GECAMINES Mining News

Glencore's great game is avoiding US sanctions: Chris Bryant

Glencore says its subsidiaries will pay Gertler what he’s owed, only the funds will be transferred in euros and U.S. citizens won’t be involved.

Glencore settles legal row with former partner over Congo royalties

The Swiss firm will make mining royalty payments to Dan Gertler in euros so that it doesn’t fall foul of US sanctions, which were placed on the Israeli billionaire last year.

Congo miner Gecamines plans to renegotiate with foreign partners

Heavily in debt and with dwindling output, Gecamines has long complained about its joint venture terms.

China's CITIC grabs stake in Ivanhoe Mine for $560 million

CITIC Metal will own 20% of the Canadian miner, which makes its biggest shareholder.

Glencore faces third Congo legal challenge this year

Congolese-American businessman and convicted fraudster Charles Brown claims he's owed $1 billion in compensation for a 19% stake he previously held in Mutanda Mining, and which Glencore allegedly sold in two fraudulent transactions, in 2007 and 2012.

Congo mining regulations to be signed into law on Friday — mines minister

Congo's prime minister wants to immediately implement the new mining code without any concessions to industry demands that key provisions be amended.

Congo court rejects Glencore bid to move copper dissolution case

The decision is a setback for the Swiss commodity trader, which is facing multiple disputes in the central African nation.

Glencore drops as British regulators looming probe adds to Congo issues

Britain’s Serious Fraud Office plans to open a formal bribery investigation into Glencore and its deals with Israeli billionaire and former partner Dan Gertler.

Congo court temporarily suspends dissolution of Glencore unit

Congo's state miner Gecamines is seeking to dissolve Kamoto Copper Company (KCC), blaming Glencore for high debts that have weighed on the mine for more than 10 years.

Battery metals supply crunch to slow near-term EVs growth — Moody's

Lack of new projects, investment deficit and increasing political risk will hit supply of cobalt, lithium, copper and nickel, key metals for making the batteries that power electric cars.

Congo's state miner seeks to dissolve Glencore venture over debts

Gecamines said on Tuesday that debts owed by Kamoto to Glencore and its subsidiaries at the end of 2017 topped $9 billion.

Glencore says legal proceedings opened against Congo unit

High levels of debt at mining companies are becoming an increasingly heated issue in Congo, the world’s largest source of cobalt.

DRC miners hopeful new code issues can be resolved

They said they expected authorities to realize the sliding scale they propose would be a more effective mechanism for the government to share in higher commodity prices than the windfall tax and strategic minerals scheme included in the new code.

Miners ask Congo to introduce sliding royalty scale

The proposal, signed by companies responsible for 85% of the DRC's copper, cobalt and gold output, suggest that sliding royalties will give the government a higher share of revenues.

Cobalt consumers main victims of Congo’s new mining code — analysts

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.

Ivanhoe boss said he’d pay higher taxes in Congo if it benefits locals

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.

Congo’s Gecamines to rework contracts with foreign partners

Some of the company’s international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.

Electric cars market threatened by potential cobalt tax hike in Congo

The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.

Congo’s Gécamines urges Gov’t to revise 16-year-old mining code

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.

Congo state miner failed to log $740 million in revenues, report says

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.

DRC looking to ditch Glencore's copper project

Gecamines wants to sell 20% stake in Kamoto Copper.

New Mine Development added to SupplyMine – Shituru

The 100 ha Shituru property is located one kilometer east of the Gecamines hydrometallurgical complex on the eastern limits of the City of Likasi in the province of Katanga, in the Democratic Republic of Congo. […]