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Africa Mining

Ivanhoe cuts copper forecast on DRC power woes, while Friedland touts new discoveries – by Henry Lazenby (Northern Miner – October 30, 2024)

https://www.northernminer.com/

Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) on Wednesday reported record third-quarter copper production but cut its full-year guidance by 6%, blaming power outages at its Kamoa-Kakula complex in the Democratic Republic of Congo.

The Toronto-based company lowered the copper guidance to 425,000–450,000 tonnes, from 440,000–490,000 tonnes. The disruptions stemmed from deficient transmission capacity and instability in the DRC’s southern grid, managed by state-owned Société Nationale d’Électricité. Delays in upgrading the Inga II dam’s transmission line and grid bottlenecks at the Kolwezi substation limited reliable power delivery.

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Global Atomic anticipates $295m loan for Dasa project by Q1 2025 – by Staff (Mining.com – October 29, 2024)

https://www.mining.com/

Global Atomic (TSX: GLO) said on Tuesday it anticipates securing a project financing loan from the US development bank by early Q1 2025 to advance its Dasa uranium project in Niger.

The company reported that in recent discussions, the bank confirmed its intention to approve a $295 million debt facility, which would cover 60% of the project’s projected costs. Dasa is the highest-grade uranium deposit in Africa, surpassed only by grades found in Canada’s Athabasca Basin, and is scheduled to achieve commercial production in early 2026.

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Resource nationalism and political instability: Strategies for risk management – by Timothy Foden, Kristen Young and Rebecca Mee (Mining.com – October 25, 2024)

https://www.mining.com/

As global demand for minerals and raw materials increases, buoyed by the soaring of certain commodity prices, purported green ambitions, and nationalist fervour, governments have begun wielding a range of regulatory tools and sometimes strong-arm tactics against foreign mining companies in the name of resource nationalism.

The resurgence of resource nationalism—particularly in countries experiencing political upheaval, such as the “Coup Belt” in Francophone Africa—poses a major risk to the ambitions of foreign mining companies and the battery revolution.

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Eastern DR Congo grapples with Chinese gold mining firms (RFI – October 27, 2024)

https://www.rfi.fr/en/

Kamituga (AFP) – Italian priest Davide Marcheselli has been fighting for years against Chinese companies illegally mining gold in the town of Kitutu in eastern Democratic Republic of Congo.

He says mining has spoilt the town which lies in South Kivu province, polluting rivers and destroying fields. Hundreds of foreign companies, most of them Chinese-owned, mine gold in the mineral-rich province often without permits and without declaring profits, according to local authorities.

For a long time, civil society groups and members of the church in Kitutu, have been the only people taking a stand against the powerful mining businesses, who often have friends in high places. “From the deputies, to the village chief, everyone receives something (from the companies), money or shares (in businesses),” Marcheselli told AFP.

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Diamond-rich Botswana holds an election with new economic challenges for a long-ruling party – by Sello Motseta (Associated Press – October 28, 2024)

https://apnews.com/

GABORONE, Botswana (AP) — Botswana votes in a national election this week that will decide if the ruling party extends a 58-year stretch in power in a southern African country that is a leading diamond producer and often held up as one of the most stable and least corrupt democracies on the continent.

President Mokgweetsi Masisi of the ruling Botswana Democratic Party, or BDP, is seeking a second and final term in office, although Wednesday’s election isn’t directly for president. Voters will decide the makeup of Parliament and lawmakers will later elect the president.

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Gold mining’s potential in West Africa – by Scarlett Evans (Mining Technology – October 25, 2024)

https://www.mining-technology.com/

West Africa is a major gold mining hub, but political instability and illegal mining activities are preventing its full development.

Global gold prices are surging, surpassing $2,700/oz this month, already up by more than a fifth compared with 2023.

In this landscape, gold hubs across the world are working to formalise their mining sectors, capitalising on the rising demand and boosting investments, driven, a GlobalData report says, by “growing demand for safe-haven assets”.

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[Niger Mining] Orano suspends operations at Arlit (World Nuclear News – October 24, 2024)

https://www.world-nuclear-news.org/

Major financial difficulties facing SOMAÏR, the operator of the Arlit uranium mine in Niger, have led to the decision to suspend its activities from the end of October.

The French company said the financial difficulties which have been facing its 63.4%-owned subsidiary since July 2023 – when then-President of Niger Mohamed Bazoum was deposed in a coup d’état – have continued to grow. Niger’s border with Benin, through which uranium concentrates produced at Arlit are exported – has remained closed since the events of July 2023.

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Mali threatens to let Barrick mine permit lapse over dispute – by Katarina Höije, Diakaridia Dembele and William Clowes (Bloomberg News – October 25, 2024)

https://www.bnnbloomberg.ca/

Mali’s military government has threatened to take back Barrick Gold Corp.’s Loulo mine concession when the current permit expires in 2026, amid an escalating dispute over how to divide the economic benefits from operations in the country.

