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Gold bounces above $1 800 after US inflation data

August 10, 2022August 10, 2022 admin

Gold prices charged higher and broke above the key $1,800 level on Wednesday after relatively tame US inflation readings prompted bets that the Federal Reserve may not opt for aggressive rate hikes. Spot gold rose 0.6% to $1 804.20 per ounce by 1249 GMT (8:49 ET). US gold futures jumped 0.6% to $1 822.30. US consumer prices did not rise in July, due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two… Read More Here

Barrick Gold tweaks cost guidance as copper boosts second-quarter earnings

August 9, 2022August 9, 2022 admin

Barrick Gold Corp flagged on Monday that it might overshoot its gold production cost forecast this year, though it stopped short of hiking its cost guidance, with CEO Mark Bristow saying the path of inflation was uncertain. Barrick beat analysts’ expectations with a nearly 19% rise in second-quarter profit thanks to higher copper output even as inflation drove production costs up for the world’s second-biggest gold miner. Its shares rose 2% at the open in Toronto. The company now expects to be “either at the top end or slightly above”… Read More Here

Mining in DRC Gold

DRC: in 2021, Kinshasa produced 38% of gold from artisanal mining

August 9, 2022August 9, 2022 admin

The city of Kinshasa, the capital of the Democratic Republic of Congo (DRC), achieved a gold production estimated at 51.3 Kg during the year 2021. This is what the statistics published by the National Ministry of Mines. The production carried out in the city-province of Kinshasa represents 38% of the overall production recorded during the period indicated in this report from the Ministry of Mines. According to the same source, gold exports from the Democratic Republic of Congo (DRC) in 2021 amounted to 31,444 kg of gold, generating a sum… Read More Here

Mining in DRC

DRC: USD 412 million in revenue from cassiterite exports in 2021

August 9, 2022August 9, 2022 admin

The Democratic Republic of Congo exported in 2021 a volume of cassiterite of around 30,596 tons for a value of 412 million 393,584 USD, according to statistics provided by the Ministry of Mines. The industrial sector produced more than two thirds of the cassiterite of the DRC, or 20,294 tons for a value of 293 million 283,496 USD against 10,301 tons for a value of 119 million 110,088 USD for the artisanal sector. Most of the cassiterite exports of artisanal origin come mainly from the EX-KATANGA area which represents 50%,… Read More Here

International

World: Russian oil and gas exports amount to more than 97 billion USD since the start of military operations in Ukraine

August 9, 2022August 9, 2022 admin

Despite European Union sanctions against Russia, which are expected to affect almost three quarters (3/4) of Russian oil and gas exports, the world’s largest country continues to make its oil and gas cheap. Since the start of Russian military operations on Ukrainian territory, Russian oil and gas exports have reached an amount of more than 97 billion US dollars, according to the report of an Independent Research Center (CREA) published on Monday, August 8 2022 and which particularly pinpoints France. From February 24 to June 3, 2022, Russia exported exactly… Read More Here

Copper Mining in Zambia

Lower feed grades affect Kansanshi Mine

August 8, 2022August 8, 2022 admin

First Quantum Minerals has recorded a 2,180 decrease in its copper production at its Kansanshi Mine in Solwezi for the second quarter of 2022. Kansanshi’s copper production was 39,719 tonnes, while the company’s copper production at its Sentinel mine in Kalumbila of 52,447 tonnes was on target. Combined production from the two mines was lower than the previous quarter. FQM’s Chief Executive Officer, Tristan Pascall has explained that the results at the company’s Kansanshi mine were affected by lower feed grades caused by current mining conditions, and that after an… Read More Here

Copper International

Copper dips but interest rate hopes support

August 8, 2022August 8, 2022 admin

Copper prices eased on Monday but were supported by rising imports of the industrial metal by top consumer China and by hopes that interest rates will peak soon after rapid increases aimed at curbing inflation. Benchmark copper CMCU3 on the London Metal Exchange (LME) traded down 0.2% at $7 850 a tonne in official rings. Prices of the metal used as a gauge of economic health have climbed 13% since July 15, when they touched the lowest since November 2020 at $6 955. “The bounce in metal prices and more broadly other… Read More Here

International Mining Companies

Barrick Gold boss tells miners to brace for more inflation

August 8, 2022August 8, 2022 admin

Barrick Gold Corp. boss Mark Bristow is sticking with his cost guidance for now, despite inflationary headwinds at mines around the world, but said the idea that industry costs have peaked is “wishful thinking.” The world’s No. 2 gold producer on Monday reported second-quarter earnings that were slightly ahead of estimates, partly by keeping cost increases capped at 4.1% from the first quarter in a highly inflationary environment. In the same report, Barrick said costs would trend toward the high end, or even slightly exceed, its guidance range. Despite mitigation… Read More Here

Coal Mining Companies

Glencore profit more than doubles thanks to soaring coal price

August 8, 2022August 8, 2022 admin

Mining and commodities trader Glencore (LON: GLEN) posted on Thursday record profit of $18.9 billion in the first half of 2022, more than doubling last year’s figure thanks to its booming thermal coal business. Unlike rivals, including Anglo American, Rio Tinto and BHP, which bowed to investor pressure to exit fossil fuels, Glencore has continued mining coal, of which prices have reached record highs on the back of a global energy crunch unleashed by the war in Ukraine. The Swiss firm’s coal division generated earnings of $8.9 billion in the first six months of… Read More Here

Mining in DRC

Africa: On tour for security and mining issues? Anthony Blinken held to the duty to respect the choices of the DRC

August 8, 2022August 8, 2022 admin

Tribune- Unless unforeseen, US Secretary of State Anthony Blinken will be in Kinshasa on August 9 and 10, 2022. For the DRC stage, the official press release from the Department of State confirmed by the United States Embassy in Kinshasa places this stay within the framework successively “of the holding of free, inclusive and fair elections in 2023”, promotion and respect for “human rights and the protection of fundamental freedoms”, “the fight against corruption”, “support for trade and investment”, the issue of “climate change and support for “regional African efforts… Read More Here