International news within the industry of mining and metal, May, 22 2019
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Gold producer invests in Peruvian copper-gold-silver project

Photo: Chakana Copper
Photo: Chakana Copper
Published by
Jaroslaw Adamowski - 03 May 2019

South American project Gold Fields, the world’s seventh largest gold miner by production, has signed a deal to invest in Canada’s Chakana Copper. The latest transaction will allow the Canadian busi-ness to advance its project in Peru.

 

“The net proceeds of the financing will be used to advance the explo-ration and development of the company’s Soledad copper-gold-silver project in central Peru,” Chakana Copper said in a statement.

 

Under the deal, Gold Fields will acquire a 16.14% stake in the Cana-dian miner for a total of C$8 million (US$6 million).

 

Gold Fields operates seven mines worldwide, located in Australia, Ghana, Peru, and South Africa, and is part of a joint venture on an operating mine. The group has a total attributable gold-equivalent production of some 2.2 million oz per year, according to data from Chakana Copper.

Cobalt mine in Democratic Republic Congo. About half of all mined cobalt comes from DRC, mainly from the province of Katanga. The mining takes place close to towns and villages. Local communities regularly are cut off from their farmland and water sources near mines, without having had a say in the matter. There are several examples of forced relocations of entire villages. Inhabitants of the village Kishiba, for example, were forced to move to make way for Frontier, a cobalt and copper mine. Their new homes in Kimfumpa lack the most basic of services such as clean water, fertile farmland, schools and health care. Photo: ECCJ Secretariat
Cobalt mine in Democratic Republic Congo. About half of all mined cobalt comes from DRC, mainly from the province of Katanga. The mining takes place close to towns and villages. Local communities regularly are cut off from their farmland and water sources near mines, without having had a say in the matter. There are several examples of forced relocations of entire villages. Inhabitants of the village Kishiba, for example, were forced to move to make way for Frontier, a cobalt and copper mine. Their new homes in Kimfumpa lack the most basic of services such as clean water, fertile farmland, schools and health care. Photo: ECCJ Secretariat

Chinese control half of the Congo's cobalt