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Mining Weekly | Africa

25 April 2024

• Kazakh miner ERG denies circumventing Congo subcontracting laws
  Kazakh miner Eurasian Resources Group (ERG) has denied accusations it tried to bypass Democratic Republic of Congo's subcontracting laws designed to boost local ownership in the mining sector, job creation, and benefits to the country's economy. In a statement published last week, Congo's government accused ERG of passing off nine subcontracting companies as majority partners with "fictitious" shares in order to circumvent legislation requiring that Congolese shareholders own 50% of subcontracting shares.
• BHP makes £31bn offer for Anglo American
  Diversified mining major BHP on Thursday announced a proposed all-share offer that values Anglo American at £31.1-billion. The deal has the potential to transform mining industry landscape. BHP offered Anglo American shareholders £25.08 a share, including £4.86 a share for Anglo American Platinum (Amplats) shares and £3.40 a share for Kumba Iron Ore shares.
• BlackRock says $12 000 copper is needed to incentivise new mines
  Copper needs to reach $12 000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new mines, said Olivia Markham, who co-manages the BlackRock World Mining Fund. The metal’s price hit a two-year high near $10 000, but Markham said further gains are necessary to encourage miners to sign off on projects required to avoid major deficits during the energy transition.