Latest news with #ZijinMining
South China Morning Post
4 days ago
- Business
- South China Morning Post
Legal action over huge lithium project in DR Congo on hold as US battles China's dominance
Perth-based AVZ Minerals has suspended its arbitration case against the Democratic Republic of Congo until later this month, following US encouragement to resolve the dispute over the massive Manono lithium project The suspension, announced last week, comes as the US backs start-up KoBold Metals – funded by tech billionaires including Bill Gates and Jeff Bezos – to acquire AVZ's stake in Manono. If successful, KoBold will pledge US$1 billion (7.2 billion yuan) to develop the project, countering China 's Zijin Mining, which controls the northern section after Congo revoked AVZ's rights in 2023. However, KoBold is a relatively small entity compared to CMOC Group, CNMC, and other Chinese mining companies in the African country. AVZ said in a statement last week that 'the United States Government has encouraged the parties to take whatever steps are necessary to allow for a climate conducive to discussions leading to a meaningful settlement between the DRC and AVZ'. The move signals Washington's growing efforts to secure critical minerals in Congo , directly challenging China's dominance in the country over control of critical minerals such as lithium and copper, vital for the global green energy transition.
Reuters
29-05-2025
- Business
- Reuters
Mining giant puts new spin on China resource push
HONG KONG, May 27 (Reuters Breakingviews) - Zijin Mining's ( opens new tab, plan to take advantage of the surging gold price may not glitter as much as it hopes. The $67 billion company, which also digs up copper, zinc and lithium, wants to spin off, opens new tab its overseas gold mines into a separate listing on Hong Kong's stock exchange. That could boost its valuation and its global ambition. But new targets may be harder to find. Zijin has gained over 700% since 2015, making it one of the best-performing blue chips in Hong Kong. During that time it also spent $7 billion snapping up assets around the globe, more than its domestic rivals, per Dealogic. Shareholder value was not the only – or possibly even chief – driver. The People's Republic is resource-hungry, and Zijin's overseas spending spree helps Beijing's strategy to secure self-reliance in critical minerals. That's why the mining sector has been unaffected by regulators' tight oversight that has curtailed most other industries' outbound M&A. As a result, Zijin's gold and copper production now accounts for 24% and 65% of China's total, per its latest annual report. The company's strategic value to the country looks even higher with the price of both metals recently shooting to record highs. Arguably, though, keeping them under the same roof has weighed down valuation. Zijin's Hong Kong-listed shares trade at 10 times 2025 earnings, compared with the average 16 times multiple of several gold-mining global peers, calculates Jefferies. Carving out its yellow metal assets might narrow that gap. Yet Chinese miners' global push is getting more rocky. First, Zijin has tended to focus on riskier-looking assets, mainly in developing countries. In 2020, for example, it bought control of the Buriticá project in Colombia from Newmont (NEM.N), opens new tab. It's now the company's third-biggest gold mine by production, but the company reckons thieves in 2023 stole 3.2 tonnes worth $200 million – 38% of the location's annual output. Second, multinational rivals are less willing to sell as Chinese demands drive up prices of critical metals. Many will also want to avoid provoking President Donald Trump, whose administration is stepping up to counterbalance, opens new tab China's influence in resources-rich countries such as the Democratic Republic of Congo, where Zijin is also heavily invested. All big mining companies have to learn how to navigate geopolitical risks. For Zijin, those lessons are getting trickier.
Zawya
27-05-2025
- Business
- Zawya
Ivanhoe Mines President and Chief Financial Officer (CFO) to Speak at African Mining Week 2025
Marna Cloete, President and Chief Financial Officer (CFO) of Canadian mining firm Ivanhoe Mines will speak at the upcoming African Mining Week. During the event, Cloete will participate in the Women in Leadership Forum, Highlighting the vital role women are playing in driving sustainability, innovation, and inclusive growth within the mining sector. African Mining Week serves as a critical platform for advancing gender inclusivity in the sector, uniting policymakers, investors, academics, and mining stakeholders to foster a sustainable future for the industry. African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Cloete will join a high-level panel discussion titled Mergers, Acquisitions, and Partnerships: Building Resilience in a Consolidating Industry, exploring the role of partnerships in ensuring supply chain resilience. Under Cloete's financial leadership, Ivanhoe Mines has achieved several milestones, including partnerships with global players such as Zijin Mining, CITIC Metal, and Itochu; raising $490 million through equity in December 2023; and securing a $750 million debt package in early 2024 to support expansion. Her leadership has also been instrumental in the advancement of Ivanhoe Mines' flagship projects, including the Kamoa-Kakula Copper Complex - the world's highest-grade copper project - in the Democratic Republic of Congo (DRC). Ivanhoe Mines also reopened the Kipushi Mine, one of the largest copper deposits globally, in the DRC while expanding its African footprint by entering Zambia's copper-rich North-Western Province and developing the Flatreef platinum group metals project in South Africa. Ivanhoe's $75 million exploration budget for 2025, with a strong focus on Africa, further underscores its commitment to unlocking the continent's mineral potential. African Mining Week represents an ideal platform for Cloete to share Ivanhoe Mines' strategic investment approach, champion partnerships, and discuss the firm's ongoing contribution to African economic growth, employment, and industrialization. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Distributed by APO Group on behalf of Energy Capital&Power.
