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Copper price pressured by crumbling demand

October 4, 2022October 4, 2022 admin

The copper price was down on Monday despite expectations of weakening demand reinforced by manufacturing data from around the world, a strong dollar, and rising inventories in warehouses approved by the London Metal Exchange. Copper for delivery in December fell 0.9% from Friday’s settlement price, touching $3.40 per pound ($7,480 per tonne). “It’s clear we will have lower demand and potentially lower prices into the latter part of this year,” said Bank of America analyst Michael Widmer. “The uncertainty is how hard the slowdown will be and what the full… Read More Here

Copper and cobalt prices continue to fall & Rise on the international market

October 3, 2022October 3, 2022 admin

The prices of commercial mining products from the Democratic Republic of Congo continue to rise and fall on the international market, according to projections by the National Mercurial Commission of the Ministry of Foreign Trade. Only tin is up this week in the market and is trading at 21.483 USD per ton against 21.426 USD per ton for the week, a price difference of 57 USD. Tantalum is stable on the market this week at 380 USD per kg. All other mining export products from the DRC are down this… Read More Here

Mining in Zambia Copper

Zambia plans mine-tax concessions while trimming budget deficit

October 3, 2022October 3, 2022 admin

Zambia plans to reduce its budget deficit next year, even as it makes further cuts to copper mining royalties, Finance Minister Situmbeko Musokotwane said. The spending shortfall will shrink to 7.7% of gross domestic product in 2023, from a revised 9.8% forecast for this year, Musokotwane told lawmakers Friday in Lusaka, the capital. Restructuring the royalty system in Africa’s second-biggest copper producer will cost the government 2.8 billion kwacha ($178 million) in lost revenue next year, he said. First Quantum Minerals Ltd., which accounts for more than half of Zambia’s… Read More Here

Mining in DRC

DRC: management of 0.3% of turnover, civil society protests against the obligation imposed to cover the mission expenses of agents of the Ministry of Mines

September 30, 2022September 30, 2022 admin

Civil society organizations members of the Coordination of Advocacy Actions for the Governance of Natural Resources are protesting against the decision imposed on mining companies to bear the mission expenses of agents of the Ministry of Mines and Social Affairs deployed in the provinces for the installation of members of organizations specializing in the management of the minimum endowment of 0.3% of turnover. As part of the establishment of specialized bodies for the management of the minimum allocation of 0.3% of the turnover of mining companies, civil society organizations call… Read More Here

Mining in DRC Cobalt Copper

DRC: in 2019, the mining sector represented 99.3% of the country’s exports and contributed 24.79% to jobs

September 30, 2022September 30, 2022 admin

The mining sector of the Democratic Republic of Congo (DRC) remains, to this day, the key sector of the Congolese national economy. In 2019, exports from this sector were estimated at 99.3% of the country’s total exports and contributed 24.79% in jobs in 2019, informs a report by the non-governmental organization ” Makuta ya Maendeleo” on the Mining Fund for Future Generations (FOMIN). Considered as one of the richest countries in the world in natural resources, in particular mines, the Democratic Republic of Congo (DRC) is the world’s leading producer… Read More Here

Lithium

Atlantic Lithium aims to begin production at Ghana mine in 2024

September 30, 2022September 30, 2022 admin

Australia’s Atlantic Lithium (LON: ALL) (ASX: A11) is targeting first production at its Ewoyaa project in Ghana, which would be the country’s first lithium mine, in the second half of 2024. The exploration and development company, which also has lithium projects in Ivory Coast, estimates the operation has the potential to generate nearly $5 billion in revenue over its 12.5-year lifetime. Reporting financial results for the year 2022, the Africa-focused exploration and development firm highlighted its agreement with Piedmont Lithium (ASX, NASDAQ: PLL), which would allow Atlantic Lithium to fund Ewoyaa, via a… Read More Here

Diamond Gold

Zimbabwe wants half of royalties paid in gems, precious metals

September 30, 2022September 30, 2022 admin

Zimbabwe wants gold, diamond and platinum miners to pay half of their royalties to the government in the commodities themselves and the rest in cash, as the southern African country seeks to build its mineral reserves. The Treasury was concerned that the country does not have reserves of the minerals, which “serve as a source of trust in a country given that they carry no credit or counter party risks,” Secretary for Finance George Guvamatanga said in a letter sent to the Ministry of Mines on Sept. 2 and seen… Read More Here

Gold International

Gold enters the last quarter of 2022 depressed

September 29, 2022September 29, 2022 admin

Gold started 2022 well, but the recent months were pretty awful. What will it be in the final quarter of the year? Ladies and gentlemen, please welcome the final quarter of the year! What were the first nine months of 2022 for the gold market? Well, in Q1 there was an impressive rally in gold, with the yellow metal staying above $2,000 for a while. However, the next few months brought a gradual decline in gold prices. After several weeks of being traded between $1,700 and $1,800 during the summer, in September,… Read More Here

Equipment & Technology International Mining technology

Sandvik to book charges of $471 million in third quarter

September 29, 2022September 29, 2022 admin

Swedish metal-cutting tools and mining gear maker Sandvik said on Thursday it will book non-recurring charges of about 5.3 billion Swedish crowns ($471.56 million) in the third quarter. A capital loss of some 4.7 billion crowns stems from the distribution of its former subsidiary Alleima to shareholders, which will be reported under discontinued operations. Sandvik distributed and listed its speciality steel business on the Nasdaq Stockholm exchange on Aug. 31 of this year, renaming it Alleima. Approximately 600 million crowns of losses stem from Sandvik’s wind-down in Russia and will… Read More Here

Diamond

Alrosa discovers 22 new diamond deposits in Zim

September 29, 2022September 29, 2022 admin

Russian miner Alrosa PSJC has discovered 22 new diamond deposits in Zimbabwe, according to the southern African nation’s president, Emmerson Mnangagwa. Alrosa will only be allowed to work on two of the diamond deposits, while the rest will be made available to other investors, Zimbabwe’s Information Ministry said, citing comments by Mnangagwa in New York at the weekend. The president attended a business meeting on the sidelines of the United Nations General Assembly. The Russian company declined an emailed request for comment In 2019, Alrosa signed an agreement with the… Read More Here