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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

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