Tag: copper mining

Glencore to restart operations at Mutanda copper, cobalt mine in DRC in 2022

Frank

DRC – Anglo-Swiss multinational mining company Glencore has announced plans to restart operations at Mutanda, the world’s biggest cobalt mine that also produces large amounts of copper in the Democratic Republic of Congo in 2022, a source with direct knowledge of the matter told Reuters. Glencore, one of the world’s largest copper producers and leading cobalt producer, said in February 2021 that the process to resume production at Mutanda was underway, but did not give a specific date. Copper is a vital material for the power and construction industries, and it…

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Zambia to buy majority stake in Glencore copper mine for US$1.5b

Frank

ZAMBIA – State mining investment arm ZCCM-IH has agreed to buy Glencore’s majority stake in Mopani Copper Mines in a US$1.5 billion deal funded by debt and will seek a new investor, the government said in press statement. The copper mine sale follows Glencore’s attempt to suspend operations at Mopani last year because of low copper prices and COVID-19 disruptions, prompting a government threat to revoke the company’s mining licences. Zambia defaulted on a debt payment in November, becoming Africa’s first pandemic-era sovereign default, but will take on more debt…

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Commodities trader Glencore set to sell its stake in Mopani Copper to ZCCM-IH

Frank

ZAMBIA – Glencore, a commodities trader, is set to sell its entire stake (73.1%) in Mopani Copper Mines (MCM) to the Zambian Government’s mining investment unit ZCCM-IH. Mopani Copper Mines (MCM) is currently 73.1% owned by Glencore, 16.9% by First Quantum Minerals and the remaining 10% by ZCCM-IH. The latest news comes as the commodities major doesn’t want to just become a minority stakeholder of MCM. On 25 August, Zambian Mines Minister Richard Musukwa had said that the Government and Glencore are at ‘cross purposes’ over MCM and announced that…

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Jubilee Metals signs a JV for US$15m copper project to expand operations

Frank

ZAMBIA – Jubilee Metals has signed a joint venture (JV) agreement with a private Zambian company to secure the rights to process two-million tonnes of copper run-of-mine (RoM) material containing in excess of 2% copper, in line with its stated strategy to expand operations in Zambia. Under the JV agreement, there is further potential to increase the supply of copper ore to about four million tonnes. The total project capital is estimated at US$15 million, to be invested over a period of 12 months, which Jubilee plans to fund using…

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Orion Minerals secures US$4m to revive Prieska zinc and copper mine

Frank

SOUTH AFRICA – Orion Minerals, an ASX and JSE listed mining company, has secured A$6.2-million (US$4.47m) to pay for its negotiations to finalise the raising of cash seven times its market capitalisation to bring the Prieska zinc and copper mine in SA back into production. The company announced a two-tranche share placement to sophisticated and professional investors, comprising 365-million shares at a price of 1.7c each. The first tranche will consist of 346 million shares and will be issued under the company’s existing placement capacity, to raise an initial A$5.9-million…

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