West Australian
27-05-2025
- Business
- West Australian
Strickland nails more Serbian gold with 10g/t hit at Gradina prospect
Strickland Metals has nailed more high-grade gold with hits of 4 metres at 10.1 grams per tonne (g/t) from 339.5m and 16.7m going 4.3g/t, including 8m at 6g/t from 391.5m from a first hole in the company's recent drilling program at its Gradina prospect in Serbia. Gradina is part of its huge 7.4 million-ounce gold-equivalent Rogozna project in southern Serbia. Unlike the project's Shanac, Medenovac and Copper Canyon deposits, which include valuable silver, copper, zinc and lead, Gradina appears to be a gold-only prospect. The strong results came from the deposit's northern end and extend the known high-grade mineralisation across 1 kilometre of strike and vertically down to 900m. The company is now on a path to revealing a much-anticipated mineral resource before the end of the year. The initial diamond drill hole in the recent drilling program, which started in March, was hammered into the northern section of what appears to be a mineralised corridor, defined by previous drilling at the prospect. Previous impressive drill intervals at Gradina, in the project's southeast section, include gold hits of 32m running 6.8g/t from 595m, 27.5m at 5g/t from 439.8m and 14.3m going 8g/t from 516.9m. Gradina's mineralisation remains open in all directions, including down-dip and up-dip towards surface. Four drill rigs are feverishly working to grow the resource for the maiden reveal later this year, testing for up-dip extensions and infill drilling to support the anticipated maiden resource. An additional two rigs are working at the project's premier deposit Shanac and at Kotlovi. A seventh rig is expected to motor towards the project in the coming weeks, as the company continues ratcheting up exploration. It plans to run a whopping 50,000m diamond drill campaign this year at the fully-owned project. The company still has a stash of cash in its kitty and liquid assets totalling $34.8 million at the end of March, along with a head-turning $5M strategic investment received in April from US$60 billion Chinese mining firm Zijin Mining. The company has completed 14 drill holes since beginning its program. It expects to receive the outstanding assays in the coming weeks. Rogozna consists of four exploration licences within an area of about 184 square kilometres. Strickland believes the project has the potential to become one of the biggest undeveloped gold deposits globally. The project hosts a giant magmatic hydrothermal system characterised by extensive skarn-based gold-copper mineralisation with varying levels of associated silver, copper, lead and zinc. Strickland's current key deposits within the project include its flagship 5.3M-ounce gold equivalent Shanac inferred resource, its 1.28M-ounce gold equivalent Medenovac resource and the 0.81M-ounce gold equivalent resource at Copper Canyon. Gradina makes up the company's current complement of still-evolving deposits. The company is also looking to plunge the drill bit into high-priority targets at its new Jezerska Reka discovery and at its Kotlovi, Veleiki and Red Creek targets, and to follow up new but earlier-stage targets at Obradov Potok, Leca, Wolf Pond and Kaluder. Strickland recently revealed its 2025 Serbian exploration campaign got off to a flying start, jagging a pair of thick, high-grade hits including a standout 66.8m section grading 2.7g/t gold equivalent at Shanac. A massive gold equivalent intercept was returned of 251.6m at 1.3g/t from 341.9m, including a stellar 58.1m section at 2.3g/t gold equivalent. Zijin Mining's recent leaping onto Strickland's share register makes for an interesting move. Having a powerful player on your side is usually a big positive, especially in Serbia, where Zijin already has a large presence with its Čukaru Peki and Bor copper-gold operations. The two mines pumped out 300,000t of copper and 250,000 ounces of gold last year, which offers evidence of Zijin's prowess in the Balkans country. The growing Rogozna project might one day stand on the global podium as one of the world's biggest undeveloped gold projects - giving Strickland a real leg-up in the eyes of the market's gold pundits. Is your ASX-listed company doing something interesting? Contact:
Sydney Morning Herald
27-05-2025
- Business
- Sydney Morning Herald
Strickland nails more Serbian gold with 10g/t hit at Gradina prospect
Strickland Metals has nailed more high-grade gold with hits of 4 metres at 10.1 grams per tonne (g/t) from 339.5m and 16.7m going 4.3g/t, including 8m at 6g/t from 391.5m from a first hole in the company's recent drilling program at its Gradina prospect in Serbia. Gradina is part of its huge 7.4 million-ounce gold-equivalent Rogozna project in southern Serbia. Unlike the project's Shanac, Medenovac and Copper Canyon deposits, which include valuable silver, copper, zinc and lead, Gradina appears to be a gold-only prospect. The strong results came from the deposit's northern end and extend the known high-grade mineralisation across 1 kilometre of strike and vertically down to 900m. The company is now on a path to revealing a much-anticipated mineral resource before the end of the year. The initial diamond drill hole in the recent drilling program, which started in March, was hammered into the northern section of what appears to be a mineralised corridor, defined by previous drilling at the prospect. Previous impressive drill intervals at Gradina, in the project's southeast section, include gold hits of 32m running 6.8g/t from 595m, 27.5m at 5g/t from 439.8m and 14.3m going 8g/t from 516.9m. Gradina's mineralisation remains open in all directions, including down-dip and up-dip towards surface. Four drill rigs are feverishly working to grow the resource for the maiden reveal later this year, testing for up-dip extensions and infill drilling to support the anticipated maiden resource. An additional two rigs are working at the project's premier deposit Shanac and at Kotlovi. 'Our expectation is that Gradina will deliver considerable high-grade ounces to the Rogozna resource inventory by late-2025.' Strickland Metals managing director Paul L'Herpiniere A seventh rig is expected to motor towards the project in the coming weeks, as the company continues ratcheting up exploration. It plans to run a whopping 50,000m diamond drill campaign this year at the fully owned project. The company still has a stash of cash in its kitty and liquid assets totalling $34.8 million at the end of March, along with a head-turning $5M strategic investment received in April from US$60 billion Chinese mining firm Zijin Mining.
