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Category: News in Brief

IMF Highlights Uncertainty in Panama's Economic Outlook Amid Copper Mine Closure 1 International Copper Economy News in Brief 

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

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
Chile's Copper Production Shows Signs of Recovery 2 International Copper News in Brief 

Chile’s Copper Production Shows Signs of Recovery

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
Zambian Govt Aims for 23,000MW Power Generation by 2050 3 Mining in Zambia Electricity News in Brief 

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

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
Ivanhoe Electric Addresses Misleading Media Reports on Recent Registration Statement Filing 4 Press Release International Mining technology News in Brief 

Ivanhoe Electric Addresses Misleading Media Reports on Recent Registration Statement Filing

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
Burial of Sensele Mine Accident Victims Held in Chingola 5 Mining in Zambia Mine Safety News in Brief 

Burial of Sensele Mine Accident Victims Held in Chingola

Constance
The remains of the nine victims from the Sensele mine accident in Chingola district, Copperbelt, have been laid to rest at Chingola Cemetery. Mines Minister Paul Kabuswe emphasized the government’s commitment to ensuring safer operations for small-scale miners to prevent future accidents. During the burial, Copperbelt Minister Elisha Matambo expressed gratitude to the families of the deceased for their patience and cooperation during this difficult time. Chingola Mayor Johnson Kang’ombe and District Commissioner Raphael Chimupi reassured the mourners of the government’s support for the people of Chingola during such challenging… Read More Here
Four More Bodies Recovered from Sensele Mine Accident 6 Mining in Zambia Mining safety News in Brief 

Four More Bodies Recovered from Sensele Mine Accident

Constance
Tthe bodies of four miners have been retrieved from tunnels at Sensele Mine, in Chingola as the search continues for over 30 small-scale miners trapped underground since December 2023. Copperbelt Permanent Secretary Augustine Kasongo confirmed the recovery. The four bodies were removed from the same site where 13 bodies and one survivor were previously found. Mr. Kasongo expressed optimism that more bodies will be recovered from sites one and two. Preparations for a mass burial are underway as families work to identify the recovered bodies. SOURCE:znbc Read More Here
Mingomba Mining Limited Welcomes International Talent to Zambia 7 Mining in Zambia Mining Personality New Mining Projects News in Brief 

Mingomba Mining Limited Welcomes International Talent to Zambia

Constance
Mingomba Mining Limited, a collaboration between KoBold Metals and ZCCM Investments Holdings Plc, has announced the appointment of Mr. Kalimina Mwinga PMP as Project Control Manager and Mr. Fanuel K Banda, P.E., PMP as Chief Mining Engineer. Both Mwinga and Banda bring a wealth of international experience to their roles, having spent over a decade honing their skills in South Africa and the USA, respectively. Commenting on the appointments, KoBold Metals Africa CEO Mfikeyi Makayi stated, “We aren’t seeking the best talent solely within Zambia; rather, we are committed to… Read More Here
Glencore to Sell Stake in Volcan Compañia Minera to Integra Capital Subsidiary 8 International News in Brief 

Glencore to Sell Stake in Volcan Compañia Minera to Integra Capital Subsidiary

Constance
Swiss-based Glencore has finalized an agreement to divest its stake in Volcan Compañia Minera to a subsidiary of Integra Capital. Transition Metals will acquire Glencore’s stake in Volcan for $20 million. Volcan operates zinc, lead, and silver mines in Peru. As part of the agreement, Glencore has committed to providing Transition Metals with a secured facility of up to $40 million to fulfill certain mandatory tender offer obligations under Peruvian laws and regulations. The transaction does not require regulatory approvals and is anticipated to be completed this week. Read More Here
Montage Gold Discovers Large Gold Deposit in Ivory Coast 9 Gold International News in Brief 

Montage Gold Discovers Large Gold Deposit in Ivory Coast

Constance
Canadian mining company Montage Gold has made a significant gold discovery at the Koné mining project, located in Ivory Coast. Construction of the Koné mine, with an expected lifespan of around 20 years, is set to start in the last quarter of 2024, with production scheduled to commence in 2027. The processing plant at the Koné project is projected to have an annual capacity of 11 million tons of ore. Martino De Ciccio, CEO of Montage Gold revealed: “The mineral resources of this deposit, the largest mine in the country… Read More Here
President Tshisekedi Promotes Business Climate at France-DRC Forum 10 Mining in DRC Governance News in Brief 

President Tshisekedi Promotes Business Climate at France-DRC Forum

Constance
During his Paris visit, President Félix Tshisekedi addressed French businessmen at the Mendès-France Conference Center, emphasizing the direct link between the business climate unit and the Presidency of the Republic to ensure prompt responsiveness. Anthony Kinzo, Director General of the National Agency for the Promotion of Investments (ANAPI), highlighted the DRC’s progress, including the removal of 16 taxes as part of an emergency plan initiated in 2023 to enhance the business environment. The France-DRC Business Forum, organized by Medef, prioritizes strategic minerals, energy, and infrastructure development, crucial sectors for the… Read More Here

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