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Tenke Fungurume Mining Disputes Environmental Pollution Claims in Manomapia 21 Mining in DRC Environment Social Governance (ESG) 

Tenke Fungurume Mining Disputes Environmental Pollution Claims in Manomapia

Constance
Tenke Fungurume Mining (TFM), a subsidiary of the CMOC group, has reiterated its denial of environmental pollution allegations related to its new “30K” factory in Manomapia. Despite a relocation process underway in parts of the district, TFM asserts that emission levels from the factory comply with environmental standards, dismissing claims of pollution in the affected community. TFM cites an environmental and social impact study (ESIA) conducted for the factory, indicating that the distance between the emission point and the community meets DRC mining regulations. However, local civil society has voiced… Read More Here
Concerns Rise Over Military Presence at Mining Sites in Maniema Province 22 Mining in DRC 

Concerns Rise Over Military Presence at Mining Sites in Maniema Province

Constance
Local civil society in the Maniema province of the Democratic Republic of Congo (DRC) is raising alarm over the presence of DRC armed forces at various mining sites in the Lubutu territory. Jean Pierre Mutolo Mumbere, President of the active forces of civil society, highlights that this military presence poses a threat to the security of peaceful citizens in areas like Masaba, Nzigida, Cholo, Magiatani, Etogo, and others. Mutolo condemns the reported actions of certain soldiers against the local population, including harassment and torture, and urges political and administrative authorities… Read More Here
Moïse Katumbi Exposes Corruption Scandal in Congolese Mining Sector 23 Mining in DRC 

Moïse Katumbi Exposes Corruption Scandal in Congolese Mining Sector

Constance
Moïse Katumbi, a prominent Congolese opposition figure and former governor of Katanga, has raised concerns about a corruption scandal involving the public mining company COMINIERE and a mysterious Congolese NGO in the lithium exploitation project in Manono with Australian firm AVZ. According to Katumbi, after the sale of shares in COMINIERE, a significant sum of $70 million was transferred to the accounts of an NGO, whose president is an administrator of the public company. He highlighted that $40 million of this amount mysteriously disappeared. Katumbi implicated a Chinese subsidiary of… Read More Here
China could hinder BHP’s bid to become top copper producer 24 International 

China could hinder BHP’s bid to become top copper producer

Constance
BHP Group Ltd.’s $39 billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers. A takeover of Anglo American Plc. would catapult BHP into the top spot for copper producers, with 10% or more of the world’s output. That could be a red flag for Beijing, which has long bemoaned China’s weak purchasing power against the miners that dominate trade in raw materials. “This may invite close scrutiny from a competition perspective,… Read More Here
Winston Chitando Reappointed as Zimbabwe's Mines Minister 25 International Mining Personality News in Brief 

Winston Chitando Reappointed as Zimbabwe’s Mines Minister

Constance
President Emmerson Mnangagwa has reinstated Winston Chitando as Zimbabwe’s Mines Minister, a position he previously held before the elections last year. Chitando, who previously served as the Minister of Local Government, has been appointed back to his former role in a series of changes announced by Chief Secretary to the President and Cabinet Martin Rushwaya on Wednesday. Among the reshuffles, Soda Zhemu, who replaced Chitando, is now the Minister of National Housing and Social Amenities. According to Rushwaya’s statement, all appointments are effective immediately. Read More Here
Vedanta's Fourth-Quarter Profit Slips 27% Due to Metal Price Weakness 26 International 

Vedanta’s Fourth-Quarter Profit Slips 27% Due to Metal Price Weakness

Constance
Indian mining conglomerate Vedanta reported a 27% decline in fourth-quarter profit, attributed to softer prices of key metals such as aluminium and zinc, coupled with rising finance costs. Led by billionaire Anil Agarwal, Vedanta’s consolidated net profit stood at 13.69 billion rupees (approximately $164 million), missing analysts’ estimates of 21.10 billion rupees, according to LSEG data. Finance costs surged nearly 34%, contributing to increased expenses. Weak domestic zinc and aluminium prices, influenced by subdued global metal prices amid demand uncertainties from China, affected revenues during the January-March period. The zinc… Read More Here
Barrick CEO says not interested in bidding for Anglo American 27 Mining Personality 

Barrick CEO says not interested in bidding for Anglo American

Constance
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner’s CEO Mark Bristow said on Wednesday. If BHP’s proposed acquisition of Anglo is successful, it would create one of the world’s biggest copper miners. Analysts and investors expect rival bids to emerge after BHP’s offer was rejected last week by Anglo, which said it was opportunistic, significantly undervaluing the company and its future prospects. “We are not interested in… Read More Here
Zambia’s Mineral-Rich Copperbelt Seeks New Investment 28 Mining in Zambia Copper Mining in DRC 

Zambia’s Mineral-Rich Copperbelt Seeks New Investment

Constance
Zambia’s economy hinges significantly on copper production, with the Copperbelt region, spanning the border between Zambia and the Democratic Republic of Congo (DRC), serving as its mainstay. This mineral-rich area contributes 90% to the country’s GDP and employs the majority of its populace, generating about 70% of national revenue. With over a tenth of the world’s copper reserves, Zambia ranks among the top global producers, aiming to boost production to 3 million tons by 2032. Critical mineral supply chains have become focal points for development partnerships. Last October, Zambia and… Read More Here
Anglo’s copper assets worth $35bn, report shows 29 International Copper 

Anglo’s copper assets worth $35bn, report shows

Constance
Anglo American’s copper assets are valued at about $35-billion and, if BHP aims to clinch these prized operations, the miner must substantially enhance its offer for its competitor. This is according to a report by CreditSight analysts Wen Li and Michael O’Brien, who estimate Anglo’s enterprise value at $63-billion. BHP’s initial offer of $32 a share (£25) falls short of the mark, considering that CreditSight’s valuation corresponds to a share price of $39 (£31). Market sentiment, as gauged from analysts and traders surveyed by Bloomberg converge around an average price of £30.43 a share for a potential… Read More Here
BHP woos South Africa in pursuit of $39bn Anglo takeover 30 International 

BHP woos South Africa in pursuit of $39bn Anglo takeover

Constance
BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39-billion proposal – currently back on the drawing board after it was rapidly rejected by its target – and its benefits, according to people familiar with the matter.… Read More Here

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