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Copper News

Developer progresses copper project

By: Trent Roebeck     Updated 5 hours ago After having been stalled for seven years, the Omitiomire copper project of Namibian copper explorer and developer Omico Mining has now completed phases 1, 2 and 3 of metallurgical testwork, with Phase 4 of the metallurgical testwork to be completed in the second quarter of this year. With mining... 

First Quantum announces capital restructuring to reduce debt

By: Reuters     22nd February 2024 First Quantum Minerals on Wednesday announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its "operational objectives." The company has lost over half its market value after Panama's surprise... 

First Quantum CEO Tristan Pascall
First Quantum CEO Tristan Pascall

Vale says its Sossego copper mine operating licence has been suspended

By: Reuters     22nd February 2024 Brazilian miner Vale said on Wednesday it had received a letter from the State of Para's environmental secretary informing it that its operating license for its Sossego mine has been suspended. The company said in a filing it was evaluating the necessary measures to re-establish the full... 

Vale says its Sossego copper mine operating licence has been suspended

First Quantum says it is seeking $20bn over Panama mine closure order

By: Reuters     21st February 2024 Copper miner First Quantum Minerals said on Wednesday it was seeking $20-billion through international arbitration after Panama ordered the closure of the company's mine in the central American nation. "We have provided a minimum value sought in those proceedings of $20-billion, reflecting an... 

First Quantum says it is seeking $20bn over Panama mine closure order

Hot Chili executes option to acquire Chile project

By: Creamer Media Reporter      21st February 2024 ASX- and TSX-V-listed Hot Chili has executed an option agreement with ASX-listed Bastion Minerals for the right to acquire the Cometa project in Chile. The project is near Hot Chili’s Costa Fuego copper/gold project in the coastal range of the Atacama region. 

Sibanye incurs $2.58bn in impairments on lower metals prices

By: Tasneem Bulbulia     21st February 2024 Multinational mining and metals processing group Sibanye-Stillwater has incurred impairments of $2.58-billion, or about R47.45-billion, for the 2023 financial year, on the back of the deterioration in metals prices and certain operational factors. In a trading update ahead of the March 5... 

Sibanye CEO Neal Froneman
Sibanye CEO Neal Froneman

Glencore pleased with its performance against the backdrop of lower commodity, energy prices 

By: Marleny Arnoldi     21st February 2024 Global mining company Glencore has recommended a $0.13 a share, or $1.6-billion, base cash distribution to shareholders for the 2023 financial year, comprising $1-billion from marketing cash flows and the balance from industrial attributable cash flows. This is despite a 50% year-on-year decrease... 

Glencore's head office
Glencore executives unpack the company's 2023 performance and production guidance

Copper, gold to get 'largest immediate' boost from Fed easing, Goldman says

By: Reuters     21st February 2024 Copper and gold are expected to see the largest immediate price boost in the commodities sector from potential US Federal Reserve interest rate cuts, analysts at Goldman Sachs said. "The immediate price boost from a Fed driven 100 basis point decline in U.S. 2-year rates is the largest for... 

Rio Tinto posts lower FY profit

By: Mariaan Webb     21st February 2024 Diversified mining major Rio Tinto CEO Jakob Stausholm on Wednesday reported “resilient” financial results for 2023, with free cash flow of $7.7-billion and underlying earnings of $11.8-billion. Balance sheet strength enabled Rio Tinto to invest with disciple, while also playing an ordinary... 

Rio Tinto CEO Jakob Stausholm
Rio Tinto CEO Jakob Stausholm

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

By: Mariaan Webb     21st February 2024 Canada-headquartered First Quantum Minerals, which is facing a major challenge with the closure of its flagship Panama mine, is making progress with its balance sheet initiatives. These include, among others, selling some of the copper miner's smaller assets and minority stakes in its larger... 

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

First Quantum Minerals re-shuffles management at Zambian operation

By: Reuters     21st February 2024 Canadian miner First Quantum Minerals is re-shuffling top-tier personnel at its Zambian operations in a bid to tackle production and safety shortfalls in the South African country, an internal memo seen by Reuters showed. The latest action comes as the company continues to deal with fallout from... 

