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Africa Mining

Sanctions on Russian diamonds: Good or bad for Africa? – by Chrispin Mwakideu (DW.com – June 19, 2024)

https://www.dw.com/en/

Diamond-rich African nations are ramping up production to fill the gap left by the G7 sanctions on Russian diamonds. But not all countries are happy about the ban.

Earlier this year, the G7 , a group of wealthy nations comprising the US, Canada, the UK, Germany, France, Italy and Japan, and the European Union banned rough diamonds mined in Russia.The ban was part of many sanctions on Russia imposed by Western nations and their allies for President Vladimir Putin’s 2022 invasion of Ukraine.

But the sanctions against Russian diamonds, intended to weaken Russia’s economy in light of its aggression, could pose a potential risk to the global diamond market’s stability.

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Orano at Risk of Losing Niger Uranium Mine Sought by Russia – by Katarina Höije (Bloomberg News – June 15, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Orano SA could lose the right to mine uranium at one of the largest deposits in the world by June 19 after Niger rejected the French nuclear company’s plan for developing the asset.

The move comes as Russia’s seeks to take over mining assets in the West African country controlled by the French company, Bloomberg reported on June 3. Niger’s Paris-allied president was overthrown in a coup last July, the latest in a string of military takeovers in the region that has seen strongmen spurn ex-colonial power France and forge closer ties with Moscow.

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Nigeria turns to lithium as its oil industry struggles (Euro Dayfr.com – June 6, 2024)

https://euro.dayfr.com/

As Nigeria’s oil reserves begin to run out after decades of crude oil exploitation, the West African country is turning to another valuable resource – lithium. There is a growing global demand for this “white gold”, necessary for the production of batteries for electrical appliances, electric vehicles and renewable energy storage.

Nigeria is estimated to have significant lithium resources, but the country’s mining industry is currently underdeveloped. Furthermore, the government must tackle the problem of resource theft, support the sustainable development of the mining industry and ensure that foreign players add value to the domestic market. rian of lithium to guarantee its success.

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What to know about Russia’s growing footprint in Africa – by Mark Banchereau and Jessica Donati (Associated Press – June 6, 2024)

https://apnews.com/

DAKAR, Senegal (AP) — Russia’s top diplomat pledged help and military assistance while on a whirlwind tour of several countries in Africa’s sub-Saharan region of Sahel this week, as Moscow seeks to grow its influence in the restive, mineral-rich section of the continent.

Russia is emerging as the security partner of choice for a growing number of African governments in the region, displacing traditional allies like France and the United States. Sergey Lavrov, who has made several trips to Africa in recent years, this week stopped in Guinea, the Republic of Congo, Burkina Faso and Chad.

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South Korea, Africa leaders pledge deeper ties, critical mineral development – by Hyonhee Shin (Reuters – June 4, 2024)

https://www.reuters.com/

GOYANG, South Korea, June 4 (Reuters) – South Korean President Yoon Suk Yeol and the leaders of African countries agreed on Tuesday to forge deeper trade and business cooperation and launched a “critical minerals dialogue” aimed at sustainable development of the continent’s resources.

Hosting a first-ever summit with the leaders of 48 African nations, Yoon said South Korea would increase development aid for Africa to $10 billion over the next six years as it looks to tap the continent’s rich mineral resources and potential as a vast export market.

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Not All Diamonds Are Forever, Says De Beers – by Tim Treadgold (Forbes Magazine – June 4, 2024)

https://www.forbes.com/

A six-year synthetic diamond experiment by De Beers is being abandoned in the first aftershock of the failed $49 billion attempt by BHP to buy mining rival Anglo American, the current owner of the diamond industry leader.

The controversial decision to make and market synthetic, or laboratory grown diamonds, was an attempt by De Beers to be a player at the cheap end of the gem business, a place in which it has never been comfortable. Lured by the opportunity to sell man-made gems to a mass audience there was always the risk that De Beers would get trapped in a race to the bottom in both quality and price.

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Russia Said to Seek Takeover of France’s Uranium Assets in Niger (Bloomberg News – June 3, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Russia is seeking to take over uranium assets in Niger held by a state-controlled French company, according to people informed about the matter, in a further challenge to Western interests in Africa.

Rosatom, Russia’s state nuclear company, has had contacts with Niger’s military-led authorities about acquiring assets held by France’s Orano SA, according to a person in Moscow familiar with the matter, who asked not to be named because the discussions are private. A western diplomat based in the region said talks were likely centered around mining permits. Niger accounted for about 4% of global uranium mine production in 2022, according to the World Nuclear Association.

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OPINION: BHP’s failed pursuit of Anglo American does not mean mining megadeals are dead – by Eric Reguly (Globe and Mail – June 1, 2024)

https://www.theglobeandmail.com/

BHP Group’s botched bid for Anglo American brings the curtain down on the greatest takeover attempt in global mining in more than a decade. The megamerger game will not end here. BHP’s lunge for its smaller rival highlighted a hard truth: Copper is in short supply and any big mining company without it will pay the price as economies strive for low-carbon futures.

