Mining Companies - Copperbelt Katanga Mining

Billionaire’s Seized Mines Pose Quandary for New Zambian Leader

May 27, 2022May 27, 2022 Janet

Zambia’s new business-friendly president faces a dilemma: risk a political backlash by returning mining shafts seized from an Indian company his mines minister once labeled as the nation’s worst-ever investor, or prolong a three-year legal dispute over one of its most important assets. Hakainde Hichilema, who won power in August, has yet to say what he’ll do to revive Konkola Copper Mines Plc — key to realizing his ambition of more than doubling national output of the metal within five years and rebooting the debt-stricken economy. Predecessor Edgar Lungu stripped majority shareholder Vedanta Resources Ltd. of the… Read More Here

International Mining Companies

Glencore says its bribery days are over. Now it has to prove it

May 26, 2022May 26, 2022 Janet

Glencore has closed the “cash desks” in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a “different company.” Now he will have to prove it. Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5-billion but there’s a longer-lasting requirement — the deal with… Read More Here

Mining in DRC Mining Companies

Glencore agrees to pay more than 1.2 billion USD in the United States to settle its corruption cases

May 25, 2022May 25, 2022 Janet

Mining and commodities trader Glencore has settled investigations into corruption and market manipulation in the UK and US that have dogged the company for years. In February, Glencore announced it had set aside $1.5 billion to cover settlement costs in the US, UK and Brazil, and the company confirmed it would appear in court. in the United States on Tuesday under “proposed resolutions” to investigate his activities. Later in the day, the UK’s Serious Fraud Office (SFO) charged Glencore with seven counts of corruption in Cameroon, Equatorial Guinea, Ivory Coast,… Read More Here

Mining in Zambia Copper Mining Companies

WHY FQM’S $1.35 BILLION INVESTMENT IS GOOD FOR ZAMBIA

May 24, 2022May 24, 2022 Janet

Earlier this month First Quantum Minerals (FQM) announced a mammoth US$1.35 billion package of new projects, with US$1.25 billion to be invested in expansion of our Kansanshi operations in Solwezi – known as the ‘S3’ project – and a final US$100 million to start the $250 million Enterprise nickel project in Kalumbila. The announcement was hailed as a game-changer for the nation, and the first step on the road towards the Government’s New Dawn for Zambia’s mining sector, in which it has set out its vision for the country to… Read More Here

Mining in DRC Mining Companies

Signing of a joint decree granting 0.3% turnover of 12 mining companies, for the benefit of community development projects- DRC

May 24, 2022May 24, 2022 Janet1 Comment

With a view to contributing to development projects in the mining sector, the Minister of Mines, Antoinette N’samba Kalambayi, and the Minister of Social Affairs, Modeste Mutinga, signed last Friday in Kinshasa an interministerial decree approving the procedure for managing the endowment of 0.3% of turnover. This is revealed in a press release from the Ministry of Mines. The boss of the Mines of the DRC, indicated that 12 mining projects are retained a priori for the benefit of the communities not only bordering but also bruised worthy of this surge… Read More Here

Mining in DRC Mining Companies

COGEP recommends Felix Tshisekedi to order IGF to audit SOKIMO and its unproductive partnerships

May 21, 2022May 21, 2022 Janet

The Coalition for the Governance of Public Enterprises (COGEP) has documented the two partnerships of SOKIMO, namely KIBALI GOLDMINES and PIANETA and has just published its report during this week. According to this organization, SOKIMO has concluded several joint venture contracts with private companies under Congolese law and foreign law. Most of these contracts have been the subject of much controversy as to their real impact on the profitability of SOKIMO and the gain of the Congolese State as sole shareholder. As part of this study, the reflection focused on the… Read More Here

Mining in DRC Mining Companies

Mining titles sold to Metalkol by Gécamines for 60 million USD caused 2.6 billion USD in losses to the Public Treasury

May 21, 2022May 21, 2022 Janet

The Public Treasury of the Democratic Republic of Congo (DRC) recorded losses estimated at 2.630 billion US dollars following transactions around mining titles that the Société Générale des Carrières et des Mines (Gécamines) sold to Metalkol for a amount of 60 million US dollars (USD). In its report entitled “ Gécamines, what does over-the-counter hide? “, the Coalition for the Governance of Public Enterprises (COGEP) notes several irregularities, practices of financial embezzlement, corruption and mismanagement that have characterized the partnership relations between Gécamines and its two private partners within two joint ventures.… Read More Here

Mining in DRC Mining Companies

The Carter Center publishes a Guide on implementing social responsibility specifications for mining companies-DRC

May 13, 2022May 13, 2022 Janet

There is now a “Practical Guide on the Process of Negotiations, Examination and Execution of the Specifications for Social Responsibility of Mining Companies in the DRC. It was released on May 6, 2022 by The Carter Center through its Extractive Industries Governance Program in the Democratic Republic of Congo, reports a press release from that organization. This so-called “reference” Guide is intended to help stakeholders better conduct and manage the process of specifications in the mining sector of the Democratic Republic of Congo. The Guide provides guidance and practical responses to… Read More Here

Copper Mining Companies Mining in Zambia

Vedanta agrees to suspend lawsuits over Zambia copper mines

May 12, 2022May 12, 2022 Janet

Billionaire Anil Agarwal’s Vedanta Resources Ltd. confirmed it has agreed to suspend legal action to reclaim copper mines Zambia seized three years ago, pending talks to settle the dispute. Konkola Copper Mines was placed under provisional liquidation after the previous Zambian government accused parent company Vedanta of lying about expansion plans and paying too little tax. Vedanta has denied any wrongdoing. The company has said it wants the mines back and has pledged to invest about $1.5 billion to revive the operations. “Vedanta has always been of the view of… Read More Here

Copper Mining Companies Mining in Zambia

Celine Nair takes over role of KCM Provisional Liquidator

May 10, 2022May 10, 2022 Janet

Konkola Copper Mines has announced that Lawyer Celine Meena Nair has taken over the role of Provisional Liquidator of the mining giant. This follows her recent appointment as acting Official Receiver of the Republic of Zambia. Ms Nair has assumed all functions relating to the office of the KCM Provisional Liquidator. This is according to a statement issued by KCM acting Chief Executive Officer Enock Mponda. At the time of her appointment, Ms Nair was Principle Legal Officer-International Law and Agteemht at the Ministry of Justice. Below is the full… Read More Here