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Zambian president promises to cut deficit, review mining policies

September 10, 2021September 13, 2021 admin

Zambian President Hakainde Hichilema said on Friday during the ceremonial opening on the 1st session of the 13 national assemble that his new government would implement policies to reduce the fiscal deficit, restore economic growth and review mining policies. In his first address to parliament since his election in August, Hichilema said officials would also review agricultural policies, revise electricity prices and reform state power firm Zesco. Last November Africa’s second-biggest copper producer became the first country on the continent to default on its sovereign debt during the pandemic, after failing to… Read More Here

Copper International

Copper price up as inflation runs hot

September 10, 2021September 10, 2021 admin

A broad rally in base metals markets is gathering pace, with tight supply, logistical logjams and booming demand creating an inflationary storm that’s driving prices to multiyear highs. Aluminum notched a fresh 13-year high and nickel rose to the highest since 2014 in London. The surge in commodities, as well as soaring shipping and power costs, is fueling global consumer prices. China’s factory-gate inflation accelerated to a 13-year high, while US consumer prices are forecast to rise by more than 5% for a third straight month. With aluminum prices surging 43% this year, the… Read More Here

Mining in DRC Diamond New Mining Projects

DRC: MIBA signs memorandum of understanding with Russian firm Alrosa for diamond exploration and production

September 10, 2021September 10, 2021 admin

The Bakwanga Mining Company (MIBA) signs a memorandum of understanding with Russian diamond giant Alrosa with the aim of increasing commercial, technological, scientific and technical cooperation between the two parties. Concretely, the agreement will allow Alrosa in particular to participate in the exploration and production of diamonds in the DRC, in compliance with responsible sourcing standards in this area. This cooperation could result in the formation of a joint venture between the two companies and an investment by Alrosa in the Central African country, a prospect which is already delighting the… Read More Here

Oil & Gas

Angola’s modest oil output goal reveals a truth on global supply

September 10, 2021September 10, 2021 admin

Want proof of how hard it is for some oil-producing countries to lift supply? Look no further than the west African nation of Angola. State Secretary for Petroleum and Gas Jose Barroso said Thursday that the country aims to keep production above 1.1-million barrels a day in the coming years. As ambitions go it’s a very modest one: in 2007, when Angola joined the Organization of Petroleum Exporting Countries, it was pursuing a production target of 2-million barrels a day. It highlights a schism within OPEC+, the alliance of global producers who… Read More Here

Equipment & Technology International Mining technology

Epiroc introduces the all-new water well drill rig Valoria VA20

September 10, 2021September 10, 2021 admin

Epiroc, a leading productivity partner for the mining, infrastructure and natural resources industries, introduces VA20 (Valoria) water well drill – a modular drill rig that delivers flexibility and productivity with a low investment. The VA20 is designed to meet the changing demands of the market while continuing to reduce total cost of ownership. The all-new VA20 rig is available in select regions including the markets of Africa, Asia, Middle East, South America and Latin America. Built with sturdy construction and rugged components, the VA20 drill rig ensures unsurpassed and proven… Read More Here

Equipment & Technology International Mining technology

Brokk launches Pedestal Boom breaker boom system

September 10, 2021September 10, 2021 admin

Sweden-based remote-controlled demolition company Brokk has introduced the Brokk Pedestal Boom, which is a compact, stationary breaker boom system for the mining and aggregates industry. Brokk’s new machine range is designed to allow operators to apply the power and precision of Brokk’s demolition robots to primary breaking tasks that feed mobile crushers, jaw crushers, gyratory crushers and grizzlies. The Brokk Pedestal Boom offers an improved range of motion by pairing Brokk’s three-part arm system with 360° slewing to increase versatility in underground applications. It can be operated via tethered remote… Read More Here

Gold International

Asante Gold traces plan to fast-track Bibiani to production

September 10, 2021September 10, 2021 admin

Canada’s Asante Gold (TSX-V: ASE), a pure gold exploration and development company, has outlined plans to fast-track its newly added, past-producing Bibiani gold mine in Ghana into production. The Vancouver-based company, which completed the acquisition of Bibiani from Australia’s Resolute Mining (ASX, LON: RSG) mid-August, said local company Harlequin International had already kicked off the revamp of the three million tonne per year processing plant. The mill refurbishment is expected to employ up to 300 people and be finished in June 2022, Asante said. BIBIANI’S MILL REFURBISHMENT IS EXPECTED TO EMPLOY UP TO 300 PEOPLE AND BE FINISHED IN JUNE 2022 The junior noted it was also working on design and planning initiatives for other… Read More Here

Diamond International

Lucara board approves $514m Karowe mine expansion

September 10, 2021September 10, 2021 admin

Canada’s Lucara Diamond (TSX: LUC) has announced its board has formally accepted a planned underground expansion of the Karowe mine in Botswana, which is expected to extend the operation’s life for 20 years — until 2040. The Vancouver-based miner said the approval follows the financial closure and satisfaction of all conditions precedent to a $220-million debt package, announced in July. Lucara said the first $170 million would be available in mid-September, adding that total costs will be largely covered via a combination of loans, cash resources and equity financing. MOVING KAROWE UNDERGROUND WILL ALLOW LUCARA TO EXPLOIT THE HIGHEST VALUE PART OF THE OREBODY AND EXTEND THE MINE’S LIFE FOR 20 YEARS — UNTIL 2040 Moving Karowe underground, a plan announced… Read More Here

Gold International

Gold back below $1,800!

September 10, 2021September 10, 2021 admin

Easy come, easy go. The yellow metal rallied on Friday just to plunge on Tuesday. What’s your next move, Mr. Gold? Ugh, the recent rally in gold prices was really short-lived. As the chart below shows, the price of gold increased after the publication of disappointing nonfarm payrolls on Friday. However, it declined as soon as on Tuesday, and on Wednesday it slid below $1800. I have to admit that I expected a more bullish performance. To be clear: I was far from opening champagne. For instance, I pointed out that the tapering of quantitative easing remained on the… Read More Here

Equipment & Technology International Mining Supply Tenders Mining technology

Epiroc wins China $23M mining equipment order

September 10, 2021September 10, 2021 admin

Sweden’s Epiroc has won an order for mining equipment and service from Dazhong Mining in China worth SK200 million (US$23 million). Epiroc said the machines, which include Boomer face drilling rigs, Simba production drilling rigs, and Boltec and Cabletec rock reinforcement rigs, will be used to expand two of the company’s underground iron ore mines. “Dazhong Mining has ordered a variety of rigs for face drilling, production and rock reinforcement for use at the Zhouyoufang and Zhongxinji mines in the Anhui Province.” The order is valued at about MSEK 200 and… Read More Here