Category: Uncategorized

Diversified major BHP will make a $90-million investment into private firm Kabanga Nickel to accelerate the development of the Kabanga nickel project, in Tanzania. Kabanga Nickel on Monday announced an initial $40-million investment by the miner, which will convert into an 8.9% equity stake in Kabanga Nickel once approvals and conditions are met. Once invested and on conversion the second tranche of $50-million will increase BHP’s equity stake in Kabanga Nickel to 17.8%, thereby valuing the project at $658-million. On satisfaction of additional conditions, BHP will secure the right to… Read More Here

Zimbabwe’s miners are losing 20% of their export proceeds due to a widening gap between the official and black market currency exchange rate, an industry report showed on Wednesday. The Zimbabwe dollar is trading at 93 to the dollar on the official market, but is quoted as low as 180 against the greenback on a thriving black market. A survey commissioned by Zimbabwe’s mining chamber found that mining companies were losing money due to the exchange rate mismatch. Exporters from Zimbabwe are required to surrender 40% of their foreign currency earnings to the central bank, in… Read More Here

Today marks a huge milestone and we would like to say, many thanks to all our 17,000+ followers. You give us daily motivation to do what we do best and update the world of mining with relevant news and project updates from DRC and Zambia. Thank you for your support.#17KMilestone #miningnews #ckm Read More Here

Tanzanian President Samia Suluhu Hassan and Barrick Gold Corp top boss Mark Bristow met on Wednesday to review progress at the Canadian miner’s operations in the African country, a meeting that Bristow called “highly constructive”. Barrick oversees the management of its assets in Tanzania through Twiga Minerals Corp, a joint venture formed in 2019 between the company and the government of Tanzania following a deal to settle a long-running tax dispute between the parties. Twiga Minerals manages the Bulyanhulu, North Mara and Buzwagi mines in Tanzania “We see the potential… Read More Here

Global miner Anglo American’s total tax and economic contribution in South Africa in 2020 was $8.49-billion, the group’s Tax and Economic Contribution Report for 2020 shows. Total tax borne and collected was $2.03-billion. Corporate income tax was $1.23-billion; royalties and mining taxes were $356.4-million; other payments borne were $56.9-million; and taxes collected were $383.9-million. For the year, Anglo’s capital investment in South Africa was $1.25-billion; its wage and related payments were $1.63-billion; its in-country procurement was $3.11-billion; its total procurement was $3.53-billion; and its corporate social investment was $54.5-million. Globally, Anglo’s total… Read More Here

While an increase in commodity prices is good news for mining companies and investors, there is always the risk that favourable market conditions will lead to resource nationalism. For example, according to a recent Fitch Solutions report on nickel, an upward trend in the metal’s price raises the likelihood of mining royalty increases in order to profit from higher prices. In recent years, countries such as Tanzania have enacted new mining regulations to ensure that local businesses can reap greater benefits from their mineral resources. While the intention is noble,… Read More Here

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) President and CFO Marna Cloete is pleased to announce the company has been informed that effective following the close of May 27, 2021, the Class A common shares of Ivanhoe Mines will be added to the MSCI Canada Index. The MSCI Canada Index is designed to measure the performance of the large and mid cap segments of the Canadian market. Currently with 89 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Canada. About Ivanhoe Mines Ivanhoe Mines is a Canadian… Read More Here

The Ministry of Minerals is concentrating on improving revenue collection to boost the mining sector’s contribution to GDP. Revenue collection is one of several key priority areas that will get a boost in the fiscal year 2021/22. Minister for Minerals, Dr Dotto Biteko, presented his ministry’s budget estimates, saying the government’s goal for the fiscal year 2021/2022 is to collect 696,441,872,667, up from 547,735,863,597 in the fiscal year 2020/2021. He pointed out that of the funds so far collected, 650,010,002,000/- (equivalent to 93.33 per cent) would be submitted to the… Read More Here