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DRC: SAEMAPE sensitizes mining operators on the process of granting technical advice 1 Artisanal mining Mining in DRC 

DRC: SAEMAPE sensitizes mining operators on the process of granting technical advice

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The Deputy Director General in charge of technical issues within the Assistance and Supervision Service for Artisanal Small-Scale Mining (SAEMAPE), Eliane Poto Poto, is staying in the provinces of Haut-Katanga and Lualaba where she speaks with miners on specific issues relating to artisanal mining. The presence of Eliane Poto Poto is part of the awareness campaign for the improvement of mining cooperatives. Its main mission is to harmonize the various mining cooperatives and evaluate the management of the provincial services of SAEMAPE in Haut-Katanga and Lualaba. A first in this part of… Read More Here
Barrick Lumwana launches Zambia business accelerator programme 2 Mining in Zambia 

Barrick Lumwana launches Zambia business accelerator programme

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Zambian miner Barrick Lumwana, in collaboration with the Accelerated Growth for Micro, Small and Medium-sized Enterprises in Zambia (AGS) programme and the Women’s Entrepreneurship Access Center (WEAC), has launched the 10X Business Accelerator Programme to build business capacity for local contractors in Barrick’s mining supply chain. The programme will be implemented by WEAC to build local contractor capacity and to support contractors in effecting their growth plans, diversifying their markets to become sustainable beyond the mine’s operations. Barrick’s 10X Business Accelerator Programme is further aimed at enabling the small and… Read More Here
Gold price heads for weekly drop as Fed officials reiterate rate hikes 3 Gold International 

Gold price heads for weekly drop as Fed officials reiterate rate hikes

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Gold is headed for the first weekly decline in five as traders weighed reiteration from Federal Reserve officials that they’re determined to hike interest rates to fight inflation. Policy makers offered divergent views on the size of the next interest-rate increase, but they agreed on the need to keep raising interest rates. St. Louis’s James Bullard urged another 75 basis-point move while Kansas City’s Esther George struck a more cautious tone. Richmond’s Thomas Barkin echoed that resolve on Friday, noting the risk those efforts could cause a recession. Bullion dropped… Read More Here
Copper price rises despite global economic pessimism 4 Copper International 

Copper price rises despite global economic pessimism

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The copper price rose on Friday but was set to end the week slightly lower as traders balanced hopes for solid demand in China with pessimism about the global economy. Copper for delivery in September rose 1.1% on the Comex market in New York, touching $3.67 per pound ($8,074 per tonne). Inflation data in Germany and Japan on Friday and statements from European and U.S. central bankers this week suggest that rapid, economically damaging interest rate rises will continue. Investors turned cautious, pushing down global equities and driving up the… Read More Here
Zimbabwe offers target-beating incentive for biggest gold miners 5 Gold 

Zimbabwe offers target-beating incentive for biggest gold miners

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Zimbabwe extended an incentive for the country’s biggest gold miners to produce above state-set output targets. Large producers that exceed their goals will receive 80% of the payment for the additional output in foreign currency, Deputy Mines Minister Polite Kambamura said in an interview. That compares with the existing 60-40 split between foreign and local currency payments for gold produced in the southern African country. “Overall, it’s a good policy,” said Isaac Kwesu, chief executive officer of the Chamber of Mines. “But for those that are already operating at full… Read More Here
DRC: tenders for oil and gas blocks, Budimbu reassures ICCN on respect for the environment 6 Oil & Gas Mining in DRC 

DRC: tenders for oil and gas blocks, Budimbu reassures ICCN on respect for the environment

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After the sale of the oil and gas resources of the Democratic Republic of Congo (DRC) estimated respectively at more than 22 billion barrels of oil and 66 billion normal cubic meters of gas located in Lake Kivu, the Congolese Minister of Hydrocarbons , Didier Budimbu, continues to reassure the various partners on the respect for the environment which should characterize these operations. To this end, Minister Didier Budimbu had a working session with the Director General of the Congolese Institute for the Conservation of Nature (ICCN), on Monday August… Read More Here
Copper price falls on demand worries in China  7 International Copper 

Copper price falls on demand worries in China 

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The copper price fell on Monday as worries about demand in China surfaced due to weak economic data and a firmer dollar. Copper for delivery in September fell 2% on the Comex market in New York, touching $3.59 per pound ($7,898 per tonne). “Chinese data was disappointing, suggesting a bigger hit than expected from covid-19 restrictions,” a metals trader said, adding that a higher dollar had also triggered fund selling. “But there is a positive – interest rate cuts from the PBOC (People’s Bank of China).” China’s economy unexpectedly slowed… Read More Here
Gold price drops with China slowdown, Fed minutes in focus 8 Gold International 

Gold price drops with China slowdown, Fed minutes in focus

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On Monday, China’s central bank unexpectedly cut its key interest rate as it ramped up support for an economy handicapped by virus lockdowns and a deepening property crisis. Economic data showed the country’s recovery is ebbing, potentially crimping physical demand for gold in the world’s largest consumer. Despite coming off a fourth weekly gain, bullion has now come under pressure from a stronger US dollar amid concerns over further rate hikes by the US Federal Reserve. The dollar index edged higher Monday, making gold and other commodities more expensive for overseas buyers. Treasury… Read More Here
Oil and gas blocks: Kinshasa and Washington decide to set up a task force on climate change 9 Oil & Gas Mining in DRC 

Oil and gas blocks: Kinshasa and Washington decide to set up a task force on climate change

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The oil and gas blocks offered for sale by the Congolese government were also discussed during the stay of the American Secretary of State in the Democratic Republic of Congo. Despite this project, the head of Congolese diplomacy Christophe Lutundula wanted to reassure his counterpart and public opinion that the DRC is not going to abandon its commitments to be a solution country in the protection of the environment and the fight against climate change. This is how the two parties agreed on the establishment of a working framework that will… Read More Here
Market: the price of copper rises to 8,140 USD per ton 10 Copper International 

Market: the price of copper rises to 8,140 USD per ton

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The price of copper rose Thursday to its highest level in nearly six weeks, helped by easing demand concerns after U.S. inflation data turned weaker than expected. Copper for September delivery rose 1.6% on the New York Comex market, touching $3.70 a pound ($8,140 a ton). U.S. consumer prices failed to rise in July as economists expected a 0.2% gain, a report that could allow the Federal Reserve to scale back the magnitude of its rate hike. interest in September. “The market was short according to our estimates in which… Read More Here

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