Cobalt Miner Katanga Mining Plunges on Legal Battle in DRC

cobalt market report stocks

Shares of Glencore’s (LSE:GLEN) Katanga Mining (TSX:KAT) fell almost 50 percent on Monday (April 23) after threats of legal proceedings in the Democratic Republic of Congo (DRC) hurt the cobalt miner.

Gecamines has taken steps to dissolve Kamoto Copper Company, which is 75-percent owned by Katanga.

An ongoing capital shortfall worth billions is the main reason behind the move, said Gecamines, which owns the remaining 25 percent of Kamoto. The state-owned miner has started legal proceedings against Katanga, with a court hearing scheduled for May 8.

table.inline-text-ad {
border-left: none;
border-right: none;
}

.inline-text-ad h1 {
font-size: 18px !important;
font-weight: bold !important;
}

.inline-text-ad p {
font-size: 1.0rem;
}

Cobalt Stocks Have Grown 100% in the Past Year

Get insights into cobalt’s future in our free report

Give me my free report!

“Gécamines appears to be seeking a meaningful capital injection into KCC (Kamoto Copper Company) which would lower the entity’s debt burden and unlock value for the state-owned miner,” Macquarie analyst said in a note to clients.

Toronto-listed Katanga could get another six months to resolve the issue, the company said. Its options include forgiving a portion of the debt, which could impact Katanga’s future cashflow from the project.

Glencore has said Katanga has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer. The DRC is the top cobalt-producing country, accounting for more than 50 percent of world output.

“Katanga should be one of the best assets in the world,” said Ben Davis, an analyst at Liberum Capital in London. “Instead, it has been a perennial disappointment for Glencore and the situation looks like it is set to continue.”

Katanga is expected to produce as much as 39,000 tonnes of cobalt this year, up from 27,400 tonnes last year, as production ramps up after two years of idle operations. Continue Reading

Bolivia to Join Forces with ACI Systems in Billion-dollar Lithium Deal

Bolivia has outlined plans to produce and market lithium-ion batteries together with Germany’s ACI Systems, which is set to invest US$1.3 billion in the project. Demand for lithium, a key element in electric car batteries, is expected to surge in the coming years. Bolivia, alongside Chile and Argentina, is part of the “lithium triangle,” which hosts more than half of the world’s lithium reserves. “The German company ACI Systems has been selected as the strategic partner,” Juan Carlos Montenegro, head of state-owned company Bolivian Lithium Deposits, or YLB by its Spanish initials, told Patria Nueva Radio. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Battery Metals in 2018 Click to download your free report Give me my free report! He said the joint-venture deal will be inked as soon as possible so that operations can … Continue reading

Top Gold Producer Newcrest Receives Approval to Dump Tailings at Cadia

Australian-listed Newcrest Mining (ASX:NCM) is now approved to use the first 200 meters of the open pit at its Cadia Hill mine as tailings storage, the company announced on Monday (April 23). Top gold producer Newcrest has already begun installing the pipeline infrastructure that will allow the open pit to be used as a storage facility beginning in the first week of May 2018. “[T]his permit will create sufficient storage capacity to enable Cadia to progressively return to full production rates for approximately 16-months,” the miner states in a press release. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } 10+ Gold Stocks to Watch Stocks. Expert Insights. Industry Stats. Give me my free report! “In this period, Newcrest will look to define and commence the optimal repair solution for the Northern Tailings Facility (NTF) while … Continue reading

Key Glencore DRC Copper Project at Risk

Kamoto Copper Company (KCC) is at risk of dissolution after legal proceedings were filed against it in a Congo court when it missed a deadline for rectifying a capital deficiency. Glencore’s (LSE:GLEN) Katanga Mining (TSX:KAT), which has a 75-percent stake in KCC, has until a May 8 court hearing to take all the necessary steps to ensure the company can continue to operate under Democratic Republic of Congo (DRC) law. The issue is going to court as a result of actions taken by Gécamines, a DRC state-owned copper-mining company that controls the other 25 percent of KCC in a joint venture with Katanga. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Do You Know What to Expect from Copper in 2018? Invest with the best information. Download your free report. Access Report KCC is expected … Continue reading

4/20 Panelists Talk Cannabis Capital and Shift to Retail Adoption

With panel discussions on the evolution of cannabis, both as a product and as a sector, RNMKR, a media agency, hosted several prominent cannabis personalities to discuss the future of the market. A breakfast event last Friday (April 20) featured two different panels, one honing in on how Canada is poised to raise large amounts of capital in the cannabis space, and the other focusing on the impact of marijuana finding its way to retailers. In a conversation with the Investing News Network (INN), Matei Olaru, CEO of Lift & Co., formerly branded as Lift, predicted that the cannabis market will see another big surge just before legalization happens in Canada, but gave a word of caution to investors for afterwards. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Looking for Cannabis Stocks? Read our report to find market … Continue reading

