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Cameroon’s anti-graft agency says investigations into Glencore bribery underway 1 Energy Mining Companies 

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

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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 price down as growth outlook deteriorates 2 Copper International 

Copper price down as growth outlook deteriorates

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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
Metso Outotec to supply plant equipment to Kamoa Copper in DRC 3 Mining in DRC Equipment & Technology Mining technology 

Metso Outotec to supply plant equipment to Kamoa Copper in DRC

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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
Greenpeace denounces the auctioning of oil and gas blocks in the DRC 4 Mining in DRC Energy Oil & Gas 

Greenpeace denounces the auctioning of oil and gas blocks in the DRC

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Environmental organization Greenpeace on Tuesday urged oil and gas majors to refrain from buying rights to 27 oil blocks and 3 gas blocks auctioned by authorities in the  Democratic Republic of Congo  to protect biodiversity, according to a press release. Tenders for the allocation of rights to these blocks will be launched on July 28, the Congolese Minister of Hydrocarbons, Didier Budimbu, announced on Monday.  The oil blocks concerned are spread over several regions of the country: three in the coastal basin, nine in the central Cuvette, eleven in the Graben of… Read More Here
DRC auctions off 27 oil blocks and 3 gas blocks 5 Energy Mining in DRC Oil & Gas 

DRC auctions off 27 oil blocks and 3 gas blocks

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The Congolese authorities announced on Monday that they had decided to auction twenty-seven oil blocks and three gas blocks in  the Democratic Republic of Congo , ignoring criticism from Greenpeace, we learned from an official source. Out of 32 blocks initially selected, calls for tenders for the allocation of rights will be launched on July 28 for 27 oil blocks, in particular the two blocks returned by Israeli businessman Dan Gertler and 3 gas blocks. declared Didier Budimbu, Congolese Minister of Hydrocarbons. The blocks concerned are distributed as follows over several corners… Read More Here
DRC: here are the 30 oil and gas blocks concerned by the calls for tenders 6 Mining in DRC Oil & Gas 

DRC: here are the 30 oil and gas blocks concerned by the calls for tenders

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The Minister of Hydrocarbons, Didier Budimbu announced this Monday, July 18 the organization at the end of the month, of calls for tenders for 30 blocks including 27 oil and 3 gas for the rights of hydrocarbons.   Here are the oil and gas blocks concerned by the first phase of these calls for tenders:  A. 27 Oil Blocks I. For the Coastal Basin (3 Blocks) 1. Block Yema II: Is located in the Territory of Muanda, district of Bas-fleuve, province of Kongo-Central; 2. Block Nganzi: Extends in the territories of… Read More Here
Gold price rebounds from near 11-month low as dollar retreats 7 Gold International 

Gold price rebounds from near 11-month low as dollar retreats

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Gold rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes. Prices bounced as much as 0.9% on Monday as the dollar declined for a second day, taking some of the strain off the non-interest bearing precious metal after the prospect of a super-sized rate hike helped spark a fifth straight week of losses. Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after… Read More Here
Copper price extends recovery on China’s efforts to tame housing woes 8 Copper International 

Copper price extends recovery on China’s efforts to tame housing woes

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Copper price rose on Monday as China sought to ease concerns over financial distress facing its property sector. Chinese regulators on Sunday urged banks to extend loans to qualified real estate projects and meet developers financing needs where reasonable, in their latest efforts to ease concerns triggered by a widening mortgage-payment boycott on unfinished houses. A growing number of home buyers across China threatened to stop making mortgage payments for stalled property projects, aggravating a real-estate crisis that has already hit the economy. Copper rose 4.3% to $3.37 ($7,414) a… Read More Here
Botswana Diamonds kicks off drilling at Thorny River’s high-grade area 9 Diamond 

Botswana Diamonds kicks off drilling at Thorny River’s high-grade area

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Botswana Diamonds (LON: BOD) has begun drilling at the recently discovered high-grade geophysical area of the Thorny River project in South Africa. The company said in January that following a preliminary assessment of Thorny River’s kimberlite potential, it was estimated the asset hosted about 2 million tonnes of kimberlitic material, up from the 1.2 million previously determined. The exploration program comprises at least ten reverse circulation (RC) drill holes and will take two weeks, the company said. Chairman John Teeling noted the drilling campaign was an important step in the company’s drive to establish a… Read More Here
CMOC’s Congo mine suspends copper and cobalt exports 10 Cobalt Copper Mining in DRC 

CMOC’s Congo mine suspends copper and cobalt exports

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CMOC’s Tenke Fungurume copper and cobalt mine has suspended all exports, logistics companies were told in a notice seen by Reuters late on Saturday, complying with demands by a court-appointed administrator. A CMOC spokesman did not immediately reply to a request for comment but had said on Friday that the mine, which accounted for more than 10% of worldwide cobalt output in 2021, had not issued any instructions to stop exports.  CMOC has been locked in dispute with the administrator appointed in February to run the mine for six months in response… Read More Here

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