The desire to own Anglo’s copper assets, including its 44-per-cent stake in Chile’s Collahuasi mine, one of the world’s biggest copper reserves, propelled BHP’s pursuit of Anglo. Copper is the metal considered most critical to the energy revolution.

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Anglo American refuses to extend takeover talks with BHP, signalling end of mining megamerger attempt – by Eric Reguly (Globe and Mail – May 30, 2024)

https://www.theglobeandmail.com/

BHP Group Ltd. BHP-N, the world’s biggest mining company, is seeing its megamerger proposal with Anglo American PLC fall apart, with the smaller company rejecting BHP’s call to extend the takeover talks.

Anglo’s rejection almost certainly kills BHP’s proposal to put the two companies together, which would have created the world’s biggest producer of copper, a metal considered critical to the transition to a low-carbon economy. Only a few days ago, it seemed the two sides were on the verge of an agreement.

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What’s Next for De Beers? – by Avi Krawitz (Rapaport Magazine – May 21, 2024)

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De Beers draws its value from the diamond market. That value has come under scrutiny after last month’s dramatic bid by BHP Billiton to acquire Anglo American, the 85% shareholder of De Beers — a deal Anglo rejected. The offer, along with the diamond market’s weak performance in 2023, has fueled speculation about the future of De Beers.

Anglo confirmed the rumors on May 14, while laying out its strategy to unlock value after rejecting a second offer from BHP. De Beers will “be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company stated.

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Nigeria Is Emerging as a Critical Mineral Hub. the Government Is Cracking Down on Illegal Operations (Associated Press/U.S. News – May 26, 2024)

https://www.usnews.com/

ABUJA, Nigeria (AP) — Nigeria’s government is cracking down on illegal mining, making dozens of arrests of unlicensed miners since April for allegedly stealing the country’s lithium, a critical mineral used in batteries for electric vehicles, smartphones and power systems.

The recent arrests come as Nigeria seeks to regulate its mining operations of critical minerals, curb illegal activity and better benefit from its mineral resources. The clean energy transition, a shift away from coal, oil and gas and toward renewable energy and batteries has spiked global demand for lithium, tin and other minerals.

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Billionaire-backed KoBold, Midnight Sun team up for Zambia copper discovery – by Henry Lazenby (Northern Miner – May 2024)

https://www.northernminer.com/

KoBold Metals, a U.S.-based startup supported by high-profile investors such as Bill Gates and Jeff Bezos, is venturing into Zambia’s rich copper belt. In February it partnered with Canada’s Midnight Sun Mining (TSXV: MMA) to explore the promising Dumbwa target within the Solwezi copper project.

This strategic alliance will leverage KoBold’s advanced data science techniques and Midnight Sun’s extensive local experience. The goal is for KoBold to earn a 75% stake in the Dumbwa target by investing US$15 million in exploration and making US$500,000 in cash payments over 4.5 years.

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Congo Demands International Embargo on Rwandan Mineral Exports – by Michael J. Kavanagh (Bloomberg News – May 15, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Democratic Republic of Congo called for an international embargo of metal exports from neighboring Rwanda, whose government it accuses of using rebel groups to steal its natural resources.

All mining products from Rwanda should be considered “blood minerals,” because their sale allegedly supports conflict in eastern Congo, Mines Minister Antoinette N’Samba Kalambayi said in a May 8 statement released on Tuesday. “All stakeholders, including end consumers of mining products,” should commit to a responsible supply chain, and “an embargo be decreed against Rwanda,” she said.

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Seeking Access to Congo’s Metals, White House Aims to Ease Sanctions – by Eric Lipton (New York Times – May 16, 2024)

https://www.nytimes.com/

A deal to allow the Israeli billionaire Dan Gertler to cash out his mining positions in the Democratic Republic of Congo has enraged human rights activists and some government officials.

Three years after Biden administration officials tightened sanctions on a billionaire Israeli mining executive for corrupt business practices in the Democratic Republic of Congo, they have reversed themselves and are offering the executive a deal they hope will bolster the supply of a metal vital to electric vehicles.

The plan would allow the executive, Dan Gertler, to sell off his remaining stakes in three giant copper and cobalt mining operations in Congo. Once Mr. Gertler sells his positions, the Biden administration hopes Western-leaning companies will be more willing to invest in Congo, perhaps delivering a greater supply of cobalt to the United States as automakers race to increase domestic production of batteries.

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Anglo Ditching De Beers Is Hard Blow for Troubled Diamond Market – by Thomas Biesheuvel (Bloomberg News – May 14, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift.

Anglo American Plc on Tuesday said it will spin off or sell its De Beers business, ending an almost century-long relationship with the industry’s most famous name. The move, part of a wide12)r restructuring to fend off a $43 billion approach from BHP Group, is a seismic shock for the diamond world.

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