News in Brief - Copperbelt Katanga Mining

Mufumbwe Residents in Zambia Celebrate Kalengwa Mine Reopening as Economic Game Changer 1

Residents of Mufumbwe, North Western Province, have expressed their excitement over the reopening of Kalengwa Mine, calling it a transformative step for the district’s economic future. They believe the mine’s revival will create new business opportunities and generate employment, especially for young people in the area. READ MORE:President Hichilema Reopens Zambia’s Kalengwa Mine After 46 Years Speaking to ZNBC News, the residents thanked President Hakainde Hichilema for bringing development to Mufumbwe. The President is in North Western Province to reopen Kalengwa Mine, Kansenseli Gold Mine, and to commission the Kasajiko… Read More Here

Mining in DRC Economy Gold News in Brief

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

November 17, 2024November 17, 2024 Constance0 comment

The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here

Mining in DRC News in Brief

Congolese Minister of Mines Opposes New Financial Authority for Mining Sector

October 19, 2024October 19, 2024 Constance

Kizito Pakabomba, the Congolese Minister of Mines, rejected the idea of creating a separate financial authority for the mining sector during a press café in Kinshasa, hosted by the mining registry. Pakabomba argued that establishing another agency would only add unnecessary bureaucracy, noting concerns from the International Monetary Fund (IMF) about the country’s budgetary inefficiencies. He highlighted that the mining sector already contributes nearly 50% to the national budget, emphasizing that the Ministry of Finance manages mining revenues effectively. The minister reaffirmed his commitment to working with the IMF to… Read More Here

Mining in Zambia Artisanal mining Gold Mine Safety News in Brief

Tragedy Strikes Illegal Gold Mining Operation in Shiwang’andu

July 16, 2024July 16, 2024 Constance

A tragic incident occurred in Shiwang’andu, Muchinga Province, where an unidentified man lost his life and another was injured during illegal gold mining activities. The accident took place on Friday around 16:00 at the Chipindo gold mine in Chief Mukwikile’s chiefdom. The survivor, 23-year-old Felix Mulenga from Mpika district, was rescued by fellow miners and rushed to Mpika Urban Clinic. Unfortunately, the deceased was pronounced dead upon arrival, while Mulenga suffered bruises to his neck, lips, and eyelids and is currently receiving treatment. Police commanding officer Paul Achinme confirmed that… Read More Here

Mining in Zambia Electricity News in Brief

Copperbelt Energy Corporation to Address Mining Power Shortfall with Imports

July 7, 2024July 7, 2024 Constance

Copperbelt Energy Corporation (CEC) Group Chief Executive Officer Owen Silavwe announced that imported power will start flowing next month to address the significant shortfall in the mining industry, which is estimated to be between 20% and 30%. Zesco has declared a force majeure on the mining sector, retracting 20% of the energy previously supplied to the mines. In response, CEC stated last month that it had signed contracts with the mining companies it serves to supply the power deficit through imports. During the Energy Indaba held last week in Lusaka,… Read More Here

International Copper News in Brief

Panama to review all information to make an informed First Quantum decision

July 3, 2024July 3, 2024 Constance

Panama’s government will review and analyze all the available information to make an “informed and responsible decision” regarding new President Jose Raul Mulino’s request for an environmental audit of Canadian miner First Quantum Minerals’ Cobre Panama mine. “In his message to the nation, President Mulino said he will order a strict environmental audit; So for our part, we are going to review and analyze all the information available to make informed and responsible decision,” Trade and Industry Minister Julio Molto told Reuters on Tuesday. SOURCE:mining.com Read More Here

International Copper Economy News in Brief

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

June 30, 2024June 30, 2024 Constance

Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here

International Copper News in Brief

Chile’s Copper Production Shows Signs of Recovery

June 30, 2024June 30, 2024 Constance

Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here

Mining in Zambia Electricity News in Brief

Zambian Govt Aims for 23,000MW Power Generation by 2050

June 27, 2024June 27, 2024 Constance

The government, through the Integrated Resource Plan (IRP), aims to ramp up power generation to 23,000 megawatts (MW) by 2050, requiring an estimated US$31 billion in financing. Minister of Energy, Peter Kapala, announced at the recent Energy Indaba that the IRP, launched last year, is a strategic long-term initiative designed to meet Zambia’s future energy needs. Mr. Kapala highlighted that the plan includes a target to increase power generation to 6,500MW by 2026, with an initial capital requirement of US$5 billion. SOURCE:Zambia Daily Mail Read More Here

Press Release International Mining technology News in Brief

Ivanhoe Electric Addresses Misleading Media Reports on Recent Registration Statement Filing

June 15, 2024June 15, 2024 Constance

PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE; TSX: IE) clarifies certain misleading media headlines speculating that Saudi Arabia Mining Company (“Ma’aden”) will sell Ivanhoe Electric shares under the recently filed Registration Statement. The Registration Statement was filed pursuant to an obligation in the Investor Rights Agreements (“IRA”) entered into between Ivanhoe Electric and Ma’aden at the time of Ma’aden’s initial investment in Ivanhoe Electric. The IRA was previously disclosed and filed on July 6, 2023. Ma’aden has confirmed, consistent with what was disclosed in the Registration Statement, that it has… Read More Here