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MINING LAWS, CHANGES IN LEGISLATION/GENERAL DISCUSSION
blacksheep
post Posted: Jan 14 2019, 08:07 PM
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In Reply To: blacksheep's post @ Jan 12 2019, 11:02 AM

Congo poll leaves uncertainty for miners at heart of EV revolution
extract
QUOTE
“It could be that, as a mining sector, we’re worse off than when we were under Kabila,” said one mining operator, who asked not to be identified. “There may be some improvements, but we’re not counting on it.”

QUOTE
Five mining executives contacted by Reuters said they were not yet operating on the assumption that Tshisekedi’s win would be validated by the Kabila-appointed Constitutional Court and expected the outgoing president to fight to keep his stranglehold on the sector. None wanted to speak on the record.

Companies could find themselves caught in the crossfire of turf wars over ministry jobs and positions in the bureaucracy, not knowing who is really in charge.

“There are always people you have to sway if you want a contract or a mining permit,” Stearns said. “At the top, these are Kabila’s people. That’s now going to be in a state of flux that, I think, is going to last months.”


https://www.reuters.com/article/us-congo-el...n-idUSKCN1P70DR




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 12 2019, 11:19 AM
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Constant change of Ministers is not helping to bring and end to this impasse. Magufuli also recently warned - “One day I may appoint myself the minister of minerals” "
Tanzania names latest mining minister in ongoing industry clash
QUOTE
DAR ES SALAAM (Reuters) - Tanzania named a new mining minister on Tuesday amid a prolonged spat between the government and gold producer Acacia over a $190 billion tax bill, which has severely limited the London-listed company’s operations in the East African nation.

Dotto Biteko, whose appointment was announced by presidential official John Kijazi on state television, is the third mining minister President John Magufuli has appointed since he was elected in 2015.

https://www.reuters.com/article/us-tanzania...h-idUSKCN1P20WS



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 12 2019, 11:02 AM
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Posts: 5,259
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Too early to bet on mining policy change: Congo vote reaction
Bloomberg News |
QUOTE
In a surprise twist, Democratic Republic of Congo opposition leader Felix Tshisekedi was declared the winner of last month’s presidential election, although his victory is being marred by claims by a rival that the poll was rigged.

The African country is the world’s main supplier of battery ingredient cobalt and a key source of minerals from copper to tantalum. That means miners, analysts and users of the metals — which range from carmakers to mobile-phone companies — will be keeping a close watch on what happens next.

The prospective change of administration may spur optimism among mining investors including Glencore Plc and Barrick Gold Corp. that they can reverse elements of a fiercely disputed new industry code that raised royalties and added taxes.

Here are some initial reactions, to be updated throughout the day:

Verisk Maplecroft: Unknown Entity for Miners
The results are preliminary so “many mining investors will likely hold off for the next two to three months at minimum to see how the transition period plays out,” said lead Congo analyst Indigo Ellis. “Tshisekedi quite openly argued on the campaign trail that hikes to tax and royalty rates in the new mining code had gone too far, going as far as to call them “anti-investment,” yet his powers to introduce pro-investor measures are likely to be constrained, at least initially.”

Barrick Gold: Too early to say
“It’s a bit early to say; we think the election process proceeded smoothly, and it’s good to see the results have been announced and people have accepted, it means there is a democratic process that’s working and that’s the positive,” said Chief Financial Officer Graham Shuttleworth. “Tshisekedi is an experienced politician but you must remember in the Congo, government is not just one political party, it’s a coalition.” “One of the most important positions will be one of mines minister, the current one may not be there going forward, but it’s too early to say.”

Africa Risk Consulting: Mining policy shift unlikely
There has been speculation that the announcement of Tshisekedi’s victory could be part of a deal with outgoing President Joseph Kabila, which means that the new president may not challenge the status quo, said senior analyst Shawn Robert Duthie. “I don’t expect major changes to DRC’s mining policies as Tshisekedi will unlikely be willing to undo much of what the previous administration has done.”

RBC Capital Markets: Possibility for mining code revision
“A chance for the DRC to eventually emerge from a period of significant corruption and changes to the mining code,” said mining analyst Tyler Broda. The end of Kabila’s leadership “could potentially see a revision of the contested mining code from last year.”

Liberum Capital: Supply risks
Congo is a “hugely important region for copper and cobalt, and this result could cause disruption to output,” depending the response of the influential Catholic church, said analyst Ben Davis. However, copper and cobalt prices “would likely rise globally to offset this impact.”

BMO Capital Markets: Potential for disruption lowered
The results “will be seen as a surprise after the protracted delay in counting,” said mining analyst Colin Hamilton. “This should lessen potential for civil unrest and potential disruption to copper and cobalt shipments from the country.”

