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Category: News in Brief

Chile president wants copper output boost of 1Mt by 2026 1 International Copper News in Brief 

Chile president wants copper output boost of 1Mt by 2026

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Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 million metric tons by the end of his term in 2026. “We have to take advantage of this super-cycle of copper that has been spoken of positively in recent days,” he said at an event, adding that he was referring to state-run miner Codelco as well as privately run operations in the country that is the world’s top copper producer. SOURCE:mining.com Read More Here
Workers in Mozambique block entrance to ruby mine 2 International News in Brief 

Workers in Mozambique block entrance to ruby mine

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One hundred workers from the logistics company REEF blocked the main entrance of the camp and the mine area where the company FURA’s ruby washing plant is located, in the Montepuez district, Cabo Delgado. The issue at hand is a debt of 17 million meticais owed by the REEF company. According to António Ramalho, secretary of the local union committee, workers have not received their wages for three months, and this is the way they found to pressure REEF to honor its commitments. The REEF representative, Rui Frederico, says the… Read More Here
FQM says probability of taking out copper from Panama mine only after election 3 International Copper News in Brief 

FQM says probability of taking out copper from Panama mine only after election

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Canadian miner First Quantum Minerals said on Wednesday the likelihood of taking out the 121,000 tonnes of copper from its disputed Cobre Panama mine can only happen after the Panama national election. First Quantum’s Cobre Panama is under preservation and safe maintenance after the current Panama government ordered the closure of the copper mine last year. Panama goes to polls in May this year. SOURCE:mining.com Read More Here
China Cancels Portion of Zimbabwe's Debt Amidst Growing Concerns 4 International Economy News in Brief 

China Cancels Portion of Zimbabwe’s Debt Amidst Growing Concerns

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China has announced the cancellation of a portion of its interest-free loans to Zimbabwe, demonstrating support amidst the country’s financial challenges. The move is part of China’s broader effort to aid Zimbabwe in tackling its escalating debt burden, which has reached $17.7 billion as of September 2023. Despite welcoming the debt relief, concerns persist about Zimbabwe’s long-term debt sustainability. The specifics of the loan write-off and future debt restructuring will be clarified in discussions between Chinese and Zimbabwean authorities, with the international community closely monitoring developments. While China’s decision represents… Read More Here
Mopani Copper Mining in Zambia News in Brief 

Mopani Copper Mines Transaction Falls Outside Article 210 of Zambia’s Constitution

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Attorney General Mulilo Kabesha clarified that the Mopani Copper Mines transaction falls outside the scope of Article 210 of the Zambian Constitution and thus doesn’t necessitate approval from the National Assembly. In a statement issued recently, Mr. Kabesha emphasized that Article 210 pertains to transactions involving the sale, transfer, or disposal of significant state assets, including parastatals and government-held equity. He highlighted that Mopani does not fall under either category as it is not a parastatal nor does the government hold equity in it. Mopani operates as a distinct legal… Read More Here
Trafigura CEO says copper must surpass $10,000 to meet demand 5 International Copper Mining Personality News in Brief 

Trafigura CEO says copper must surpass $10,000 to meet demand

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In order to fill a potential supply gap of 8 million tons by 2034, mining companies need prices that are higher than $10,000 a ton and possibly as high as $12,000, says Trafigura Group chief executive officer Jeremy Weir. Weir made his comments Tuesday during a presentation at the CRU World Copper Conference in Santiago, where the copper industry is gathering for one of the industry’s biggest annual events. SOURCE:mining.com Read More Here
Zambia's President Invites Botswana Investment Expertise to Mining Sector 6 Mining in Zambia Diamond News in Brief 

Zambia’s President Invites Botswana Investment Expertise to Mining Sector

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President Hakainde Hichilema has extended an invitation to Botswana to invest in Zambia’s mining sector, citing Botswana’s expertise in managing diamonds as a key factor. Speaking at the launch of the Lusaka International Arbitration Center (LIAC), President Hichilema emphasized the importance of learning from Botswana’s successful management of diamond resources and replicating similar strategies for Zambia’s emeralds. President Hichilema expressed confidence in attracting investors like Botswana to utilize LIAC for resolving disputes efficiently. He highlighted LIAC’s role in addressing commercial issues promptly, stressing its significance in maintaining Zambia’s positive reputation… Read More Here
Zambia's Govt Expects Mopani Handover to Boost Kwacha Stability 8 Mining in Zambia Copper Economy News in Brief 

Zambia’s Govt Expects Mopani Handover to Boost Kwacha Stability

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Handover of Mopani Mines to Delta Mining Expected to Bolster Kwacha Stability, says Government Spokesperson Cornelius Mweetwa, the Chief Government Spokesperson, asserts that the transfer of Mopani Copper Mines to Delta Mining Limited will play a pivotal role in further stabilizing the Kwacha against major convertible currencies. Mweetwa emphasizes that the activation of Mopani’s operations will not only contribute to Kwacha stability against the dollar and other convertible currencies but also lead to an increase in copper production. President Hakainde Hichilema is slated to formally hand over Mopani Mines to… Read More Here
ZESCO Negotiates Increased Electricity Imports from Mozambique 9 Mining in Zambia Electricity Energy News in Brief 

ZESCO Negotiates Increased Electricity Imports from Mozambique

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Zambian Energy Minister Peter Kapala announced negotiations between ZESCO and Mozambique’s EDM to increase electricity imports to 120 MW. Currently, Zambia imports 50 to 90 MW from Mozambique and plans to boost it to meet demand. This move, however, will result in a revenue loss of $110 million. Last October, EDM agreed to resume electricity sales to Zambia under a contract potentially reaching 250 MW. The agreement includes firm sales of 50 MW during off-peak hours and an additional 200 MW on a non-firm basis. Additionally, both parties renewed an… Read More Here

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