Mining revenue - Copperbelt Katanga Mining

Zambia's Mining Sector Sets New Record with Tax Contributions Reaching K43 Billion 1

Tax payments from the mining sector rose by 11 percent to K43.3 billion in 2022, according to the latest independently audited report from the Zambia Extractive Industries Transparency Initiative (ZEITI). The report showed that total revenues received by government from the mining sector rose to more than K43.3 billion in 2022, a significant increase on the K39 billion received in 2021. With top contributing mines being Kansanshi Mining with contributions of K15 billion, FQM Trident making contributions of K8.6 billion and Lumwana Mine making contributions of K4 billion. The overall… Read More Here

Barrick Continues To Be a Major Value Creator for Mali

January 31, 2024January 31, 2024 Constance

Barrick Gold Corporation and its predecessor, Randgold Resources, has been a valuable partner to Mali for 27 years and, in the face of many challenges, continues to work tirelessly with the Transition Government of Mali and local stakeholders to plot a new course for the country’s mining industry and promote it as an investment destination, says president and chief executive Mark Bristow. Speaking to the media, Bristow said during this time its mines had contributed almost $10 billion to the Malian economy in the form of taxes, royalties, salaries and… Read More Here

Mining in DRC Mining revenue

Lualaba Province Contributes to Nearly 60% of DRC’s Mining Revenues

October 5, 2023October 5, 2023 Constance

The first panel discussion at the Concrete Expo, held at the Musompo Trading Center in Lualaba province on October 3, 2023, focused on the contributions of mining taxation and the construction sector to the province’s development. Mathieu Kazembe Swana Ilunga, the Provincial Minister of Budget and Planning, emphasized the crucial role of taxes in funding essential public services such as roads, hospitals, and schools. He highlighted several significant projects in the province that were made possible through tax revenue, including the construction of the Kolwezi airport, schools, and hospitals. Kazembe… Read More Here

Mining in DRC Battery Metals Cobalt Mining revenue

DRC Claims Only 3% of the Global Cobalt Value Chain

September 23, 2023September 23, 2023 Constance

The Democratic Republic of Congo (DRC), the world’s leading producer of cobalt, holding nearly 70% of the world’s reserves of this mineral, captures very little of the revenue generated in this sector. According to the figures recorded by Professor Jean-Baptiste Kushinganine during the first day of the just ended DRC-Africa 2023 forum on battery metals, which was organized in Kinshasa, from September 20 to 21, 2023, only 3% captured from the global cobalt value chain. “Confined to the role of exporters of raw materials, the DRC is at the bottom… Read More Here

Mining in Zambia Mining revenue Precious Stones

Gemfields Generates $25.5 Million in Revenue from Latest Kagem Mine Emerald Auction

September 19, 2023September 19, 2023 Constance

Gemstone producer Gemfields has reported earnings of $25.5 million from its recent auction of commercial-quality rough emeralds sourced from the Kagem mine in Zambia. All 43 lots offered at the auction were successfully sold, achieving an average price of $7.51 per carat. Adrian Banks, Gemfields’ Managing Director of Product and Sales, expressed satisfaction with the auction results, emphasizing the continued strength of the emerald market. He also wished success to their auction partners during the ongoing tradeshow season. Banks stated, “Due to the recent decrease in both the quality and… Read More Here

Mining in DRC Mining revenue

DRC: Jules Alingete and Likasi Mayor Explore Mining Royalty Allocation

September 15, 2023September 15, 2023 Constance

The Head of the Department at the General Inspectorate of Finance (IGF), Jules Alingete, held a discussion on Thursday, September 7, 2023, with Olivier Munongo, the Mayor of Likasi commune in Haut-Katanga, DRC. The meeting centered around Munongo’s request for assistance from the IGF regarding the retrocession of mining royalties through the Shituru commune. Munongo explained the purpose of his mission to Kinshasa, stating, “I came to meet the General Inspector of Finances, the Head of the Department, to address the issue affecting my commune and Shituru in Likasi, Haut-Katanga.… Read More Here

Copper Mining in Zambia Mining revenue

Mopani Copper Mines Reports Declining Output and Deeper Losses

September 5, 2023September 5, 2023 Constance

In the first half of this year, Mopani Copper Mines witnessed a significant drop in production, leading to increased financial losses for the operation, which was acquired from Glencore in 2021. According to a statement by the parent company, ZCCM-IH, Mopani’s losses in the six months through June escalated to $196 million, in contrast to $120 million during the corresponding period in the previous year. This deterioration in financial performance can be attributed to both a reduction in output and escalating operational costs. Copper production during this period dwindled to… Read More Here

Mining in DRC Copper Mining revenue

CMOC Group Limited Reports $12.22 Billion Turnover in DRC Mines for H1 2023

September 3, 2023September 3, 2023 Constance

CMOC Group Limited announces that it has recorded a turnover of 12.22 billion US dollars in its mines in the Democratic Republic of Congo (DRC) in the first half of 2023, down 5.49% year-on-year. In a press release published on Wednesday August 30, 2023, CMOC explains that these results are due to the impact of the disruption of exports of TFM copper and cobalt products and the negative evolution of the market price of phosphate products. The group says it achieved net profit attributable to parent company of USD 99.08… Read More Here

International Gold Mining revenue

Thor Explorations reports good interim revenue, earnings performance

August 25, 2023August 25, 2023 Constance

Gold miner Thor Explorations saw good developments across its Segilola gold mine, in Nigeria, and its mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three and six months to June 30, president and CEO Segun Lawson says. “Operations are performing well, with the processing plant still operating above nameplate design. The company posted strong revenues for half one of $81-million, with earnings before interest, taxes, depreciation and amortisation (Ebitda) of $35.1-million and a net profit of $12-million for the same period,” he points out. Gold production for the period totalled 23 078 oz. All main… Read More Here

Mining in DRC Mining revenue

DRC Strives to Harness Mining Royalties for the Benefit of Genocide Victims

August 14, 2023August 14, 2023 Constance

The Vice-Minister of Mines, Godard Motemona, has submitted a draft decree to the council for examination. This draft specifies the methods for collecting and distributing mining royalties in line with the provisions of Law No. 007/2002 dated August 11, 2002, which is part of the Mining Code. The code has been amended and supplemented up to the present, along with Law No. 22/65 of December 26, 2022, which lays down fundamental principles for protecting and providing reparation to victims of conflict-related sexual violence and crimes against peace and security. Before… Read More Here