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Gold price sinks below $1,700 ahead of key central bank meetings

July 21, 2022July 21, 2022 admin

Gold prices sank below $1,700 on Wednesday afternoon as investors continued to shed holdings of gold-backed exchange-traded funds ahead of key central bank meetings over the next week, which may result in more aggressive interest rate hikes. Spot gold fell 0.9% to $1,696.71 per ounce by 5:10 p.m. ET, a new 11-month low, after holding steady earlier in the session. US gold futures shrank 1.0% to $1,694.30 per ounce in New York. Bullion has been hovering in a narrow trading range since late last week, with the US dollar index also… Read More Here

Gold

Caledonia Mining to buy one of Zimbabwe’s largest gold projects

July 21, 2022July 21, 2022 admin

Caledonia Mining Corporation is set to be the new owner of one Zimbabwe’s biggest gold mining projects after agreeing to acquire Bilboes Gold Limited, owner of the namesake gold project, in a $53 million shares deal, plus a royalty on revenues. The transaction could more than double Caledonia’s annual production, potentially making it Zimbabwe’s top gold miner. It would also help the company become a multi-asset mid-tier producer. “We are delighted to have signed an agreement for the purchase of Bilboes, the premier gold development project in Zimbabwe, and indeed one of… Read More Here

Copper Cobalt Mining in DRC

Angola awards $333m to Trafigura consortium to improve Congo rail link

July 21, 2022July 21, 2022 admin

Angola’s ministry of transport has awarded a tender to a Trafigura consortium to operate and expand rail infrastructure to speed up commodity imports from the Democratic Republic of Congo. Congo, Africa’s biggest copper producer, exports copper, cobalt, and other metals in trucks via Tanzania or South Africa, which takes several weeks because of congestion and customs delays. As part of a 30-year concession agreement, the consortium has agreed to invest $256 million in infrastructure, $73 million in rolling stock and $4.3 million in other activities, Angola’s transport ministry said, to… Read More Here

Equipment & Technology International Mining technology

Epiroc records ‘best quarter ever for electrification’

July 21, 2022July 21, 2022 admin

In a quarter of record revenues and adjusted operating margin, Epiroc’s battery-electric equipment orders and market demand for electrified mining solutions again came to the fore. The company posted revenues of SEK11.9 billion ($1.2 billion) in the June quarter, 22% up on the same three-month period of a year ago. Its adjusted operating margin came in at 23.6%, compared with 22.6% a year earlier. Epiroc’s aftermarket division continued to dominate the balance sheet, accounting for 73% of revenues, which itself was up on the 69% registered in the June quarter… Read More Here

Mining in DRC Energy Oil & Gas

Auction of Congolese oil & gas blocks: Patrick Muyaya reminds Greenpeace that DRC has rights to exploit its wealth

July 21, 2022July 21, 2022 admin

The Minister of Communication, Patrick Muyaya insisted on the need for the Democratic Republic of Congo to exploit its oil and gas blocks in order to allow the country to benefit from the advantages of its wealth. During the joint briefing with the Ministry of Tourism, held on Wednesday July 20, the government spokesperson responded to the denunciations of the international environmental protection NGO, Greenpeace. Patrick Muyaya reminded this NGO that there are current oil drilling techniques that are safe for the ecosystem. “There are current drilling technologies that make it… Read More Here

Mining in DRC Energy Oil & Gas

Auction of oil and gas blocks in the DRC: Modero Nsimba refutes the denunciations of Greenpeace

July 21, 2022July 21, 2022 admin

The Minister of Tourism, Modero Nsimba responded to the international environmental protection NGO, Greenpeace, which invited, in its press release of Tuesday July 19, the oil and gas majors to refrain from buying rights to 27 oil blocks and 3 gas blocks auctioned by the authorities of the Democratic Republic of Congo in order to protect biodiversity. It was during the government briefing on endangered protected areas held on Wednesday 20 July. The Minister of Tourism denounced the attitude of the NGO Greenpeace which, according to him, is in the process… Read More Here

Equipment & Technology International Mining technology

Epiroc to deliver advanced autonomous drilling solutions to SNIM in Mauritania

July 20, 2022July 20, 2022 admin

Epiroc has won a large order for surface mining equipment from Société Nationale Industrielle et Minière, in Mauritania. Société Nationale Industrielle et Minière, known as SNIM, is one of Africa’s largest iron ore producers. The mining company has ordered a package of Epiroc Pit Viper 351 drill rigs with advanced automation solutions that will be used at the new F’Derick mining site. Epiroc will, in addition, provide service supervision and spare parts. The equipment order is valued around SEK150 million ($14.7 million) and was booked in the June quarter of… Read More Here

Energy Mining Companies

Cameroon’s anti-graft agency says investigations into Glencore bribery underway

July 20, 2022July 20, 2022 admin

Cameroon’s anti-corruption agency is investigating claims by miner and commodities trader Glencore Plc that it paid bribes to officials at state-run companies in exchange for favours, an official said on Tuesday. Dieudonne Massi Gams, chairman of the central African country’s National Anti-Corruption Commission (CONAC), told Reuters that the agency had set up a commission of inquiry since complaints made by civil society and local media. “We are working on it and will take our time in order to produce good results,” Gams said, without giving further details. In June, Glencore’s UK subsidiary … Read More Here

Copper International

Copper price down as growth outlook deteriorates

July 20, 2022July 20, 2022 admin

Copper prices fell on Tuesday as worries about demand in China and elsewhere due to a slowdown in growth were reinforced by rising inventories, while a lower US dollar provided some support. Copper fell 1.6% to $3.29 ($7,062) a tonne on the Comex market in New York. “Individual metals aren’t really being driven by their own fundamentals, macro factors are driving metals at the moment,” said Caroline Bain, chief commodities economist at Capital Economics. “The growth outlook has deteriorated … prices could fall a little further, there is momentum there,… Read More Here

Mining in DRC Equipment & Technology Mining technology

Metso Outotec to supply plant equipment to Kamoa Copper in DRC

July 20, 2022July 20, 2022 admin

Kamoa Copper has selected Metso Outotec to supply key concentrator plant equipment to the company’s copper mining complex expansion in the Democratic Republic of Congo. The value of the order, which is not disclosed, has been booked in Metso’s second quarter 2022 orders received. Metso Outotec’s scope of delivery consists of Planet Positive processing equipment, including energy efficient HIGmill regrind mills with polyurethane wear linings. The delivery also includes Larox PF 60 Series concentrate filters and TankCell flotation cells for the efficient recovery of valuables. “One of the key missions for Kamoa Copper is to implement low-carbon technology… Read More Here