Latest news with #miningindustry
Zawya
3 days ago
- Business
- Zawya
Mining in Motion Kicks Off in Ghana with Calls to Reimagine African Mining
Ghana's President John Mahama officially opened the Mining in Motion 2025 summit in Accra, calling for greater investment across the downstream value chain. Citing the need to reimagine mining in Africa, President Mahama underscored the value of the downstream mining industry in building resilient and diversified economies across the continent. Rich in a variety of mineral resources, Africa is well-positioned to leverage its mining industry and the growing global demand for critical minerals to drive long-term and sustainable economic growth. According to President Mahama, the continent 'is rich in gold, bauxite, lithium, cobalt and other rare earth minerals. Our continent holds 90% of global platinum reserves, 79% of phosphate rocks and over half of the world's manganese. Mining contributes substantially to our GDP and employment; but it has not transformed the lives of our citizens as it should.' As such, Ghana is implementing a series of initiatives to strengthen the downstream value chain, aiming to bolster employment opportunities, formalize small-scale mining and support revenue generation. 'We will be investing in the downstream value chain. We must integrate mining into the broader economic framework – that is how we build resilient and diversified economies. We believe there should be increased participation by Ghanians in exploiting our mineral wealth. We welcome investors to partner with us,' President Mahama added. Insights from industry leaders affirmed the role Ghana's mining industry continues to play in the country's economy. Delivering a welcome address, Otumfuo Osei Tutu II, King of the Asante Kingdom, highlighted the role of traditional authorities in empowering artisanal and small-scale miners to ensure the sector enhances its contribution to industry growth. 'Gold, diamonds and critical minerals represent the best option for sustainable growth for Africa. They are the economic health of economies,' stated King Tutu II, adding that 'We have an opportunity to use policies to address industry problems. The Gold Board presents an opportunity for new investments to come in.' Ghana's mining industry accounts for approximately 12% of the country's GDP. The industry also accounts for the highest employment in the country. Looking ahead, Ghana seeks to consolidate its position as a regional mining hub, utilizing platforms such as the African Continental Free Trade Area (AfCFTA) to accelerate regional trade and exports. Wamkele Keabetswe Mene, Secretary General of the AfCFTA, spoke about best practices to enhance regional gold trading and cooperation to bolster mining sector expansion. According to Mene, to address mining sector challenges, it is imperative to enhance digitalization to reduce transaction costs and enhance traceability and financial inclusion. He added that the Mining in Motion 2025 summit is timely, given the African Union adoption of its Digital Protocol in February. The protocol aims to use digitalization mechanisms such as gold tokenization to drive sustainability, poverty eradication and to create jobs. 'There are challenges to economic growth such as nationalization of resources and trade wars. Africa must respond to these challenges. AfCFTA provides an opportunity to create a [regional] market and achieve the African Union's Agenda 2063 of economic integration,' stated Mene. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with Ghana's Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. Distributed by APO Group on behalf of Energy Capital&Power.
Reuters
3 days ago
- Business
- Reuters
Ivanhoe plans partial restart for flooded Congo copper mine in late June
JOHANNESBURG, June 2 (Reuters) - Ivanhoe Mines ( opens new tab said on Monday it plans to restart a section of its Kakula copper mine in the Democratic Republic of Congo later this month that was closed due to underground seismic activities. The Canadian miner temporarily stopped operations at the Kakula mine, part of its giant Kamoa-Kakula copper mining complex, after tremors that also damaged infrastructure and caused flooding underground. Ivanhoe plans to resume operations on the western side of the Kakula mine, which is dry and where pumping equipment is working, the company said. The eastern section of the mine will resume operations once the pumping of the water is completed, Ivanhoe said. Ivanhoe shares rose as much as 7.7% in Toronto. The company said it has now been able to stabilize water levels after installing temporary pumping equipment underground. Additional pumping equipment has been ordered to fully remove water from the mine, Ivanhoe said. The Vancouver-based miner initially suspended some mining activities on May 20 after the Kakula mine was hit by frequent underground tremors. Ivanhoe said mining at the adjacent Kamoa mine and processing of ore is not affected. The Congo mines produced about 437,000 metric tons of the metal last year. Ivanhoe last week suspended its output forecast for this year, which had initially been set at between 520,000 and 580,000 metric tons of copper.
Globe and Mail
22-05-2025
- Business
- Globe and Mail
West Red Lake Gold restarts Madsen mine in Ontario
May 22, 2025 — At a meeting on May 21, 2025, the West Red Lake Gold Mines Ltd. board of directors approved management's recommendation to restart the Madsen mine immediately. 'West Red Lake Gold acquired the Madsen mine in June, 2023, with the goal to use our team's deep technical experience to unlock the abundant, but at the time discounted, potential of this mine,' said Shane Williams, president and chief executive officer. 'We have pushed hard for two years to accomplish that feat and now, with major infrastructure projects complete and our bulk sample having delivered mined tonnes and gold grade aligned with modelled expectations, our approach has been validated and we are ready to mine on a continual basis. 'This restart decision is a major milestone that has been achieved by systematically derisking the technical, operating and funding requirements of a sustainable, high-grade gold operation at Madsen, and I am very pleased to deliver this restart to all key stakeholders, including our shareholders and neighbours.' For the past year, West Red Lake Gold has communicated a plan to restart the Madsen mine by the middle of 2025. Restarting now delivers this milestone slightly ahead of schedule, positioning the mine for an exciting second half of the year. Specifically, the company plans to mine and process an average of 500 tonnes per day for the first two months before ramping up operations through the second half of the year. About West Red Lake Gold Mines Ltd. West Red Lake Gold Mines is a mineral development company that is publicly traded and focused on advancing and developing its flagship Madsen gold mine and the associated 47-square-kilometre, highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake gold district of Northwestern Ontario, Canada, has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. West Red Lake Gold Mines also holds the wholly owned Rowan property in Red Lake, with an expansive property position covering 31 square kilometres, including three past-producing gold mines — Rowan, Mount Jamie and Red Summit. We seek Safe Harbor. Featured Image @ Freepik Read more investing news on to the PressReach RSS feeds:
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Rio Tinto CEO Jakob Stausholm to Step Down
Rio Tinto said Chief Executive Officer Jakob Stausholm will step down later this year, and that it has started the process for appointing his successor. The world's second-biggest miner by market value said Thursday that Stausholm would continue to lead the company while the process to replace him continues.
CBC
22-05-2025
- Business
- CBC
Indigenous development corps will be hit hard by N.W.T. diamond mine closures, report says
With the N.W.T.'s diamond mines facing an uncertain future, some Indigenous businesses are warning of the impact the mines' closures could have on local communities.
