Mining Companies - Copperbelt Katanga Mining

FQM’s Kalumbila Minerals rebrands to FQM Trident Limited

February 22, 2022February 22, 2022 arnbethnic

KALUMBILA, ZAMBIA – Kalumbila Minerals Limited has changed its trading name to ‘FQM Trident Limited’ – a name that incorporates the mining firm’s identity as a First Quantum Minerals-owned company and is inclusive of all the Trident Project operations. Since its inception, the company’s mining operations and project has incorporated three mining licences, namely Sentinel, Enterprise, and Intrepid which collectively make up ‘The Trident Project.’ Constructed over four years from 2012, the mine represents US$2.1 billion of investment – Zambia’s largest infrastructure investment since the Kariba Dam was constructed in 1959.… Read More Here

Gold Mining Companies

Harmony expects up to 72% drop in interim earnings

February 22, 2022February 22, 2022 admin

JSE-listed gold miner Harmony Gold expects its basic earnings for the first half of its 2022 financial year, ended December 31, 2021, to be between 68% and 72% lower than that of the six months ended December 31, 2020. This is primarily the result of several factors, including a nonrecurring gain on the bargain purchase recognised for the acquisition of the assets and liabilities of Mponeng operations and related assets in the first half of the 2021 financial year. It is also owing to a lower gross profit as a result of higher production costs, which offset the increase in… Read More Here

Mining Companies Mining in Zambia

Zambia Chamber of Mines President lays out mining’s biggest challenges

February 21, 2022February 21, 2022 admin

Hot on the heels of the latest Zambia Extractive Industries Transparency Initiative (ZEITI) report, which illustrates how significant the mining sector’s contribution is, President of the Zambia Chamber of Mines Dr Godwin Beene sets out what’s necessary for a mining breakthrough – and the realisation of the New Dawn Government’s stated goal of tripling copper production. ZEITI’s latest annual report details exactly how much Zambia’s Government received from the mining industry between 1 January 2020 and 31 December 2020, and provides a company-by-company breakdown of financial contributions to the economy. In 2020, that… Read More Here

Gold International Mining Companies

Asante reports ‘significant interest’ in $100m raise for Bibiani

February 18, 2022February 18, 2022 admin

Exploration and development company Asante Gold has received “significant investor interest” in a private placement of common shares to raise up to $100-million at C$1.75 a share. Emiral Resources, which currently holds 19.6% of the company’s outstanding common shares, has indicated that it intends to participate in the offering at a level sufficient to maintain its current percentage shareholding. Funds will be used for working capital, including the payment of the second $30-million payment to Resolute Mining for the Bibiani mine acquisition, initial mine development costs at the Bibiani mine,… Read More Here

Mining in Zambia Copper Mining Companies

ZCCM IH Board Director Bishop Mambo tells Chinese Mining Firm to Start Paying Dividends to Govt

February 17, 2022February 17, 2022 admin

The ZCCM IH Board has learnt that Non Ferrous China Africa Corporation (NFCA) Mining on the Copperbelt has not been paying dividends for eleven years to the Government, which is a share holder in the firm. The Government through ZCCM IH owns shares in NFCA, a Chinese owned mining firm based in Chambishi, Kalulushi District. Dividend is a sum of money paid regularly every year by a company to its shareholders out of its profits or reserves. NFCA Africa Mining Plc was established in March 1998 as the holding company… Read More Here

Mining Companies International

Barrick Gold announces $1bn buyback as quarterly earnings jump

February 17, 2022February 17, 2022 admin

Barrick Gold Corp on Wednesday announced a share buyback of up to $1 billion as the miner’s fourth-quarter results beat analysts’ estimates following strong production at its Nevada mines and a smaller tax take than expected. Barrick’s U.S.-listed shares rose around 5% at the open. Net earnings more than doubled from the previous quarter to $726 million, while adjusted earnings per share were $0.35, beating expectations of $0.30 from analysts who had anticipated a higher fourth quarter tax rate. While costs across Barrick’s copper and gold operations climbed in 2021 and… Read More Here

Mining in DRC International Mining Companies

Glencore sets aside $1.5bn to settle bribery probes

February 15, 2022February 15, 2022 admin

Investigations into corruption at Glencore have been underway since 2018, as the firm faces allegations of bribery and market manipulation. Glencore has announced its decision to set aside $1.5bn to resolve investigations into bribery and corruption at a number of its operations. The Anglo-Swiss firm is facing probes in the US, UK, and Brazil over corruption at its operations in the Democratic Republic of Congo (DRC), Venezuela, and Nigeria, with allegations first being levelled in 2018. Such investigations are expected to be resolved this year. The news comes as the… Read More Here

Mining Companies

Glencore’s earnings rocket 84% to $21.3bn

February 15, 2022February 15, 2022 admin

Diversified mining and marketing company Glencore on Tuesday announced 84% higher financial results for the year, with earnings before interest, taxes, depreciation and amortisation (Ebitda) rising to $21.3-billion. Looking forward, Glencore CEO Gary Nagle said the company remained focused on its strategy to deliver decarbonisation and meet increasing demand for everyday metals, “while responsibly meeting energy needs of today”. Marketing earnings before interest and taxes were up 11% to $3.7-billion, while multi-year or record high prices for many commodities, underpinned the 118% jump in industrial Ebitda to $17.1-billion. Net income attributable to equity… Read More Here

Mining Companies Mining in Zambia

Zambian government to discuss Kalumbila MFEZ with FQM

February 2, 2022February 2, 2022 admin

First Quantum Minerals has welcomed Government’s decision to engage the mining firm in dialogue to designate the long-awaited Kalumbila Multi-Facility Economic Zone (MFEZ). The company believes the economic zone will bring about enhancement of local supplier competitiveness, not just in Kalumbila District, but in North-Western Province and beyond. First Quantum has invested over US$90 million in planning and development of Kalumbila Town. And the MFEZ application has been awaiting approval through a Statutory Instrument that will enable Kalumbila Town to realise its long-sought-after economic growth potential. Town growth has been… Read More Here

Iron Ore International Mining Companies

Iron ore price jumps as Fortescue, BHP and Rio Tinto face labour shortage

January 26, 2022January 26, 2022 admin

The iron ore price jumped on Tuesday after Fortescue raised concerns over a labour shortage in Australia because of covid-19 curbs, which could hamper output and shipments. BHP and Rio Tinto have also warned of disruptions from labour shortages as Australia faces a surge of Omicron coronavirus variant cases. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $138.39 a tonne during morning trading, up 3.7% compared to Monday’s closing. Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher… Read More Here