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Gold price weakness takes $1.5bn out of largest ETF

February 26, 2021February 26, 2021 admin

The recent weakness in the gold price trend was accompanied by significant outflows of funds from the largest gold ETF, according to Gold reporter. Investors withdrew $1.5 billion from the SPDR Gold Shares (GLD) in one week, according to data from the operator. As of February 24, the fund’s gold holdings were down 2.3% from the previous week. This represents a withdrawal or sale of 26.53 tonnes of the metal. Year-to-date, GLD gold holdings are down 63.5 tonnes. Officially, the fund must physically deposit 1/10 ounce of gold for each unit… Read More Here

Diamond International

Last quarter of 2020 saw recovery in polished diamond prices – report

February 26, 2021February 26, 2021 admin

Diamond price movements from October to December 2020 provide “reasons for optimism,” a new analysis by fintech company UNI states. According to the firm, retail demand trended positively, having first been propped up by an uptick in consumer optimism with the relaxation in covid-related flight restrictions during the third quarter, and then the holiday season demand. In UNI’s view, these two events helped stabilize and ultimately improve average prices for diamonds. However, the work of diamond miners also played a role. PRUDENT UPSTREAM STRATEGIES BY DE BEERS AND ALROSA HELPED MITIGATE STRESS… Read More Here

Mining technology

ABB wins monitoring software deal in China

February 25, 2021February 25, 2021 admin

Swedish-Swiss industrial technology firm ABB has delivered on the first order in China for its ABB Ability Asset Vista Condition Monitoring software. ABB was awarded the contract by Shaanxi Chenghe Shanyang Coal Mine Co Ltd, and it has installed Ability at the Shanyang coal mine near Weinan city in Shaanxi province to streamline maintenance, minimise costs and optimise capacity. The Shanyang mine produces three million tonnes of coal a year. ABB has previously supplied brake systems for the mine’s production and service hoists via its Chinese subsidiary. The Ability solution installed for Shanyang includes… Read More Here

Diamond

Diamonds from Lucapa’s Lulo sell for US$3.7 million

February 25, 2021February 25, 2021 admin

Lucapa Diamond Company and its partners have announced the results of the second diamond sale of 2021 by Sociedade Mineira Do Lulo (SML) from its Lulo alluvial mine in Angola. The rough diamond parcel of 1,040 carats was sold for a total of US$3.7 million or US$3,525 million per carat. Lucapa MD, Stephen Wetherall comments: “This is our third run of mine rough parcel sold this calendar year from our two mines and we continue to see good prices for our premium production.” Aggregated sales from Lulo and Mothae (on… Read More Here

Copper International

Copper price extends rally; producers wary of costs

February 25, 2021February 25, 2021 admin

In early trade on Wednesday, the copper price for delivery in March was up 1.53% with copper futures exchanging hands for $4.23 per pound ($9,306 a tonne). The price of the red metal hit a nearly 10-year high this week as analysts expect that surging demand from the power and construction industries will overwhelm supply. The price spike has prompted top financiers from JP Morgan to Goldman Sachs to predict a commodities “supercycle” similar to that of the early 2000s when demand boomed in emerging nations. “I wouldn’t call it a ‘supercycle’ but there… Read More Here

Copper Mining in Zambia

Copper provides new hope – Zambia

February 24, 2021February 24, 2021 admin

IT is heartening that Zambia’s copper production is at its highest in five years. The 882,061.46 tonnes produced is attributed to favourable operating conditions including stabilised electricity supply to the mines.Clearly, Zambia is doing the right thing to boost the sector, which has for decades been the country’s main source of foreign revenue.What is even more elating about this increase in production by 9.71 percent from 796,430.77 tonnes produced in 2019 is that the comparatively good result is despite the adverse effects of the COVID-19 pandemic.In 2018, Zambia produced 861,946… Read More Here

Mining in Zambia Safety & Health

Zambia: Anglo American must be held to account for industrial scale lead poisoning in Kabwe

February 24, 2021February 24, 2021 admin

Investors must hold global mining giant Anglo American accountable for toxic legacy of lead poisoning between 1925 and 1974 Residents have some of the highest lead levels in the world – especially in children aged 5 years and younger ‘The horrendous ongoing consequences of mining for Kabwe’s children should convince Anglo American that its human rights policies can only protect the company’s reputation if they implement them properly’ – Peter Frankental Amnesty International and other rights organisations have urged major investors in Anglo American to hold the global mining giant to… Read More Here

Diamond

Record-setting stone recovered at Mothae

February 24, 2021February 24, 2021 admin

Lucapa Diamond Company and the Government of Lesotho have announced the recovery of a 215 carat diamond from the Mothae kimberlite mine in Lesotho. The 215 carat stone is the largest Type IIa D-colour white diamond, the second +200 carat diamond and the fifth +100 carat diamond recovered through the 1.1 Mtpa Mothae plant since commercial diamond mining operations began in 2019. This 215 carat diamond follows the recovery of an exceptional 101 carat diamond in December 20201. Lucapa and the GoL aim to further increase the frequency in recovery… Read More Here

Mining Companies Mining in Zambia

Seven foreign companies eye Mopani partnership- Zambia

February 24, 2021February 24, 2021 admin

Mines Minister Richard Musukwa has disclosed that over seven foreign companies have expressed interest to be equity partners in Mopani Copper Mine. Mr Musukwa also encouraged Zambian Companies to take advantage of the opportunity to be equity partners in the mine alongside ZCCM-IH. The Minister also said security agencies are on the ground to prevent assets striping at Mopani Copper Mine. Meanwhile the Ministry of Mines says copper production in 2021 is expected to increase from 882,000 tonnes recorded in 2020 to 900,000 tonnes. Mr Musukwa says the increase in… Read More Here

Mining in DRC Mining Personality

Yves Kabongo Joins Tantalex Resources Board of Directors

February 24, 2021February 24, 2021 admin

TANTALEX Resources Corporation (CSE:TTX) – (CNSX:TTX.CN) – (FSE:1T0) (“TANTALEX” or the “Corporation”), is pleased to announce the appointment of Mr. Yves Kabongo to its Board of Directors. Mr. Kabongo will also take on the role of Special Advisor, DRC Government Liaison Affairs. Mr. KABONGO is a Congolese native with strong experience in directorship and management of Canadian, International and Congolese public companies. He previously lived in Canada for 12 years where he studied Mathematics for Commerce at York University in Toronto. In 2015, he returned to DRC where he co-founded Belair African Metals Sarl,… Read More Here