Mining Companies - Copperbelt Katanga Mining

Cameroon’s anti-graft agency says investigations into Glencore bribery underway 1

Cameroon’s anti-corruption agency is investigating claims by miner and commodities trader Glencore Plc that it paid bribes to officials at state-run companies in exchange for favours, an official said on Tuesday. Dieudonne Massi Gams, chairman of the central African country’s National Anti-Corruption Commission (CONAC), told Reuters that the agency had set up a commission of inquiry since complaints made by civil society and local media. “We are working on it and will take our time in order to produce good results,” Gams said, without giving further details. In June, Glencore’s UK subsidiary … Read More Here

Barrick On Track After Higher Q2 Output

July 14, 2022July 14, 2022 Janet

Barrick Gold Corporation today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1. The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2… Read More Here

Mining Companies Mining in Zambia

ZAMBIA’S MINES MINISTER WARNS MINES OPERATING WITHOUT LICENCES

July 13, 2022July 13, 2022 Janet

Mines and Minerals Development Minister, PAUL KABUSWE says mining firms operating without an Environmental Impact Assessment are operating illegally. Mr. KABUSWE says no mining licence is issued without a valid Environmental Impact Assessment. In a telephone interview with ZANIS, Mr. KABUSWE disclosed that his Ministry will upon completion of the audit come up with a structure that will help curb such practices in the future. Last week Minister of Green Economy and Environment, COLLINS NZOVU ordered the Zambia Environmental Management Agency to take action against mining companies operating without conducting… Read More Here

Mining Companies

Barrick recognised as key socio-economic partner to Tanzania

July 11, 2022July 11, 2022 Janet

Barrick Gold Corporation has been recognised as the largest contributor to government revenue in 2021, confirming its position as a key partner in the socio-economic development of Tanzania. President and chief executive Mark Bristow said that since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment has totalled $1.995 billion1. In the first half of this year, it has paid $158 million in taxes, royalties and levies, $42 million in distributions to the Government of Tanzania in the form of dividends and shareholder… Read More Here

Mining in DRC Mining Companies

Civil society denounces the lifting of the suspension of certain Chinese mining companies in Mwenga- DRC

July 11, 2022July 11, 2022 Janet

The member organizations of the Mining and Hydrocarbons Thematic Working Group of civil society in South Kivu are indignant at the lifting of the measure suspending the activities of certain mining companies, in particular Oriental Resources Congo (ORC), active in the territory of Mwenga without respecting the defined clauses. In a statement signed this Thursday, July 7, 16 organizations deplore in particular the fact that the restrictions are lifted without a parliamentary inquiry being carried out. “The absence of the real nature of the exploitation by this company hidden under… Read More Here

Mining in DRC Mining Companies

DGI should prosecute 11 mining companies to recover USD 876.1 million in overdue superprofits- DRC

July 7, 2022July 7, 2022 Janet

The Directorate General of Taxes (DGI) should initiate proceedings against eleven (11) mining companies established in the Democratic Republic of Congo not in good standing with the payment of superprofits. This is the path chosen by the Ministry of Finance and adopted at the meeting of the Council of Ministers on Friday July 1, 2022. Following the analyzes carried out within the Office of the Minister of Finance, Nicolas Kazadi, on the payment of the special tax on excess profits (ISPE) during the 2021 financial year, the amounts of the… Read More Here

Mining in DRC Mining Companies

For the 2021 financial year, Glencore paid USD 856 million in taxes, duties and royalties to the Government of the DRC

July 6, 2022July 6, 2022 Janet

Mining giant Glencore paid US$856 million in taxes, duties and royalties to the Government of the Democratic Republic of Congo (DRC) in fiscal year 2021. This is what emerges from the report that Glencore published on June 30, 2022 on its website (www.glencore.com) concerning the various payments made to the DRC Public Treasury in 2021. A report that complies with the requirements in reporting requirements of Chapter 10 of the European Union (EU) Accounting Directive. To this end, Glencore’s contribution to the economy of the Democratic Republic of Congo during… Read More Here

Mining in DRC Mining Companies

‘Kibali’s over $4 billion investment has created a thriving regional economy’- Mark Bristow

July 6, 2022July 6, 2022 Janet

With its investment valued at over US$4 billion, the Kibali mine has created a thriving regional economy. This, through partnerships with local entrepreneurs benefiting from a framework. These statistics were revealed by Mark Bristow, President and CEO of Barrick, during the 45th press conference held this Tuesday, July 5, 2022 in Kinshasa. According to Mark Bristow, before the arrival of Kibali in Haut-Uélé, life was dear to Doko but since the installation of this mine in the corners, things have changed. “A road was built when it was impassable. There was also… Read More Here

Mining in DRC Mining Companies

Alphamin achieves record quarterly output, declares dividend

July 6, 2022July 6, 2022 Janet

TSX-V- and AltX-listed Alphamin Resources achieved record quarterly tin production of 3 180 t from its high-grade operation in the Democratic Republic of Congo (DRC) for the three months ended June 30. Output was 4% higher than that produced in the quarter ended March 31. Underground mining and processing plant recoveries were in line with expectations. Further, year-to-date contained tin production of 6 241 t exceeded the run-rate to achieve market guidance of 12 000 t for the full-year. Meanwhile, second-quarter earnings before interest, taxes, depreciation and amortisation are estimated at $66.5-million. All-in sustaining costs… Read More Here

International Mining Companies

Ivanhoe Electric shares fall in debut after $169 million IPO

June 29, 2022June 29, 2022 Janet

Shares in Ivanhoe Electric (NYSE America, TSX: IE), the latest endeavour of mining magnate Robert Friedland, were falling on their trading debut on Tuesday morning after the company raised as much as $169 million in an initial public offering on Monday. The exploration and development company, which owns properties in Arizona, Utah and Montana, along with a battery storage business, sold on Monday almost 14.4 million shares for $11.75 each, slightly short of the $12.5 each it aimed for. The transaction, however, was still the biggest US IPO since May 12, when oilfield… Read More Here