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Fortescue doubles green hydrogen spending as Europe push expands 1 Equipment & Technology International Mining technology 

Fortescue doubles green hydrogen spending as Europe push expands

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Fortescue Metals Group Ltd. more than doubled planned capital expenditure for its green energy arm as it added a new project in Germany, bolstering a push to deliver cleaner fuels to Europe. The firm’s Fortescue Future Industries unit will invest $130 million with Tree Energy Solutions, known as TES, to become a partner in a gas import terminal and planned green energy hub in Wilhelmshaven, Germany. Under the plans, FFI will take a 30% stake in a TES unit, the Perth-based company said Wednesday in a statement. First delivery of… Read More Here
Gold price breaks $1,700 as weak US data shifts sentiment 2 Gold International 

Gold price breaks $1,700 as weak US data shifts sentiment

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Gold continued its rally on Tuesday to an advance past $1,700 per ounce, as weak US data drove a significant sentiment shift in the precious metals markets. Spot gold rose 1.1% to $1,719.04 per ounce by 10:40 a.m. ET, its highest in three weeks. US gold futures gained 1.5% to trade at $1,727.60 per ounce in New York. Meanwhile, benchmark US 10-year Treasury yields fell to a near two-week low, while the dollar extended its decline, making gold cheaper for other currency holders. Bullion is now closing in on its 50-day moving… Read More Here
Copper price jumps after weak US manufacturing data 3 Copper International 

Copper price jumps after weak US manufacturing data

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The copper price jumped on Tuesday after weak US manufacturing data eased concerns that the Federal Reserve will tighten monetary policy too rapidly. The Institute for Supply Management’s gauge of US factory activity dropped to the lowest in more than two years in September, causing the dollar to retreat. Copper for delivery in December rose 2.3% from Monday’s settlement price, touching $3.49 per pound ($7,678 per tonne). Jobs data due later this week should provide more clues on the Federal Reserve’s rate-hike trajectory, with more robust employment gains likely to firm its… Read More Here
Sandvik wows Electra with world’s first 65t electric truck 4 Equipment & Technology International 

Sandvik wows Electra with world’s first 65t electric truck

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Visitors to Sandvik’s stand at this year’s Electra Mining Africa show were thrilled by a glimpse of the Future of Mining, as they witnessed first-hand a mining breakthrough in battery technology. The focus of everyone’s attention was undoubtedly on Sandvik’s 65 tonne TH665B battery electric vehicle (BEV), introduced to the African market en route to Australia for intensive site testing. According to Jakob Rutqvist, Vice-President Strategy and Commercial at Sandvik, this innovation takes mining decisively into the Fourth Industrial Revolution. “Many industries are well advanced in the technological trajectory of… Read More Here
Gold price extends rally as Treasury yields retreat continues 5 Gold International 

Gold price extends rally as Treasury yields retreat continues

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Bullion has now extended its first weekly gain in three, as lower bond rates boosted the appeal of the non-interest-bearing asset. Investors remained on edge about the impact of aggressive interest rate hikes after a slew of Federal Reserve officials last week re-emphasized their resolve to fight inflation. Traders will now look to US jobs data due on Friday for more clues on the future path of central bank monetary policy. That means bullion could be in for more volatility, with strong numbers potentially spurring further gains in bond yields… Read More Here
Copper price pressured by crumbling demand 6 Copper International 

Copper price pressured by crumbling demand

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The copper price was down on Monday despite expectations of weakening demand reinforced by manufacturing data from around the world, a strong dollar, and rising inventories in warehouses approved by the London Metal Exchange. Copper for delivery in December fell 0.9% from Friday’s settlement price, touching $3.40 per pound ($7,480 per tonne). “It’s clear we will have lower demand and potentially lower prices into the latter part of this year,” said Bank of America analyst Michael Widmer. “The uncertainty is how hard the slowdown will be and what the full… Read More Here
Copper and cobalt prices continue to fall & Rise on the international market 7 Copper Cobalt Mining in DRC 

Copper and cobalt prices continue to fall & Rise on the international market

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The prices of commercial mining products from the Democratic Republic of Congo continue to rise and fall on the international market, according to projections by the National Mercurial Commission of the Ministry of Foreign Trade. Only tin is up this week in the market and is trading at 21.483 USD per ton against 21.426 USD per ton for the week, a price difference of 57 USD. Tantalum is stable on the market this week at 380 USD per kg. All other mining export products from the DRC are down this… Read More Here
Zambia plans mine-tax concessions while trimming budget deficit 8 Mining in Zambia Copper 

Zambia plans mine-tax concessions while trimming budget deficit

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Zambia plans to reduce its budget deficit next year, even as it makes further cuts to copper mining royalties, Finance Minister Situmbeko Musokotwane said. The spending shortfall will shrink to 7.7% of gross domestic product in 2023, from a revised 9.8% forecast for this year, Musokotwane told lawmakers Friday in Lusaka, the capital. Restructuring the royalty system in Africa’s second-biggest copper producer will cost the government 2.8 billion kwacha ($178 million) in lost revenue next year, he said. First Quantum Minerals Ltd., which accounts for more than half of Zambia’s… Read More Here
DRC: management of 0.3% of turnover, civil society protests against the obligation imposed to cover the mission expenses of agents of the Ministry of Mines 9 Mining in DRC 

DRC: management of 0.3% of turnover, civil society protests against the obligation imposed to cover the mission expenses of agents of the Ministry of Mines

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Civil society organizations members of the Coordination of Advocacy Actions for the Governance of Natural Resources are protesting against the decision imposed on mining companies to bear the mission expenses of agents of the Ministry of Mines and Social Affairs deployed in the provinces for the installation of members of organizations specializing in the management of the minimum endowment of 0.3% of turnover. As part of the establishment of specialized bodies for the management of the minimum allocation of 0.3% of the turnover of mining companies, civil society organizations call… Read More Here
DRC: in 2019, the mining sector represented 99.3% of the country's exports and contributed 24.79% to jobs 10 Mining in DRC Cobalt Copper 

DRC: in 2019, the mining sector represented 99.3% of the country’s exports and contributed 24.79% to jobs

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The mining sector of the Democratic Republic of Congo (DRC) remains, to this day, the key sector of the Congolese national economy. In 2019, exports from this sector were estimated at 99.3% of the country’s total exports and contributed 24.79% in jobs in 2019, informs a report by the non-governmental organization ” Makuta ya Maendeleo” on the Mining Fund for Future Generations (FOMIN). Considered as one of the richest countries in the world in natural resources, in particular mines, the Democratic Republic of Congo (DRC) is the world’s leading producer… Read More Here

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