Toronto miner has first dibs on controlling share of Tenke Fungurume which if contemplated expansion goes ahead would catapult mine into global top 5.
DRC Mining News
The company now has until Sept. 29 to bid on Freeport-McMoRan Inc's stake in the Tenke Fungurume copper and cobalt mine.
Value of South Africa's mining industry forecast to contract 11.4% in 2016, followed by years of close to zero growth according to new report.
Congo's state-owned mining company launches own bid for giant Tenke copper operation despite Freeport's stake sale to Chinese firm signed in May.
Shares in the Vancouver-based miner soared Monday as the firm said it would likely hire an investment bank to advise the board on all strategic options.
Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.
Shares in the Canadian company were up more than 3.6% Thursday morning on the news.
Most of them have been after existing operations and companies, rather than trying to build mines from scratch.
Faced with declining domestic production, China's top copper company — Minmetals — said earlier this year that the "only solution” was going overseas, and many are following its steps.
Speaking at a regular briefing, Bristow said that, as anticipated, the complexity of dealing with multiple ore types from different sources had affected throughput, recovery and grade in the first half of the year.
Illegally acquired and exported gold from the mineral-rich eastern Congo keeps filling the pockets of some foreign companies as well as armed groups, a new report shows.
BMI Research analysts also believe gold prices bottomed in 2015 and expect the metal to edge higher over the coming quarters.
Tenke Fungurume in the DRC goes for $2.65 billion to China Molybdenum – Freeport also offloading Africa exploration project and cobalt refinery in Europe.
Top global producer sees surplus this year and next as mines pump out more metal and predicts decline in copper price from today's levels through 2017.
Peru's output surges, North American producers slip down the rankings and Chinese mines shut down.
Fewer than 3,800 Grauer gorillas still live in the wild, down from 17,000 in 1998 due mainly to illegal mining for coltan and other minerals, a report shows.
Randgold Resources’ annual resource and reserve declaration, shows attributable measured and indicated resources steady at 21.1 million ounces while inferred resources are marginally up to 6.7 million ounces.
The company had suspended operations last year, but work on maintenance and an $880 million modernization project to cut costs at the site was ongoing.
The casualties were carrying out maintenance at the bottom of the 250-metre pit.
Group of 42 Congolese non-governmental organizations (NGOs) say difficult market conditions do not justify further delays.
Causes of the wall collapse at the open pit KOV mine are still unclear.
The layoffs may increase to 1,800 if the metal prices don’t recover soon, said the company.
The firm also said it would continue to invest in exploration, which remains the engine that drives its business.
Randgold Resources chief executive Mark Bristow said the mine’s expansion and upgrade projects had now been completed.
Randgold Resources has expanded its operations in Congo following the success of the Kibali gold mine, which will lead to the miner exceeding its full year production guidance for the mine in 2015.