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IMF Highlights Uncertainty in Panama's Economic Outlook Amid Copper Mine Closure 1 International Copper Economy News in Brief 

IMF Highlights Uncertainty in Panama’s Economic Outlook Amid Copper Mine Closure

Constance
Panama’s short-term economic outlook faces significant uncertainty due to the closure of a lucrative copper mine operated by First Quantum Minerals, the International Monetary Fund (IMF) reported on Thursday. Key risks to Panama’s economy include the potential loss of its investment-grade status from credit rating agencies, increased social unrest, and international arbitration proceedings resulting from the halt in copper mining activities, the IMF stated. SOURCE:mining.com Read More Here
Copper Stockpiles in China Decline, Indicating Potential Market Recovery 2 Copper International 

Copper Stockpiles in China Decline, Indicating Potential Market Recovery

Constance
Copper stockpiles in China, which had surged earlier this year, are showing signs of decline, suggesting that buyers may be returning in the world’s largest consumer of commodities. Inventories of the industrial metal on the Shanghai Futures Exchange fell for the third consecutive week, reaching their lowest level in over a month. The price of copper has dropped about 13% from last month’s record highs due to concerns about increasing global inventories, profit-taking by investment funds, and subdued Chinese demand. This price reduction may now be attracting buyers back to… Read More Here
Chile's Copper Production Shows Signs of Recovery 3 International Copper News in Brief 

Chile’s Copper Production Shows Signs of Recovery

Constance
Chile, the world’s largest supplier of copper, is showing signs of recovery from 20-year lows in production. In May, copper output reached its highest level for the year, rising more than 8% compared to both April and the same month last year, according to data released on Friday by the country’s bureau of statistics. While top producer Codelco has indicated its output won’t show year-on-year increases until the second half of the year, other suppliers are compensating for the decline. They are overcoming challenges such as lower ore quality and… Read More Here
Bannerman Energy Raises A$85 Million to Advance Etango-8 Uranium Project 4 International Energy Uranium 

Bannerman Energy Raises A$85 Million to Advance Etango-8 Uranium Project

Constance
Australia-listed uranium junior Bannerman Energy announced on Friday a placement to raise A$85 million for the continued development of its Etango-8 project in Namibia. The two-tranche placement consists of 25.8 million new fully paid ordinary shares issued to new and existing institutional and sophisticated investors at a price of A$3.30 each. Upon completion, Bannerman will have about A$100 million in cash reserves. “Proceeds from this placement will enable us to further progress our Etango-8 project, following positive outcomes from the recently announced front-end engineering design (FEED) and control budget estimates… Read More Here
FQM to Launch Arbitration Against Panama Over Cobre Panama Mine Closure 5 International Copper 

FQM to Launch Arbitration Against Panama Over Cobre Panama Mine Closure

Constance
TORONTO/PANAMA CITY – Canadian miner First Quantum Minerals is set to initiate formal arbitration proceedings against Panama in July, following the country’s decision to close the giant Cobre Panama mine last November, according to sources familiar with the matter. This move coincides with the start of a new administration in Panama, which could determine the future of one of the world’s largest and newest copper mines, previously responsible for 1% of global copper output before its closure. First Quantum’s shares fell by 2% on the Toronto Stock Exchange on Friday… Read More Here
Hitachi Begins World's First Trial of Full Battery Dump Truck at FQM's Kansanshi Mine 6 Mining in Zambia Copper Equipment & Technology Mining Equipment 

Hitachi Begins World’s First Trial of Full Battery Dump Truck at FQM’s Kansanshi Mine

Constance
Hitachi Construction Machinery Co., Ltd. has launched a groundbreaking technological feasibility trial of an ultra-large full battery rigid frame dump truck at First Quantum Minerals Ltd.’s Kansanshi copper and gold mine in Zambia. The trial, initiated in June 2024, aims to validate the operational capabilities of the battery-powered dump truck under real mining conditions, including its performance in tasks such as traveling, turning, and braking, as well as assessing battery charging and discharging cycles. First Quantum, known for its expertise in trolley system operations and technological development, is facilitating this… Read More Here
Mozambique Invites Zambia to Collaborate on New Hydroelectric Project 7 Mining in Zambia Economy Hydro power plant 

Mozambique Invites Zambia to Collaborate on New Hydroelectric Project

Constance
Mozambique has extended an invitation to Zambia to participate in a new hydroelectric power plant project, akin to the Cahora Bassa plant in Tete province. The project is currently in its early stages, and Mozambique seeks Zambia’s involvement in this initiative. President Filipe Nyusi made the invitation during his visit to Zambia, where he signed legal agreements and discussed bilateral cooperation between the two countries. The discussions, dominated by issues of mutual cooperation, reaffirmed the shared aspirations of Mozambique and Zambia. During the meetings, both presidents expressed their mutual interest… Read More Here
Conflict Erupts at MIBA SA Over Statute Modifications 8 Mining in DRC 

Conflict Erupts at MIBA SA Over Statute Modifications

Constance
Tensions have escalated within the Bakwanga Mining Company (MIBA SA) in the Kasai-Oriental province, where Director General André Kabanda Kana and Chairman of the Board of Directors Jean-Charles Okota are in a dispute following alterations to the company’s statutes. In a press release received by MINES.CD on Monday, June 24, 2024, Director General André Kabanda Kana expressed dismay over the proceedings of an Extraordinary General Assembly of MIBA SA held on May 5, 2024, in the presence of Chairman Jean-Charles Okota. During this assembly, the statutes of the company were… Read More Here
CODECO Militiamen Kill Over 40 in Ituri Gold Mining Village 9 Mining in DRC Gold Regional conflict 

CODECO Militiamen Kill Over 40 in Ituri Gold Mining Village

Constance
More than forty people were killed in a double incursion by militiamen from the Cooperative for the Development of Congo (CODECO) from June 20 to 21, 2024, in the village of Bianda, Djugu territory, in the Ituri province. This tragic event was reported by MINES.CD, citing local sources. Dieudonné Lossa, a civil society activist from Ituri, stated that these attacks targeted gold-producing areas, likely for the purpose of exploiting gold. “These attacked areas are where gold mining takes place, and it is possible that it is a strategic move for… Read More Here
President Bassirou Diomaye Faye Celebrates Senegal's First Oil Production 10 International Oil & Gas Petroleum 

President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

Constance
President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my commitment and that of the government to the transparent and equitable management of our natural… Read More Here

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