Lithium Market Update: Q1 2018 in Review What happened to lithium in Q1 2018? Our lithium market update outlines key market developments and explores what could happen moving forward. by Priscila Barrera With the popularity of electric vehicles (EVs) growing at an unstoppable speed, lithium continues to be a hot commodity in 2018. But…
Why Is Venkat Dumping AngloGold to Take Top Job at Vedanta Resources? Srinivasan Venkatakrishan (Venkat) will step down as CEO of gold miner AngloGold Ashanti on August 31 to take up the CEO position at diversified miner Vedanta Resources. AngloGold on Monday said it has started a global search, considering both internal and external applicants, for a successor, who will be…
Congo Must Rewrite Mining Code to Protect Exemptions–Miners International mining companies have insisted that Democratic Republic of Congo amend portions of a new mining code to respect exemptions they were granted by its predecessor. The companies announced last week that they had submitted a formal proposal to the government but the document itself, seen exclusively by Reuters on Thursday, takes a…
Uganda’s Museveni bans graphite exports By Christopher Tusiime In Summary President orders that no mining or exportation licences should be issued. Australian firm Consolidated Africa Ltd (CAL) (CRA NSX) has finished exploration of a 323 square-kilometer area and found graphite deposits near Kitgum, some 660km northeast of Kampala. Once the mining starts, it is expected to create…
DR-Congo New Mining Tax “Untouchable”, Minister Tells Mining Companies Democratic Republic of Congo‘s mines minister rejected a proposal by mining companies on Friday to retain exemptions and scrap some taxes in exchange for higher royalties than those in a new mining code, calling the taxes “untouchable”. Mines Minister Martin Kabwelulu was reacting to a proposal from mining companies under which the companies would…
Listen Up, Miners: Africa Wants Bigger Slice of Commodities Boom, Now! One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies,…
First Quantum Unlikely to Escape $7.9bn ‘Giant Tax Bill’ First Quantum Minerals recovered from what was shaping up to be its worst two-day drop in two years as its chief executive officer said he’s hoping to talk his way out of a $7.9-billion tax bill in Zambia – which includes $5.7-billion in interest. First Quantum received a letter from…
Zimbabwe signs $4.2bn platinum deal to transform mining sector A Cypriot investor signed a $4.2-billion deal on Thursday to develop a platinum mine and refinery in Zimbabwe, an investment that President Emmerson Mnangagwa said showed the country was “open for business”. Signing the agreement with Cyprus-based Karo Resources, Mines Minister Winston Chitando said work would start in July, with the first output of platinum group…
Cobalt, Critical to EVs and Renewable Energy Tech, Now ‘Strategic Mineral’ in DRC Democratic Republic of Congo will declare cobalt and coltan, used in electric vehicle and renewable energy technology, as “strategic” minerals which will earn the country higher royalties, an adviser to the Prime Minister said on Wednesday. A new mining code was signed into law on Friday…
Mining Companies Already Feeling the Pinch of New Congolese Mining Code Beyond raising costs for domestic miners, a new mining code signed into law by Congolese President Joseph Kabila last week, poses downside risks to the investment outlook of the country’s mining industry over the coming years, as a result of heightened government intervention and regulatory uncertainty, research firm BMI said on…