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Gold price loses momentum with US runoffs in focus 1 Gold International 

Gold price loses momentum with US runoffs in focus

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Gold prices declined from a near eight-week high on Wednesday as investors await the outcome of US Senate runoff elections in Georgia, which could affect the prospects for more fiscal stimulus, and thus for gold. Spot gold fell 2.2% to $1,905.30 per ounce by 11:50 a.m. EST, having gone as high as $1,958.90 per ounce earlier in the session. US gold futures were down 2.4% in New York. Meanwhile, the US dollar recovered from earlier losses, causing bullion’s new year rally to lose momentum. “We have seen a small bounce… Read More Here
In blow to Vedanta, Zambian court rules KCM liquidator to stay in post 3 Mining in Zambia 

In blow to Vedanta, Zambian court rules KCM liquidator to stay in post

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A Zambian court has ruled the state-appointed liquidator of Vedanta’s Konkola Copper Mines will not be discharged despite a November ruling ordering a halt to proceedings to allow Vedanta and minority KCM shareholder ZCCM-IH to pursue arbitration. The ruling is a blow to Vedanta, which has been locked in a legal battle since the Zambian government – which owns 20% of KCM through state mining investment firm ZCCM-IH – handed control of the business to a liquidator in May 2019. The government accused Vedanta of failing to honour licence conditions, including promised investment. The… Read More Here
Steelmakers, Caterpillar jump on bigger stimulus hopes 5 Equipment & Technology 

Steelmakers, Caterpillar jump on bigger stimulus hopes

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American steelmakers and machinery producers surged on speculation that Democrats securing control of Congress paves the way for President-Elect Joe Biden to pass a wide-ranging infrastructure stimulus bill. Investors in the metal used in everything from skyscrapers to highways to bridges and tunnels are wagering that control of the House and Senate will give Biden the support he needs to make good on infrastructure and clean energy campaign promises. Democrats won control of the U.S. Senate after two runoff victories in Georgia. The S&P Supercomposite Steel Index, which includes U.S. Steel Corp., Nucor… Read More Here
Copper price hits new high as covid cases sweep South America 7 Copper International 

Copper price hits new high as covid cases sweep South America

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Copper prices continued their momentum from the second half of 2020 as the second wave of coronavirus infections intensifies in South America, the world’s top copper-producing region. Copper futures for March delivery advanced 0.3% to $3.652 per pound on the Comex, surpassing a near eight-year high set in December. Copper prices have rallied over recent months as demand for the bellwether metal grows on the back of fiscal stimulus hopes and recovery in industrial activities, but rising covid-19 cases and lockdowns have also caused a supply crunch for the most traded… Read More Here
ZAMBIA: World Bank lends $65 million for sanitation around mining sites 9 Mining safety Mining in Zambia 

ZAMBIA: World Bank lends $65 million for sanitation around mining sites

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The World Bank is committing $65 million to finance an environmental remediation and restoration project around several mining sites in Zambia. Mining that benefits the Zambian economy has many impacts on the environment, including pollution that affects people’s health. Initiated by the Zambian government, the Zambia Mining and Environmental Remediation and Improvement Project (ZMERIP) aims to clean up the environment around mining sites. It now benefits from financial support of $65 million from the World Bank. The funds granted to the Zambian government will be used to clean up contaminated… Read More Here
Gold rises to eight-week high 10 Gold International 

Gold rises to eight-week high

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Gold rose to an eight-week high aided by a weaker dollar and lower real rates, as investors awaited the outcome of elections in Georgia that will determine control of the Senate and President-elect Joe Biden’s agenda. Bullion could benefit if Democrats win the two seats in the runoff contest as it would mean an easier path to approving more fiscal stimulus, according to Credit Suisse Group analyst Fahad Tariq. Polls in the state closed amid record-breaking turnout, but there is a chance the winners will not be determined for days, or even weeks,… Read More Here
Oxbotica raises $47m for autonomous mining software 11 Equipment & Technology 

Oxbotica raises $47m for autonomous mining software

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Oxbotica has announced that it has raised $47m in investment for new autonomous software to be deployed at mines across the world, with energy major BP and investment firm BGF among the backers. The company, which began as a spin-out from Oxford University, is developing what it calls an “open autonomy software platform for the mining industry”, which will enable vehicles of all sizes and functions to communicate with one another and operate without human input. The company also offers a companion cloud-based vehicle and data management platform, which can… Read More Here
Botswana extends Lucara’s Karowe license to 2046 12 Uncategorized 

Botswana extends Lucara’s Karowe license to 2046

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Canada’s Lucara Diamond (TSX: LUC) said Botswana has renewed the company’s mining license for its Karowe mine for another 25 years, paving the way to move the mine’s underground expansion to its execution phase. President and CEO Eira Thomas said the license renewal and extension was an important milestone for the underground expansion of Karowe, as it eases the completion of a supplemental debt financing and full project sanction, later this year. MOVING THE MINE UNDERGROUND IS EXPECTED TO TAKE FIVE YEARS AND EXTEND ITS PRODUCTIVE LIFE BY 20 YEARS The Karowe underground expansion project, which… Read More Here
Sandvik to buy DSI Underground for €943M 14 Mining Companies International 

Sandvik to buy DSI Underground for €943M

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Swedish mining engineering company Sandvik plans to acquire German tunnelling technologies company DSI Underground for €943 million (US$1.1 billion) in cash. Sandvik said the purchase of the safety solutions company from its owner, investment firm Triton, would improve its underground product offerings. Sandvik has signed an agreement to acquire DSI Underground, a global leader in ground support and reinforcement products, systems and solutions for the underground mining and tunneling industries from Triton. The company will be included with reporting from the Sandvik Mining and Rock Solutions unit. “This acquisition is… Read More Here
R&B star Akon enters Congo mining sector in JV with state company 16 Mining in DRC 

R&B star Akon enters Congo mining sector in JV with state company

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A company led by American-Senegalese R&B singer Akon has signed a deal to finance a copper and cobalt mine in the Democratic Republic of Congo in a joint venture with a state miner, according to a contract published by the mines ministry. The Grammy-nominated singer, known for hit songs like “Don’t Matter” and “Smack That,” has launched a number of business and philanthropic ventures across Africa in recent years, including a $6 billion futuristic city in Senegal and a cryptocurrency called Akoin. Akon’s foray into Congo’s mining sector comes through a U.S.-… Read More Here

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