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Copper price to recover on “signs of Chinese panic buying”

August 27, 2020August 27, 2020 admin

Copper was once again approaching the psychologically important $3 a pound level on Wednesday on the back of falling inventories, booming Chinese demand and pandemic hit supply from South America, the US and Africa. Copper for delivery in December trading in New York jumped 1.5% to $2.9965 a pound ($6,605 a tonne) in afternoon trade, bringing gains for 2020 to more than 7% and a whopping 50% since the covid-19 lows struck in March. A new report from Roskill suggests the rally in copper – which has surprised many with its speed… Read More Here

Mining in Zambia Covid-19

First Quantum Minerals maintains jobs despite Covid-19

August 26, 2020August 26, 2020 admin1 Comment

Copper, gold and zinc miner First Quantum Minerals (FQM) has maintained jobs and production at its operations in Zambia, despite sector-wide moves to cut its workforce and scale down production as a result of the Covid-19 pandemic. Speaking at a visit by Zambia Mines and Minerals Development Minister Richard Musukwa to its Kansanshi mine earlier this month, GM Anthony Mukutuma attributed the positive results to the initiatives the mine had put in place to mitigate the impact of the pandemic on its operations and workforce. “FQM has put in place a range of precautions to… Read More Here

Covid-19 Gold International

Gold price declines after hopes of a new vaccine

August 26, 2020August 26, 2020 admin

The rally in gold, which surged to a record high nearly two weeks ago, is beginning to lose steam with hopes for a coronavirus treatment and signs of improving economies undercutting the metal’s appeal as a haven. Spot gold fell 0.6% to $1,916.61 per ounce by 11:50 a.m. EDT, while gold futures for December delivery declined 0.9% to $1,921.80 per ounce on the Comex in New York. At Friday’s market close, bullion posted back-to-back weekly losses for the first time since June, and is now headed for its fourth decline in five… Read More Here

Mining in Zambia Mining Companies

Zambia seeks to take control of Mopani

August 26, 2020August 26, 2020 admin

Zambia’s state-owned mining investment company (ZCCM-IH) is seeking to take control of Glencore subsidiary Mopani Copper Mines, Mines minister Richard Musukwa announced on Tuesday. Mopani, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by ZCCM-IH. A 10% stake was “not sufficient” to determine Mopani’s future, Musukwa said in a statement, and ZCCM-IH was therefore seeking a larger stake “with a view to holding a controlling stake in Mopani”. The mines minister told Reuters ZCCM-IH was seeking a 51%… Read More Here

Nickel Gold

According To Tesla CEO Elon Musk, This Metal Is The New Gold

August 25, 2020August 25, 2020 admin

In the popular imagination, lithium is the element that powers EVs. However, as Elon Musk has pointed out, the term “lithium-ion batteries” is something of a misnomer, because they don’t really contain that much lithium. “Although called lithium-ion, the actual percentage of lithium in a lithium-ion cell is approximately 2%,” Musk explained at Tesla’s 2016 shareholder meeting. “Technically, our cells should be called nickel-graphite, because the primary constituent in the cell as a whole is nickel.” Nickel is arguably the single most important metal component in EV batteries. More recently, Musk reiterated the… Read More Here

Nickel

Elon Musk To Award Large Contract to miner That can Supply Nickel

August 25, 2020August 25, 2020 admin

Elon Musk promises a “giant contract” with the miner that can supply nickel for Tesla batteries at low cost with minimal environmental impact, yet the industry’s messy track record may make that deal difficult to clinch. Recent accidents such as a diesel spill in Arctic Russia and a burst waste pipeline in Papua New Guinea suggest the industry will struggle to meet Musk’s request for a large quantity of the metal produced in an “efficient” and “environmentally sensitive” way. As the world’s most-valuable carmaker extends manufacturing arms to China and Germany, its billionaire owner may have to rely increasingly on the… Read More Here

Mining in DRC Cobalt International

Glencore joins Fair Cobalt Alliance

August 25, 2020August 25, 2020 admin

Switzerland-based miner Glencore has joined the Fair Cobalt Alliance in support of the group’s efforts to eliminate child and forced labour in the Democratic Republic of the Congo’s artisanal and small-scale mining (ASM) sector. Glencore mothballed its Mutanda copper-cobalt mine in the DRC in 2019 The miner noted that as an industrial miner it does not process, buy or trade ASM materials, but said the artisanal sector was a significant employer in the DRC and played “an important and sustainable” role in the economy. Some 60% of the world’s cobalt is… Read More Here

International Mining technology

Sandvik to host global virtual event

August 25, 2020August 25, 2020 admin

Sandvik Mining and Rock Technology will host a virtual event − the Innovation in Mining Virtual Event − next month, which will showcase a line-up of new equipment and solutions, as well as the latest technologies for digitalisation, automation and electrification for the mining industry. Taking place on September 29 and 30, the global event aims to provide a platform for miners who face the challenges that come with leading mining operations in the modern environment, to learn about and be introduced to some of Sandvik’s innovative solutions for the mining industry and learn how those solutions can deliver value to their operations. Sandvik will also showcase a line-up of innovative solutions for all of its product offerings… Read More Here

Mining in Zambia

MINE SUPPLIERS BUSINESS AFFECTED BY COVID 19

August 25, 2020August 25, 2020 admin

Association of mine suppliers and contractors says the Covid 19 pandemic has impacted the business volumes in the mining sector. Association president Augustine Mubanga, said the pandemic had impacted many mine supplies and contractors who are threatened with closure. He added that business volumes had dropped as many mining firms began to reassess their operations in view if the virus ‘’ There has been a drastic reduction in business and imports due to logistical restrictions, South Africa closed its ports, china as well, making it difficult to send some products.… Read More Here

Covid-19 International Mining in DRC

Glencore underpins cobalt prices post covid-19

August 23, 2020August 23, 2020 admin

A year ago Glencore announced it was halting operations at its Mutanda copper-cobalt mine in the Congo, breathing life into a market that was trading at levels 70% below its peak, hit 18 months before. Given that Mutanda is the world’s largest cobalt mine and responsible for around a fifth of global output in a market of just 135kt per year, market reaction was muted. Congo dominates world cobalt production and Mutanda was responsible for 60% of the Swiss commodities giant’s annual output. While mine output has been largely undisturbed… Read More Here