Ivanhoe can now finance Kakula and Kipushi mine to commercial production, and significantly advance, or achieve, production at the company’s Platreef Project in South Africa.
Congo Mining News
This second major cash injection brings the Chinese miner's total investment in Ivanhoe to $1 billion, which gives the Canadian company the equity cushion required to build its massive Kamoa-Kakula copper mine.
Decision was made to give more artisanal and small-scale miners (ASM) the opportunity to benefit from the program, which helps them trace route of their diamonds throughout the supply chain.
The initiative could see it ban or delist brands that can’t prove they are responsibly sourced by 2022.
Giant mines currently under construction will churn out an additional one million tonnes of copper through 2023, but that won’t be enough.
Congo collected $1.57 billion of revenue from mining companies last year, almost double the previous year, mostly in profit tax and royalties.
The company said Felix Tshisekedi had confirmed his intention of working with miners to keep growing the Central African nation’s gold sector.
The lawsuit is the latest escalation of a public battle between ENRC and the white-collar crime prosecutors that has been in and out of the courts since at least 2014.
In its current form, the epidemic won’t impact the nation’s cobalt production, as the vast distance from the Katanga region largely prevents its spread, says global risk consultancy Verisk Maplecroft.
The problem, says Amnesty, is that no country legally requires companies to publicly report on their cobalt supply chains.
Research by the Massachusetts Institute of Technology (MIT) projected that tin could be the metal with the most to gain.
The current supply turbulence, however, promises more volatility ahead for cobalt as well as copper.
The accident occurred about 50 kilometres (31 miles) from the copper and cobalt mine in the southeast of the country.
“They have so much cash they don’t know what to do with it. We’re glad that they are giving it back.”
Operations are being suspended while a feasibility study is conducted on building two processing facilities to treat ores at the site.
The output cut is likely to be temporary as the company looks for new ways to mine copper, the report said.
The founder of Ivanhoe Mines said the Kamoa-Kakula project is “on track to become one of the absolute greatest copper mining complexes in the world.”
Production of cobalt, used in batteries for EV's, reached 42,200 tonnes in 2018 while copper hit 1.453 million tonnes.
Glencore tightened its grip by appointing new executives and entering a management services contract to run its troubled Congo copper and cobalt unit.
Company has agreed to buy BHR Newwood DRC Holdings Ltd, a holding company set up by private equity firm BHR to buy a 24% stake in the Congo mine in 2017.
The carmaker will use a blockchain-based platform to trace supplies of cobalt from a Chinese-owned mine in the Congo for the batteries in its electric cars, in an effort to ensure they are not linked to human rights abuses.
Government has delayed the release of provisional results from last week’s presidential election as criticism of the country’s handling of the vote grew.
Global demand for cobalt is rocketing, with the rate of annual increase now at 8-10%.
The Democratic Republic of Congo is in uncharted waters as the nation awaits election results marking the end of President Joseph Kabila’s rule.
The revision means that output of cobalt rose 35.9 percent compared to the same period in 2017, rather than 92.5 percent as the bank said previously.