The Democratic Republic of Congo will declare cobalt a strategic metal, imposing a 10 percent royalty tax on producers.
Glencore Mining News
In just five years, Anglo assembled marketing operations that now sell more metals than the company produces.
It will now have the maturity of $2.6 billion in senior debt extended from this month until September 2026, court documents showed.
“Everyone loves copper and everyone wants to buy it” has been this year’s mining mantra. Today the ball started rolling.
Deal is for Chevron's local and Botswana assets.
The Mining Promotion Initiative's main goal is to engage the government on industry concerns about the country’s new mining code.
Investors found no solace in traditional safe haven gold with the precious metal setting a one-and-a-half year low.
Japanese utilities and global mining giant Glencore have settled an Australian thermal coal import contract for April 2018-March 2019 at $110 a tonne.
Protectionism could limit future growth.
The market research firm states that despite coal being an increasingly targeted commodity on environmental protection grounds, the demand remains strong.
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.
Locking in supplies of key battery raw materials lithium and cobalt has been a headache for electric car manufacturers, but these days it’s the supply of nickel and graphite that’s keeping them up at night.
Anglo American Platinum kept the dividend tap flowing as it reaps the benefits of a pivot to mechanised mining that has lifted productivity and cut costs.
Nobody who owns a copper mine wants to give it up. Even when Glencore and Anglo American Plc were crippled by debt during the 2015 commodity slump, neither was willing to entertain an offer from Rio for their holdings in the giant Collahuasi deposit in Chile.
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.
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.
Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that’s disturbing some investors.
As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits.
The new measure will affect global mining firms including First Quantum Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which currently pay a flat rate of 9.30 cents/kWh.
Another 10 are injured after a dumping site for copper mining waste collapsed in the town of Kitwe in the country's Copperbelt province
Copper, iron ore prices drop, mining majors punished as US threatens more tariffs on "predatory" Chinese imports and Beijing calls it "blackmail".
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
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.