Mining in Zambia - Copperbelt Katanga Mining

Zambia negotiating $3.3 bln commercial debt restructuring, after bonds deal 1

Zambia is in talks to restructure $3.3 billion of commercial debt, after reaching a deal with overseas holders of its sovereign bonds last week, an official said on Wednesday, as the country seeks to emerge from a three-year default.“We have already started negotiations and with some we are almost reaching there,” Secretary to the Treasury Felix Nkulukusa said at a public meeting, referring to private creditors other than bondholders. “The $3.3 billion is the money that we have to continue engaging (on) and we are engaging in good faith,” he… Read More Here

Zambia’s Minister of Mines Declares Glencore’s Exit from Mopani Copper Mines

April 3, 2024April 3, 2024 Constance

The Minister of Mines and Mineral Development, Paul Kabuswe, has announced a significant development in the operations of Mopani Copper Mines (MCM). According to Mr. Kabuswe, Glencore, the Swiss mining and commodity trading giant, has completely disengaged from Mopani following the resolution of a substantial debt issue by International Resources Holdings (IRH). Initially, Glencore was owed a substantial sum amounting to US$1.7 billion. However, through negotiations with the government, this debt was successfully reduced to US$400 million. This negotiation paved the way for Glencore to sever its ties with Mopani,… Read More Here

Copper Mining in Zambia

FQM Engages with Jiangxi Copper on Funding and Business Options

March 30, 2024March 30, 2024 Constance

Executives from Canadian mining company First Quantum Minerals recently held discussions with Chinese government officials regarding funding and business strategies involving top investor Jiangxi Copper Co, according to three sources familiar with the matter. The talks, which took place in Jiangxi province, covered various topics, including the potential for Jiangxi Copper to gain influence on First Quantum’s board decisions, the future of First Quantum’s Zambian assets, and the possibility of Jiangxi purchasing disputed copper concentrates inventory from Panama. While shares of First Quantum rose 5% on the Toronto Stock Exchange… Read More Here

Mining in Zambia Exploration New Mining Projects

Koryx Copper Raises N$21 Million for Exploration Projects in Namibia and Zambia

March 30, 2024March 30, 2024 Constance

Koryx Copper Inc. has successfully raised N$21 million (C$1.505.250) through a private placement to fund further exploration projects in Namibia and Zambia, as well as for general working capital. The company offered 23,157,692 units at C$0.065 per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant allows the holder to purchase one common share at an exercise price of $0.10 within thirty-six (36) months from the closing date of the private placement. All securities issued are subject to a mandatory four-month and one-day… Read More Here

Mining in Zambia Economy Press Release

FQM COMMITS TO STRENGTHENING LOCAL PROCUREMENT AND CAPACITY BUILDING

March 29, 2024March 29, 2024 Constance

First Quantum Minerals Ltd has reaffirmed its dedication to fostering local economic development through enhanced procurement strategies and supplier capacity building. This commitment was underscored during a visit to the company’s Trident project this week by senior representatives of the Zambia Association of Manufacturers (ZAM). This senior delegation included the ZAM President, Board Members, and the organisation’s CEO.In line with the government’s drive to support local businesses and communities, First Quantum is prioritising local procurement initiatives and actively engaging with local suppliers. “We believe that local procurement is essential for… Read More Here

Mining in Zambia Copper

Kansanshi Rising: Inside S3 with Anthony Mukutuma

March 29, 2024March 29, 2024 Constance

In May 2022, First Quantum Minerals (FQM) reinforced its commitment to Zambia by investing $1.25 billion in an expansion project at Kansanshi, known as the ‘S3 project’. The project will extend the life of the mine by 20 years, protect thousands of jobs, and ensure that the company’s widespread and varied support for the community can continue. S3 involves expanding Kansanshi’s mining pit, building a new processing plant, and enlarging the mine’s on-site smelter – all in the name of producing more copper. Following a conversation with the mine’s General… Read More Here

Mining in DRC CKM eMagazine Mining in Zambia

CKM EMAGAZINE MARCH – APRIL 2024 EDITION (PDF FORMAT)

March 28, 2024March 28, 2024 arnbethnic

Just in case you have not yet receive the March– April edition of the CKM eMagazine, Here’s your free copy and don’t forget to share with your colleagues who might not only need this but would also benefit from the news and information provided in this special edition. The CKM eMagazine is massively distributed digitally reaching top decision makers in all the mining houses of Zambia and the DRC. We currently have over 96,000 followers on LinkedIn with over 53,000 CKM Newsletter subscribers. Our upcoming May – June 2024 edition will shared at the DRC Mining Week in Lubumbashi, DRC. This… Read More Here

Mining in Zambia Copper

Abu Dhabi’s IRH and Jubilee Metals Group Forge Joint Venture for Copper Project in Zambia

March 28, 2024March 28, 2024 Constance

Abu Dhabi’s International Resources Holding (IRH) has affirmed its commitment to form a joint venture (JV) with Jubilee Metals Group, a diversified metals processor, to undertake a copper waste rock project in Zambia. Additionally, IRH aims to advance the upgrade of Jubilee’s Roan copper facility and expand its chrome operations. The waste rock project is designed to process over 260 million tonnes of copper-containing surface material. Initially, four modular processing plants will be installed with a combined capacity of 2.4 million tonnes per year. This setup is projected to yield… Read More Here

Mining in Zambia Economy

Zambia’s Inflation Surges to Over Two-Year High Amid Severe Drought

March 28, 2024March 28, 2024 Constance

Zambia’s annual inflation rate has soared to its highest level in over two years due to the country’s worst drought on record, resulting in a sharp increase in food prices. According to acting Statistician General Chola Daka, the consumer price index rose to 13.7% in March, compared to 13.5% the previous month, with prices rising by 1.2% within the month. The spike in inflation was primarily driven by surging prices of bread, cereals, and meat, causing food inflation to jump to 15.6% from 14.1% in the previous month. However, non-food… Read More Here

Mining in Zambia Hydro power plant

Zambia and Zimbabwe to Retender Batoka Gorge Hydropower Project

March 28, 2024March 28, 2024 Constance

According to Bloomberg, Zambia and Zimbabwe are planning to retender the Batoka Gorge hydropower project, valued at approximately $5 billion and with a capacity of 2.4GW. The Zambezi River Authority (ZRA), a collaborative effort between the two nations, will be accepting bids by April 2025, with the expectation of selecting new developers by September of the same year. Situated on the Zambezi River, 54km downstream from Victoria Falls and spanning the border between Zambia and Zimbabwe, the Batoka Gorge hydropower plant has garnered significant interest from potential developers. Originally awarded… Read More Here