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Category: Mining Companies

Tharisa issues $50m bond for Zimbabwe platinum mine build 1 Mining Companies 

Tharisa issues $50m bond for Zimbabwe platinum mine build

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Tharisa Plc has issued a $50 million bond as it moves to raise $391 million to build a 194,000-ounce per year platinum group metal (PGM) mine in Zimbabwe, the platinum producer said on Friday. Tharisa, a co-producer of chrome concentrates and PGMs in South Africa, owns 70% of Karo Mining Holdings, developer of the Karo PGM project on Zimbabwe’s Great Dyke, about 100 kilometers south-west of the capital Harare. The bond, which is not rated, is the first issued on Zimbabwe’s Victoria Falls Stock Exchange and will be guaranteed by… Read More Here
Mark Bristow: "Kibali's investment in the DRC has grown from 2.5 to 4.2 billion USD in 11 years" 2 Mining Companies Mining in DRC 

Mark Bristow: “Kibali’s investment in the DRC has grown from 2.5 to 4.2 billion USD in 11 years”

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Kibali’s investment in the Democratic Republic of Congo has reached 4.2 billion USD in eleven (11) years of mining. This was announced by the President and CEO of Barrick, Mark Bristow, on October 27, 2022, during a press conference organized in Kinshasa. Of these 4.2 billion USD, 2.20 billion USD were used for payments for companies and suppliers. The part of royalties and taxes required 1.16 billion USD while 193.3 million USD were allocated to infrastructure and support for community projects. A total of 840 million USD was directed to wages. This… Read More Here
First Quantum Minerals Reports Third Quarter 2022 Results 3 Mining in Zambia Copper Mining Companies 

First Quantum Minerals Reports Third Quarter 2022 Results

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First Quantum Minerals on Tuesday reported substantially lower third-quarter financial results, citing margin compression because of a declining copper price and cost inflation. The Canada-headquartered company’s adjusted earnings fell from $337-million in the second quarter, to $96-million in the third quarter, while copper C1 cash costs increased by $0.08/lb to $1.82/lb. “The headwinds from recessionary concerns and broad cost inflation have led to substantial margin compression across the industry. In the longer term, we continue to see structural upside in our markets from the ongoing challenges of bringing on new… Read More Here
MMG to start arbitration against Congo’s Gecamines 4 Mining in DRC Mining Companies 

MMG to start arbitration against Congo’s Gecamines

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MMG Limited said it plans to launch international arbitration against Congolese state mining company Gecamines after Democratic Republic of Congo armed forces occupied two concessions near its Kinsevere copper mine. Hong Kong-listed MMG said armed forces entered its Nambulwa mining lease on Sept. 16 claiming Gecamines had signed a research contract for it. MMG staff were able to return to site and continue work from Sept. 28 but the armed forces remained there, MMG said. The company also said that security forces removed MMG staff from its Sokoroshe II mining… Read More Here
DRC: LICOCO demands full disclosure of those corrupted by Glencore 5 Mining in DRC Mining Companies 

DRC: LICOCO demands full disclosure of those corrupted by Glencore

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The Congolese Anti-Corruption League (LICOCO) is calling on the government of the Democratic Republic of Congo (DRC) to release the names of those corrupted by Glencore, a mining company. This, after Glencore admitted to American justice “to have bribed officials in Côte d’Ivoire, Equatorial Guinea, Nigeria, Cameroon, the Democratic Republic of Congo (DRC) and South Sudan”. In a press release published on October 10, 2022, LICOCO considers it necessary that light be shed after revelations of corruption made by Glencore. Several recommendations were made, particularly with regard to the Government and… Read More Here
Glencore faces flood of UK litigation following bribery charges 6 Mining Companies International 

Glencore faces flood of UK litigation following bribery charges

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Glencore Plc faces a raft of class-action style lawsuits from investment and pension funds in the UK, months after the mining giant pleaded guilty to market manipulation and bribery. Mubadala Investment Company and International Petroleum Investment Company are among over a dozen funds who filed claims at a London court against Glencore and a group of its executives in recent weeks, according to court records. While there is no public record of what the claimants allege, people familiar said it was linked to the more than $1 billion fine Glencore… Read More Here
Harmony Gold expands into copper with $230m project buy 7 Gold International Mining Companies 

Harmony Gold expands into copper with $230m project buy

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South African miner Harmony Gold (JSE: HAR) (NYSE: HMY) is expanding into the copper market with the acquisition of Copper Mountain Mining’s (ASX: C6C) (TSX: CMMC) Eva project in Australia, in a deal worth $230 million. The company said the project, situated in Queensland, adds 1.72 billion pounds of copper, and 260,000 ounces of gold to its mineral reserves. Until now, the company’s only exposure to copper, which is critical to the global energy transition, was through its stake in the Wafi-Golpu joint venture with Newcrest in Papua New Guinea, where the partners have been… Read More Here
Barrick Gold tweaks cost guidance as copper boosts second-quarter earnings 8 Gold Copper Mining Companies 

Barrick Gold tweaks cost guidance as copper boosts second-quarter earnings

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Barrick Gold Corp flagged on Monday that it might overshoot its gold production cost forecast this year, though it stopped short of hiking its cost guidance, with CEO Mark Bristow saying the path of inflation was uncertain. Barrick beat analysts’ expectations with a nearly 19% rise in second-quarter profit thanks to higher copper output even as inflation drove production costs up for the world’s second-biggest gold miner. Its shares rose 2% at the open in Toronto. The company now expects to be “either at the top end or slightly above”… Read More Here
Barrick Gold boss tells miners to brace for more inflation 9 International Mining Companies 

Barrick Gold boss tells miners to brace for more inflation

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Barrick Gold Corp. boss Mark Bristow is sticking with his cost guidance for now, despite inflationary headwinds at mines around the world, but said the idea that industry costs have peaked is “wishful thinking.” The world’s No. 2 gold producer on Monday reported second-quarter earnings that were slightly ahead of estimates, partly by keeping cost increases capped at 4.1% from the first quarter in a highly inflationary environment. In the same report, Barrick said costs would trend toward the high end, or even slightly exceed, its guidance range. Despite mitigation… Read More Here
Glencore profit more than doubles thanks to soaring coal price 10 Coal Mining Companies 

Glencore profit more than doubles thanks to soaring coal price

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Mining and commodities trader Glencore (LON: GLEN) posted on Thursday record profit of $18.9 billion in the first half of 2022, more than doubling last year’s figure thanks to its booming thermal coal business. Unlike rivals, including Anglo American, Rio Tinto and BHP, which bowed to investor pressure to exit fossil fuels, Glencore has continued mining coal, of which prices have reached record highs on the back of a global energy crunch unleashed by the war in Ukraine. The Swiss firm’s coal division generated earnings of $8.9 billion in the first six months of… Read More Here

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