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Gold price fluctuates as BOE warning leaves investor sentiment fragile

October 12, 2022October 12, 2022 admin

Gold fluctuated after comments by the Bank of England on removing emergency market support by the end of the week rattled traders, leaving investor sentiment fragile. BOE Governor Andrew Bailey’s warning to fund managers to wind up positions that they can’t maintain before market support is withdrawn at the end of the week drove up Treasury yields and the dollar on Tuesday, pressuring gold. The non-yielding metal gave up gains to end the day slightly lower. Bullion edged up Wednesday from a one-week low, while traders await critical US inflation… Read More Here

Mining in DRC Mining Companies

DRC: LICOCO demands full disclosure of those corrupted by Glencore

October 12, 2022October 12, 2022 admin

The Congolese Anti-Corruption League (LICOCO) is calling on the government of the Democratic Republic of Congo (DRC) to release the names of those corrupted by Glencore, a mining company. This, after Glencore admitted to American justice “to have bribed officials in Côte d’Ivoire, Equatorial Guinea, Nigeria, Cameroon, the Democratic Republic of Congo (DRC) and South Sudan”. In a press release published on October 10, 2022, LICOCO considers it necessary that light be shed after revelations of corruption made by Glencore. Several recommendations were made, particularly with regard to the Government and… Read More Here

Mining Companies International

Glencore faces flood of UK litigation following bribery charges

October 12, 2022October 12, 2022 admin

Glencore Plc faces a raft of class-action style lawsuits from investment and pension funds in the UK, months after the mining giant pleaded guilty to market manipulation and bribery. Mubadala Investment Company and International Petroleum Investment Company are among over a dozen funds who filed claims at a London court against Glencore and a group of its executives in recent weeks, according to court records. While there is no public record of what the claimants allege, people familiar said it was linked to the more than $1 billion fine Glencore… Read More Here

Mining in DRC Oil & Gas

DRC: call for tenders for 3 gas blocks, the counting of the bids set for this Wednesday, October 12, 2022

October 12, 2022October 12, 2022 admin

Initially scheduled at the address of the Technical Secretariat of the ad hoc Commission at 10:00 a.m., the public session for examining the bids of bidders for the call for tenders for three gas blocks in Lake Kivu will finally take place on the same day, i.e. on Wednesday, October 12, 2022 in the Salonga room of the Pullman hotel in Kinshasa, the capital of the Democratic Republic of Congo (DRC). This clarification was provided by the Congolese Minister of Hydrocarbons, Didier Budimbu, in a press release published on Tuesday,… Read More Here

Mining in DRC Oil & Gas

DRC’s oil company Cobil ready to deploy throughout the national territory

October 11, 2022October 11, 2022 admin

The oil company Cobil would be ready to deploy throughout the territory of the Democratic Republic of Congo (DRC). These assurances were given by the Deputy Managing Director of this oil company,Olivier Okunda, during the work of the Round Table on the supply of petroleum products in the Grand Equateur and Grand Kasaï spaces open, on Monday, October 10, 2022, in Kinshasa. , under the leadership of the Minister of Hydrocarbons, Didier Budimbu. “ It is possible that we can expand to all the provinces of the DRC. The Cobil company was… Read More Here

Oil & Gas Mining in DRC

Withdrawal of certain oil blocks from calls for tenders: “request of United States can only be taken into account following equivalent consideration” (Patrick Muyaya)

October 11, 2022October 11, 2022 admin

Communication and Media Minister Patrick Muyaya responded to Washington’s request calling on the Democratic Republic of Congo to renounce the auctioning of oil blocks located in sensitive areas. For the spokesman of the Congolese government, this request can only be taken into account following an equivalent counterpart because the country is committed to meeting the needs of the population. A task that requires colossal resources. He also specified that a Congolese-American working committee has been set up to rule on this subject. “We must not remain on this posture which requires Congo… Read More Here

Mining in DRC

Patrick Muyaya evokes discussions between the Congolese and American governments on sanctions against Dan Gertler

October 11, 2022October 11, 2022 admin

Patrick Muyaya, Minister of Communication and Media, announced during a weekly briefing held on Monday, October 10, that at this stage discussions are taking place between the Congolese and American governments on the Dan Gertler file. The objective would be to obtain the lifting of the American sanctions which weigh on Dan Gertler in order to benefit from the assets recovered in Congo, thanks to the agreement signed between the Congolese government and the Ventora group. The agreement signed between the Congolese government and the Ventora group of Dan Gertler… Read More Here

Gold International

Gold price declines after US jobs data spur more rate-hike concerns

October 11, 2022October 11, 2022 admin

Gold extended a decline after plunging below $1,700 an ounce last week, as strong US jobs data intensified concerns that the Federal Reserve will remain aggressive with rate hikes. The metal came under pressure from the stronger dollar Monday amid weak risk sentiment in equity markets. Relentless Fed policy tightening has weighed on the asset through the year, causing a 19% plunge from its year-high in March. The precious metal last week had its largest weekly gain since July, though trimmed the advance after nonfarm payrolls data on Friday showed… Read More Here

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Zimbabwe miners unfazed by new royalties proposal

October 11, 2022October 11, 2022 admin

Zimbabwe’s miners do not expect any significant impact from the government’s proposal to collect royalties in the form of refined minerals, the country’s Chamber of Mines said on Monday. President Emmerson Mnangagwa announced on Sunday that Zimbabwe would require companies mining gold, diamonds, lithium and platinum group metals (PGMs) to pay part of their royalties in refined metal rather than cash. The Chamber of Mines, which represents major mining companies, said it was not worried about the pronouncement because it would not increase existing royalty rates. “We respect the government’s position. It’s… Read More Here

Diamond International

Zimbabwe’s RioZim buys Namibian diamond mine to expand in Africa

October 10, 2022October 10, 2022 admin

RioZim has bought Sperrgebiet Diamond Mine in Namibia as the Zimbabwean group seeks to expand in Africa. “The group has been trying to broaden its footprint in the mining industry in Africa and this acquisition was part of the strategy,” Tawanda Andrew Chiurayi, RioZim’s group company secretary, said in a written response to questions from Bloomberg News. “We also want to diversify our assets and geographies.” Chiurayi declined to disclose the amount RioZim paid for the mine. The acquisition cost $58-million, people familiar with the matter said, asking not to be named as the price hasn’t… Read More Here