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Gold price drops over 1% as another Fed rate hike looms

October 28, 2022October 28, 2022 admin

Gold fell more than 1% on Friday as the US dollar rose, giving up gains from bets for a slowdown in monetary tightening by the Federal Reserve later in the year as the immediate focus turned to an impending rate hike next week. Spot gold was down 1.3% to $1,641.48 per ounce by 11:55 a.m. ET, on its way to another weekly loss. US gold futures also fell 1.3% to $1,644.00 per ounce in New York. Meanwhile, the US dollar index edged higher by 0.2%, eroding the appeal of rival… Read More Here

Mining Companies

Tharisa issues $50m bond for Zimbabwe platinum mine build

October 28, 2022October 28, 2022 admin

Tharisa Plc has issued a $50 million bond as it moves to raise $391 million to build a 194,000-ounce per year platinum group metal (PGM) mine in Zimbabwe, the platinum producer said on Friday. Tharisa, a co-producer of chrome concentrates and PGMs in South Africa, owns 70% of Karo Mining Holdings, developer of the Karo PGM project on Zimbabwe’s Great Dyke, about 100 kilometers south-west of the capital Harare. The bond, which is not rated, is the first issued on Zimbabwe’s Victoria Falls Stock Exchange and will be guaranteed by… Read More Here

Diamond Mining in DRC

DRC: 12,923 carats of diamonds produced at the end of August 2022

October 28, 2022October 28, 2022 admin

The mining industry in the Democratic Republic of Congo (DRC) produced around 12,923 carats of diamonds in the first eight months of 2022. These statistical data are provided by the Central Bank of Congo (BCC) in its Summary of statistical information published in October 2022. According to this report, diamond production during this year is down compared to the year 2021 when production stood at 35,727 carats. Artisanal diamond production in the DRC continues to take over industrial production with a production volume of around 7,322 carats in August 2022… Read More Here

Gold Mining in DRC

DRC: at the end of August 2022, mining industries produced 10,386 kg of raw gold

October 28, 2022October 28, 2022 admin

The mining industries of the Democratic Republic of Congo (DRC) achieved a production of around 10,386 kilograms of raw gold at the end of August 2022. These statistics are revealed in the Condensed statistical information of the Central Bank of Congo (BCC) published this month of October 2022. This production of raw gold has decreased significantly, informs this report without mentioning the reasons underlying this drop in production. During the same period in 2021, the mining industries of the Democratic Republic of Congo (DRC) had achieved a production of raw… Read More Here

Copper Cobalt Mining in DRC

In eight months, Gécamines produced 15,104 tonnes of cobalt and 2,217 tonnes of copper-DRC

October 28, 2022October 28, 2022 admin

General of careers and mines (Gécamines) produced 15,104 tonnes of cobalt and 2.217 tonnes of copper during the first eight months of 2022. This is indicated by the official statistical data published by the Central Bank of Congo (BCC) in its Summary of statistical information for the month of October 2022. According to the Central Bank of Congo, Gécamines records an increase in production in 2022 compared to the same period in 2021 when annual cumulative production was around 1,568 tonnes for copper and 11,199 tonnes of cobalt. This document… Read More Here

Mining Companies Mining in DRC

Mark Bristow: “Kibali’s investment in the DRC has grown from 2.5 to 4.2 billion USD in 11 years”

October 28, 2022October 28, 2022 admin

Kibali’s investment in the Democratic Republic of Congo has reached 4.2 billion USD in eleven (11) years of mining. This was announced by the President and CEO of Barrick, Mark Bristow, on October 27, 2022, during a press conference organized in Kinshasa. Of these 4.2 billion USD, 2.20 billion USD were used for payments for companies and suppliers. The part of royalties and taxes required 1.16 billion USD while 193.3 million USD were allocated to infrastructure and support for community projects. A total of 840 million USD was directed to wages. This… Read More Here

Diamond

Higher-grade ore boosts De Beers diamond output

October 28, 2022October 28, 2022 admin

De Beers, the world’s top diamond producer by value, saw production of roughs climb 4% to 9.6 million carats in the third quarter of the year, compared to the same period of 2021. The Anglo American unit said the production increase was the results of treatment of higher-grade ore at its Orapa mine, in Botswana, and at its South Africa operations. Strong production growth in Namibia also contributed to the output. Production in Botswana rose 4% to 6.6 million carats, driven mostly by the treatment of higher-grade ore at Orapa. The growth was partly offset by… Read More Here

Equipment & Technology International Mining technology

Caterpillar shares head for best post-earnings boom in decades

October 28, 2022October 28, 2022 admin

In a market hungry for good news, global economic bellwether Caterpillar Inc.’s strong quarterly results and upbeat outlook were rewarded handsomely. Shares of the mining and construction equipment maker closed up 7.7% at $212.14 on Thursday, notching their biggest gain following an earnings report since April 2017. The rally added to an already great run for the stock, which is up 2.6% this year, compared to the S&P 500 Index’s 20% decline. The company’s third-quarter profit and revenue both topped analysts’ estimates, and it expects a strong adjusted operating profit… Read More Here

Copper Exploration Gold New Mining Projects

Ivanhoe awarded new exploration rights next to Platreef project on South Africa’s Bushveld Complex

October 28, 2022October 28, 2022 admin

Ivanhoe Mines has been granted three new highly prospective exploration rights covering total surface area of 80 square kilometres adjacent to the company’s Platreef project in Limpopo province, South Africa. Platreef is a palladium, rhodium, nickel, platinum, copper and gold development project that is 64% owned by Ivanhoe. A 26% interest is held by Ivanhoe’s broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium owns the remaining 10% interest. The project hosts a thick, underground… Read More Here

Cobalt Mining in DRC

More than 80,000 tons of cobalt produced in 8 months by the mining industry-DRC

October 27, 2022October 27, 2022 admin

The Democratic Republic of the Congo produced 80,752 tons of cobalt between January and August 2022 compared to 59,876 tons of cobalt in the same period in 2021, according to the Condensed statistical information of the Central Bank of Congo for the month of October 2022. Having already achieved a monthly production of 10,000 tons of cobalt in the first 8 months of this year, the DRC mining industry is on track to cross the milestone of 100,000 tons of cobalt in 2022. Note that the Democratic Republic of the… Read More Here