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Gold trading kicks off on Nigerian exchange ahead of launch

July 27, 2022July 27, 2022 admin

A newly licensed Nigerian commodities exchange started trading in gold ahead of its official launch this week, the first time the metal will be offered on a bourse in the West African nation. The Lagos Commodities and Futures Exchange is licensed by the Securities and Exchange Commission to trade gold with the specification of the London Bullion Market Association’s 99.99% purity, targeting globally acceptable pricing and quality, according to Akinsola Akeredolu-Ale, managing director of the Lagos bourse. The exchange is scheduled for a formal launch on July 28 and will… Read More Here

Diamond

Largest pink diamond discovered in Lulo mine

July 27, 2022July 30, 2022 admin

Australia’s Lucapa Diamond (ASX: LOM) has recovered a rare 170-carat pink diamond at its prolific Lulo mine, believed to be the largest of its kind found in Angola in the last 300 years. The massive pink stone named the “Lulo Rose” will be sold later this year through an international tender conducted by Angolan state-owned diamond trading firm Sodiam. Lucapa has a 40% stake in the Lulo mine, which hosts the world’s highest dollar-per-carat alluvial diamonds. The rest is held by Angola’s national diamond company (Endiama) and Rosas & Petalas, a private entity. The… Read More Here

Mining in DRC Oil & Gas

DRC: in the first quarter of 2022, the Congolese oil industry produced only 2,145 barrels

July 27, 2022July 31, 2022 admin

In the midst of a global crisis affecting the main basic necessities, thus causing the rise in the price of petroleum products on the international market, the oil industry in the Democratic Republic of the Congo has slowed down during the first three months of the current year. According to data published by the Central Bank of Congo (BCC), in its statistical summary, the Congolese oil industry produced only 2,145 barrels during the first quarter of 2022. This production is far from meeting the growing demand for petroleum products on… Read More Here

Tin Mining in DRC

DRC: after a production of 6,241 tons of tin in the first half of 2022, Alphamin maintains its objectives

July 27, 2022July 27, 2022 admin

In an operational and financial report published on Tuesday July 26, 2022, the mining company Alphamin announces that it produced 3,180 tonnes of tin in the second quarter of 2022. For this mining operator, this brings production for the first six months of the 2022 financial year to 6,241 tonnes. The performance thus achieved represents an increase of 4% quarter-on-quarter, placing Alphamin on track to achieve its target of 12,000 tonnes of tin for the full year 2022. We also note that EBITDA nevertheless fell, from 98.1 million USD at… Read More Here

Mining in DRC

DRC growth trumps regional average

July 27, 2022July 27, 2022 admin

The Democratic Republic of Congo has recorded among the highest growth rates in the region, according to a recently completed annual assessment by the International Monetary Fund. Growth in the country rebounded from 1.7% in 2020 to an estimated 6.2% in 2021, well above the 4.5% rate in sub-Saharan Africa. According to the IMF report, the strong recovery was driven by the country’s mining and services sector performance. “Under a Fund-supported programme, the authorities have adopted policies that have helped moderate inflation and stabilise the exchange rate, while commodity prices have… Read More Here

Nickel Mining in Zambia

Zambia to be a champion of nickel production in Africa-HH

July 27, 2022July 30, 2022 admin

Zambia officially began its journey to becoming a key player in the new global electric vehicle (EV) ecosystem this week as President Hakainde Hichilema launched the Enterprise nickel mine in Kalumbila. Once up and running, First Quantum Minerals’ mine will be the largest producer of the strategic metal in Africa. Nickel, like lithium, cobalt, and copper, is an essential component in the batteries essential for the new era of ‘green’ vehicles. Designed to process 4 million tonnes of ore and produce around 28,000 tonnes of nickel per year, Enterprise will… Read More Here

Diamond International

De Beers sold $630m of diamonds in its sixth sales cycle

July 27, 2022July 27, 2022 admin

Diamond miner De Beers sold $630-million of rough diamonds in its sixth sales cycle for this year. CE Bruce Cleaver says the company continued to see steady demand for its rough diamonds, following “a period of consistently robust demand in the first half” of this year. Sales were higher than the $514-million worth of diamonds sold in the fifth sales cycle this year, but lower than the $657-million worth of diamonds sold in the sixth sales cycle of 2021. Read More Here

Gold International

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