Mining Companies - Copperbelt Katanga Mining

KCM and Indo Zambia Bank hold exploratory discussions for bridge financing to the company 1

Konkola Copper Mines Plc (KCM) and Indo Zambia Bank have held exploratory discussions to establish a strong business partnership, which would unlock bridge financing to the mining company by the bank to pave the way for growth. KCM Provisional Liquidator Celine Nair, who is also the acting Administrator General and Official Receiver of Zambia, held business talks with Indo Zambia Bank Managing Director Kowdichar Shashidhar and other senior bank officials during a visit to KCM in Chingola. The Provisional Liquidator’s team comprised her agent Jason Kazilimani, the acting Chief Executive… Read More Here

Mining in Zambia Mining Companies

Kagem an exemplary employer – Lufwanyama DC

June 24, 2022June 24, 2022 Janet

Lufwanyama District Commissioner Justin Mwalikwa has commended Kagem’s move to honour its staff during an award ceremony held as part of International Labour Day Celebrations, calling the mine an exemplary employer. Mr Mwalikwa said the Government encouraged such gestures because they demonstrate how Kagem continues to improve staff welfare by recognising the contributions employees have made to the mine’s success. “Kagem thrives because it appropriately takes care of its staff and motivates them accordingly. We believe that is why everyone puts in their best to drive the company forward,” he… Read More Here

International Mining Companies

Barrick Gold Corporation announces the sale of 5,382,587 shares of Perpetua Resources Corp

June 16, 2022June 16, 2022 Janet

Mining company Barrick Gold Corporation (“Barrick”) announced on June 15, 2022, the sale of 5,382,587 common shares (“Shares”) of Perpetua Resources Corp. (“Perpetua Resources”) through Nasdaq, Cboe, Direct Edge and NYSE-ARCA (the “Provision”). According to the source, the disposition generated gross cash proceeds of an aggregate amount of C$21,729,504 (C$4.04 per common share). It should be noted that immediately prior to the disposition, Barrick beneficially owned, or controlled and directed, 5,382,587 shares, representing approximately 8.5% of the issued and outstanding shares. Following the disposition, Barrick no longer beneficially owns, controls or… Read More Here

Copper Mining Companies Mining in Zambia

Zambia starts search for new investor in Konkola Copper Mines

June 7, 2022June 7, 2022 Janet

Zambia’s Konkola Copper Mines (KCM) will appoint an adviser to help it find an equity investor willing to fund the mine’s expansion, its provisional liquidator said on Tuesday. Zambia’s previous government put KCM into the hands of a liquidator in May 2019, triggering an ongoing legal dispute with Vedanta Resources, KCM’s parent company. The government at that time accused Vedanta of failing to honour licence conditions, including promised investment, charges which Vedanta has denied. The government takeover of KCM goes to an arbitration hearing in January 2023 in London, Zambia’s… Read More Here

Mining in DRC Mining Companies

175 million USD in doorsteps owed by SICOMINES remain untraceable to the credit of the General Treasury Account- DRC

June 6, 2022June 6, 2022 Janet

The report of the General Inspectorate of Finance (IGF) recently published in May 2022 reveals that Gécamines suffered various damages in the Chinese contract signed in 2007. This report notes for example that the doorsteps going to the State, on the amount owed by SICOMINES, ie 175 million USD, remains untraceable to the credit of the General Treasury Account to date. And the IGF promises to continue investigations into this issue. Overall on the Chinese contract, the observation of the IGF is that the signing of the hybrid mining and infrastructure… Read More Here

Mining in DRC Mining Companies

From 2012 to 2020, Gécamines’ partners achieved a turnover of 35 billion USD while Gécamines only received 564 million USD in royalties- DRC

June 6, 2022June 6, 2022 Janet

The General Inspectorate of Finance (IGF) has just made public an explosive report on the mismanagement of Gécamines over the past decades. According to this report released at the end of May 2022, Gécamines was the victim of a “disparate treatment of partnerships” in particular with regard to the right to collect royalties. “From 2012 to 2020, Gécamines’ partners achieved an overall turnover estimated at 35 billion USD, while Gécamines received only 564 million USD in royalties from these partnerships, i.e. 1.6% », argue the IGF inspectors in this report.… Read More Here

Mining in DRC Mining Companies

DRC: IGF indexes 6 mining partnership contracts with private parties not published by Gécamines

June 6, 2022June 6, 2022 Janet

Between 2000 and 2008, Gécamines signed 24 partnership contracts (Joint-venture) with private parties representing 100% of its historic available mining reserves. To date, Gécamines has reconstituted the equivalent of 26% of these reserves of copper (9.3 million tonnes of copper) and 45% of cobalt (1.4 million tonnes of cobalt) and has signed three new contracts joint-venture, reports the General Inspectorate of Finance in its report on Gécamines published in May 2022. Thus, this supreme control institution detected a lack of publication of certain partnership contracts and a lack of transparency… Read More Here

Mining in Zambia Mining Companies

Chambishi Metals set to open, as govt vows to continue working with trusted investors

June 2, 2022June 2, 2022 Janet1 Comment

Negotiations between the state, an unnamed new investor, and the previous owners of Chambishi Metals Plc are nearly completed, according to the government, and will result in the asset becoming operational, more than two years after it was placed on care and maintenance due to a lack of feed for production. Another mining asset that the government is working to reopen is Luanshya’s shaft 28, which is now in talks with a potential investor for prospective operationalization, despite the fact that the talks are still in the early stages. Mines… Read More Here

Mining Companies

Glencore denies SA involvement in corruption charges

June 2, 2022June 2, 2022 Janet

In the wake of Glencore’s guilty plea, to allegations of bribery and market manipulation in the US, UK, and Brazil the company has agreed to pay over R23-billion. The multi-national cooperation was fined $1.2 billion for bribery and violation of that country’s Foreign Corrupt Practices Act. According to a Fin24 article, Units of the Swiss commodities giant entered guilty pleas and agreed to pay about $1.5 billion to settle US, UK, and Brazilian bribery and market manipulation probes that have hung over it for years. The bribery scheme reached the… Read More Here

International Mining Companies

Glencore bribery cases draw in billionaire former executives

May 30, 2022May 30, 2022 Janet1 Comment

The US corruption and market manipulation cases against Glencore Plc include allegations about the conduct of two former executives who formed part of the inner circle of the trading house’s top management for over a decade — and walked away as billionaires. The US government did not bring any charges against top Glencore managers in the sweeping cases against Glencore to which the company pleaded guilty this week. But in legal documents on Tuesday, the US said that two former top Glencore executives, one of whom is identified as the “global head… Read More Here