The blended company will have projects in Ontario and Idaho which, once in operations, could be major cobalt suppliers for EVs makers and high tech firms.
DRC Mining News
A new mining code in the cobalt-rich Congo will lead to higher costs for consumers of the battery metal at a time automakers are expanding production of electric vehicles, experts say.
The announcement followed a nearly six-hour meeting on Wednesday between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause.
ERG revives efforts to sell its Frontier copper mine in the DRC despite a drop in valuation to about $400 million, two banking sources said.
Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project.
The Swiss miner and commodities trader Glencore said its solid finances will let it to pursue more acquisitions if opportunities arise.
Artisanal and Small-Scale Mining (ASM) has become a major of revenue for millions of people in about 80 countries worldwide, with more than 100 million people currently depending on the activity for their livelihoods. But at what costs?
Robert Friedland, founder and executive chairman of Ivanhoe Mines, said he would be happy to pay higher taxes if there is stability in Congo's rules and transparency in the accounting of those royalties.
Some of the company’s international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.
Randgold boosted divvy to $2 a share, after a year of record production and soaring profits, but warned the good times may be over soon as it’s now facing demanding new regulations in Congo, one of its key jurisdictions.
Mark Bristow says the law will “severely limit the growth of the mining industry in the DRC as well as the country's own economic prospects.”
DRC stuns miners with immediate lifting of 10-year exemption for licensees, 50% tax on 'super-profits' and code permitting 5-fold increase in cobalt royalty.
Vancouver-based company headed by billionaire mining financier Robert Friedland loses 11% of its value after DRC stuns with new mining code.
DRC's proposed mining code, which industry has warned will stifle investment in the copper and cobalt-rich nation, sailed through Senate without opposition.
Mine is on track to produce its target of 700,000 ounces of gold in 2018.
Firm is developing open platform that traces diamonds from mine to buyer.
The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.
The World Bank-supported mining legislation was introduced to attract investment into copper and cobalt projects from global miners including Glencore Plc, Freeport-McMoRan Inc. and China Molybdenum Co. Gécamines claims country has not benefited from it.
Ivanhoe Mines and Zijin virtually triple hydroelectric output to support the Kamoa-Kakula Copper Project
Fresh Kakula resource estimate being prepared based on drilling completed to the end of December 2017.
“We’ve been intensively focusing on how to manage future cobalt supply for a year now. Before, it wasn’t clear just how quickly demand will accelerate.”
Diamond giant is investing in an open platform that will allow tracing a rock throughout the entire value chain — from mine to buyer.
The LME has sent a directive to all suppliers asking them to detail how they guarantee “responsible sourcing” of the commodities they trade in the exchange.
Gecamines copper output has plunged since 1980s and it has failed to internally register $740 million in income between 2011-2014, much of which is now untraceable, the Carter Center said in a report on Friday.
Miner said full-year profit and output was on track despite a third-quarter dip, but its shares slid to a three-month low after its CEO did not rule out seeking arbitration over a tax dispute in Mali.
The Canadian miner said measure was taken after violent groups blocked main road to the mine, which has prevented essentials from reaching the operation.