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DR Congo & Zambia’s Premier Mining News
Your top stories this week
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One of the biggest copper and cobalt mines is escalating in the Democratic Republic of Congo
A dispute over one of the biggest copper and cobalt mines is escalating in the Democratic Republic of Congo, threatening to disrupt exports of essential battery materials and raising questions about the project’s future. A top executive from state mining company Gecamines said that partner CMOC Group Ltd. owes $7.6 billion in overdue payments, and even accused the Chinese metals producer and… Read full details
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“We can no longer sit in the terraces and watch,” Kabuswe said.
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Zambia needs to hold a bigger stake in new mines and local communities should benefit more from the mineral values chain, mines minister Paul Kabuswe said on Wednesday. “This government is saying Zambians must be an integral part of whatever investment. We can no longer sit in the terraces and watch,” Kabuswe said at a conference. The minister said later in response to questions that the… Read full details
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Chinese buyers have turned cold on the battery metal as demand slumps in electric vehicles and smartphones
Cobalt prices are crashing back to earth as sellers offer increasingly steep concessions to Chinese buyers who have turned cold on the battery metal as demand slumps in electric vehicles and smartphones. The benchmark price for cobalt in Europe has slid more than 13% since a peak in May, and an even sharper decline in Chinese prices signals the sell-off could have further to run. Buyers in the… Read full details
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Gemfields’ stock soared nearly 7% on the JSE after the first ruby auction of the year brought in $95.6 million (R1.6 billion),
Gemfields’ stock soared nearly 7% on the JSE after the supplier of coloured gemstones said that its first ruby auction of the year brought in $95.6 million (R1.6 billion), the company’s all-time high auction income. In intraday trading on Monday, the shares were trading at R3.55. The Gemfields Group, headquartered in London and traded on the Johannesburg and London Stock Exchanges… Read full details
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London-based Hyperion Copper granted the option to acquire the Zambia Projects…
“The board is delighted to have granted London-based Hyperion Copper the option to acquire the Zambia Projects … we now have a partner who will fund all future development work, whilst benefits accrue to CCZ via retaining the shareholding in Hyperion Copper post its AIM listing,” said MD. Castillo Copper Ltd grants option to sell Zambia-based copper projects while maintaining… Read full article
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Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine
Gold prices gained on Monday, as news of some Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion. Spot gold rose 0.5% to $1 835.75/oz by 05:20 GMT. US gold futures were up 0.4% at $1 837.30. “The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading),” OANDA… Read full details
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