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Copper price rises despite global economic pessimism 1 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 2 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 3 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  4 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 5 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 6 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 7 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
Sandvik Partners With Foran For Record BEV Fleet In Canada 8 Equipment & Technology Mining technology 

Sandvik Partners With Foran For Record BEV Fleet In Canada

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Foran Mining has selected Sandvik Mining and Rock Solutions to supply a fleet of 20 battery-electric vehicles (BEVs), including trucks, loaders and drills, for its McIlvenna Bay project in Saskatchewan, Canada. Set to be the world’s first carbon-neutral copper development project, McIlvenna Bay will be powered by clean hydroelectric power and designed to take advantage of Sandvik’s latest technological advances in sustainable mining. Sandvik’s biggest BEV fleet to date will include seven Sandvik LH518B loaders, six Sandvik TH550B trucks, four Sandvik DD422iE jumbos, two Sandvik DL422iE longhole drills and one Sandvik DS412iE mechanical… Read More Here
Zambia’s copper production and prices plummet, putting country’s economic growth goals in jeopardy 9 Copper Mining in Zambia 

Zambia’s copper production and prices plummet, putting country’s economic growth goals in jeopardy

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Zambia’s economic growth goals for this year are in jeopardy as the country’s copper production and prices, which account for more than 70% of export revenue, plummet. Production dropped 7.4% to 364,089 tons in the first half of 2022, according to figures released on Tuesday by the Zambia Chamber of Mines. The metal’s price on the London Metal Exchange is down 20% this year to $7,718 a ton, well below the Ministry of Finance and National Planning’s prediction of $9,595 for the year. This metal is used in everything from… Read More Here
Tesla signs $5bn nickel products supply contracts with Indonesian firms 10 Battery Metals International 

Tesla signs $5bn nickel products supply contracts with Indonesian firms

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Indonesia has been looking to attract investments from Tesla and boost domestic development of electric vehicles and batteries. US-based Tesla has reached contracts, valued at nearly $5bn, to purchase battery materials from Indonesian nickel processing companies, reported  Reuters citing a senior cabinet minister as saying to CNBC Indonesia. Claiming to hold major nickel reserves, Indonesia has been looking to attract investments from US electric vehicle maker Tesla. Indonesian Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan was cited by the news agency as saying in an interview broadcast: “We are still… Read More Here

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