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Mercuria Eyes African Investments to Expand Metals Trading Operations 1 International 

Mercuria Eyes African Investments to Expand Metals Trading Operations

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Kostas Bintas, Mercuria Energy Group’s new head of metals, has announced that the trading house is considering stakes in African projects to establish a large-scale metals business. “You will see us very present in Africa and putting our money where our mouth is in respect of the Copperbelt,” Bintas said during a panel at the Financial Times Africa Summit on Wednesday, referring to Africa’s mineral-rich region. Traditionally known for its expertise in oil, natural gas, and power, Mercuria made a substantial return to metals trading this year. This move aligns… Read More Here
Ivanhoe Mines Issues Third Quarter 2024 Financial Results 2 Mining in DRC Cobalt Copper 

Ivanhoe Mines Issues Third Quarter 2024 Financial Results

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 Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company’s financial results for the three and nine months ended September 30, 2024. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); ramping up the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold… Read More Here
Saudi Arabia Nears Stake Acquisition in Zambian Copper Mine as Part of Mining Expansion 3 Mining in Zambia Copper Mergers & Acquisitions 

Saudi Arabia Nears Stake Acquisition in Zambian Copper Mine as Part of Mining Expansion

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Saudi Arabia is in the final stages of negotiating a stake in a Zambian copper mine, with expectations for a deal to close by year-end, according to Robert Wilt, CEO of Ma’aden, Saudi Arabia’s leading mining company. Speaking at the Future Investment Forum in Riyadh, Wilt indicated that discussions with the Zambian mine’s owners are progressing well. “We’re in advanced discussions with a company and a mine in Zambia, and we expect to finalize by year-end,” said Wilt, who also serves as vice chairman of Saudi Arabia’s international mining venture,… Read More Here
Codelco Reports 4.9% Drop in Copper Output as it Aims for Production Recovery 4 International Copper 

Codelco Reports 4.9% Drop in Copper Output as it Aims for Production Recovery

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SANTIAGO – Chile’s state-owned mining giant, Codelco, reported 918,000 metric tons of copper production from January through September, marking a 4.9% decline from the same period last year, according to a filing with the country’s financial regulator on Wednesday. Copper production in the third quarter reached 338,000 metric tons, a 2% increase year-over-year, as Codelco works to address declining ore quality in its key deposits and boost output despite challenges with its priority mining projects. “This quarter, we reversed the downward trend and started to recover production. We will continue… Read More Here
Global Gold Demand Soars Amid Strong ETF Inflows in Q3 5 International Gold 

Global Gold Demand Soars Amid Strong ETF Inflows in Q3

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Healthy inflows into global gold exchange-traded funds (ETFs) significantly boosted gold demand in the third quarter, according to the World Gold Council. Combined with ongoing investor interest in over-the-counter markets, these factors contributed to a series of record-high gold prices during the period. While gold jewelry consumption declined due to rising prices, India experienced a notable rebound following a reduction in gold import duties. Net demand from central banks slowed but remained robust, with official institutions purchasing a net total of 186 tonnes of gold in the quarter. Year-to-date purchases… Read More Here
Zambia National Service to Launch Copper Mine in North-Western Province by 2027 6 Copper Mining in Zambia New Mining Projects 

Zambia National Service to Launch Copper Mine in North-Western Province by 2027

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Zambia National Service (ZNS) Commander, Lt. General Maliti Solochi, has announced plans to open a new copper mine in Zambia’s North-Western Province by 2027. This new project will complement ZNS’s existing mining operations in Kitwe, Copperbelt Province, as the service expands its role in national economic activities alongside its security mandate. Lt. General Solochi emphasized the military’s role in pioneering development projects, stating, “Just as the internet began with the military, certain innovations often start within the armed forces before being extended to the civilian population. The military should be… Read More Here
Lualaba Governor Cracks Down on Fake Missions to Combat Mining Sector Abuses 7 Mining in DRC 

Lualaba Governor Cracks Down on Fake Missions to Combat Mining Sector Abuses

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Lualaba’s Governor, Fifi Masuka, now mandates that all mission orders for trips to Kolwezi’s mining sites be stamped at her office following reports of abuse by unauthorized missions from Kinshasa. The provincial government has documented repeated instances where individuals claiming to represent the central government conducted fake missions within mining companies, often engaging in coercive tactics. In a recent incident, a group of Chinese employees from the GTS company was abducted by imposters posing as government representatives from Kinshasa. According to Lualaba’s provincial police commissioner, these fake missionaries demanded a… Read More Here
Kisanfu Mine Leads Global Cobalt Supply Surge 8 Mining in DRC Cobalt Economy 

Kisanfu Mine Leads Global Cobalt Supply Surge

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The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023. This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year. In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in… Read More Here
IMF Projects Substantial Wealth Growth for DRC by 2029 9 Mining in DRC Economy 

IMF Projects Substantial Wealth Growth for DRC by 2029

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The International Monetary Fund (IMF) forecasts a significant increase in wealth creation in the Democratic Republic of Congo (DRC) by 2029, projecting it to reach 372,325.2 billion Congolese Francs (CDF). These projections are detailed in the IMF’s latest report, “Economic Outlook for Sub-Saharan Africa, October 2024.” The IMF has revised its forecasts upward from previous estimates, with projections of 300,000 billion CDF in 2023 and 357,789 billion CDF in April 2024. This suggests an optimistic growth trajectory for the Congolese economy. However, the institution has downgraded the nominal dollar value… Read More Here
Sibanye-Stillwater Gains from U.S. Regulatory Changes on Critical Minerals 10 International Battery Metals 

Sibanye-Stillwater Gains from U.S. Regulatory Changes on Critical Minerals

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Sibanye-Stillwater has received a significant boost from the United States following the publication of final regulations that provide incentives for mining critical minerals, including palladium and platinum. These incentives are part of the Inflation Reduction Act’s (IRA) Section 45X, which now allows for a 10% ‘Advance Manufacturing Production’ credit. The previous version of the Act restricted this incentive to refiners, excluding miners, but has since been amended. “We welcome the amendments to the Section 45X regulations made by the U.S. Treasury and applaud its foresight in understanding our industry and… Read More Here

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