International news within the industry of mining and metal, Apr, 24 2019
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Canadian miner could sell Zambian copper mine

Photo: Barrick
Photo: Barrick
Published by
Jaroslaw Adamowski - 22 Jan 2019

Canadian miner Barrick Gold Corporation has an-nounced that Zambia’s proposed tax changes could put its Lumwana copper mine "in a challenging situation", and "imperil the mine’s abil-ity to sustain returns to all stakeholders, such as the significant con-tribution of more than $3.3 billion it has already made to the Zambian economy over the past 10 years."

 

Willem Jacobs, Barrick’s chief operating officer for Africa and the Mid-dle East, said in a statement that, while reports that the company had sold Lumwana were untrue, "all options would have to be consid-ered", hinting at the mine’s potential sale.

 

Barrick says that in September 2018, the Zambian authorities intro-duced changes to the country’s mining tax regime which include a 1.5% raise in royalty rates, "the introduction of a 10% royalty on cop-per production if copper price increases above a certain price, the imposition of a 5% import duty on copper concentrates," and the re-placement of the value-added tax (VAT) with a new, non-refundable sales tax.

The property lies in the famous Cobalt province and is approximately 47 km south of the town of Cobalt. The picture shows an old mine in the town of Cobalt. In the early 1900s, the area was heavily mined for silver; the silver ore also contained cobalt. By 1910, the community was the fourth highest producer of silver in the world. Mining declined significantly by the 1930s, together with the local population. In late 2017 one publication referred to Cobalt as a ghost town, but the high demand for cobalt, used in making batteries for mobile devices and electric vehicles, is leading to great interest in the area among mining companies. Photo: Wikipedia, credit: P199
The property lies in the famous Cobalt province and is approximately 47 km south of the town of Cobalt. The picture shows an old mine in the town of Cobalt. In the early 1900s, the area was heavily mined for silver; the silver ore also contained cobalt. By 1910, the community was the fourth highest producer of silver in the world. Mining declined significantly by the 1930s, together with the local population. In late 2017 one publication referred to Cobalt as a ghost town, but the high demand for cobalt, used in making batteries for mobile devices and electric vehicles, is leading to great interest in the area among mining companies. Photo: Wikipedia, credit: P199

Quantum Cobalt Completes First Pass Exploration Near Temagami, Ontario

Sotkamo Silver consists of the parent company, Sotkamo Silver AB, with one wholly-owned subsidiary in Finland: Sotkamo Silver Oy. Sotkamo Silver develops silver, gold and zinc deposits in the Nordic region. The Company has completed the Definitive Feasibility Study for the Silver Mine project and is working on project financing issues. Photo: Sotkamo Silver
Sotkamo Silver consists of the parent company, Sotkamo Silver AB, with one wholly-owned subsidiary in Finland: Sotkamo Silver Oy. Sotkamo Silver develops silver, gold and zinc deposits in the Nordic region. The Company has completed the Definitive Feasibility Study for the Silver Mine project and is working on project financing issues. Photo: Sotkamo Silver

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"150 trucks pro year"

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The joint initiative called HYBRIT of SSAB, LKAB and Vattenfall – here with their three representatives at the fair, from right, Martin Pei technology manager at SSAB, Jan Moström CEO of LKAB and Martin Lindqvist, CEO of SSAB. HYBRIT is now on exhibit as an exciting sustainability collaboration at one of the worlds largest industrial trade fairs in Hanover. The CEOs of the three companies are in Germany to show the rest of Europe that it is possible to produce fossil free steel. Photo: SSAB
The joint initiative called HYBRIT of SSAB, LKAB and Vattenfall – here with their three representatives at the fair, from right, Martin Pei technology manager at SSAB, Jan Moström CEO of LKAB and Martin Lindqvist, CEO of SSAB. HYBRIT is now on exhibit as an exciting sustainability collaboration at one of the worlds largest industrial trade fairs in Hanover. The CEOs of the three companies are in Germany to show the rest of Europe that it is possible to produce fossil free steel. Photo: SSAB

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- The Swedish initiative for fossil-free steel production, HYBRIT, participates this week at the...