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FQM continue with its copper mine expansion at Kansanshi, order for two enormous horizontal grinding mills

July 8, 2022July 8, 2022 admin

For its copper mine expansion at Kansanshi in Zambia, First Quantum Minerals (FQM) has given Metso Outotec an order for two enormous horizontal grinding mills. The delivery from Metso Outotec features two Planet Positive PremierTM grinding mills, the largest Premier grinding mills the company has ever delivered, with a combined installed power of 50 MW. The Metso Outotec MegalinerTM and Metso Outotec metallic mill lining, as well as a high-performance discharge system, will be installed in the ball mill and the SAG mill, respectively, to meet the demands for efficient… Read More Here

Tesla pulled levers on pricing and cost during a tough quarter

July 7, 2022July 7, 2022 admin

It began with a bang — a huge party celebrating the opening of its newest plant in Austin, Texas — but Tesla’s second quarter didn’t stay ebullient. As battery material costs soared and its most productive plant shut down for weeks amid Shanghai’s Covid outbreak, Chief Executive Officer Elon Musk took several steps to buoy revenue and rein in expenses: raising prices, pausing hiring and cutting jobs. Tesla was unable to “pull a rabbit out of a hat,” as Musk put it during the last earnings call in April. While… Read More Here

Copper International

Copper price crash deepens as recession fears loom over metals trading

July 7, 2022July 7, 2022 admin

Copper resurfaced above its $7,500 per ton plunge as fears of a global economic slowdown piled pressure on industrial metals and deepened their dive from record highs just months ago. Investors are fretting over a range of threats to demand, from Europe’s gas crisis to a US slowdown and renewed virus flare-ups in China. After a 4.2% slump on Tuesday to its lowest close in 19 months, copper fell almost 5% on Wednesday, before paring some losses. Aluminum climbed while nickel and tin sank. “Copper’s caught a bit of a… Read More Here

Gold International

Gold price hits nine-month low as dollar reaches two-decade high

July 7, 2022July 7, 2022 admin

Gold extended its selloff to a nine-month low on Wednesday as investors await the US Federal Reserve’s June meeting minutes for clarity on the nature and pace of interest rate hikes coming up. Spot gold dropped 1.6% to $1,737.11 per ounce by 1:15 p.m. ET, adding to its losses from the previous session. US gold futures also fell 1.6% to $1,735.90 per ounce in New York. Meanwhile, the US dollar again hit a two-decade high, emerging as the preferred haven of late for investors looking to hedge growing recession fears, while also… Read More Here

Equipment & Technology Mining technology

Sandvik chooses Cat HVO engines to cut emissions

July 7, 2022July 7, 2022 admin

Caterpillar’s long-standing commitment to sustainability and support for customers during the energy transition to a lower-carbon future means its industrial engines have for many years been capable of running on a range of renewable and alternative fuels. The Cat C Series engines supplied to Sandvik mobile crushers and screens to power its mining and construction equipment can run on renewable and alternative fuels including hydrotreated vegetable oil (HVO) certified to EN15940 or ASTM D975. Sandvik has successfully completed testing on its range of machines to confirm that they can operate with HVO… Read More Here

Mining in DRC Oil & Gas

Hydrocarbons, Nigeria ready to provide its expertise in support of the call for tenders for the 16 oil and 3 gas blocks in DRC

July 7, 2022July 7, 2022 admin

Nigeria, the leading oil producer in Africa, has positioned itself to support the tender operation for 16 oil and 3 gas blocks that the Ministry of Hydrocarbons of the Democratic Republic of Congo (DRC) is preparing to launch on July 28 and 29, 2022. The Nigerian Ambassador posted to the DRC, Omar Suleman, confirmed the option taken by his country with the Congolese Minister of Hydrocarbons, on Tuesday July 6, 2022, during an interview granted to diplomats posted in Kinshasa. The Nigerian Ambassador reaffirmed his country’s desire to support the… Read More Here

Mining in DRC Mining Companies

DGI should prosecute 11 mining companies to recover USD 876.1 million in overdue superprofits- DRC

July 7, 2022July 7, 2022 admin

The Directorate General of Taxes (DGI) should initiate proceedings against eleven (11) mining companies established in the Democratic Republic of Congo not in good standing with the payment of superprofits. This is the path chosen by the Ministry of Finance and adopted at the meeting of the Council of Ministers on Friday July 1, 2022. Following the analyzes carried out within the Office of the Minister of Finance, Nicolas Kazadi, on the payment of the special tax on excess profits (ISPE) during the 2021 financial year, the amounts of the… Read More Here

Mining in DRC Mining Companies

For the 2021 financial year, Glencore paid USD 856 million in taxes, duties and royalties to the Government of the DRC

July 6, 2022July 6, 2022 admin

Mining giant Glencore paid US$856 million in taxes, duties and royalties to the Government of the Democratic Republic of Congo (DRC) in fiscal year 2021. This is what emerges from the report that Glencore published on June 30, 2022 on its website (www.glencore.com) concerning the various payments made to the DRC Public Treasury in 2021. A report that complies with the requirements in reporting requirements of Chapter 10 of the European Union (EU) Accounting Directive. To this end, Glencore’s contribution to the economy of the Democratic Republic of Congo during… Read More Here

Mining in DRC Mining Companies

‘Kibali’s over $4 billion investment has created a thriving regional economy’- Mark Bristow

July 6, 2022July 6, 2022 admin

With its investment valued at over US$4 billion, the Kibali mine has created a thriving regional economy. This, through partnerships with local entrepreneurs benefiting from a framework. These statistics were revealed by Mark Bristow, President and CEO of Barrick, during the 45th press conference held this Tuesday, July 5, 2022 in Kinshasa. According to Mark Bristow, before the arrival of Kibali in Haut-Uélé, life was dear to Doko but since the installation of this mine in the corners, things have changed. “A road was built when it was impassable. There was also… Read More Here

Mining in DRC Mining Companies

Alphamin achieves record quarterly output, declares dividend

July 6, 2022July 6, 2022 admin

TSX-V- and AltX-listed Alphamin Resources achieved record quarterly tin production of 3 180 t from its high-grade operation in the Democratic Republic of Congo (DRC) for the three months ended June 30. Output was 4% higher than that produced in the quarter ended March 31. Underground mining and processing plant recoveries were in line with expectations. Further, year-to-date contained tin production of 6 241 t exceeded the run-rate to achieve market guidance of 12 000 t for the full-year. Meanwhile, second-quarter earnings before interest, taxes, depreciation and amortisation are estimated at $66.5-million. All-in sustaining costs… Read More Here