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Zambia’s central bank shores up gold stocks by $15million in first quarter 1 Gold Mining in Zambia 

Zambia’s central bank shores up gold stocks by $15million in first quarter

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The central bank in Africa’s second largest copper producer has successfully shored its bullion reserves by K345.6 million (circa. $15 million) since yearend of 2020 to end of 1Q21. This initiative is supported by a gold purchase agreement signed with First Quantum Mining – Kansanshi Copper Mine and the state mining investment vehicle ZCCM-IH last year. Bank of Zambia opted to shore falling foreign exchange reserves buy stocking up with gold following recent discovery of the asset in key parts of Zambia. The red metal producers reserves have fallen to… Read More Here
Uganda considering a new law allowing gov’t stakes in private mining companies 2 International Mining Policy 

Uganda considering a new law allowing gov’t stakes in private mining companies

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As early as this week, Uganda’s Parliament could consider a cabinet-approved draft mining law allowing the government to buy stakes in private mining companies. According to reports, the draft mining law could impose harsh penalties for violations in the sector, including prison terms of up to seven years, citing a statement by the country’s junior energy and minerals minister, Sarah Opendi. According to Opendi, the draft law allows for “state equity involvement in big, medium, and small scale mining up to a limit of 15 per cent.” Media reports said… Read More Here
US$20 million debt facility secured for Lindi Jumbo- TZ 3 New Mining Projects 

US$20 million debt facility secured for Lindi Jumbo- TZ

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Walkabout Resources has secured a US$20 million debt funding facility with Tanzanian Bank CRDB towards construction of the Lindi Jumbo Graphite Mine. “The provision of this significant debt package for Lindi unlocks the final milestone in project development and construction efforts at the mine site can commence as soon as formal documents have been executed,” said Managing Director of Walkabout, Allan Mulligan. Mulligan said the company has persisted with negotiating the funding facility for more than a year. “The relationship benefits Tanzania in growing its services sector and benefits our… Read More Here
Digitalization, an essential part of the X-Energy Solution 4 Mining technology 

Digitalization, an essential part of the X-Energy Solution

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Automation and digitalization of processes have the potential to improve safety, efficiency, and environmental impact in all mining operations. In an industry where data is being generated daily through digitized processes, Data Science methods are becoming instrumental to enhance decision making and guide the sustainability of the operations. “The Data Driven transformation of the blasting activities is key to maintain long term sustainable mining operations. MAXAM´s X-Energy features a series of technological innovations, all connected to ensure the proper use of our explosives energy to optimize the downstream outputs through… Read More Here
Chifeng calls off deal to acquire Ghana gold mine from Resolute Mining 5 Gold Mining Companies 

Chifeng calls off deal to acquire Ghana gold mine from Resolute Mining

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China’s Chifeng Jilong Gold Mining has terminated the $105m deal signed last year with Resolute Mining to acquire the Bibiani gold mine in Ghana. China’s Chifeng Jilong Gold Mining has terminated the $105m deal signed last year with Resolute Mining to acquire the Bibiani gold mine in Ghana. The move comes as Resolute Mining failed to timely inform Chifeng Jilong Gold Mining about the mining lease termination earlier this year by the Ghanaian Government. At that time, Resolute Mining said it had received a letter from the Ghanaian Minerals Commission… Read More Here
Copper extends rally while China looks to stabilise raw material prices 6 Copper International 

Copper extends rally while China looks to stabilise raw material prices

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Copper prices rose on Wednesday nearing February’s peak of $9,617, the highest since 2011. Copper for delivery in May was up 1.41% in afternoon trade, with futures at $4.2725 per pound ($9,3995 a tonne) on the Comex market in New York. Copper is right now still heavily reliant on the Chinese cycle and the world’s largest buyer is making it very clear that it doesn’t want raw material prices to rise any further. China’s industry ministry said on Tuesday the country will take steps to stabilise prices and strengthen supervision of the market after a spike… Read More Here
Gold price nears 2-month peak as yields slide 7 Gold International 

Gold price nears 2-month peak as yields slide

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Gold prices jumped as much as 1% on Wednesday, propelled by sliding US Treasury yields and renewed concerns about the pandemic, driving investors towards haven assets. Spot gold rose 0.8% to $1,791.60 an ounce by 12:15 p.m. ET, having earlier hit its highest in nearly two months at $1,797.55. US gold futures saw a gain of 0.9% to $1,794.90 an ounce in New York. “Gold’s pain over the last couple of months has been the rising Treasury yields and now that has pretty much been alleviated,” Edward Moya, senior market… Read More Here
RANKED: World’s top 10 biggest gold mines 8 Gold International 

RANKED: World’s top 10 biggest gold mines

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Despite being adversely affected by the covid-19 pandemic, global gold production still surpassed 100 million ounces in 2020 and is expected to bounce back this year as economies continue to recover and miners ramp up operations. To see which mining operations were the biggest contributors to the world’s gold output, MINING.com and sister company MiningIntelligence collaborated to provide a ranking of the top gold producers based on production for the 2020 calendar year. All in sustaining costs (AISC) are calculated from quarterly reported costs and production. AISC takes into account administrative, exploration, reclamation and other… Read More Here
Exports of mining products, result in a 5.1% increase in mining royalty- CCE/ DRC 9 Mining in DRC 

Exports of mining products, result in a 5.1% increase in mining royalty- CCE/ DRC

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Outgoing Prime Minister Ilunga Ilunkamba chaired this Wednesday, April 21, 2021 at the Prime Minister’s office, the weekly meeting of the Economic Conjuncture Committee to continue monitoring the socio-economic situation of the country. During this working session, the CCE reviewed the weekly economic situation for the period from April 12 to 16, completed by the Vice-Governor of the BCC as well as by the Minister of Mines.   Regarding the evolution of the main economic indicators, the CCE notes that the weekly national inflation rate stood at 0.119% against 0.081% the previous… Read More Here
Kagem Emerald Auction Results 10 Emeralds Mining in Zambia 

Kagem Emerald Auction Results

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Gemfields, which operates the Kagem emerald mine in Lufwanyama, has announced the results of an emerald auction comprising a series of five sequential mini-auctions held between 15 March and 17 April 2021). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction. Operations at Kagem, which remained suspended for a year till March 2021as a result of the Covid-19 pandemic, are expected to ramp… Read More Here

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