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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

Copper Mining in DRC

DRC mining industry produced 1.5 million tonnes of copper at the end of August 2022

October 27, 2022October 27, 2022 admin

The mining industry in the Democratic Republic of Congo produced 1 million 576924 tonnes of copper during the first 8 months of 2022 against 1 million 116232 tonnes in the same period in 2021, i.e. a production increase of 41%, inform Central Bank of Congo data taken from the October 2022 Digest of Statistical Information. Of this volume of production recorded by the mining industry, Gécamines, which is the public company, produced only 2,217 tonnes of copper. This does not even represent 1% of the total volume of copper produced in… Read More Here

Mining in Zambia Copper Mining Companies

First Quantum Minerals Reports Third Quarter 2022 Results

October 26, 2022October 26, 2022 admin

First Quantum Minerals on Tuesday reported substantially lower third-quarter financial results, citing margin compression because of a declining copper price and cost inflation. The Canada-headquartered company’s adjusted earnings fell from $337-million in the second quarter, to $96-million in the third quarter, while copper C1 cash costs increased by $0.08/lb to $1.82/lb. “The headwinds from recessionary concerns and broad cost inflation have led to substantial margin compression across the industry. In the longer term, we continue to see structural upside in our markets from the ongoing challenges of bringing on new… Read More Here

International Mining in Zambia Uranium

GoviEx moves closer to being a uranium producer by 2025

October 26, 2022October 26, 2022 admin

GoviEx Uranium has closed its previously announced bought deal private placement financing which includes a partial exercise of the over-allotment option, at a price of C$0.22 per Unit for aggregate gross proceeds of C$10,166,860. Each unit consists of one Class A common share of the company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at US$0.24 until October 25, 2025. The company expects to close an additional tranche of units on the same terms as the Private Placement in… Read More Here

Copper International

Copper price jumps as dollar eases

October 26, 2022October 26, 2022 admin

Copper prices rose on Wednesday buoyed by a weaker dollar amid hopes the pace of US interest rate hikes would slow down. The dollar wallowed near a three-week low versus major peers as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve. Copper for delivery in December rose 3.8% on the Comex market in New York, touching $3.52 per pound ($7,744 per tonne). The most-traded November copper contract on the Shanghai Futures Exchange was up 0.1% to 63,050 yuan ($8,650.02) a tonne. “The… Read More Here