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Barrick Gold mines in Tanzania reach Tier One status

January 26, 2022January 26, 2022 admin

Barrick Gold said on Tuesday it had succeeded in taking its North Mara and Bulyanhulu gold mines in Tanzania from “moribund” to Tier One assets. Barrick, which took over the operations after re-acquiring Acacia Mining in September 2019, said they delivered a combined production of more than 500,000 ounces last year, which qualifies them as Tier One mines. To be considered in the top category, assets must have a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over… Read More Here

Mining in DRC

DRC: mining royalty, 2.9 million USD collected in North Kivu between 2018 and 2020 (report)

January 25, 2022January 25, 2022 admin

With mostly artisanal mining, the province of North Kivu was still able to mobilize more than US$2,985,257.78 million in mining royalty revenue collected on production between 2018 and 2020. These revenues collected represent 1,824,444.09 million US dollars under the 15% quota reserved for the Decentralized Territorial Entities (ETD) and 1,160,813.69 million US dollars collected under the 25% quota returning to the province. . This is what emerges from the latest relaxed report 2018, 2019 and first half of 2020 of the Extractive Industries Transparency Initiative (EITI). “Data from the Provincial… Read More Here

Mining in DRC

DRC: in 2018, the mining sector generated USD 1.78 billion in public revenue (report)

January 25, 2022January 25, 2022 admin

The mining sector in the Democratic Republic of Congo (DRC) generated an estimated US$1.78 billion in government revenue during the year 2018. Compared to the revenue generated in 2017, this amount collected in 2018 increased by 9.1%. This is at least what emerges from the 2018, 2019 and 1st Quarter 2020 report of the Extractive Industries Transparency Initiative (ITIE DRC). According to this report, in 2019, a strong downward trend was observed in the mining sector to reach a peak in 2020 due to the consequences of the Covid-19 pandemic. A… Read More Here

Equipment & Technology Mining technology

Mining boosts Sandvik December quarter

January 25, 2022January 25, 2022 admin

Swedish engineering company Sandvik posted a positive December quarter, with strong demand for mining equipment boosting its numbers. Total order intake in the Sandvik Mining and Rock Solutions department grew by 52% year on year, of which organic growth accounted for 30%, chief executive Stefan Widing said. Sandvik also received a “record” number of orders for its AutoMine fleet and its Newtrax collision avoidance systems, he said. AutoMine orders came to 254 million Swedish crowns (USD 27 million), while Newtrax orders amounted to 155 million Swedish crowns (USD 16.6 million).… Read More Here

Aluminium Cobalt Copper Gold Iron Tin

Chart: How metals prices performed in 2021

January 25, 2022January 25, 2022 admin

How Metals Prices Performed in 2021 Looking back on what gave investors strong returns in 2021, it was the year of industrial and energy metals. As demand for industrial goods surged, so too did their material metals. But unlike energy prices which rose across the board last year, not all metals managed positive returns. This infographic looks at the year-over-year return on metals prices from January 1 to December 31 of 2021, using pricing data tracked by Tradingeconomics.com. Inflation and Raw Material Demand Spur Industrial Metals Last year saw inflation hit 30-year highs… Read More Here

International Mining technology

Fortescue reports rise in shipments but flags labour shortage

January 25, 2022January 25, 2022 admin

Australian iron ore miner Fortescue Metals Group on Tuesday posted a 2% rise in second-quarter shipments, but flagged pressures from strong demand for labour and resources, as well as supply chain constraints due to the pandemic. The world’s fourth-largest iron ore miner shipped 47.5 million tonnes (mt) of the steel-making commodity in the December quarter, compared with 46.4 mt a year earlier. Bigger rivals BHP Group and Rio Tinto have also warned of disruptions from coronavirus-induced labour shortages as Australia faces a surge of Omicron cases. The slightly upbeat production… Read More Here

Copper International

Copper price retreats ahead of Fed meeting

January 25, 2022January 25, 2022 admin

The copper price fell on Monday under pressure from risk-off sentiment in global markets. Asian shares also slipped as investors braced for a Federal Reserve meeting at which it is expected to confirm it will soon start draining the massive lake of liquidity that has supercharged growth stocks in recent years. The Fed’s January two-day policy meeting is due to start on Tuesday. March delivery contracts were exchanging hands for $4.41 a pound ($9,702 a tonne) on the Comex market in New York, down 2.4% compared to Friday’s closing. The… Read More Here

Gold International

Gold nears two-month high as Russia-Ukraine tensions simmer

January 24, 2022January 24, 2022 admin

Gold prices advanced towards last week’s two-month high on Monday as US bond yields continued to fall and investors looked to invest in the safe-haven metal over concerns about tensions between Russia and Ukraine. Spot gold was 0.5% higher at $1 841.50 per ounce by 10:13 GMT, holding close to last week’s high of $1 847.42 an ounce. US gold futures rose an equal amount to $1 840.70. Investors are looking towards the US Federal Reserve’s two-day policy meeting starting on Tuesday. The Fed is expected tighten monetary policy at a much… Read More Here

Mining in DRC

DRC: government launches the work of the multisectoral workshop for the development of the National Directory of Natural Resources”

January 24, 2022January 24, 2022 admin

Launch this Tuesday, January 18, 2022 by Prime Minister Jean-Michel Sama Lukonde Kyenge of the Multisectoral Workshop for the development of the National Directory of Renewable and Non-Renewable Natural Resources of the Soil and Subsoil of the Democratic Republic of Congo. Organized by the Ministry of Territorial Development, it will be a question of establishing for each natural resource, its location, its commercial potential, its quality and content, the existing value chains, the actors involved in the exploitation, the use and marketing, inventory of resource reserves. In his word, the… Read More Here

Gold Mining Companies Mining in DRC

New high-grade lode discovery at Kibali excites Barrick CEO

January 24, 2022January 24, 2022 admin

Gold miner Barrick Gold revealed at a media briefing in Kinshasa, in the Democratic Republic of Congo (DRC), on January 21, that underground drilling at the Kibali gold mine’s KCD orebody was defining a new high-grade lode above the base of the existing shaft infrastructure. Barrick president and CEO Mark Bristow said this was an “exciting discovery”, which could add an entirely new orebody to the existing KCD series of orebodies. He said exploration and resource conversion would continue this year to extend the life of the mine. The Kibali gold mine… Read More Here