(By Felix Njini, Elena Mazneva and Thomas Biesheuvel)

http://www.mining.com/web/early-bet-mining...-vote-reaction/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Dec 10 2018, 08:57 PM
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Probably won't get far with this - the fiscally challenged Moz Govt are relying on royalties from this project to get them out of a hole. Depends which court of law they go to, I guess
Mozambique lawyers sue US gas giant over land deal
QUOTE
Lawyers in Mozambique are suing US fossil fuel giant Anadarko to block its planned $20 billion gas project, arguing the land was illegally taken from locals, according to a statement published Friday.

Anadarko is one of the global companies investing billions of dollars to exploit major gas reserves discovered off Mozambique’s northeastern coast and the lawsuit could further delay operations already frustrated by jihadist attacks.

“As part of a legal monitoring project on land rights… we requested the Administrative Court annul the right to use land on an area of 6,475 hectares,” the Mozambique Bar Association said in statement posted on its website.

Hardline Islamists have launched several deadly attacks in the Muslim-majority, oil-rich Cabo Delgado province in the past year, stoking unrest just as Maputo pushes ahead with oil and gas development in the region.

Anadarko has previously said that Mozambique’s natural gas reserves, of which it has discovered 75 trillion cubic feet so far, “are among the best and the largest in the world”.

The bar association has said that a process of transferring land rights that began in 2012 and led to Anadarko being granted an exploration concession was illegal.

“The process of awarding the right to use the land did not respect the principle of public consultation,” it said.

Anadarko Mozambique did not respond to a request for comment.





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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Dec 7 2018, 10:26 AM
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In Reply To: blacksheep's post @ Dec 7 2018, 09:44 AM

Any "licensed to operate" still at whim of political pressure, whether it is activist, syndicalist, competitive or being squeezed for a further "contribution".

Rule of Law should never be underestimated (nor trashed for expediency's sake)



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Dec 7 2018, 09:44 AM
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Posts: 5,259
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QUOTE
“Licence to operate has evolved beyond the narrow focus of societal and environmental issues. There are now increasing expectations of shared value outcomes from mining projects,” EY global mining and metal advisory leader Paul Mitchell said.

Recent examples of this are Indian conglomerate Tahoe Resources, Adani Enterprises and Australian rare earth miner Lynas.

In September, Guatemala's highest court confirmed the suspension of Tahoe Resources’ mining licence for its Escobal silver mine and ordered the Ministry of Energy and Mines (MEM) to carry out an immediate consultation of the local indigenous population.

A month later, Adani had to take an 896.4 million rupees ($13.3 million) write-down on its Carmichael coal mine in Australia’s Queensland state due to delays and legal challenges.

And this week, Malaysia set a series of conditions to Lynas, including the needed to remove radioactive waste collected as a result of its activities over the past six years, if it wants its licence renewed.

Source: EY Top 10 business risks facing mining and metals in 2019-2020 report.
http://www.mining.com/losing-licence-opera...reat-miners-ey/
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Dec 4 2018, 09:17 AM
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Congo triples levy on cobalt with strategic-minerals decree
QUOTE
KINSHASA – Democratic Republic of Congo has declared cobalt a "strategic" substance, a government decree showed on Monday, nearly tripling the royalty rate miners will pay on the key component in electric batteries to 10 percent.

Prime Minister Bruno Tshibala signed the decree, which is dated Nov. 24, despite fierce opposition from leading investors including Glencore and China Molybdenum, who have lobbied against tax hikes under a new mining code adopted earlier this year.

The 10 percent royalty rate will also apply to coltan, which is used to power electronic devices, and germanium, which is used to make transistors.

Before they were designated "strategic", the minerals were all subject to a royalty rate of 3.5 percent. That was already an increase over the 2 percent rate in Congo's previous mining code, which was in effect until June.

Congo is Africa's top copper producer and mines more than 60 percent of the world's cobalt. Foreign investors say the tax hikes under the new code will deter further investment and have threatened to challenge some parts of the regulation in arbitration.

Cobalt prices surged over the past two years, due largely to demand for electric cars, but have fallen more than 40 percent since March due to a surplus of cobalt chemicals.

http://www.mining.com/web/congo-triples-le...inerals-decree/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 27 2018, 08:55 PM
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Posts: 5,259
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QUOTE
The provincial government of Cabo Delgado, northern Mozambique, wants the licenses issued for mining prospecting and research that are not being used to be revoked, the provincial governor said, quoted by daily newspaper Noticias.

Given that only 11 mining licenses of the 182 issued are in operation, Júlio Parruque instructed the Provincial Directorate of Mineral Resources and Energy to work with the respective Ministry to revoke them.

“We cannot allow occupation only on a cartographic level. If someone has applied for the prospecting license, then let them do the work,” Parruque said.

The Mining Law stipulates that prospecting and research licenses are granted to legal entities incorporated and registered in Mozambique that demonstrate the technical and financial capacity to do so.

The licenses are valid for two years for the exploration of mineral resources, renewable once for an equal period and for the exploration of other mineral resources, including mineral water, are renewable once for three years.

