They hope they can still wring out a compromise in the world’s main source of cobalt and Africa’s biggest copper producer.
Congo Mining News
Experts say that, when done correctly, artisanal mining can be an ethical source of low-cost, high-grade cobalt and a key mechanism in keeping the market balanced during times of supply shortage.
The find, named Makoko, was the first of multiple high-potential target areas identified by the company’s exploration team to be tested by drilling.
The state miner warned it would "assert its rights" in Barrick Gold's acquisition of Rangold's stake in the Kibali mine, but did not provide details of its plans.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Companies including Glencore, China Moly and Randgold Resources Ltd. have criticized the new laws as violating their rights, as well as being a deterrent to future investment, and are continuing to lobby for it to be significantly modified.
The Democratic Republic of Congo will declare cobalt a strategic metal, imposing a 10 percent royalty tax on producers.
Congo’s updated mining code established the category of “strategic” minerals, to which a rate of 10 percent will apply.
Democratic Republic of Congo's mines minister said that a new mining code signed into law that hikes royalties and taxes cannot be called into question.
The area will allow producers of electric vehicles, smartphones and other goods to “install themselves in the DRC".
Democratic Republic of Congo's revenues from its mining sector nearly tripled in the first half of 2018 over the same period last year to $864.61 million.
Transaction, which gives CITIC a 20% stake in the Canadian miner, has received all necessary approvals and it’s expected to close on Sep. 19
Societe Miniere de Bisunzu Sarl resumed purchases of the ore after a three-month shutdown at one of the country’s largest deposits.
The Mining Promotion Initiative's main goal is to engage the government on industry concerns about the country’s new mining code.
The turnaround in performance was mainly the product of increased output, reduced net debt and lower-than-expected restructuring costs.
The need to store electricity, generated by renewable energy sources such as wind and solar, will also help demand to grow, the Metal Bulletin says.
Glencore is the world’s No. 1 cobalt miner, while Congo is the largest producer of the key component for batteries that power electric vehicles.
As a result of the latest stoppage at the Ivory Coast mine and the time it will take to bring it back on line and at full tilt, Randgold will have to review its 290,000-ounce gold output forecast for the year.
DRC's Kibali is moving from underground mining by contractors to owner-mining, as has already happened at the company’s Loulo mines in Mali.
Labour action has brought gold production to a halt.
They claim mounting investigations into the firm’s dealings in the DRC, where it’s heavily invested, has made the stock collapse and investors may seek compensation for the losses caused by it.
Investigation is casting a wider net with the addition of Venezuela and Nigeria to its investigation, increasing the likelihood that Glencore’s management will get bogged down in a lengthy legal process.
Starting next year, it will demand firms that get at least 25% of their metal from small-scale mines in the DRC to be subject of a professional audit.
Shares fell as much as 13% after the miner and commodities trader was told by US Department of Justice to produce documents on Nigeria, Congo and Venezuela.
Until last month, Glencore was fighting three lawsuits in Congo that called into question its control of its prized copper and cobalt mines.