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Reuters

African banks to fund construction of world’s biggest marine diamond mining vessel

19th June 2019 Five African commercial banks have partnered in a $375-million financing deal to build a new diamond mining vessel for a subsidiary of Anglo American's diamond unit De Beers. Nedbank Namibia, RMB Namibia, Standard Bank, ABSA and Bank Windhoek agreed to provide 80% of the funding for the ship,... 

Morocco’s Managem increases stake in Guinea’s Tri-K gold project to 85%

19th June 2019 Morocco’s leading mining firm Managem said on Tuesday it increased its stake in the Tri-K gold project in eastern Guinea Conakry to 85% after acquiring a 30% stake held by its partner Avocet Mining for $21-million. The acquisition is in line with the group’s strategy to boost its gold production... 

Congo deploys army to protect China Moly's copper mine from illegal miners

19th June 2019 Congo's military has deployed hundreds of soldiers to protect a major copper and cobalt mine owned by China Molybdenum from illegal miners, an army spokesperson said on Wednesday. The Tenke Fungurume mine is one of the largest in Democratic Republic of Congo, which is Africa's leading copper... 

Vale says mulls new railway, port for Carajas expansion

19th June 2019 Brazilian miner Vale is considering building a new railway and port in the Para state for the potential expansion of its Carajas Serra Sul mine, the company said in a presentation to investors published on Tuesday. The new railway would stretch for 400 km from the current Carajas railroad to... 

Chile's Codelco sweetens contract offer in bid to end mine strike – sources

19th June 2019 Chilean miner Codelco has presented a sweetened contract offer to workers in a bid to end a five-day strike at its key Chuquicamata copper mine, two people with direct knowledge of the negotiations told Reuters on Tuesday. Striking miners and police clashed earlier on Tuesday, with authorities... 

Ramaphosa to announce more support for Eskom

18th June 2019 President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday, without providing details. "It is expected that the President will announce further measures to support Eskom's efforts at recovery and financial and operational... 

Poland to offer some relief to biggest power consumers

18th June 2019 Poland's government proposed draft regulations on Tuesday that would allow big electricity consumers to receive compensation for surging power bills. Wholesale power prices in Poland, which generates most of its energy from coal, jumped in the autumn last year following the rising costs of... 

Zambia’s Mopani Copper Mines shuts down smelter

18th June 2019 Zambia's Mopani Copper Mines (MCM) has shut down its Mufulira smelter for major refurbishment, the Glencore-owned company said on Monday. "The majority of the programme is expected to last until the end of the year and will result in a total shutdown of the plant. The investment in the new shafts... 

LME electronic pricing trial fails to boost volumes - sources

18th June 2019 The London Metal Exchange's (LME's) three-month trial of switching to electronic closing prices for one of its benchmark base metal contracts has failed to lift volumes, industry sources said, lending further support to traditional open outcry trading. The trial, which moved nickel from the ring... 

Swiss refiner Metalor to stop processing artisanal gold

18th June 2019 Switzerland's Metalor, one of the world's biggest gold refineries, said on Monday it would work only with gold from large industrial mines in order to reduce the risk of illegality in its supply chain. Informal methods of gold production, known as "artisanal" or small-scale mining, have grown... 

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