Breaking News
Glencore Fined $152 Million by Swiss Authorities for 2011 Bribery Scandal 1 Mining in DRC 

Glencore Fined $152 Million by Swiss Authorities for 2011 Bribery Scandal

Constance
Glencore Plc (LON: GLEN) has been fined $152 million by Swiss authorities for failing to prevent a business partner from bribing a Congolese public official in 2011. In a statement released on Monday, the Swiss attorney general’s office (OAG) stated that prosecutors found Glencore did not take adequate measures to prevent the bribery. The incident involved the business partner’s acquisition of minority stakes in two mining companies in the Democratic Republic of the Congo (DRC) from a state-owned enterprise. Glencore has decided not to appeal the penalty order, despite not… Read More Here
DRC Minister of Mines Reports on Framework Agreement Negotiation with Africa Diamonds Exchange 20 Mining in DRC Diamond 

DRC Minister of Mines Reports on Framework Agreement Negotiation with Africa Diamonds Exchange

Constance
During the Council of Ministers on Friday, July 19, Minister of Mines Kizito Kapinga Mulume provided an update on the negotiation of the Framework Collaboration Agreement between the Mining Fund for Future Generations (FOMIN) and the Africa Diamonds Exchange (ADEX), a Swiss-incorporated company. A delegation from the Ministry of Mines, including representatives from FOMIN, CEEC, and CTCPM, visited Zurich from May 26 to June 2, 2024. They reached an agreement on establishing ADEX RDC SA, a new collaboration framework between FOMIN and ADEX to negotiate the Framework Collaboration Agreement in… Read More Here
BHP’s Spence copper mine in Chile now fully autonomous 21 Copper International 

BHP’s Spence copper mine in Chile now fully autonomous

Constance
BHP’s (ASX, NYSE: BHP) Spence copper mine in Chile has celebrated three months of being the company’s first fully autonomous operation, a status reached in April after a two-year journey that included converting its trucks fleet and drilling rigs. Spence, which produced 249,000 tonnes of copper last year, is BHP’s second largest copper mine behind Escondida, the world’s biggest copper operation. In the three months to July 29, the copper operation has moved 80 million tonnes of material without any safety incidents, surpassing the production plan to date, BHP said.… Read More Here
CMOC Group Overtakes Glencore as Top Cobalt Producer 22 Cobalt Battery Metals Mining in DRC 

CMOC Group Overtakes Glencore as Top Cobalt Producer

Constance
China’s CMOC Group Ltd. has solidified its position as the world’s leading cobalt producer, generating more than three times the output of its well-known rival, Glencore Plc. This significant surge in production has further depressed cobalt prices. Last year, CMOC surpassed Glencore to become the top producer. Recent first-half output figures reveal a widening gap between the two companies. While Glencore’s production fell 27% to 15,900 tons, CMOC’s output more than doubled to 54,024 tons, nearing its full-year production guidance. Cobalt prices have dropped 70% from their peak around two… Read More Here
Ivanhoe Mines announces quarterly profit of $67 million 23 Mining in DRC Copper 

Ivanhoe Mines announces quarterly profit of $67 million

Constance
Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024 Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 million Kamoa-Kakula’s quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per… Read More Here
DRC Minister of Mines Advocates for Sustainable and Diversified Resource Exploitation in Isiro 24 Mining in DRC 

DRC Minister of Mines Advocates for Sustainable and Diversified Resource Exploitation in Isiro

Constance
As part of a mission to Isiro in Haut-Uélé, Minister of Mines Kizito Pakabomba aimed to make a lasting impact. During his first official visit to this region, Minister Pakabomba emphasized the importance of responsibly exploiting natural resources, convincing local populations of the need for sustainable practices. Warmly welcomed by the jubilant local community, Minister Pakabomba expressed his commitment to a sustainable mining sector. This visit marks a significant turning point, reflecting his dedication to transforming the mining industry into a catalyst for sustainable development across the Congolese economy. Joined… Read More Here
First Quantum Trials World’s First Battery-Powered Dump Truck 25 Mining in Zambia Copper Equipment & Technology 

First Quantum Trials World’s First Battery-Powered Dump Truck

Constance
First Quantum Minerals has partnered with Hitachi Construction Machinery to trial a fully electric dump truck at the Kansanshi mine. This groundbreaking initiative represents a significant step toward a more sustainable and environmentally friendly mining industry. Copper is crucial for the global transition to a lower carbon, renewably powered, electric future. However, mining this essential resource must be done responsibly, with a focus on reducing emissions. Electrifying mining machinery, including dump trucks, is a key component of this effort, despite the technical challenges it presents. The trial of the battery-powered… Read More Here
Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects 26 Mining in DRC Economy Gold Governance 

Kizito Pakabomba Visits Kibali Gold Mine to Inaugurate New Projects

Constance
The Minister of Mines, Kizito Pakabomba, was enthusiastically welcomed to Kibali Gold Mine, one of the largest gold mines in Africa. Located in the north-east of the Democratic Republic of Congo (DRC), about 220 kilometers from the town of Isiro, the visit marks a significant milestone for the region. The primary purpose of Minister Pakabomba’s visit was to inaugurate new projects funded by the allocation of 0.3% of the mine’s minimum turnover. This allocation underscores the mine’s commitment to reinvest in local infrastructure and community development. During the visit, Minister… Read More Here
Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex 27 International Copper 

Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex

Constance
Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland. On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants. This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to… Read More Here

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