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Copper price down on rate hike fears 1 Copper International 

Copper price down on rate hike fears

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Copper prices retreated on Wednesday after touching their highest in nearly two weeks due to a resurgent dollar and persistent worries that rate hikes will hit demand. Copper for delivery in December fell 0.4% from Tuesday’s settlement price, touching $3.47 per pound ($7,634 per tonne). “The backdrop is still grim. The Fed is still determined to go after inflation and China’s economy is still struggling,” said Tom Price, head of commodities strategy at Liberum. “For over a year, the Fed has not budged from its focus to curb inflation. Its… Read More Here
De Beers' eighth sales cycle generates $500m 2 Diamond 

De Beers’ eighth sales cycle generates $500m

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Diamond miner De Beers sold $500-million of rough diamonds during its eighth sales cycle of this year. This compares with the $492-million of rough diamonds sold in the eighth sales cycle of 2021. “Demand for our rough diamonds during sales cycle eight was in line with expectations in what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays. “The steady overall demand for De Beers Group’s rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday… Read More Here
Sibanye interested in Zambia's Mopani Copper Mines – Froneman 3 Copper Mining in Zambia 

Sibanye interested in Zambia’s Mopani Copper Mines – Froneman

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Sibanye-Stillwater has expressed an interest in Zambia’s Mopani Copper Mines, the mine and smelter complex looking for new investors after Glencore sold the asset to the state in January last year, CEO Neal Froneman said on Wednesday. Froneman said Sibanye had registered an interest around a year ago, and that “we remain interested”. Zambia’s state mining firm ZCCM-IH hired Rothschild in June to help find a new investor to upgrade and expand it. “We like Zambia, we like what the new president is doing there,” Froneman said. Sibanye, which mainly produces platinum group metals and gold, has expanded into… Read More Here
Kamoa Copper Records Quarterly Production of 97,820 Tonnes of Copper in Q3 2022 4 Copper Mining in DRC New Mining Projects 

Kamoa Copper Records Quarterly Production of 97,820 Tonnes of Copper in Q3 2022

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Ivanhoe Mines Co-Chairs Robert Friedland and Yufeng “Miles” Sun are pleased to announce that the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo has set a new quarterly production record in the third quarter of 2022, with 97,820 tonnes of copper in concentrate produced. Kamoa-Kakula’s Phase 1 and 2 concentrator plants set a monthly production record in September 2022 of 33,484 tonnes of copper in concentrate, and continue to regularly surpass the combined throughput design capacity of 7.6 million tonnes per annum, following the early commissioning of Phase 2 in April 2022.… Read More Here
Accredited local support underpins Grindex Pumps in Zambia 5 Equipment & Technology Mining in Zambia Mining technology 

Accredited local support underpins Grindex Pumps in Zambia

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Local Zambian company IES says it has made rapid progress this year as Integrated Pump Technology’s distributor in that region, raising the service bar and expanding the footprint of the Grindex brand of submersible pumps. Now operating its own authorised Grindex service centre and holding considerable stock to meet customer demand, IES is adding local value to the established Grindex reputation, says Integrated Pump Technology General Manager Jordan Marsh. The Zambian Copperbelt has some of the wettest mines in the world, making dewatering a critical function on most mines. This… Read More Here
Fortescue doubles green hydrogen spending as Europe push expands 6 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 7 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 8 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 9 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 10 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

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