Founder of WhyAfrica. Specialist in the sustainable utilisation of natural resources in Africa. Director of Endorphin Expeditions. Editor of the WhyAfrica magazine. I analyse and share information about Africa.
WhyAfrica visited Barrick Gold's Lumwana copper mine in Zambia in August last year and I wrote an article about the visit and Barrick sitting pretty between First Quantum's two mines in Zambia in in the October issue of the WhyAfrica magazine. The article will also appear in the print issue of WhyAfrica's special Indaba edition. Please click on the link to read the article titled: When will Barrick start writing Zambia's new copper chapter? https://lnkd.in/e36xMyGK This is an excerpt from the article: "With copper in high demand the three giants of Zambia’s north-west are sitting pretty. Lumwana is well on its way to produce between 260-million and 290-million pounds of copper this year. Kansanshi is set to produce more than 150 000t of copper and up to 105 000 ounces of gold, while Sentinel expects to churn out between 260 000 to 280 000t of copper in 2023. "There is no doubt about the exceptional value of this piece of mining real estate in one of the most prospective geological regions of Africa. "But for how long will Barrick under Mark Bristow be content with FQM mining copper, nickel, and gold on its doorstep without taking a bite? Bristow has made no secret that Barrick, the second largest gold mining company in the world, is hunting for large copper deposits. "According to Bristow, copper is the most strategic metal in the world. “While gold is the most precious metal, copper is the most strategic of all metals. The fundamentals for copper are solid and there are strong indications that the market will be in short supply very, very soon. All signs point to a better copper price in the future. Mining is a long-term game, and you cannot manage your business based on short term events and price fluctuations,” says Bristow. WhyAfrica #whyafricaroadtrips #whyafrica #africa #mining #whymineafrica #exploration #copper #cobalt #nickel #zambia #naturalresources
Mining M&A: Barrick Gold Corporation has spoken with some of First Quantum Minerals' major investors to gauge support for a takeover, after the sudden closure of its flagship mine left the Canadian copper producer reeling and wiped out more than half its market value. According to people familiar with the situation, Barrick CEO Mark Bristow approached some of First Quantum’s largest investors late last year, and has expressed confidence that Barrick could resolve the situation in Panama as well as run First Quantum’s African mines. Our scoop in Bloomberg News: https://lnkd.in/gpsbb7Xa
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The latter is a very bold statement from a company that has failed to resolve the challenges at Pascua Lama.
WhyAfrica visited Barrick Gold's Lumwana mine in Zambia last year as part of our annual WhyAfrica Road Trip and published an article about a possible take-over in an article written by Leon Louw in September 2023. Please click on the link to read the article #whyafrica #whyafricaroadtrips #zambia #copper https://www.whyafrica.co.za/when-will-barrick-gold-start-writing-zambias-new-copper-chapter/