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Copper price down on softer growth in US and China

August 5, 2021August 5, 2021 admin

Copper prices dropped on Wednesday after reports showing softer manufacturing growth in the US and China. “Industrial metals are increasingly feeling the weight of a synchronized slowing in US and Chinese growth,” TD Securities analysts led by Bart Melek said in a note. Copper for delivery in September fell 1.4% from Monday’s settlement price, touching $4.334 per pound ($9,534 per tonne) on the Comex market in New York. China’s factory activity expanded in July at the slowest pace in 17 months, with the official Purchasing Managers’ Index (PMI) easing to 50.4 from… Read More Here

Covid-19 Mining technology

Metso Outotec flags 2nd half growth with orders jump

August 5, 2021August 5, 2021 admin

Finnish mining equipment maker Metso Outotec on Wednesday missed expectations for second-quarter operating profit but reported a jump in orders driven by rebounding metals markets and broad economic recovery. The group’s order intake, an indication of future revenue, grew 43% from the pandemic-hit quarter last year to 1.36 billion euros ($1.61 billion). “Market activity is at a very high level which is visible in our orders,” chief executive Pekka Vauramo told Reuters. He added, however, that the coronavirus pandemic and container shortage still had an impact, weighing especially on Metso’s maintenance business.… Read More Here

Covid-19

Africa: Continent Nears 6.9 Million Confirmed Cases of Covid-19

August 4, 2021August 4, 2021 admin

As of August 4, confirmed cases of Covid-19 from 55 African countries reached 6,810,542 while over 48,388,948 vaccinations have been administered across the continent. Reported deaths in Africa reached 172,799 and 5,961,968 people have recovered. South Africa has the most reported cases 2,470,746 and 72,992 people died. Other most-affected countries are Morocco (642,683), Tunisia (596,775), Egypt (284,415), Ethiopia (281,300), Libya (258,467) and Kenya (205,356). The numbers are compiled by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (world map) using statistics from the World Health Organization and other international institutions as well as national… Read More Here

Copper International

Copper price down as Chinese imports fall

August 4, 2021August 4, 2021 admin

Copper prices fell on Tuesday pressured by China’s lower metals imports. Copper for delivery in September fell 1.4% from Monday’s settlement price, touching $4.372 per pound ($9,619 per tonne) on the Comex market in New York. China’s factory activity expanded in July at the slowest pace in 17 months, with the official Purchasing Managers’ Index (PMI) easing to 50.4 from 50.9 in June, remaining above the 50-point level that separates growth from contraction. China’s imports of unwrought copper have also been trending lower since the sharp recovery from the coronavirus… Read More Here

Copper Mining in DRC New Mining Projects

Kamoa-Kakula achieves commercial production milestone

August 4, 2021August 4, 2021 admin

Co-Chairs Robert Friedland and Yufeng “Miles” Sun are pleased to announce that Kamoa-Kakula’s Phase 1, 3.8 million-tonne-per-annum (Mtpa) concentrator plant was deemed to have reached commercial production on July 1, 2021, after achieving a milling rate in excess of 80% of design capacity and recoveries very close to 70% for a continuous, seven-day period. To date, approximately 500,000 tonnes of ore have been milled, including approximately 263,000 tonnes grading 5.7% copper in July. Copper production has steadily increased since hot commissioning began at the end of May. Copper production exceeded 500 tonnes per day toward… Read More Here

Copper Mining in Zambia

Tertiary’s subsidiary looks to acquire Zambian copper prospects

August 3, 2021August 3, 2021 admin

Aim-listed Tertiary Minerals has announced that its subsidiary Luangwa Minerals has entered into an option agreement with Mwashia Resources to acquire up to a 90% joint venture interest in five large exploration licences in Zambia considered prospective for copper. The agreement covers exploration licence 27069-HQ-LEL, also known as Jack’s Licence, and the rights to option four additional and separate licences on the same terms. Jack’s Licence is underlain by Lower Roan Group rocks which are known to host the major copper mines in the Central African Copperbelt. “We are delighted to have secured this option agreement with Mwashia over five… Read More Here

Mining in Zambia Gemstones

Gemfields increases production after disruptions of 2020

August 3, 2021August 3, 2021 admin

Gemstone miner Gemfields’ 75%-owned Kagem emerald mine, in Zambia, produced 10.34-million carats of gemstones, including emeralds and beryls during the first half of the year, while its Mozambique-based Montepuez ruby mine, in Mozambique, produced 2.05-million carats. This is despite the Kagem mine not having produced in January and February, while production at its Montepuez mine was suspended in January. In terms of gemstone sales, 270 000 ct of stones from the Kagem mine were offered for auction during March, all of which were sold for $31.4-million. Montepuez’s first-half production of 260 000 ct… Read More Here

Equipment & Technology Mining technology

Rio Tinto, Komatsu to develop zero-emission mining vehicles

August 3, 2021August 3, 2021 admin

Rio Tinto and Komastu have joined forces to accelerate zero-emission mining haulage vehicles – and the duo are looking at hydrogen as a potential technology. Along with its partnership on haulage solutions developments, it was also announced today (August 2) that Rio Tinto is one of the first companies to join Komatsu’s newly launched Greenhouse Gas Alliance. Focused on decarbonisation, the Greenhouse Gas Alliance hopes to advance Komatsu’s power agnostic truck concept for a haulage vehicle that can run on a variety of power sources including battery and hydrogen. Rio… Read More Here

Gold International

Gold price can still top $3,000 amid recovery, fund says

August 3, 2021August 3, 2021 admin

Gold is primed to surge to fresh highs as the risks around central banks unwinding massive stimulus are under-appreciated by investors, said a fund manager who forecast the metal’s ascent to a record last year. Diego Parrilla, who manages the $250 million Quadriga Igneo fund, said there isn’t widespread awareness of the long-term damage that’s been caused by ultra-loose monetary and fiscal policies. Artificially low interest rates have created asset bubbles that are too big to burst, which will make it very difficult for central banks to normalize without risking… Read More Here

Copper Mining in DRC Tin Zinc

DRC: copper, zinc and tin show an uptrend during the period from August 2 to 7, 2021

August 3, 2021August 3, 2021 admin

The market for mining products oscillates between rise and fall for the main minerals exported from the Democratic Republic of the Congo, according to projections by the National Commission of Mercuriales, structure of the Ministry of Foreign Trade. Copper is on the rise again this week on the international market and is trading at $ 9,560.40 per tonne against $ 9,298.10 per tonne last week, a positive price differential of $ 262.3. Cobalt is trending downward and trading at $ 52,447.00 per tonne against $ 52,482.00 in the week of… Read More Here