Gecamines plans overhaul of mining JVs in world's top cobalt supplier

By: Reuters     20th February 2024 The Democratic Republic of Congo's (DRC's) State miner is broadening a push to extract more from its copper and cobalt joint ventures, seeking to negotiate for higher stakes across the board to gain leverage in management of some of its biggest mines. Gecamines is also leveraging existing... 

A copper mine in the DRC operated by Gecamines

Antofagasta says profit up 5% in 2023, cuts dividend

By: Reuters     20th February 2024 Chile's Antofagasta on Tuesday reported a 5% rise in 2023 profit as copper production and prices increased, offsetting higher costs. Although the mining group reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.1-billion, up from $2.9-billion in 2022, it... 

Antofagasta CEO Ivan Arriagada
Antofagasta CEO Ivan Arriagada

BHP eyes 500 000 t/y of copper from South Australia

By: Mariaan Webb     20th February 2024 Diversified mining company BHP is advancing several avenues for copper growth, CEO Mike Henry said on Tuesday, highlighting the key role that its South Australian assets will play in the group’s copper growth trajectory. The Melbourne-headquartered mining firm acquired more exposure to... 

BHP eyes 500 000 t/y of copper from South Australia

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

By: Bloomberg     20th February 2024 Insiders liken it to a “panic button.” And for more than 80 years, the primary job of the National Defense Stockpile has been to keep the US military supplied with essential raw materials and protect against supply shocks. So when China surprised the markets by restricting exports of two niche... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

Metals Acquisition dual lists on ASX following A$325m IPO

By: Creamer Media Reporter      20th February 2024 Copper miner Metals Acquisition Limited (MAC) on Tuesday started trading on the ASX, following completion of its oversubscribed initial public offering (IPO) in Australia. MAC raised A$325-million through the issue of 19.12-million chess depository interests (CDIs) at the top of its indicative... 

Metals Acquisition dual lists on ASX following A$325m IPO

Rich new Copper 360 discovery points to big Chile-type copper mine potential  

By: Martin Creamer     20th February 2024 Okiep Copper Company, which mining company Newmont established in 1937, is today one of the 100%-owned subsidiaries of South Africa’s Copper 360, the only pure copper play listed on the Johannesburg Stock Exchange. Under Newmont, the Okiep Copper Company paid out about R30-million in dividends... 

Copper 360 CEO Jan Nelson.
Copper 360 CEO Jan Nelson interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Worst of inflationary wave over, says BHP CEO

By: Mariaan Webb     20th February 2024 Diversified mining group BHP CEO Mike Henry has expressed confidence in a more favourable economic outlook for 2024, declaring that the worst of the global inflationary wave is over. BHP, which on Tuesday reported flat first-half underlying profit of $6.6-billion, is witnessing a shift towards a... 

BHP CEO Mike Henry
BHP CEO Mike Henry

New Cascabel PFS cuts initial capex

By: Creamer Media Reporter      19th February 2024 London- and Toronto-listed SolGold has announced the results of a new prefeasibility study (PFS) for the Cascabel project, in Ecuador, which supports a phased block cave mine development that substantially reduced the initial capital expenditure (capex) required. The PFS puts an initial capex... 

Copper 360 raises about R100m in additional funding

By: Tasneem Bulbulia     19th February 2024 JSE-listed Copper 360, formerly Big Tree Copper, has raised additional funding of R99.8-million through the issue of shares for cash on certain terms and conditions, aligned to the company’s funding strategy of entering into various loan agreements to fund the Nama Copper acquisition and expanded... 

An image of Copper 360 CFO Stephan du Plessis
Photo by Creamer Media's Donna Slater
Copper 360 CFO Stephan du Plessis

Cash from Kanmantoo copper sales hits the bank

By: Creamer Media Reporter      19th February 2024 Following the recent launch of copper production at the Kanmantoo underground mine in South Australia, Hillgrove Resources has now sold its first copper concentrate, securing the initial proceeds. “Seeing the cash from the first copper sales hit the bank account was very gratifying. The revenues... 

