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Category: Mining in DRC

Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia 1 Battery Metals Cobalt Mining in DRC 

Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia

Constance
The price of cobalt has reached its lowest level since January 2016, according to a daily assessment by Fastmarkets, a UK-based agency specializing in metal prices. On September 24, 2024, cobalt prices on the London Metal Exchange had dropped by 54% since early September 2022, standing at $22,382 per tonne. This significant price decline is attributed to an oversupply, primarily from the Democratic Republic of Congo (DRC) and Indonesia, the world’s top two producers of cobalt. According to the Cobalt Institute, global demand for cobalt was projected to reach 197,000… Read More Here
Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration 2 Mining in DRC Copper 

Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration

Constance
From September 21 to 22, Kamoa Copper hosted a visit from the Congolese Minister of Portfolio, His Excellency Jean-Lucien Bussa. The visit aimed to evaluate Kamoa Copper’s performance, in which the State of the Democratic Republic of Congo (DRC) holds a 20% stake, and to outline the minister’s strategy for enhancing public company performance through collaboration. “I am here as the Minister of Portfolio, representing the shareholder state, to visit a mixed economy mining company where the State, the Congolese economy, and the people all have vested interests. This company… Read More Here
AVZ Minerals Asserts Legal Rights Amid Manono Lithium Permit Dispute 3 Mining in DRC Battery Metals Lithium 

AVZ Minerals Asserts Legal Rights Amid Manono Lithium Permit Dispute

Constance
AVZ Minerals Limited (AVZ) has raised concerns over the purported transformation of Research Permit PR15775 into an Exploitation Permit by Manono Lithium SAS, a joint venture between Jinxiang Lithium Limited (a subsidiary of Zijin Mining Group) and Congolaise D’Exploitation Miniere SA (Cominière). AVZ asserts that PR15775 overlaps the northern portion of PR13359, a permit the company claims legal rights to through its majority stake in Dathcom Mining SA. AVZ refers to provisional orders from the International Centre for Settlement Disputes (ICSID) arbitration proceedings (ICSID Case No. ARB/23/20). These orders, disclosed… Read More Here
DRC Mining Firms Forced to Import Power Amid Severe Electricity Shortages 4 Mining in DRC Electricity 

DRC Mining Firms Forced to Import Power Amid Severe Electricity Shortages

Constance
Mining companies in the Democratic Republic of Congo (DRC) are importing electricity from countries like Kenya and Ethiopia due to severe supply shortages, despite the nation’s vast untapped hydropower potential that could power much of Africa. The DRC’s mining sector faces a power deficit of between 500MW and 1,000MW, according to the Chamber of Mines. This energy shortage has plagued both industry and households for years, forcing companies to seek alternative power sources to maintain operations. This week, Gécamines, its subsidiaries, and the national electricity company, SNEL, convened to strategize… Read More Here
Glencore's Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC 5 Mining in DRC Cobalt Copper Mining tax 

Glencore’s Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC

Constance
Glencore’s Kamoto Copper Company (KCC), a major copper and cobalt mine in the Democratic Republic of Congo (DRC), is facing a dispute with the country’s tax authority, DGRAD, over unpaid royalties amounting to more than €800 million ($894 million). According to sources, earlier this year, DGRAD froze KCC’s local bank accounts, and recently sealed off a metal storage warehouse, though the facility was reopened the next day. Kamoto, in which Glencore holds a 75% stake, is one of the largest mines in the DRC. It exported 200,000 tons of copper… Read More Here
Felix Tshisekedi Contracts Mining in DRC 

President Tshisekedi Reaffirms DRC’s Commitment to Carbon Market at UN Assembly

Constance
During the 79th United Nations General Assembly, President Félix Tshisekedi reaffirmed the Democratic Republic of Congo’s (DRC) commitment to enhancing its role in the global carbon market. “The DRC is implementing legal instruments and institutional mechanisms to solidify its position in this market while remaining open to partnerships that align with the Paris Agreement and our internal laws,” he stated. In his address, President Tshisekedi underscored the urgency of recognizing the connections between climate change, environmental degradation, and security. He urged the Security Council to establish international mechanisms that incorporate… Read More Here
South Kivu Governor Lifts Suspension on Mining Companies 6 Mining in DRC 

South Kivu Governor Lifts Suspension on Mining Companies

Constance
The Governor of South Kivu, Jean Jacques Purusi, has announced the lifting of measures that suspended mining operations across the province. This decision was revealed during an interview with mining operators last Monday. Governor Purusi stated that compliant companies are now permitted to resume their activities, but a control team will be deployed to oversee operations. “Today, we are opening all mining activities throughout South Kivu. We urge companies that are not in compliance to get organized. A team will be on the ground to investigate each company to ensure… Read More Here
U.S. Strengthens Partnership with DRC to Enhance Mineral Processing at UN General Assembly 7 Mining in DRC Copper Governance 

U.S. Strengthens Partnership with DRC to Enhance Mineral Processing at UN General Assembly

Constance
During the 79th United Nations General Assembly, Félix Tshisekedi met with José W. Fernandez, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment. The meeting, which took place on Monday, included the Congolese Minister of Mines, the Chairman of the Board of Directors of Gécamines, and a delegation from Buenassa, the company spearheading a project to construct a copper and cobalt refinery in Lualaba province. Mr. Fernandez reiterated the United States’ interest in investing in the Democratic Republic of the Congo (DRC) to foster a local industry… Read More Here
DRC Environmental Group Raises Alarm Over Mining Companies’ Neglect of Climate Resilience and Biodiversity 8 Mining in DRC 

DRC Environmental Group Raises Alarm Over Mining Companies’ Neglect of Climate Resilience and Biodiversity

Constance
In a letter to the DRC’s Minister of Environment, DEC20, an organization of Congolese environmental entrepreneurs, voiced deep concerns about the failure of mining companies to address climate resilience and biodiversity loss in the Democratic Republic of Congo (DRC). The group highlighted that Gécamines, a state-owned mining company, has caused severe deforestation in Luena for fossil coal extraction without implementing a reforestation plan. This has led to water pollution, the decline of earthworm populations, the disappearance of natural pollinators, and a collapse of bee colonies. DEC20 also criticized MMR (Mining… Read More Here
EGC Reaffirms Commitment to Ethical and Transparent Artisanal Cobalt Mining Practices 9 Mining in DRC Cobalt 

EGC Reaffirms Commitment to Ethical and Transparent Artisanal Cobalt Mining Practices

Constance
Entreprise Générale du Cobalt (EGC) has reaffirmed its dedication to upholding rigorous ethical, transparent, and responsible practices in artisanal cobalt mining, in alignment with the commitments set forth by the government of the Democratic Republic of Congo (DRC). In a statement shared with DESKECO.COM, EGC emphasized its ongoing efforts to formalize artisanal cobalt mining with the goal of generating sustainable economic opportunities for local communities. The company highlighted its initiatives, developed through dialogue with various stakeholders, particularly the creation of pilot sites designed to establish a model for ethical and… Read More Here

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