Ivanhoe and China’s CNMC to work together in Africa
This strategic partnership foresees joint activities in production, smelting and logistics.
Both companies are already active in Africa. Ivanhoe is currently developing the Kamoa-Kakula project, also in the Democratic Republic of Congo, as well as the Platreef project in Limpopo, South Africa.
CNMC launched Congo’s first large-scale copper smelter in January, the Lualaba smelter, which is located 45km from Ivanhoe’s Kamoa-Kakula project. CNMC is also the majority owner of the Deziwa copper and cobalt mine, which is a joint venture with the country’s state mining company Gécamines.
Robert Friedland, the co-chairman of Ivanhoe Mines, commented on the new agreement: “Our long-standing relationship with CNMC goes back decades to when Wu Jianchang was the general manager of China National Nonferrous Metals Industry Corporation − a pioneer industrial group specialising in the mining and metallurgy sector.
“Our good friends at CNMC are aware of the enormous challenges of discovering and building a new world-scale copper, nickel, zinc, or platinum-group metals mine”.
Wang Tongzhou, the chairman of CNMC, commented: “I strongly believe that cooperation is the best way to achieving the goals of both companies”.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.