Cash from Kanmantoo copper sales hits the bank

Vedanta starts provision of funding to KCM in Zambia

By: Tasneem Bulbulia     16th February 2024 Global natural resources company Vedanta Resources has started providing funding to Konkola Copper Mines (KCM), in Zambia, and has disbursed its first $25-million for employee salaries, contract labour and other critical services needed to maintain the integrity of the asset. Vedanta has deployed... 

First Quantum exercises option over two licences in Zambia

By: Tasneem Bulbulia     16th February 2024 Canada-based First Quantum Minerals (FQM) has exercised its option over the remaining two licences in the Central Africa Copperbelt from an object agreement with London-listed African Pioneer’s 80%-owned subsidiary African Pioneer Zambia. The option agreement was first announced on January 22. 

Updated MRE for Sylvania’s Volspruit project shows improved grades

By: Tasneem Bulbulia     16th February 2024 Aim-listed Sylvania Platinum has announced the completion of a mineral resource estimate (MRE) update for its Volspruit project, located on the Northern Limb of the Bushveld Complex in South Africa,  facilitated by South African geological company Earthlab Technical Division. CEO Jaco Prinsloo... 

An image of Sylvania Platinum CEO Jaco Prinsloo
Sylvania Platinum CEO Jaco Prinsloo

Switchgear units supplied to DRC copper mine

16th February 2024 Switchgear manufacturer and supplier Actom MV Switchgear has been awarded a contract to supply the extensive new Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC) with power distribution supplier GELPAG’s solid insulated switchgear (SIS) units, which will be used in underground... 

Two ladies working on a group of electrical switchgear units
SWITCHING IT UP The contract to supply further switchgear units to the Kamoa-Kakula copper mine in the Democratic Republic of Congo has been awarded to Actom MV Switchgear

Pursuing sustainable battery metals supply

16th February 2024 Despite a projected gradual decrease from 76% of global cobalt mine production in 2023 to 67% in 2028 and 66% in 2033, the DRC will continue to be the most dominant producer globally, according to price reporting and research agency Benchmark Mineral Intelligence. This decrease in production... 

An aerial view of a formal copper mine in DRC with load haul dump vehicles
CHAIN OF SUPPLY The copper mining sector in the Democratic Republic of Congo will benefit from the global increased demand for battery metals

DRC investment to be buoyed by elevated copper price

By: Halima Frost     16th February 2024 A forecasted increase in global copper prices will encourage continued investment in the “copper and cobalt mining powerhouse of Africa” – the Democratic Republic of the Congo (DRC) – reports business advisory firm BDO South Africa senior audit manager Dorcas Nhlapo. She attributes this elevated... 

A group of make shift tents and lean to's in the DRC Bush which houses artisanal miners and their families
COPPER CAMPOUT An artisanal miner encampment which is a prolific occurrence in the Democratic Republic of the Congo

Human rights a key issue

By: Halima Frost     16th February 2024 Modern slavery risk mitigation data and research company Evidencity says although poor governance is an endemic issue in the mining sector of the Democratic Republic of Congo (DRC), the protection of human rights – primarily those pertaining to the use of child labour – is the greatest challenge.   

 A young boy miner stood in front of an openpit artisanal mine in the Democratic Republic of Congo
MINOR MINERS The use of children and disadvantaged people in the Democratic Republic of Congo mining sector is rampant

Company growing presence in the DRC

By: Donna Slater     16th February 2024 Amidst the growing global spotlight on the Democratic Republic of Congo (DRC) as a key player in copper and cobalt mining, asset integrity management and industrial solutions company DGC Africa’s – a group of the Dickinson Group of Companies – new headquarters in Kolwezi, in the DRC signifies not... 

