacama Seminar, Williams said that while the executive power is in charge of implementing any changes to the decree, citizen participation is a prerequisite to doing so. “Therefore, all of those who live this reality can participate, they can tell us which aspects are properly addressed, which aspects we are missing and which we… Read More Here
Troubled Peru copper mine starts expansion work in supply boost 8 International Copper 

Troubled Peru copper mine starts expansion work in supply boost

Constance
China’s MMG Ltd. is hopeful it can start digging copper from a new pit at its giant Las Bambas project in Peru by the end of this year, bringing some much-needed extra supply to a tightening global market. Las Bambas has for years operated well below its annual capacity of 400,000 tons due to a torrent of community protests that have disrupted mining and set back an expansion. That level could be reached in 2025, according to Troy Hey, an executive general manager at MMG. “I would say that going… Read More Here
Epiroc to acquire French manufacturer of excavator attachments 9 International Mergers & Acquisitions Mining Equipment 

Epiroc to acquire French manufacturer of excavator attachments

Constance
Stockholm, Sweden: Epiroc, a leading productivity and sustainability partner for the mining and construction industries, has agreed to acquire ACB+, a manufacturer of attachments and related couplers used by the construction industry.   ACB+ is based in Saint Lager, France, and has several production facilities in the country. It manufactures attachments and quick couplers used on excavators for construction as well as related areas such as scrap recycling and deconstruction. Quick couplers are used with carriers, typically excavators, to enable safe and efficient change of attachments, such as buckets and hydraulic tools. … Read More Here
Gas Shortage Forces Rio Tinto to Declare Force Majeure on Queensland Alumina Cargoes 10 International 

Gas Shortage Forces Rio Tinto to Declare Force Majeure on Queensland Alumina Cargoes

Constance
Rio Tinto Group has declared force majeure on alumina shipments from its refineries in Queensland, Australia, due to a gas shortage impacting its operations, according to sources familiar with the situation. The company notified clients on Monday, the sources said, requesting anonymity due to the private nature of the information. Rio Tinto produces alumina, the raw material for aluminum, at its Yarwun refinery and at Queensland Alumina, a joint venture with Russia’s United Co. Rusal International. The refineries have struggled to maintain operations because of a regional gas shortage. In… Read More Here

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