Mali is considering letting the permit for Loulo lapse when it expires in February 2026, Finance Minister Alousseni Sanou said in an Oct. 18 letter sent to Barrick’s chief executive officer Mark Bristow, and seen by Bloomberg. Mali “reserves the right not to renew the operating permit” and invited Barrick to talks on the mine’s “transition phase” starting later this month, Sanou wrote.

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World’s Top Ruby Mine in Mozambique Stormed After ‘Fake’ Notice – by Matthew Hill (Bloomberg News – October 20, 2024)

https://www.bnnbloomberg.ca/

About 300 people on Sunday invaded a pit at Gemfields Group Ltd.’s ruby mine in Mozambique, which accounts for about half the world’s supply of the stones, executive officer Sean Gilbertson said. Two people were shot and injured by police, he said.

A crowd of about 500 people later gathered at a village near the Montepuez ruby mine in northeastern Mozambique intending to enter the mine, Gilbertson said by text message.

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Illegal mines, pollution and a thirsty global market: Anger mounts over Ghana’s gold problem – by Zinhle Essamuah and Arleen Aguasvivas (NBC News – October 20, 2024)

https://www.nbcnews.com/

Mercury and heavy metals in the country have contaminated over 60% of the West African nation’s water sources, according to Ghana’s Water Resources Commission.

ACCRA, Ghana — Illegal small-scale gold mining in Ghana has been linked with the destruction of the environment and illness. But for some, the practice known locally as galamsey provides livelihoods and an informal boost to the West African nation’s economy.

With a general election approaching in December, galamsey is proving to be a hot-button issue for the nation’s lawmakers — including President Nana Akufo-Addo — in the face of widespread demonstrations across the country calling for a crackdown on the practice.

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Barrick Gold asks judge to dismiss Ontario lawsuits for alleged killings and abuses at Tanzanian mine – by Niall McGee (Globe and Mail – October 17, 2024)

https://www.theglobeandmail.com/

Barrick Gold Corp. is asking an Ontario judge to dismiss lawsuits alleging that its subsidiary in East Africa committed human-rights atrocities in the vicinity of its North Mara mine, arguing that the matter should be litigated overseas.

Barrick is defending two civil cases in the Ontario Superior Court of Justice, one from November, 2022, and another from February of this year. The plaintiffs are Indigenous Kurya from villages around the mine in Tanzania who were injured in 2021 and 2022 when mine security police allegedly shot at them, as well as family members of victims who were killed during this period allegedly by the police.

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Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines – by Divya Rajagopal, Clara Denina and Felix Njini (Reuters – October 16, 2024)

https://www.reuters.com/

Saudi Arabia’s Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets, three people familiar with the details told Reuters.

Manara, a joint venture between Saudi Arabian mining company Ma’aden and its $925 billion Public Investment Fund, is in advanced talks to acquire between 15% and 20% equity in the Zambian assets, the sources said.

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Mali seeks $500 million in outstanding taxes and dividends from Barrick – report – by Staff (Mining.com – October 8, 2024)

https://www.mining.com/

Mali’s military government is seeking at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, according to a Reuters report.

Authorities in Mali briefly detained four Malian staff members working for Barrick last month.On Sept. 30, Barrick stated it had agreed with the government to resolve existing claims and disputes.

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Four Barrick employees arrested in Mali by Russia-backed military regime – by Geoffrey York (Globe and Mail – September 30, 2024)

https://www.theglobeandmail.com/

Four senior employees of Barrick Gold Corp. have reportedly been arrested in Mali in the latest sign of rising tensions between the Toronto-based mining company and the authoritarian military regime that runs the West African country.

The four Malian employees of Barrick were arrested for alleged financial crimes, according to a report by Reuters, but no details have emerged.

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‘Nobody alive has ever seen something like this’: Inside the plan to sell the biggest gems on Earth – by Gabriel Friedman (Financial Post – September 28, 2024)

https://financialpost.com/

Vancouver-based miner Lucara found a 2,492-carat diamond in August. Since then, the company’s CEO has urged patience in the hunt for a buyer as the sector looks to dig itself out of a price slump

The morning of Aug. 19 started off much like any other at Lucara Diamond Corp.’s Karowe mine in Botswana, a roughly 270-metre deep open pit on the edge of the Kalahari desert that operates 24 hours a day, 365 days a year. But on that day, a 2,492-carat diamond — believed to be the second largest ever held by a human — completed a journey from hundreds of kilometres inside the Earth’s mantle up to the planet’s surface.

After billions of years of travel, its fate upon arrival fell into the hands of William Lamb, chief executive of Lucara, whose sector has been going through its own upheaval amid a collapse in the price of diamonds in recent years.

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