Mining Companies - Copperbelt Katanga Mining

Vedanta offers Zambia investment commitments if handed back KCM

May 9, 2022May 9, 2022 Janet

Vedanta Resources has offered to step up investment in Zambia’s Konkola Copper Mines (KCM) and implement several social responsibility programmes if it resumes control of the local firm, a company letter sent to the government showed. Zambia’s previous government put KCM into the hands of liquidator Milingo Lungu in May 2019, triggering an ongoing legal dispute with Vedanta Resources, KCM’s parent company. The government accused Vedanta of failing to honour licence conditions, including promised investment. Vedanta has repeatedly denied KCM broke the terms of its licence. In a leaked letter addressed to… Read More Here

Green Energy International Mining Companies

Glencore rights record worst in green metals, group says

May 5, 2022May 5, 2022 Janet

Glencore Plc has the worst human rights record among miners of metals used in renewable energy, the Business & Human Rights Resource Centre said in a report. The alleged abuses attributed to all companies range from attacks on activists to violations of environmental laws to forced relocations. Complaints about Glencore’s mines accounted for 64 out of the 495 allegations tracked by the London-based group between 2010 and 2021. “Globally, Glencore has the worst record,” the group said in its transition minerals tracker released on Wednesday. “It was the company linked to the… Read More Here

Mining Companies

Trafigura seeks control of Zimbabwe’s metals for unpaid debts

April 29, 2022April 29, 2022 Janet

Trafigura Group and Zimbabwe’s government have discussed a deal that would give the commodities trader control over output from some of the nation’s biggest mines as repayment for debts, documents seen by Bloomberg show. Under the agreement, Trafigura will be paid $225.6 million by nickel- and gold-mining subsidiaries of state-run Kuvimba Mining House Ltd. for fuel bills Zimbabwe owes Trafigura on contracts dating back to 2016, the documents show. Zimbabwe’s government was represented by the Finance Ministry in the agreement. Trafigura is one of the world’s biggest oil and metals… Read More Here

Copper International Mining Companies

First Quantum Minerals’ profit more than doubles on higher prices

April 27, 2022April 27, 2022 Janet

Copper miner First Quantum Minerals Ltd reported a 171% jump in first-quarter profit on Tuesday, powered by higher prices for the red metal from supply worries. Realized price of copper, a key metal used in wiring, electric vehicles and other electronics, rose nearly 37% to $4.45 per pound in the quarter, the company said, on fears that Russia’s invasion of Ukraine would disrupt supply chains. Total copper production fell 11% to 182,210 tonnes in the reported quarter. “Given the current events with the Ukraine conflict and covid-19 restrictions in China, and most recently… Read More Here

Copper Mining Companies Mining in Zambia

Zambia “very close” to picking investor for Mopani copper mine

April 26, 2022April 26, 2022 Janet1 Comment

Zambia’s government is close to finding a private investor for Mopani Copper Mines, President Hakainde Hichilema said on Monday, in order to ramp up production at the mine, one of the biggest in the country. Zambia took on $1.5 billion in debt to buy Mopani from Glencore in January 2021 and has been looking ever since for a new investor for the mine, which needs significant investment to increase output. “We believe that with Mopani Copper Mines we are very close but I don’t want to be overambitious,” Hichilema told… Read More Here

Copper Cobalt Mining Companies Mining in DRC

The DRC President wants to renegotiate the mining contract of Mutanda Mining, a subsidiary of Glencore

April 25, 2022April 25, 2022 Janet1 Comment

The Democratic Republic of Congo has added Glencore’s subsidiary, namely Mutanda Mining (MUMI), to the ongoing process of renegotiating mining contracts. The decision to investigate Mutanda comes as President Félix Tshisekedi makes no secret of his intention to review extractive deals made under his predecessor, Joseph Kabila. Already, the Presidency of the Republic is reviewing the copper and cobalt projects of Tenke Fungurume, a company controlled by China Molybdenum Co. and China Railway Group. It is in the same context that the recent agreement concluded between the DRC and the Israeli billionaire… Read More Here

Mining in DRC Mining Companies

DRC: relaunch of Miba production, agents and workers must contribute (Management)

April 15, 2022April 15, 2022 Janet

The Management of the Bakwanga Mining Company (Miba) aims to increase the production of this state company. For the Management Committee, this result cannot be achieved without Miba agents and workers getting back to work effectively. This is the meaning of the appeal that MIBA Management launched on Tuesday, April 12, 2022, to its staff during a meeting at the Miba circle in Mbuji-Mayi, capital of the province. of Kasai Oriental. “We have no room for error to experience failures. We have to maintain the production tool”, noted the interim Managing… Read More Here

Mining in Zambia Copper Mining Companies

British firm plans to invest $100 million in Zambia mine expansion

April 6, 2022April 6, 2022 Janet1 Comment

Britain’s Moxico Resources plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday. The investment will create new jobs and increased tax revenues for Zambia’s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country. Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain’s financing of private sector growth and infrastructure across Africa. “We are committed… Read More Here

Mining in DRC Mining Companies

DRC: SOKIMO and Turkish giant SIDIA agree to relaunch mining activities in Haut-Uélé

April 5, 2022April 5, 2022 Janet

The Société Minière de Kilo-Moto (SOKIMO) and the Turkish giant SIDIA plan to relaunch its mining activities in the province of Haut-Uélé. The Director General of SOKIMO, John Mwengu Kadi, accompanied by the Turkish delegation, discussed this subject, on Friday April 1, 2022, with the Governor of the province Christophe Baseane Nangaa. At the end of the meeting, the Director General of SOKIMO indicated that the partner should get to work shortly. “ We came with the Turkish partner SIDIA who came to work with SOKIMO whose work is starting shortly. You… Read More Here

Copper Mining Companies Mining in Zambia

KCM is one of the mining companies in which ZCCM-IH has key interest-Mines Minister

April 1, 2022April 1, 2022 Janet

Minister of Mines and Minerals Development Paul Kabuswe has updated Parliament on the status of Konkola Copper Mines (KCM) liquidation process. In a ministerial statement, Mr. Kabuswe said the liquidation of KCM has come with the task of sustaining mine operations by implementing several funding and strategic initiatives. Mr. Kabuswe said KCM has been split into two subsidiary companies namely KCM Smelterco Limited and KCM Mineral Resources Limited (KMR) with two separate management structures and employee arrangements. He said the splitting of KCM resulted in transferring of 5,588 employees from… Read More Here