Blockchain Update: Q1 in Review

It hasn’t been the start to the year that blockchain enthusiasts were perhaps hoping for, but the tumultuous first months of 2018 are not entirely surprising — at least according to some industry experts. Looking back to the end of 2017, excitement bubbled in digital currencies cryptocurrency favorite bitcoin touched an all-time high of just over $19,000, blowing most other cryptocurrencies out of the water in terms of price tag per token. So far in 2018, it’s been a bit of a different story for bitcoin, which has steadily declined ever since its record high of $19,200. Bitcoin dropped to as low as $6,194.33 in February, according to data from Coinmarketcap, and has remained relatively volatile ever since then. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Looking for Blockchain Stocks? Find them in your free report. Get My Free Report … Continue reading

Big Pharma M&A: Shire Reviews Fourth Acquisition Proposal from Takeda

Takeda Pharmaceuticals (TSE:4502) may soon become a top global drugmaker with positions in treatments for cancers, gastrointestinal diseases and nervous-system disorders. Japan’s largest drugmaker is attempting to buy big pharma company Shire (NASDAQ:SHPG) for approximately $61.34 billion (£44 billion), which could be the company’s biggest acquisition ever. Takeda made the proposal last Thursday (April 19), and Shire’s board is now considering a position regarding the offer. It plans to issue a statement “in due course.” Back in November, Takeda CEO Christophe Weber said he was interested in partnerships and deals to expand the company’s pipeline and identity “beyond the pharmacy shelves of its home market,” states a Bloomberg article published at the time. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Are You Aware of the FDA’s Plans for 2018? Find out what’s going on in our new report … Continue reading

New Century Strikes Another Zinc Offtake Deal for Century Mine

Australia’s New Century Resources (ASX:NCZ) has inked another long-term offtake agreement for zinc concentrate to be produced at the Century zinc mine, the company announced on Monday (April 23).  The newest deal for the Century mine was signed with MRI Trading, a Swiss commodities trader based out of Zug that’s been operating for over 20 years. New Century Resources has now secured a total of four offtake agreements for the mine, representing 75 percent of the company’s scheduled 1.5 million tonnes of zinc concentrate production for the first three and a half years of operation. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } Zinc Prices Have Hit a Decade High See why zinc prices might rally in 2018 in our free report Give me my free report! The agreement with MRI includes a US$15-million unsecured debt facility for use … Continue reading

Palladium Tumbles as US Alludes to Russian Sanctions Relief

Palladium took a major hit on Monday (April 23) following news that the US may relieve sanctions on Russia’s Rusal. The precious metal fell almost 5 percent, losing the impressive gains it made last week. The US treasury has been in discussions on how it could potentially lift the sanctions on Rusal, noting that it would provide relief if Oleg Deripaska relinquished control of the company. “Rusal has felt the impact of US sanctions because of its entanglement with Oleg Deripaska, but the US government is not targeting the hardworking people who depend on Rusal and its subsidiaries,” said Treasury Secretary Steven Mnuchin. table.inline-text-ad { border-left: none; border-right: none; } .inline-text-ad h1 { font-size: 18px !important; font-weight: bold !important; } .inline-text-ad p { font-size: 1.0rem; } “Do you want to add palladium to your investment portfolio?” Find out what you need to know about the palladium market in a complete investor’s … Continue reading

HashChain Technology Enters Agreement Increasing Total Purchased Rigs to 4870 Equivalent of 7 Megawatts

HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV:KASH; OTCQB:HSSHF) announced today that the Company has entered into a letter agreement (the “Agreement”) to acquire a company with 1,000 new S9 Antminer Rigs (“Rigs”) in consideration for the issuance of 8.9 million HashChain shares at a deemed price of $0.35 per share (the “HashChain Shares”). The HashChain Shares will be subject to escrow whereby 40% of the HashChain Shares will be released on the closing date of the acquisition (the “Closing Date”), 30% of the HashChain Shares will be released 60 days following the Closing Date and the remaining 30% of the HashChain Shares will be released 90 days following the Closing Date. The acquisition is subject to the approval of the TSX Venture Exchange. Currently, 100 of the rigs are resident in the Company’s Montana, USA mining facility (“Montana Facility”), and the other 900 will arrive and be deployed by the end of May 2018. This … Continue reading