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China’s copper buyers make cautious return after prices slump 1 International Copper 

China’s copper buyers make cautious return after prices slump

Constance
China’s copper market is showing a tentative improvement after a months-long slump in demand that stunned bullish investors and dragged prices down from a record high. While there’s no major turnaround so far, analysts and traders in China say that buyers in the world’s biggest copper market are starting to dip in again after prices crashed from above $11,000 a ton in May to below $9,000 this week. “We’re still subscribing to the view that the weakness in the second quarter was due to a delay in demand because there… Read More Here
Glencore International Coal 

Glencore Maintains Production Guidance Amid Coal Business Acquisition

Constance
Multinational mining company Glencore has maintained its 2024 production guidance for most of its metals but has separated its coal production figures following its acquisition of a 77% interest in the steelmaking coal business EVR from Teck Resources. The company is expected to announce its decision regarding a potential demerger of its coal assets in its upcoming half-year financial review next week. Glencore completed the acquisition of EVR on July 11, 2024, a move anticipated to boost its steelmaking coal production to between 19 and 21 million tonnes. CEO Gary… Read More Here
De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions 2 International Diamond 

De Beers Group Reports 21% Revenue Decline Amid Challenging Market Conditions

Constance
De Beers Group has announced a 21% decrease in revenue for the first half of 2024, highlighting the impact of a global decline in diamond demand and increased competition in the industry. According to the financial report, total revenue dropped from $2.8 billion in H1 2023 to $2.2 billion in H1 2024. The company also experienced a 22% year-on-year decrease in total rough diamond sales. While the global realized price for diamonds remained stable, adverse market conditions significantly affected the company’s performance. Economic challenges in China have resulted in low… Read More Here
Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management 3 International 

Anglo American Signs $195 Million Royalty Sale Agreement with Taurus Funds Management

Constance
Anglo American has finalized agreements to sell two royalties to Taurus Funds Management for a total cash consideration of up to $195 million. Under the deal, Anglo American will receive $150 million in upfront cash, with an additional potential payment of up to $45 million contingent upon specific conditions. Taurus will purchase an iron ore royalty held by De Beers, linked to the Onslow Iron project in West Pilbara, Australia. This includes acquiring the De Beers subsidiary that owns the royalty for $125 million upfront, along with up to $25… Read More Here
Vedanta Completes $245 Million Disbursement to Konkola Copper Mines 4 Mining in Zambia Copper 

Vedanta Completes $245 Million Disbursement to Konkola Copper Mines

Constance
Vedanta Resources Holdings Limited has successfully disbursed over $245 million from its escrow account to Konkola Copper Mines (KCM) bank accounts in Zambia. Masuzyo Ndhlovu, Vedanta’s Director of Corporate Communications, stated that the funding was sourced internally within the Vedanta group. He emphasized that the disbursement to creditors and employees is a crucial step in KCM’s transformational journey, showcasing Vedanta’s commitment to the mine’s resurgence and proposed growth trajectory. KCM Chief Operating Officer Malcolm Mewett added that the release of funds by Vedanta reaffirms the company’s dedication to Zambia and… Read More Here
Vedanta Resources Reinstates Board of Directors at Konkola Copper Mines 5 Mining in Zambia Copper 

Vedanta Resources Reinstates Board of Directors at Konkola Copper Mines

Constance
Vedanta Resources Holdings Limited has reinstated the Board of Directors for Konkola Copper Mines (KCM), marking the return of full management control to Vedanta. This step is essential for ramping up production and unlocking KCM’s full potential. Chris Griffith, Chief Executive Officer of Vedanta Base Metals, expressed confidence in the newly reinstated board, stating that it consists of a team of highly skilled and experienced professionals. He believes the board will provide strong leadership and guidance to help drive the company’s success, aligning with the Zambian government’s vision of positioning… Read More Here
DRC Minister of Mines Embarks on Transformative Mission to Haut-Uélé and North Kivu 6 Mining in DRC 

DRC Minister of Mines Embarks on Transformative Mission to Haut-Uélé and North Kivu

Constance
The new Minister of Mines, Kizito Pakabomba, began his first official mission to the provinces on July 29, 2024, aiming to understand the realities of his sector. From July 29 to August 1, he will visit Haut-Uélé and North Kivu. This mission aligns with President Félix-Antoine Tshisekedi’s vision for his second term, emphasizing six commitments to transform the mining sector into a lever for sustainable development. On July 29, Pakabomba arrived in Isiro, Haut-Uélé province, greeted by Vice-Governor Christophe Dara Matata, local political and administrative leaders, mining operators, and a… Read More Here
Illegal Mining Threatens Okapi Wildlife Reserve in Ituri 7 Mining in DRC 

Illegal Mining Threatens Okapi Wildlife Reserve in Ituri

Constance
In Ituri province, Democratic Republic of Congo (DRC), the Okapi Wildlife Reserve (RFO) faces illegal mining activities, according to whistleblowers who exposed this information on July 28. They claim that the Military Governor ordered a mission on July 23 to legalize mining in the reserve. The Governor’s Spokesperson clarified that the mission aimed only to verify the boundaries of the reserve, located in the Mambasa territory. “This mission is to demarcate the limits of the RFO because some are exploiting without knowing if they are within the RFO or a… Read More Here
Chinese Companies Defy Mining Suspension in South Kivu 8 Mining in DRC 

Chinese Companies Defy Mining Suspension in South Kivu

Constance
Despite the suspension of mining activities in South Kivu, Democratic Republic of Congo (DRC), several Chinese companies continue illicit mineral exploitation in the Mwenga territory. The New Dynamics of Civil Society (NDSCI CHUNVI YA CONGO) has condemned this situation, highlighting the unacceptable plundering and export of natural resources by foreign entities. “Nearly ten days after the expiration of the 72-hour moratorium on leaving the sites, Governor Jean Jacques Purusi’s decision to suspend mining activities throughout South Kivu has been blatantly ignored by Chinese-owned companies, which continue illicit mineral exploitation in… Read More Here
DRC Ministry of Mines receives the seal of the Republic 9 Mining in DRC 

DRC Ministry of Mines receives the seal of the Republic

Constance
On Monday, July 29, 2024, Minister of Mines Kizito Pakomba received the new seal of the Republic in his office. This initiative, launched by the Deputy Minister of Justice and Keeper of the Seals, aims to combat the counterfeiting and falsification of official documents, ensuring their authenticity. The adoption of this new seal is a response to the increasing misuse of New Information and Communication Technologies (NICT), which has led to numerous cases of identity theft and document falsification. By implementing this measure, the ministry seeks to uphold the integrity… Read More Here

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