Breaking News
Chinese firm says it’s probing case of missing Russian copper 1 Copper International 

Chinese firm says it’s probing case of missing Russian copper

Constance
The Chinese state-owned firm whose shipment of copper from Russia went missing said it’s investigating the matter which involves a monetary value of about 110 million yuan ($15 million). Wuchan Zhongda Group Co. bought 2,000 tons of refined copper from a Russian company that should have been delivered last month but never arrived, Bloomberg News reported on Thursday, citing people familiar with the matter. In a statement Friday, the firm said it had conducted a preliminary review after media reports about its copper business. The case concerns an international trading… Read More Here
Gécamines Mining in DRC Cobalt 

DRC State Miner Gecamines Requires Approval for Chemaf Resources Acquisition

Constance
The Democratic Republic of Congo’s state miner, Gecamines, has asserted that any acquisition of cobalt producer Chemaf Resources Ltd. must receive its approval if the new owner intends to take over a crucial mining permit. Chemaf, which put itself up for sale in September, stated in March that the process was in its “final stage,” but a winning bid has yet to be announced. Backed by the Trafigura Group, Chemaf is working to develop one of the largest copper-cobalt mines and processing plants in Congo on a permit leased from… Read More Here
Judith Suminwa promises to boost the growing insurance sector 2 Mining in DRC Governance 

Judith Suminwa promises to boost the growing insurance sector

Constance
The insurance market in the Democratic Republic of Congo (DRC) has witnessed remarkable growth over the past five years since its liberalization in 2015. From a turnover of USD 70 million in 2018, the sector surged to USD 221 million in 2021 and further to over USD 268 million in 2022, marking a significant 270% increase in four years. By the end of 2023, the turnover had reached USD 320 million. Prime Minister Judith Suminwa Tuluka highlighted these achievements during her address to national elected officials on June 11, 2024,… Read More Here
Gemfields Announces Board Restructuring for Growth and Leadership 3 Mining in Zambia Gemstones Mining Personality 

Gemfields Announces Board Restructuring for Growth and Leadership

Constance
Gemfields, holding a majority stake in the Kagem emerald mine in Lufwanyama, Zambia, has unveiled significant changes to its Board of Directors effective 1 July 2024, following an extensive search for new leadership. Bruce Cleaver, renowned for his global expertise in mining gemstones and marketing, will assume the role of Chair and Independent Non-Executive Director. Formerly Chief Executive Officer and Co-Chair of De Beers Group, Cleaver brings a wealth of experience and will also chair the Nomination Committee. Martin Tolcher, reflecting on his 15-year tenure and nearly five years as… Read More Here
KNBEPC Launches 100-Megawatt Solar PV Project in Zambia’s Chisamba District 4 Mining in Zambia Electricity Green Energy 

KNBEPC Launches 100-Megawatt Solar PV Project in Zambia’s Chisamba District

Constance
The Kariba North Bank Extension Power Corporation (KNBEPC), a subsidiary of ZESCO Limited, has inaugurated a 100-megawatt solar photovoltaic (PV) project in Kafungalubala village, Chisamba district. Located under the jurisdiction of Chief Chaamuka, the project aims to bolster Zambia’s power generation capabilities and stimulate economic growth in the area. Following successful environmental assessments conducted by the Zambia Environmental Management Agency (ZEMA), construction of the project has commenced with Sino Hydro as the selected contractor. Initial mobilization of teams and preparatory work are already underway, including primary clearing of 106 hectares… Read More Here
Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover 5 Mining in Zambia Copper Economy Mining tax Taxes 

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

Constance
Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here
Zambia to Establish New Mineral Investment Entity to Boost Revenue 6 Mining in Zambia Copper Economy 

Zambia to Establish New Mineral Investment Entity to Boost Revenue

Constance
Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here
MMG to invest $700 million to double copper output at Botswana mine 7 Copper International 

MMG to invest $700 million to double copper output at Botswana mine

Constance
Chinese miner MMG Ltd will invest $700 million to double production at Botswana’s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday. MMG announced in March that it had completed a deal to buy Canada-based Cuprous Capital, the parent company of the copper mine which lies in the Kalahari Copper Belt. Amid a surge in demand for the metal required for the green energy transition, Khoemacau has embarked on an expansion which will see the mine’s copper output more than… Read More Here
Ivanhoe Electric Addresses Misleading Media Reports on Recent Registration Statement Filing 8 Press Release International Mining technology News in Brief 

Ivanhoe Electric Addresses Misleading Media Reports on Recent Registration Statement Filing

Constance
PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE; TSX: IE) clarifies certain misleading media headlines speculating that Saudi Arabia Mining Company (“Ma’aden”) will sell Ivanhoe Electric shares under the recently filed Registration Statement. The Registration Statement was filed pursuant to an obligation in the Investor Rights Agreements (“IRA”) entered into between Ivanhoe Electric and Ma’aden at the time of Ma’aden’s initial investment in Ivanhoe Electric.  The IRA was previously disclosed and filed on July 6, 2023.  Ma’aden has confirmed, consistent with what was disclosed in the Registration Statement, that it has… Read More Here
DRC to Fully Control Gold Export Venture Amid Slumping Shipments 9 Mining in DRC Economy Gold 

DRC to Fully Control Gold Export Venture Amid Slumping Shipments

Constance
The Democratic Republic of Congo (DRC) is finalizing a deal to take full control of Primera Gold DRC SA, a gold-export joint venture with its Emirati partner, after experiencing a significant drop in shipments. Primera Gold DRC SA was launched in January 2023 by the DRC in partnership with Abu Dhabi-registered Primera Group Ltd. The venture aimed to curb gold smuggling that fuels conflicts in the country’s eastern provinces. In its first year, the partnership sold 5 tons of hand-mined gold worth about $300 million. However, sales have since plummeted,… Read More Here

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