The province of Cabo Delgado has issued 54 mining certificates, of which only 20 are in use and of the 23 mining concession areas, only seven are in operation.

https://clubofmozambique.com/news/governmen...cting-licenses/




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 14 2018, 06:22 PM
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Posts: 5,259
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Media Statement from Qld Govt - no doubt miners won't be happy

Mining sector reforms to protect taxpayers and communities
QUOTE
New laws passed by State Parliament today will compel mining companies to sign up to progressive rehabilitation plans and safeguard taxpayers from hefty clean up bills for failed mines.

The Mineral and Energy Resources (Financial Provisioning) Bill, passed late this afternoon, delivers:

New requirements for the planning and delivery of progressive rehabilitation of mined land, and;
a financial provisioning scheme to ensure funding is available to cover rehabilitation costs when resource companies can’t meet their rehabilitaton or environmental management obligations.
Deputy Premier and Treasurer Jackie Trad told Parliament the reforms struck the right balance for the industry, the environment and the community and would support the expansion of the mine rehabilitation sector, and jobs, in regional Queensland.

“These ground-breaking reforms strike the right balance between a strong and thriving resource sector and world class environmental standards around rehabilitation,” the Deputy Premier said.

“The resource sector is a great contributor to the Queensland economy, providing jobs for many Queenslanders, however we have an obligation to ensure their activity is sustainable and benefits Queenslanders in the long term.

“The new laws will compel mining companies to progressively rehabilitate mined land so we don’t leave a legacy of abandoned mines for future generations.

“They will also ensure mining companies, not Queensland taxpayers, foot the bill for the rehabilitation of failed mines or stranded assets.

“This is what the community expects and we will hold companies to their word and demand best practice rehabilitation.”

Environment Minister Leeanne Enoch said the Bill lays out clearly the expectation for areas of land to be rehabilitated and the responsibility for resource companies to prepare progressive rehabilitation and closure plans.

“Protecting Queensland’s environment is paramount and this Bill sets out the expected actions right from the planning stage, through to the requirements once the resource operation has finished,” Ms Enoch said.

“Planning for this closure is clearly best practice and will also ensure rehabilitation is effective and efficient and results in suitable environmental and community outcomes once mining finishes.

“While mining companies have always been expected to undertake rehabilitation activities, the requirement of having progressive rehabilitation and closure plans will result in a more transparent framework for industry, the community and government regulators.

“And importantly, as more rehabilitation is undertaken over the life of Queensland resource operations, these reforms will encourage long-term, regionally-based job opportunities.”

Minister for Natural Resources, Mines and Energy Anthony Lynham said the Bill provided a number of key benefits for the resources sector – one of the State’s largest employers and contributors to the economy.

“There are a number of clauses in the legislation which will improve outcomes for the resources sector,” said Dr Lynham.

“I was pleased in particular to see that the Queensland Resources Council’s submission on the Bill noted that the ‘financial provision components of the Bill make sense’.

“Importantly too, the Bill provides more options for resources companies to provide the required sureties, including the introduction of insurance bonds.

“Providing a wider range of acceptable sureties will expand the market of surety providers, and due to increased competition, will enable the industry to obtain these at a more cost-effective rate.”

Dr Lynham said another important benefit of the new financial provisioning scheme was the increased money available to enhance the State’s abandoned mines program as well as to invest in research and development of rehabilitation techniques for mining and resources activities.

The new legislation is the critical first step in meeting Labor’s commitment to implement the findings of the 2017 Review of Queensland’s financial assurance framework.

The commencement of the reforms will be staged, with the financial provisioning component commencing in the first half of next year and the new rehabilitation process beginning later in 2019.T

The Deputy Premier said the passing of the new laws today followed two years of consultation and a series of meetings with stakeholders over the past week. She thanked former Beattie and Bligh government Minister Stephen Robertson for his massive contribution to negotiations with stakeholders in the lead up to the debate. "Stephen's substantial experience in both the resources and environment sector was instrumental in negotiations with stakeholders over the past two weeks."

http://statements.qld.gov.au/Statement/201...and-communities



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 8 2018, 10:18 AM
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How to avoid the resource curse? Take 6 years to approve deals
Bloomberg News | about 6 hours ago |

QUOTE
Afghanistan selected preferred bidders for three gold and copper mines in 2012. It took the war-torn nation six years to finally sign the contracts.

Afghan President Ashraf Ghani announced the deals in the past few weeks. The government took time to finalize the agreements because it wanted to ensure they were transparent and will help eliminate corruption in awarding contracts, Ghani said in an interview in his office in Kabul. After his election, Ghani ordered his administration to review 14 mineral and oil contracts that had stalled. We are now ready to take the jump forward on securing major investments – Afghan President, Ashraf Ghani

Harnessing “natural wealth around the world has been rarely successful. Most of the time it’s been called the curse of the natural resources,” Ghani, 69, said. “We were focused on avoiding this.”


QUOTE
A new mining law introduced by Ghani’s administration will significantly reduce red tape, increase transparency, and help attract investors, Qadeer Khan Mufti, a spokesman at the Ministry of Mines and Petroleum said by phone.

http://www.mining.com/web/avoid-resource-c...-approve-deals/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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