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Zijin Mining Acquires Strategic Stake in Montage Gold 1 International Gold 

Zijin Mining Acquires Strategic Stake in Montage Gold

Constance
Montage Gold announced on Tuesday that Zijin Mining Group, a Chinese mining firm, will acquire a 9.9% strategic stake in the company through a brokered private placement. Zijin Mining will purchase 32.7 million shares of the Vancouver-based company at C$1.75 per share, totaling nearly C$57.3 million. The offering is expected to be completed by August 12. This deal comes amid Canada’s efforts to tighten its Investment Canada Act, which reviews foreign investments to safeguard national security. However, Montage believes the investment does not require Canadian government approval because Zijin will… Read More Here
Gemfields Reports Strong Revenue and Expansion Progress 2 Mining in Zambia Gemstones 

Gemfields Reports Strong Revenue and Expansion Progress

Constance
Gemstone miner Gemfields has reported total auction revenues of $121 million for the first half of the year, driven by strong demand for rough emeralds and rubies. In its interim results, Gemfields confirmed that construction of a second processing plant at its 75%-owned Montepuez ruby mine in Mozambique is on budget and scheduled for completion by mid-2025. At the 75%-owned Kagem emerald mine in Zambia, the wash plant upgrade is complete and operating at an enhanced processing rate. The company reported a net debt of $44.4 million for the period,… Read More Here
Zimbabwe State Miner Seeks $150M to Boost Gold Output 3 Gold International 

Zimbabwe State Miner Seeks $150M to Boost Gold Output

Constance
Zimbabwe’s largest gold producer, Kuvimba Mining House, is negotiating with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Kuvimba Mining House, which is 65% state-owned, has already completed a feasibility study for a large-scale mine and processing plant, according to acting Chief Executive Officer Trevor Barnard. “We are discussing that with potential partners to go forward,” Barnard said during a press briefing in Harare on Monday. “This is a resource which is really significant, it’s large, it’s high quality.” Zimbabwe acquired Shamva… Read More Here
Tragic Mine Collapse in Northern Kenya Claims Multiple Lives 4 International Gold Mine Safety 

Tragic Mine Collapse in Northern Kenya Claims Multiple Lives

Constance
At least five people were killed and several others injured when an informal gold mine caved in and buried them alive in northern Kenya, according to a local official. The Hillo subsistence gold mine near the Ethiopian border was closed by authorities in March due to deadly clashes between local communities over access to the site. Despite the closure, miners have continued their activities at the location. On Monday evening, around 1,000 people overpowered security forces and invaded the area, said Marsabit County Deputy Commissioner David Saruni. “They dug an… Read More Here
CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration 5 International Copper Exploration 

CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration

Constance
Critical Mineral Resources (CMR) has signed an exclusive option to acquire the Igli project, a high-grade silver/copper site in Morocco’s Anti-Atlas region, with reported grades up to 912 g/t silver and 2.97% copper. To support this acquisition and fund exploration, CMR has raised £750,000 through a convertible loan note (CLN) issue. A significant portion of this investment comes from the Swiss and UAE-based Prism Group, known for its long-term investment strategy. CMR’s nonexecutive chairperson, Dominic Traynor, will transition to executive chairperson to oversee the company’s strategic developments. The Igli project… Read More Here
Zambia Addresses Energy Crisis Amidst El Niño and Climate Change 6 Mining in Zambia Electricity Energy 

Zambia Addresses Energy Crisis Amidst El Niño and Climate Change

Constance
Minister of Energy, Hon. Makozo Chikote, addressed the nation regarding the severe electricity shortage caused by El Niño and climate change. He emphasized the government’s efforts to mitigate the crisis and commended Zambians for their patience and resilience. The country’s installed national power generation capacity stands at 3,777 MW, with a current peak demand of 2,400 MW. However, as of July 2024, only 1,255 MW is available, resulting in a deficit of 1,145 MW. To bridge this gap, Zambia is importing 1,664 MW of power. Key measures implemented by the… Read More Here
Zambia's Maamba Collieries Rebrands to Maamba Energy, Doubles Power Capacity 7 Mining in Zambia Electricity Energy 

Zambia’s Maamba Collieries Rebrands to Maamba Energy, Doubles Power Capacity

Constance
Maamba Collieries Ltd, Zambia’s leading independent private power producer, has rebranded to Maamba Energy Ltd to better reflect its core focus on energy production. This rebranding aligns with the company’s ambitious plan to double its electricity generation capacity from 300 MW to 600 MW, aiming to address Zambia’s critical power deficit. “Energy is our primary business, and the new name Maamba Energy better reflects that,” said Chief Executive Officer Lt Col Cyrus Minwalla (Retd). “Coal sales have been merely an adjunct to our core power business. As the new name… Read More Here
World Bank to Approve Five-Year Partnership Framework with Zambia 8 Mining in Zambia Economy 

World Bank to Approve Five-Year Partnership Framework with Zambia

Constance
The World Bank is poised to approve a five-year New Partnership Framework with Zambia by September this year, which will run from 2025 to 2029. This strategic initiative aims to bolster human capital development and support the nation’s infrastructure advancements. World Bank Managing Director and Group Chief Administrative Officer, Wencai Zhang emphasised the significance of this partnership during a meeting with Zambia’s Infrastructure Development Minister, Charles Milupi. Zhang highlighted that the framework is designed to address critical areas essential for Zambia’s socio-economic growth. “The framework will play a pivotal role… Read More Here
Zambia Projects 6% Economic Growth for 2025 9 Mining in Zambia Economy 

Zambia Projects 6% Economic Growth for 2025

Constance
During the Mid-year Budget and Economic Performance Review in Lusaka, Finance and National Planning Minister Situmbeko Musokotwane projected a minimum 6% growth for Zambia’s economy in 2024. He attributed this optimistic outlook to various government measures aimed at fostering economic stability. Musokotwane also highlighted a positive vision for 2025, expecting favourable rainfall to aid the recovery of the agriculture and energy sectors. Despite ongoing challenges such as price volatility and supply chain interruptions, the ministry is committed to improving enforcement measures to address weaknesses like tax compliance. Zambia Revenue Authority… Read More Here
Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability 10 Mining in Zambia Oil & Gas Petroleum 

Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability

Constance
Zambia is actively considering the importation of fuel from Angola to secure a consistent supply within the country. Rodney Kalota, Director of Petroleum at the Ministry of Energy, announced this development, highlighting the government’s commitment to ensuring a stable fuel supply. Speaking at the Zambia Chamber of Commerce and Industry’s (ZACCI) Energy Breakfast Meeting in Lusaka, Kalota stated, “The government is committed to exploring various measures to ensure a constant fuel supply in the country.” Kalota also reaffirmed the Ministry of Energy’s dedication to President Hichilema’s directive to stabilize fuel… Read More Here

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