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Mine suppliers want gold sub-sector re organised

January 2, 2021January 2, 2021 admin

THERE is need for Government to reorganise the gold sub-sector by putting up infrastructure to promote value addition, Association of Mine Suppliers and Contractors (AMSC) president Augustine Mubanga has said. Giving the end of year perspective for the mining sector, Mr Mubanga said the gold subsector needs to be reorganised if the country is to derive maximum benefits from it. He said this should be done by putting up infrastructure that will promote value addition to gold, unlike exporting it in its raw form as has been the case with… Read More Here

Covid-19

Africa: Over 2.7 Million Confirmed Covid-19 Cases Across Continent

December 31, 2020December 31, 2020 admin

As of December 31, confirmed cases of Covid-19 from 55 African countries reached 2,728,817. Reported deaths in Africa reached 64,771 and 2,278,265 people have recovered. South Africa has the most reported cases – 1,039,161 – and 28,033 people died. Other most-affected countries are Morocco (437,332), Tunisia (137,216), Egypt (136,644), Ethiopia (123,856), and Libya (99,935). The numbers are compiled by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (world map) using statistics from the World Health Organization and other international institutions as well national and regional public health departments. Read More Here

Mining Companies

IAMGOLD, AngloGold Ashanti close Mali mine sale

December 31, 2020December 31, 2020 admin

IAMGOLD (TSX: IMG) (NYSE: IAG) and joint venture partner AngloGold Ashanti announced Wednesday that they completed the sale of their collective interests in Société d’Exploitation des Mines d’Or de Sadiola S.A. to Allied Gold Corp. (TSE: ALG). SEMOS’ principal asset is the Sadiola gold mine, in the Kayes region of Western Mali. Sadiola, one of the three assets AngloGold Ashanti put on the chopping block this year and IAMGOLD’s founding asset, is also owned by Mali’s government, which has an 18% interest. The $150 million deal was first announced in December 2019 but delayed in August over… Read More Here

International Iron Ore

Iron ore price drops on China’s appeal to cut steel output

December 31, 2020December 31, 2020 admin

Benchmark iron ore futures in China dropped almost 6% on Wednesday after the country urged the steel industry to produce less crude steel next year amid the government’s carbon neutrality plan. Iron ore prices have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm. But the Ministry of Industry and Information Technology called on the steel sector to “resolutely” cut crude steel output and ensure an annual drop… Read More Here

Gold International

Gold price higher as dollar hits multiyear low

December 31, 2020December 31, 2020 admin

Gold prices edged higher on Wednesday, as the prospect of increased fiscal aid pushed the US dollar to another multiyear low. However, the ongoing covid-19 vaccine rollouts and increased risk appetite limited bullion’s gains. Spot gold advanced 0.4% to $1,885.05 per ounce by 11:35 a.m. EST, while US gold futures rose 0.3% to $1,889.30 per ounce in New York. On Wednesday, the dollar index fell to its lowest since April 2018 following US Senate Majority Leader Mitch McConnell’s decision to delay a vote on increasing covid-19 relief checks to $2,000.… Read More Here

Copper Mining in DRC

DRC: Government congratulates miners for record production of over 1.4 million tonnes of copper in 2020

December 31, 2020December 31, 2020 admin

Prime Minister Sylvestre Ilunga Ilunkamba held on Wednesday December 30, 2020 at the Prime Minister’s office the last meeting of the economic conjuncture committee of the year. During this meeting, the Minister Willy Kitobo Samsoni proceeded to the presentation of the note of his sector. According to Jean-Baudouin Mayo, VPM, Minister of Budget who reported on this meeting, the Democratic Republic of Congo has achieved a large production compared to last year (2019). “The production was at the rendezvous this year, around 1,400,000 tons of copper. I believe that this is… Read More Here

Gold International

Gold prices fall on the market after the signing of the economic recovery project in the United States

December 30, 2020December 30, 2020 admin

Gold prices retreated on Monday after US President Donald Trump signed a long-awaited pandemic aid bill, which pushed bullion to a peak a week earlier. Spot gold was down 1.6% to $ 1,877.11 an ounce after rising more than $ 1,900 an ounce during trading hours in Asia. US gold futures slipped 0.1% to $ 1,881.50 on Comex. Meanwhile, the dollar index trimmed losses after falling 0.2% to a week-low low, which outweighed bullion’s appeal to other currency holders. President Trump passed a $ 2.3 trillion pandemic aid and spending law… Read More Here

Copper Equipment & Technology

Metso Outotec to deliver processing technology to Russia copper concentrator

December 30, 2020December 30, 2020 admin

Metso Outotec has signed a contract for the delivery of key minerals processing technology to a new high-capacity copper concentrator in Russia. The customer and the contract value are not disclosed. However, deliveries with similar scope typically exceed 100 million euroes, the company said. The order is booked in Metso Outotec’s fourth quarter 2020 orders received. In June 2020, the company received an 23 million euro order for two primary crushing stations for the same concentrator plant. The concentrator will have four production lines with a total processing capacity of at least 80 million… Read More Here

Gold International

Gold miners set for another banner year

December 29, 2020December 29, 2020 admin

The good times for gold miners are expected to continue next year, especially for those that are able to tighten spending and increase returns to investors. The rally in gold prices has helped miners expand their margins and generate record levels of free cash flow, allowing many to pass on profits to shareholders already, Scotiabank analyst Tanya Jakusconek said. “With miners’ balance sheets in great shape, we believe investors will benefit from much higher dividends over the coming years,” Jakusconek wrote in a note to clients. Kinross Gold Corp., for… Read More Here

Oil & Gas

Was 2020 really so bad for oil?

December 29, 2020December 29, 2020 admin

If ever a year needed a shot of glass-half-full attitude, it’s 2020. I got it recently from an oil executive. Conversation turned inevitably to the pandemic and 10 million barrels a day of oil consumption — one in ten — going *poof*. Against which they offered this: Despite epic disruption, we still used 90 million barrels a day of the stuff. How’s that for describing the worst drop in oil demand ever? They had reason to be cheerful, though. After spring’s sudden collapse, oil ends the year with renewed vigor. Brent crude is back above $50 a barrel, and energy stocks,… Read More Here