Congo to hike stake in copper, cobalt venture with China

Mining News Pro - The Democratic Republic of Congo aims to boost its stake in a cobalt and copper joint venture with Chinese firms to 70% from 32%, on concerns the deal gives away too much of Congo’s resources with little benefit to the country.

Congo President heads to China amid mining contract negotiations

Mining News Pro - Democratic Republic of Congo President Felix Tshisekedi will visit China next week as the two nations look to conclude the re-negotiation of a $6.2 billion mineral-for-infrastructure deal, people with direct knowledge of the trip said.

Zinc price could hit $2,000/t by 2025 on ballooning surplus

Mining News Pro - Refined zinc prices are expected to be on a downward trend until 2025, as weak demand growth failed to match with a surge in production, analysts said.

Africa needs $700 billion of finance for green energy and metals

Mining News Pro - Africa will need more than $700 billion in finance over the next decade to develop renewable power and mines to extract the metals required for the green energy transition, according to Standard Bank Group Ltd.

29Metals delivers solid annual results

Mining News Pro - Copper producer 29Metals has released its 2022 annual report, detailing highlights from its operations, financial activity, and workplace safety culture.

Fresh blow to cobalt price bulls as prices sink below $20,000

Mining News Pro - The dispute between China’s CMOC and Congo’s state-owned Gècamines appears to be over paving the way for its massive stockpile of cobalt to start entering the market.

Billionaire Robert Friedland comes out in defence of Teck

Mining News Pro - Billionaire Robert Friedland has become the latest prominent figure in the Canadian mining industry to come out in defence of Teck Resources, which is facing a hostile $23.1bn takeover bid from Swiss commodities giant Glencore.

Glencore boss digs in for battle as momentum shifts against Teck

Mining News Pro - Teck Resources Chief Executive Jonathan Price began last week on a blistering note, declaring a $23 billion takeover bid from Glencore Plc a “non-starter” and slamming his mining rival’s history of bribery and risk.

Apple to use only recycled cobalt in batteries by 2025

Mining News Pro - Apple Inc said on Thursday it would use only recycled cobalt in batteries by 2025 as a part of its efforts to make all its products carbon neutral by the end of the decade.

Glencore sweetens offer for Teck with $8.2bn cash incentive

Mining News Pro - Glencore is stepping up efforts to take over Teck Resources by adding on Tuesday a $8.2-billion cash component to its original $23 billion bid for Canada’s largest diversified miner.

Mexico’s executive scrutinizes mining concessions in protected areas

Mining News Pro - About 7% of Mexico’s mining concessions are located within protected areas, a report presented by the federal government to the parliament shows.

Antamina mine life extension cost hiked to $2bn

Mining News Pro - Peru’s largest copper mine, Antamina, will spend $2 billion to extend the useful life of the deposit through 2036, up sharply from $1.6 billion previously planned, the company’s chief executive officer told Reuters on Wednesday.

How zircon helps identify untapped copper deposits

Mining News Pro - New research shows that it is possible to mine zircon textures to identify valuable mineral deposits.

A $1.5 billion hoard of copper and cobalt is piling up in Congo

Mining News Pro - A growing pile of copper and cobalt worth about $1.5 billion is stranded in the Democratic Republic of Congo, caught up in a standoff over the future of one of the world’s biggest battery-metal mines.

Lundin Mining hits 2022 guidance, revenue over $2.2 billion

Mining News Pro - The team at Lundin Mining delivered solid operating and financial results for 2022, says CEO Peter Rockandel. Production guidance was achieved for copper, nickel and gold, generating over C$3 billion ($2.2bn) in revenue.

Congo watchdog wants billions of dollars more From China infra deal

Mining News Pro - The Democratic Republic of Congo’s government watchdog called for a major overhaul of the country’s $6.2 billion minerals-for-infrastructure deal with China after its investigations found significant breaches of the 2008 agreement.

Glencore to sell 23% stake in Peruvian miner Volcan

Mining News Pro - Miner and commodities trader Glencore (LON: GLEN) has kicked off a sale process for its 23% stake in Peruvian zinc and silver miner Volcan.

Mining loans seen passing $1 billion at biggest Congo bank

Mining News Pro - Rawbank Sarl forecast its lending to the Democratic Republic of Congo’s mining industry will jump more than 20% to over $1 billion this year, buoyed by rising demand and strong prices for the country’s strategic minerals.

ERG to spend $1.8 billion doubling African copper, cobalt output

Mining News Pro - Eurasian Resources Group Sarl, the mining firm backed by Kazakhstan, plans to spend $1.8 billion doubling its African copper and cobalt output as it taps demand for metals needed for the green-energy transition.

Receiver named for assets of Trevali’s Caribou zinc mine in New Brunswick

Mining News Pro - Last summer, Trevali Mining applied for relief under the Companies’ Creditors Arrangement Act (CCAA) and was granted the initial order in August. The next month it delisted its shares from the Toronto Stock Exchange. And this week, a receiver was appointed for the company’s assets at its Caribou lead-zinc-silver mine in New Brunswick.

Court told Anglo turned blind eye to Zambian lead poisoning

South Africa’s High Court was told that Anglo American Plc turned a “blind eye” to lead poisoning in the Zambian town of Kabwe, where it held a stake in a mine for almost 50 years.

LME ends chaotic year with metal stockpiles perilously low

Mining News Pro - The London Metal Exchange will enter 2023 with the smallest available warehouse stockpiles in at least 25 years, setting the stage for future squeezes and spikes if demand turns out stronger than expected.

Sherritt to recoup $260 million of outstanding debt from Cuban partners

Mining News Pro - Sherritt International has entered agreements with its Cuban partners to settle C$362 million ($260 million) of total outstanding receivables over five years, beginning January 1, 2023. The agreements, known as the “cobalt swap”, would allow the Moa joint venture in Cuba to prioritize dividend payments in the form of finished cobalt to each partner, and each partner’s share of these cobalt dividends will be redirected to Sherritt as debt repayment.

NorZinc agrees on sale to shareholder RCF

Mining News Pro - In a move to ensure the long-term viability of its Prairie Creek project located in the Northwest Territories, NorZinc (TSX: NZC) has agreed to a sale to RCF VI CAD LLC following a unanimous decision by the board of directors, which has been working to address the company’s financial challenges, namely limited cash and negative working capital, to fund the project’s development.

Sierra Metals halts 2022 production and finance guidance on Peru mine blockade

Mining News Pro - Sierra Metals Inc. said a group of residents from the Peruvian town of Alis are blocking the access to its flagship Yauricocha copper mine, where production has been suspended for over a week.

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