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Tertiary Minerals' Zambian Subsidiary Signs Strategic Agreement with FQM on Mukai Copper Project 1 Mining in Zambia Copper New Mining Projects Partnership 

Tertiary Minerals’ Zambian Subsidiary Signs Strategic Agreement with FQM on Mukai Copper Project

Constance
Tertiary Minerals’ newly established Zambian subsidiary, Copernicus Minerals, has signed a binding letter of agreement (BLA) with First Quantum Minerals (FQM) for the Mukai copper project in Zambia. Copernicus Minerals is 90% owned by Tertiary Minerals (Zambia), which is 96% owned by Tertiary Minerals. Under the agreement, FQM is granted an initial 24-month exploration due diligence period, during which it is committed to funding a minimum of $1.5 million in exploration expenses, with $500,000 allocated for the first year (Phase 1). FQM can earn an initial 51% stake in the… Read More Here
Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months 2 Mining in DRC Cobalt Copper 

Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months

Constance
Glencore has ceased stockpiling electric vehicle (EV) battery material cobalt, according to CEO Gary Nagle, who stated on Wednesday that the market is likely to remain in surplus for another 18 to 20 months. In August 2023, the London-listed miner announced that it had stockpiled cobalt in the first half of the year, reducing supplies to the market to support prices. However, the company did not disclose the quantity of cobalt stockpiled, and Nagle declined to comment on current stock levels. Increased production in the Democratic Republic of Congo (DRC),… Read More Here
FQM to trim work hours at stalled Panama copper mine 3 Mining in Zambia Copper 

FQM to trim work hours at stalled Panama copper mine

Constance
First Quantum Minerals Ltd. is trimming working hours at its stalled copper mine in Panama in a bid to rein in the cost of preserving the site following last year’s shutdown order, the union said. The Canadian firm will reduce extraordinary hours available to workers and end Sunday activities, according to a union statement. Changes will take effect Aug. 15. First Quantum declined to comment. “The company is executing this action without support from the workers that are still there to keep the project afloat,” union leader Michael Camacho said… Read More Here
Proposed Mining Law Threatens Zambia's Copper Production Goals 4 Mining in Zambia Copper Economy 

Proposed Mining Law Threatens Zambia’s Copper Production Goals

Constance
Zambia’s proposed Minerals Regulation Law could deter investment and deliver a “fatal blow” to the country’s goal of increasing annual copper output to 3 million metric tons, according to two mining organizations. As Africa’s second-largest copper producer, Zambia is considering a Minerals Regulation Commission Bill that would allow the government to acquire a stake in exploration areas before granting licenses to investors for mineral exploration, including copper. The proposed legislation, which was reviewed by Reuters, seeks to empower the finance minister to maintain a shareholding in a mining license on… Read More Here
ZCCM-IH pays K41.6m dividend to Zambian Govt 5 Mining in Zambia 

ZCCM-IH pays K41.6m dividend to Zambian Govt

Constance
ZCCM-Investment Holdings has handed over a dividend cheque of 41.6 million kwacha to the Ministry of Finance and National Planning. The Ministry holds a 17.4 percent stake on behalf of the Zambian government. ZCCM-IH Chief Executive Officer, NDOBA VIBETTI handed over the cheque to Finance and National Planning Minister SITUMBEKO MUSOKOTWANE in Lusaka yesterday. Dr. VIBETTI said in addition, ZCCM-IH has also delivered two dividend cheques to its two other stakeholders, the Industrial Development Corporation -IDC- and the National Pension Scheme Authority -NAPSA- amounting to 182 million kwacha. This brings… Read More Here
Kariba Dam Repairs Near Completion, Promising Relief for Energy Shortages in Zambia and Zimbabwe 6 Mining in Zambia Electricity Energy 

Kariba Dam Repairs Near Completion, Promising Relief for Energy Shortages in Zambia and Zimbabwe

Constance
Engineers at the Kariba Dam have successfully completed repairs to the structure’s plunge pool and have begun refilling it with water. Minister of Energy Makozo Chikote announced that repairs to the dam are now 75% complete, a significant development for Zambia’s energy sector. During a visit to the dam on Wednesday, the minister stated that the plunge pool repairs represent a crucial step in addressing the energy shortages affecting both Zambia and Zimbabwe in recent months. The dam, jointly operated by the governments of Zambia and Zimbabwe, generates 2,010 MW… Read More Here

Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024

Constance
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC). According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide. As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC. Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments,… Read More Here
Tenke Fungurume Mining Celebrates Copper Mark Certification 7 Mining in DRC Copper Environment Social Governance (ESG) 

Tenke Fungurume Mining Celebrates Copper Mark Certification

Constance
The Copper Mark is a prestigious certification awarded to mining companies that undergo a rigorous audit of their environmental, social, and governance (ESG) practices. To date, only 52 mining operations worldwide have received this mark of distinction, with Tenke Fungurume Mining (TFM) being the first mine in Africa to achieve this certification. The celebration of this significant accomplishment took place on July 31, commemorating the international recognition obtained on June 12. The event was hosted at TFM’s facilities, with CEO Wang Hanyuan, PCA Wang Quan, and CEO John Woto attending… Read More Here
Bakwanga Mining Company Receives New Machinery to Relaunch Diamond Mining 8 Diamond Mining in DRC New Mining Projects 

Bakwanga Mining Company Receives New Machinery to Relaunch Diamond Mining

Constance
The Bakwanga Mining Company in the Kasai-Oriental province has received new machinery to restart its diamond mining operations. The handover took place on Tuesday, August 6, 2024, in Mbuji-Mayi, attended by Governor Jean-Paul Mbwebwe Kapo and the Chairman of the Board of Directors, Jean Charles Okoto, along with executives and staff of the state-owned company. The newly acquired equipment includes a Volvo excavator, an SEM loader, two dump trucks, a 6,000-liter fuel oil truck, two Tata buses with a capacity of over 61 seats for employee transportation, and five pickups.… Read More Here
Zambia Imports Power from South Africa to Alleviate Energy Deficit 9 Mining in Zambia Electricity 

Zambia Imports Power from South Africa to Alleviate Energy Deficit

Constance
Zambia has begun importing 218 megawatts of electricity from South Africa’s Electricity Supply Commission (ESKOM) during off-peak hours to address the country’s power shortage. Matongo Maumbi, a spokesperson for Zambia’s state-owned power utility Zesco, announced on state television that the imports started on August 1 to help mitigate the power deficit. Zambia, Africa’s second-largest copper producer, is also importing electricity from Mozambique to meet its energy demands. “The imports have allowed Zesco to stabilize the power supply, enabling us to provide electricity to critical installations such as hospitals, mines, and… Read More Here

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