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BHP Predicts Copper Demand to Surge by 1 Million Tonnes Annually Amid Energy Transition 20 Copper International 

BHP Predicts Copper Demand to Surge by 1 Million Tonnes Annually Amid Energy Transition

Constance
Global mining giant BHP released a report on September 30, highlighting that the global energy transition will drive copper demand up by an additional one million tonnes per year through 2035. The shift towards copper-intensive technologies, particularly in renewable energy and electric vehicles (EVs), has already doubled global copper production rates. In its report titled BHP Insights: How Copper Will Shape Our Future, the company noted that global copper demand has grown at a 3.1% compound annual growth rate (CAGR) over the past 75 years. Although this growth slowed to… Read More Here
Barrick Launches $2 Billion Super Pit Expansion at Lumwana Mine in Zambia 21 Mining in Zambia Copper 

Barrick Launches $2 Billion Super Pit Expansion at Lumwana Mine in Zambia

Constance
The development of a Super Pit at Barrick’s Lumwana copper mine was officially launched on 3rd October 2024, by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cabinet. The feasibility study for the Super Pit Expansion is expected by the end of the year, paving the way for construction to start in 2025. Once completed, the $2 billion project1,4 unlocks the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer1 and a Tier One2 copper mine. The expansion involves first doubling throughput of the existing process… Read More Here
Barrick and Mali Reach Agreement to Settle Disputes 22 International Gold 

Barrick and Mali Reach Agreement to Settle Disputes

Constance
 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the government of Mali have agreed to find a global resolution to the existing claims and disputes between the government and Barrick’s Loulo and Gounkoto gold mining companies. Details of the agreement, based in essence on Barrick’s original proposals, will be made public once the terms of the settlement have been finalized. Barrick president and chief executive Mark Bristow said the company’s mutually beneficial relationship with Malian governments had endured for 30 years and occasional differences with successive regimes had always been amicably resolved. “The… Read More Here
Zijin Mining Eyes Major Expansion of Kamoa-Kakula Copper Mine in the DRC 23 Mining in DRC Copper New Mining Projects 

Zijin Mining Eyes Major Expansion of Kamoa-Kakula Copper Mine in the DRC

Constance
China’s Zijin Mining Group Co. is considering a significant expansion of the Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC), which could make it one of the largest copper sources globally. The company’s chairman, Chen Jinghe, revealed plans to boost production to 1 million tonnes annually—well above the current target of 600,000 tonnes—potentially challenging BHP Group’s aging Escondida mine in Chile, the world’s largest copper mine. “We are conducting research and making plans to achieve 1 million tonnes of production,” said Chen in an interview at Zijin’s headquarters… Read More Here
Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia 24 Battery Metals Cobalt Mining in DRC 

Cobalt Prices Hit Eight-Year Low Amid Oversupply from DRC and Indonesia

Constance
The price of cobalt has reached its lowest level since January 2016, according to a daily assessment by Fastmarkets, a UK-based agency specializing in metal prices. On September 24, 2024, cobalt prices on the London Metal Exchange had dropped by 54% since early September 2022, standing at $22,382 per tonne. This significant price decline is attributed to an oversupply, primarily from the Democratic Republic of Congo (DRC) and Indonesia, the world’s top two producers of cobalt. According to the Cobalt Institute, global demand for cobalt was projected to reach 197,000… Read More Here
Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration 25 Mining in DRC Copper 

Minister of Portfolio Visits Kamoa Copper to Assess Performance and Strengthen State Collaboration

Constance
From September 21 to 22, Kamoa Copper hosted a visit from the Congolese Minister of Portfolio, His Excellency Jean-Lucien Bussa. The visit aimed to evaluate Kamoa Copper’s performance, in which the State of the Democratic Republic of Congo (DRC) holds a 20% stake, and to outline the minister’s strategy for enhancing public company performance through collaboration. “I am here as the Minister of Portfolio, representing the shareholder state, to visit a mixed economy mining company where the State, the Congolese economy, and the people all have vested interests. This company… Read More Here
AVZ Minerals Asserts Legal Rights Amid Manono Lithium Permit Dispute 26 Mining in DRC Battery Metals Lithium 

AVZ Minerals Asserts Legal Rights Amid Manono Lithium Permit Dispute

Constance
AVZ Minerals Limited (AVZ) has raised concerns over the purported transformation of Research Permit PR15775 into an Exploitation Permit by Manono Lithium SAS, a joint venture between Jinxiang Lithium Limited (a subsidiary of Zijin Mining Group) and Congolaise D’Exploitation Miniere SA (Cominière). AVZ asserts that PR15775 overlaps the northern portion of PR13359, a permit the company claims legal rights to through its majority stake in Dathcom Mining SA. AVZ refers to provisional orders from the International Centre for Settlement Disputes (ICSID) arbitration proceedings (ICSID Case No. ARB/23/20). These orders, disclosed… Read More Here
Fortescue and Liebherr Secure Orders for 100 Battery-Powered Mining Trucks 27 International Equipment & Technology 

Fortescue and Liebherr Secure Orders for 100 Battery-Powered Mining Trucks

Constance
Australian miner Fortescue Metals Group and German-Swiss manufacturer Liebherr have secured orders for 100 autonomous battery-powered mining trucks, as part of their initiative to reduce carbon emissions. Fortescue’s executive chairman, Andrew Forrest, revealed the trucks were developed to support the company’s goal of achieving net-zero emissions by 2030. Fortescue and Liebherr teamed up in 2022 to create electric versions of the T 264 truck, with expressions of interest for hundreds more vehicles already received. The 240-tonne trucks, although more expensive than diesel models, offer greater reliability and productivity. The two… Read More Here
DRC Mining Firms Forced to Import Power Amid Severe Electricity Shortages 28 Mining in DRC Electricity 

DRC Mining Firms Forced to Import Power Amid Severe Electricity Shortages

Constance
Mining companies in the Democratic Republic of Congo (DRC) are importing electricity from countries like Kenya and Ethiopia due to severe supply shortages, despite the nation’s vast untapped hydropower potential that could power much of Africa. The DRC’s mining sector faces a power deficit of between 500MW and 1,000MW, according to the Chamber of Mines. This energy shortage has plagued both industry and households for years, forcing companies to seek alternative power sources to maintain operations. This week, Gécamines, its subsidiaries, and the national electricity company, SNEL, convened to strategize… Read More Here
Glencore's Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC 29 Mining in DRC Cobalt Copper Mining tax 

Glencore’s Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC

Constance
Glencore’s Kamoto Copper Company (KCC), a major copper and cobalt mine in the Democratic Republic of Congo (DRC), is facing a dispute with the country’s tax authority, DGRAD, over unpaid royalties amounting to more than €800 million ($894 million). According to sources, earlier this year, DGRAD froze KCC’s local bank accounts, and recently sealed off a metal storage warehouse, though the facility was reopened the next day. Kamoto, in which Glencore holds a 75% stake, is one of the largest mines in the DRC. It exported 200,000 tons of copper… Read More Here

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