UPSKILLING DGC Africa, equips people with essential skills for meaningful employment, benefiting both the local workforce and international mining companies operating in the DRC
UPSKILLING DGC Africa, equips people with essential skills for meaningful employment, benefiting both the local workforce and international mining companies operating in the DRC

Philip Kotze steps down from Orion Minerals board

By: Tasneem Bulbulia     15th February 2024 JSE- and ASX-listed Orion Minerals has accepted the resignation of Philip Kotze from the board, with immediate effect. During the past several months, Orion has undertaken a review of its board’s growing responsibilities as the company transitions into a development stage at its copper and zinc... 

An image showing Orion Minerals' Prieska copper zinc mine
Prieska copper zinc mine

Barrick replaces 140% of gold reserve, no need for ‘dilutionary or delusionary’ M&A 

By: Martin Creamer     15th February 2024 New York- and Toronto-listed mining company Barrick has replaced more than 140% of its gold reserves in the last five years and more importantly at the same grade, Barrick CEO Dr Mark Bristow pointed out in reporting full-year 2023 gold production of 4.05-million ounces and copper output of... 

Barrick CEO Mark Bristow.
Barrick CEO Mark Bristow.

Barrick CEO not interested in piecemeal talks over First Quantum assets

By: Reuters     14th February 2024 Barrick Gold CEO Mark Bristow said on Wednesday he was not interested in piecemeal discussion when asked whether the company would consider bidding for any of First Quantum Minerals' assets. "I'm not interested in working on any sort of piecemeal discussion," Bristow told Reuters in an interview... 

Barrick CEO Mark Bristow
Barrick CEO Mark Bristow

First Quantum in talks with utility to improve Zambia’s grid efficiency

By: Tasneem Bulbulia     14th February 2024 Stabilisation of the national power grid is a prerequisite to increasing Zambia’s copper production to three-million tonnes a year, says miner First Quantum Minerals (FQM). Ensuring that power was available ahead of increased mine production, and that this power was efficiently transmitted... 

Zesco representatives recently visited one of FQM's mines
Zesco representatives recently visited one of FQM's mines

New Gold to reach free cash flow inflection point this year, says CEO

By: Mariaan Webb     14th February 2024 Canadian gold miner New Gold has executed on its key priority of stabilising its operations and delivering consistent results throughout the year, CEO Patrick Godin said on Tuesday. “2023 was a successful year for New Gold,” he said, reporting that the miner had achieved the top-end of its 2023... 

The New Afton mine
The New Afton mine

Hammer and Carnaby initiate merger talks

By: Mariaan Webb     14th February 2024 Exploration company Hammer Metals on Wednesday confirmed that it was in discussions regarding a potential merger with fellow ASX-listed Carnaby Resources. The discussions were at a “relatively early stage”, the company said, adding that the negotiations remained confidential. 

IEA to launch security programme for minerals critical to energy sector

By: Reuters     14th February 2024 The International Energy Agency (IEA) is launching a programme to secure the supply of minerals critical to energy security, as demand rises fast while manufacturing remains in the hands of a few key producers, its executive director said on Tuesday. Fatih Birol said the production of electric... 

IEA executive director Fatih Birol
Photo by Bloomberg
IEA executive director Fatih Birol

Evolution H1 profit dips, focus at Red Lake is to produce reliably

By: Mariaan Webb     14th February 2024 Australian gold miner Evolution Mining on Wednesday posted a 4% drop in half-year net profit to A$96.9-million, but underlying profit increased and the company declared its twenty-second consecutive dividend. Evolution, which owns and operates mines in Australia and Canada, reported underlying... 

The Red Lake mine in Canada
The Red Lake mine in Canada

Canada to accelerate critical mineral mining - Energy Minister

By: Reuters     14th February 2024 Canada plans to boost its energy security by slashing the time it takes to develop new critical mineral mines by nearly a decade with improved permitting processes, Energy Minister Jonathan Wilkinson told Reuters on Tuesday. Ottawa is focused on six critical minerals key to making electric... 

Energy Minister Jonathan Wilkinson
Energy Minister Jonathan Wilkinson
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