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Gold price slips as investors prepare for another big rate hike

July 27, 2022July 27, 2022 admin

Gold prices are headed back down after posting the biggest weekly gain since May as investors weighed prospects for tighter US monetary policy and concerns over an economic slowdown. Spot gold is down 0.5% to $1,719.18 per ounce by 1:15 p.m. ET, erasing some of its gains from last week. US gold futures fell 0.6% to $1,717.00 per ounce in New York. Bullion hit the lowest level since March 2021 last week, only to rebound as Treasury yields eased following poor US economic data. After raising rates in June by the most… Read More Here

Gemstones Mining in Zambia

Gemfields reports record 12-month auction revenue

July 27, 2022July 27, 2022 admin

Gemfields has reported record auction revenue of $330.3-million for the 12 months ended June 30. In a report on the company’s operating results and financial position for the period, released on July 27, Gemfields also reported $181.2-million in total auction revenues for the six months ended June 30, with all three auctions held in the period breaking previous records, the company said. At the end of the period, the company’s cash balance was $111.4-million, which excluded auction receivables of a further $81.1-million, while its gross debt balance was at $29.7-million.… Read More Here

Diamond

Botswana President sees progress on diamond pact with De Beers

July 27, 2022July 27, 2022 admin

Botswana and De Beers are working out the “finer” details of a new diamond-sales pact and the southern African nation’s government is confident a deal will be struck, President Mokgweetsi Masisi said. An initial ten-year agreement governing terms for the sale of diamonds produced by Debswana Diamond Co — a joint venture between the two — and auctioned through the De Beers system lapsed in December 2020 and was extended to June 2022 due to the disruption from the pandemic. The two agreed last month to extend negotiations on new terms to June 2023.… Read More Here

Copper Gold International Mining in Zambia

First Quantum keeps cost guidance unchanged despite inflationary pressures

July 27, 2022July 27, 2022 admin

Unlike many of its peers, Canada-based miner First Quantum has opted to keep its cost guidance for 2022 unchanged, despite inflationary pressures and lower output from its mines in Zambia. The company continues to guide cash costs of C$1.45/lb to C$1.60/lb for the full year, despite second-quarter cash costs exceeding the upper limit of the yearly guidance. During the June quarter, First Quantum reported a $0.13/lb quarter-on-quarter increase in C1 cash costs to $1.74/lb, as inflation drove up the prices for consumables, including explosives, fuel and steel, and freight charges climbed. C1… Read More Here

Equipment & Technology International Mining technology

World-first hydrogen haul truck operational from August – Anglo Platinum

July 27, 2022July 27, 2022 admin

The pilot world-first hydrogen haul truck launched early in the year, has had some final changes made to it before it heads into the pit and goes into operational mode from August. Meanwhile, the second prototype is already underway, where learnings from the first truck are being taken into the development of the second prototype. “It’s important to recognise that as we were driving to get the first prototype out to market as soon as possible, we used existing components and retrofitted them into an existing truck. “The next prototype… Read More Here

Mining in DRC Oil & Gas

DRC: tenders for 27 oil and 3 gas blocks,made available to investors

July 27, 2022July 27, 2022 admin

The Democratic Republic of Congo (DRC) is one of the countries with considerable oil and gas potential that is still under-exploited. Its crude oil resources are estimated at more than 22 billion barrels of oil and 66 billion standard cubic meters of gas located in Lake Kivu. These statistics were revealed by Didier Budimbu, Congolese Minister of Hydrocarbons, during a press conference organized this Tuesday, July 26, 2022, in anticipation of the official launch of the first phase of calls for tenders relating to the allocation to investors in 27 oil… Read More Here

Mining in DRC Gold

DRC Mining industry produced 7,797 Kg of raw gold in the first quarter of 2022

July 27, 2022July 27, 2022 admin

The mining industry in the Democratic Republic of Congo (DRC) produced 7,797 kg of raw gold in the first quarter of 2022. This is what the Central Bank of Congo (BCC) informs in its summary of statistical information published in June 2022. According to these data from the highest financial institution in the Democratic Republic of Congo, gold production is up slightly from its level during the same period in 2021 when it stood at 7,472 Kg Gold, representing a slight increase of around 325 kg of raw gold. The… Read More Here

Copper Gold Mining in Zambia

FQM’s renewed dedication to Zambia attributed to the new regime

July 26, 2022July 26, 2022 admin

First Quantum Minerals (FQM), a large mining company with a TSX listing, plans to make significant investments in the expansion of its Kansanshi copper and gold mine. This shows not only the persistent demand for these two metals from international markets, but also the company’s dedication to a nation that recently welcomed a new political leadership that aims to raise Zambia’s status as a mining investment destination going forward. According to Dr. GODWIN BEENE, an expert in FQM government relations affairs, LAURA CORNISH. Zambia’s mining tax regime, amended in 2019, has seen investment from the sector dwindle and total copper production output stagnate ever since. But the introduction of new president Hakainde Hichilema (appointed into office in September 2021) could change this as he has reopened the door to working with local mining companies to establish a more investment-friendly tax regime. This could be one of the key deciding factors that will enable the FQM board to give the green light on a major expansion project at its Kansanshi operations.… Read More Here

Equipment & Technology International Mining technology

Sandvik to deliver ‘biggest BEV fleet to date’ for Foran’s McIlvenna Bay

July 26, 2022July 26, 2022 admin

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 one of the world’s first carbon-neutral copper development projects, McIlvenna Bay will be powered by clean hydroelectric power and designed to take advantage of Sandvik’s latest technological advances in sustainable mining, the OEM says. Sandvik’s biggest BEV fleet to date will include seven Sandvik 18-t-payload LH518B loaders (pictured dumping into a TH550B), six Sandvik 50-t-payload TH550B… Read More Here

Copper International

Copper rises on supply risks and softening dollar

July 26, 2022July 26, 2022 admin

Copper prices rose on Tuesday, as supply risks flagged by major producers offset demand concerns, while a softening dollar made the metal cheaper for holders of other currencies. Three-month copper on the London Metal Exchange rose 2.2% to $7 640/t by 07:09 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange closed 3% higher at 58 890 yuan ($8 718.24) a tonne. The dollar slipped for a fourth straight session as traders waited on a rate hike decision from the US Federal Reserve and for any clues about whether hints of a slowing economy will prompt a… Read More Here