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Seven foreign companies eye Mopani partnership- Zambia 1 Mining Companies Mining in Zambia 

Seven foreign companies eye Mopani partnership- Zambia

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Mines Minister Richard Musukwa has disclosed that over seven foreign companies have expressed interest to be equity partners in Mopani Copper Mine. Mr Musukwa also encouraged Zambian Companies to take advantage of the opportunity to be equity partners in the mine alongside ZCCM-IH. The Minister also said security agencies are on the ground to prevent assets striping at Mopani Copper Mine. Meanwhile the Ministry of Mines says copper production in 2021 is expected to increase from 882,000 tonnes recorded in 2020 to 900,000 tonnes. Mr Musukwa says the increase in… Read More Here
AngloGold Ashanti continues being a self-funding entity 2 Mining Companies 

AngloGold Ashanti continues being a self-funding entity

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AngloGold Ashanti reported a fivefold increase in its full-year dividend payment and added 6 Moz of new Ore Reserve, on a gross basis, as it chartered a return to growth in the coming years. “After several years of rationalising our portfolio, we have a clear and credible path to disciplined, high-return growth,” Interim Chief Executive Officer Christine Ramon said. “We’ve built a solid balance sheet, which allows us to continue self-funding our capital investment, while rewarding shareholders.” The Company aims to grow annual production from last year’s 3.05 million ounces… Read More Here
Vedanta warns off KCM asset pickers as Zambia’s provisional liquidator proceeds with split 3 Mining Companies Mining in Zambia 

Vedanta warns off KCM asset pickers as Zambia’s provisional liquidator proceeds with split

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VEDANTA Resources has warned potential buyers of assets held in its 85%-owned Konkola Copper Mines (KCM) that any corporate activity would be “deemed inappropriate”, and that it would seek to protect its interests in Zambia and internationally. The Indian firm’s comments come as the provisional liquidator, appointed by the Zambian government, progresses a plan to split the assets – consisting of mining and processing facilities – ahead of selling them to third parties. The Zambian government has, through its ZCCM-Investments Holdings (ZCCM-IH) company, forbidden Vedanta access to KCM’s assets arguing that… Read More Here
Zambia done with taking over mining companies 4 Mining in Zambia Mining Companies 

Zambia done with taking over mining companies

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Zambia isn’t looking to take over more mining companies, nor is the government planning to nationalize the industry, according to Finance Minister Bwalya Ng’andu. The government has acquired Glencore’s and Vedanta’s local operations in the past two years. Remarks by President Edgar Lungu in December that Africa’s second-biggest copper producer wanted to take “significant stakes” in unspecified mines led to fears of a fresh wave of nationalization. “We are at this point in time not looking at any other specific mining operations that we want to go into a relationship with,” Ng’andu… Read More Here
Zambian court denies Vedanta attempt to halt Konkola Copper Mines split 5 Mining in Zambia Mining Companies 

Zambian court denies Vedanta attempt to halt Konkola Copper Mines split

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A Zambian court on Monday dismissed a motion by miner Vedanta Resources’ seeking to stop a state-appointed provisional liquidator from splitting up its Konkola Copper Mines (KCM) unit and selling the assets. The ruling is a blow to the Indian-owned mining company which has said it would fight any attempt by Zambia to sell KCM to third parties. Vedanta has been locked in a protracted dispute with the Zambian government since May 2019, when the Zambian government, which owns 20% of KCM through state mining investment firm ZCCM-IH, handed control of the mine to a liquidator. Judge… Read More Here
Zambia`s opposition MMD Leader advises govt to begin transferring back Mopani into private hands 6 Mining Companies Mining in Zambia 

Zambia`s opposition MMD Leader advises govt to begin transferring back Mopani into private hands

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MMD president Nevers Mumba says up to today the former ruling party does not believe government is the best businessman there is in town. Commenting on the transaction in which the government through ZCCM-IH has purchased back 90 per cent Glencore shareholding in Mopani for US$1 with $1.5 billion, among other conditions, Mumba noted that the government had no option but to repossess the mine. Mumba advised the government not to be tempted to run Mopani but start transferring it back in to private hands. “And when I say private… Read More Here
Sandvik Mining closing Jiading site; shifting production focus to Jiangsu 7 Mining Companies 

Sandvik Mining closing Jiading site; shifting production focus to Jiangsu

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Back in late 2009, with some fanfare, Sandvik Mining & Rock Solutions opened one of its largest ever global mining equipment production and assembly sites in the Jiading Industrial Zone, just outside Shanghai, China – a site capable of producing almost the full underground and surface mining product line for both the Chinese but also the global market. New machines were also designed there, such as the DH350 compact drill rig, which was fully developed and manufactured at Sandvik’s Jiading R&D centre. The carrier for the DD2710 jumbo was also… Read More Here
Barrick’s Bristow to buy diamond miner 8 Diamond Mining Companies 

Barrick’s Bristow to buy diamond miner

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Barrick Gold’s (TSX: ABX), (NYSE: GOLD) president and chief executive officer Mark Bristow will add South Africa’s Rockwell Diamonds (OTCMKTS: RDIAF) to his personal portfolio if the beleaguered miner agrees to delist and be taken private. The deal would see Rockwell merging with Bristow’s wholly-owned 1274787 BC, a Canada, British Columbia-based diamond company better known as Britsco. Shares in the South African miner, except those held by Bristow and any dissenting shareholders, would then be exchanged for redeemable preferred shares in the amalgamated corporation at C$5 cents per share in cash. Bristow,… Read More Here
ZCCM to buy Glencore’s stake in Mopani 9 Mining Companies Mining in Zambia 

ZCCM to buy Glencore’s stake in Mopani

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Diversified miner Glencore’s subsidiary Carlisa Investments Corporation has signed an agreement with ZCCM Investments Holding to transfer its 90% interest in Mopani Copper Mines to ZCCM for $1 and the transaction debt. Zimbabwean State-owned mining investment company ZCCM already holds a 10% interest in Mopani. Glencore, as an 81.2% shareholder of Carlisa, expects regulatory and shareholder approvals to be finalised within the next three months. Mopani had been funded by borrowings from Carlisa and other members of the Glencore group. On completion of the transaction, $1.5-billion of debt will remain… Read More Here
Vedanta reopens Gamsberg zinc mine in South Africa 10 Mining Companies 

Vedanta reopens Gamsberg zinc mine in South Africa

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Vedanta Zinc International said on Saturday that mining has started again at its Gamsberg mine in South Africa following a closure in November when the pit wall collapsed, trapping miners underground. The company did not specify what capacity it is operating at. “The Department of Mineral Resources and Energy granted permission to commence stockpile feed and mining at the East pit in the last portion of December, followed by permission to commence mining at the West Pit in the first week of January,” Vedanta Zinc International management said in an… Read More Here

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