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Rio Tinto Chairman Calls for New Mines to Meet Energy Transition Demand 20 International Copper 

Rio Tinto Chairman Calls for New Mines to Meet Energy Transition Demand

Constance
The world urgently needs new mines to meet the growing demand for essential energy-transition metals like copper, according to Rio Tinto Group chairman Dominic Barton. He stressed that mergers and acquisitions (M&A) alone won’t close the looming supply gap. “We can’t rely solely on inorganic growth through deals to solve this issue,” Barton said in a Bloomberg TV interview. “The challenge is vast, spanning at least five critical commodities.” While global mining M&A activity has surged recently, driven by strong cash flows and the demand for green energy metals, Barton… Read More Here
Zambia to Host Landmark Mining and Investment Insaka 21 Mining in Zambia Events & Expos 

Zambia to Host Landmark Mining and Investment Insaka

Constance
The Zambian government is preparing for the first-ever Zambia Mining and Investment Insaka, scheduled to take place from October 7th to 11th, 2024, in Lusaka. According to Minister of Mines and Minerals Development, Hon. Paul Kabuswe, the event is poised to be one of the largest global mining gatherings. Speaking at a sponsorship cheque handover ceremony, with contributions from key industry players such as Barrick Gold Lumwana, GoviEX, Zambia Industrial Commercial Bank, Collum Coal Mining Industries Ltd., and Sanlam Zambia, Kabuswe highlighted the significance of the Insaka. He noted it… Read More Here
Kansanshi Mining Reports Strong Financial Results Amid Zambia's Power Crisis 22 Mining in Zambia Copper Electricity 

Kansanshi Mining Reports Strong Financial Results Amid Zambia’s Power Crisis

Constance
Kansanshi Mining, a subsidiary of First Quantum Minerals (FQM), posted impressive financial results for the first half of 2024, driven by higher copper prices and improved ore grades despite ongoing electricity challenges in Zambia. The company recorded a net profit of $117 million, a remarkable recovery from a net loss of $1.1 million during the same period last year. Income tax contributions also surged to $56 million, up from $3.6 million in 2023. Revenue for the half-year increased by 25%, reaching $927 million. This growth was largely due to a… Read More Here
Zambia’s Energy Minister Addresses Power Deficit and Solutions 23 Mining in Zambia Electricity 

Zambia’s Energy Minister Addresses Power Deficit and Solutions

Constance
Hon. Makoso Chikote, Zambia’s Minister of Energy, addressed the nation on the ongoing power deficit, expressing gratitude for citizens’ resilience during this challenging period. He acknowledged that September was particularly difficult, with prolonged power rationing affecting numerous households and businesses. The power shortage is primarily due to three factors: reduced power generation at the Kariba North Bank Power Station, caused by water allocation challenges from the Zambezi River Authority; maintenance work at the 300MW Maamba Energy Power Plant; and technical issues with the power interconnector to Namibia. Minister Chikote announced… Read More Here
Zambia Signs MoU to Boost Trade Through Lobito Corridor 24 Mining in Zambia Transport and Logistics 

Zambia Signs MoU to Boost Trade Through Lobito Corridor

Constance
The Ministry of Commerce, Trade and Industry (MCTI) has signed a Memorandum of Understanding (MoU) with the National Quality Institutions (NQI) to implement the Lobito Corridor Trade Facilitation Project, supported by an African Development Bank grant of US$8.1 million. This project aims to enhance both domestic and cross-border trade between Zambia, Angola, and the Democratic Republic of Congo (DRC). The NQI comprises key regulatory bodies, including the Zambia Metrology Agency (ZMA), Zambia Bureau of Standards (ZABS), Zambia Compulsory Standards Agency (ZCSA), and the Competition and Consumer Protection Commission (CCPC). These… Read More Here
Glencore’s Kamoto Copper Faces Royalties Dispute Amid Ties to Dan Gertler 25 Mining in DRC Cobalt Copper 

Glencore’s Kamoto Copper Faces Royalties Dispute Amid Ties to Dan Gertler

Constance
A long-standing dispute between a Glencore Plc unit and the Democratic Republic of Congo (DRC) is centered around a deal struck years ago by Israeli businessman Dan Gertler, who has been sanctioned by the US for alleged corruption. The conflict involves Kamoto Copper Company (KCC), a major copper and cobalt mine owned by Glencore, and concerns royalty payments made to Gertler. Congo’s mines minister, Kizito Pakabomba, stated that the government believes part of these funds should have been paid to the state rather than Gertler. Gertler was sanctioned by the… Read More Here
Kristalina Georgieva Reappointed as IMF Managing Director for Second Term 26 International Economy 

Kristalina Georgieva Reappointed as IMF Managing Director for Second Term

Constance
Kristalina Georgieva has been reappointed as Managing Director of the International Monetary Fund (IMF), beginning her second five-year term on October 1, 2024. The IMF’s Executive Board confirmed the decision on April 12, 2024, citing her influential leadership since taking on the role on October 1, 2019. Georgieva brings a deep well of experience, having previously served as CEO of the World Bank from January 2017 to September 2019, including a three-month stint as Interim President. Her distinguished career spans senior roles in the European Commission, where she served as… Read More Here
Eurasian Resources Group announces leadership transition 27 Mining Personality 

Eurasian Resources Group announces leadership transition

Constance
Eurasian Resources Group (“ERG” or “the Group”), a leading diversified natural resources group headquartered in Luxembourg, appoints Shukhrat Ibragimov as Chief Executive Officer. Mr Ibragimov, the former First Deputy Chief Executive Officer at ERG, succeeds Benedikt Sobotka, who has stepped down after over a decade of dedicated service. . Benedikt has facilitated a seamless handover and will remain available to the Group. The appointment of Shukhrat Ibragimov marks an exciting new chapter for ERG which is committed to advancing its operations and further enhancing its contribution to responsible resource development.… Read More Here
ZESCO Enhances Energy Reliability Following Maamba Energy Resumption 28 Mining in Zambia Electricity 

ZESCO Enhances Energy Reliability Following Maamba Energy Resumption

Constance
ZESCO has announced that it will be able to provide a more reliable and consistent energy supply during the scheduled hours of load shedding starting Wednesday, following the resumption of full operations at Maamba Energy on Tuesday evening. During a media briefing in Lusaka, Transmission Operations and Trade Director Justin Loongo revealed that ZESCO has secured a guaranteed 400 megawatts of power imports during off-peak and standard times. However, he noted that “for peak periods, inputs will depend on availability, and at peak times, all countries want to domesticate power.”… Read More Here
Metso Secures €70M Contract from Barrick Gold for Lumwana Copper Project Equipment 29 Mining in Zambia Copper Mining Supply Tenders 

Metso Secures €70M Contract from Barrick Gold for Lumwana Copper Project Equipment

Constance
Metso has secured a significant contract from Barrick Gold for the supply of essential process equipment at the Lumwana copper project in Zambia. Valued at approximately €70 million ($78.12 million), this order will be recorded in the minerals segment’s third-quarter 2024 intake. Under the terms of the contract, Metso will provide a comprehensive suite of equipment, including systems for grinding, flotation, thickening, feeding, and filtration. Markku Teräsvasara, Metso’s Deputy CEO and President of the Minerals Business Area, expressed gratitude for the opportunity, stating, “We are honored to have been selected… Read More Here

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