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Greenpeace denounces the auctioning of oil and gas blocks in the DRC 1 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 2 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 3 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 4 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 5 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 6 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 7 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
Iron ore price sinks below $100 a tonne on grim China demand outlook 8 Iron Ore International 

Iron ore price sinks below $100 a tonne on grim China demand outlook

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The iron ore price tumbled below $100 a tonne on Friday on heightened fears over waning demand for steel, as China’s economy faltered in the second quarter and a crisis in its property sector appeared to be worsening. China’s economy contracted by 2.6% in the second quarter from the previous quarter due to covid-19 lockdowns. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $96.04 a tonne, down 4.24% and the lowest since November 2021. The most-traded September iron ore contract on China’s… Read More Here
Gold price set for longest run of weekly losses since 2018 9 Copper International 

Gold price set for longest run of weekly losses since 2018

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Gold is heading for its fifth weekly loss, the longest streak of such declines in almost four years, with haven credentials sidelined by investors becoming super-bullish on the US dollar. Bullion has come under relentless pressure in the past month as investors turn to the greenback in the face of an increasingly hawkish Federal Reserve. That trade got another boost this week from soaring US inflation. “The set-up for a deep liquidation event in gold is building,” Bart Melek, global head of commodity strategy at TD Securities said in an… Read More Here
Copper price rebounds despite weak economic activity in China 10 Copper International 

Copper price rebounds despite weak economic activity in China

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The copper price rose on Friday despite growing concerns that the world economy is headed for recession. Central banks rushed to get on top of galloping inflation, with steep interest rate rises seen this week in Canada, New Zealand, Chile, South Korea, and the Philippines. Fears of an economic downturn were fanned further by Chinese data showing annualized 0.4% growth in the second quarter, the worst since at least 1992, excluding early 2020 when the covid pandemic erupted. Copper, however, rebounded at the end of the week, with the metal… Read More Here

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