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Gold nears 9-month low as looming rate hikes lift dollar 1 Gold International 

Gold nears 9-month low as looming rate hikes lift dollar

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Gold prices fell on Monday, lingering near a recent nine-month low, after strong US job market data last week boosted the dollar and the likelihood of another big rate hike by the Federal Reserve. Spot gold fell 0.3% to $1 736.11/oz by 12:17 GMT. US gold futures dipped 0.6% to $1 732.40. The dollar rose about 0.8% dimming greenback-priced gold’s appeal among overseas buyers. The jobs report published on Friday tempered some of the recessionary fears that were starting to cast doubts over how far the Fed could go in terms of… Read More Here
Barrick recognised as key socio-economic partner to Tanzania 2 Mining Companies 

Barrick recognised as key socio-economic partner to Tanzania

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Barrick Gold Corporation has been recognised as the largest contributor to government revenue in 2021, confirming its position as a key partner in the socio-economic development of Tanzania. President and chief executive Mark Bristow said that since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment has totalled $1.995 billion1. In the first half of this year, it has paid $158 million in taxes, royalties and levies, $42 million in distributions to the Government of Tanzania in the form of dividends and shareholder… Read More Here
Civil society denounces the lifting of the suspension of certain Chinese mining companies in Mwenga- DRC 3 Mining in DRC Mining Companies 

Civil society denounces the lifting of the suspension of certain Chinese mining companies in Mwenga- DRC

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The member organizations of the Mining and Hydrocarbons Thematic Working Group of civil society in South Kivu are indignant at the lifting of the measure suspending the activities of certain mining companies, in particular Oriental Resources Congo (ORC), active in the territory of Mwenga without respecting the defined clauses. In a statement signed this Thursday, July 7, 16 organizations deplore in particular the fact that the restrictions are lifted without a parliamentary inquiry being carried out. “The absence of the real nature of the exploitation by this company hidden under… Read More Here
Giant Congo cobalt mine exports at risk as investors feud 4 Cobalt Copper Mining in DRC 

Giant Congo cobalt mine exports at risk as investors feud

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An intensifying feud between shareholders of the giant Tenke Fungurume Mining SA in the Democratic Republic of Congo may lead a court-appointed administrator to block its exports of copper and cobalt. The administrator, Sage Ngoie Mbayo, began ordering the export suspension over the past week as he tries to resolve a dispute over royalty payments between CMOC Group Ltd. and state-owned miner Gecamines, according to four separate letters sent to a Congolese tax agency, and three export agents including a unit of France’s Bollore Group. The documents seen by Bloomberg were verified… Read More Here
Asante pours first gold at Bibiani mine in Ghana 5 Gold 

Asante pours first gold at Bibiani mine in Ghana

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Canada’s Asante Gold (TSX-V: ASE) (GSE: ASG) has poured first gold at its Bibiani gold mine in Ghana, which is expected to produce 175,000 ounces of the precious metal over the next 12 months. The news follows the commissioning of the processing plant and associated equipment at the mine in early June. The Vancouver-based company said this was the final operating area of the process plant to be commissioned, adding that scale up of production is continuing as planned, including collection of gold on carbon. Bibiani, which Asante acquired last year from Australia’s Resolute Mining (ASX, LON: RSG),… Read More Here
ZESCO, CEC ink 13 year new Bulk Supply Agreement 6 Mining in Zambia Energy 

ZESCO, CEC ink 13 year new Bulk Supply Agreement

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ZESCO Limited is pleased to announce the successful signing of a 13 year Bulk Supply Agreement with the Copperbelt Energy Corporation (CEC) effective 1st April 2022. This Agreement was signed two years after the expiry of the Bulk Supply Agreement between the two institutions that had been in existence from 21st November 1997 to 31st March 2020. The expiry of the old Bulk Supply Agreement was preceded by unsuccessful attempts to negotiate a successor agreement which was followed by a two-year period of trade on disputed terms between the two… Read More Here
Copper price up supported by pullback in the dollar 7 Copper International 

Copper price up supported by pullback in the dollar

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Copper prices climbed on Thursday after hitting a near 20-month low in the previous session, supported by a slight pullback in the US dollar. Copper for delivery in September rose 5% from Wednesday’s settlement, touching $3.58 per pound ($7,876 per tonne) Thursday morning on the Comex market in New York, after hitting its lowest since November 2020 this week. The most-traded August copper contract in Shanghai rose 0.2% to 57,950 yuan ($8,641.90) a tonne. The dollar eased 0.1% after scaling a 20-year peak against its rivals, making greenback-denominated metals slightly less expensive… Read More Here
FQM continue with its copper mine expansion at Kansanshi, order for two enormous horizontal grinding mills 8 Equipment & Technology Mining in Zambia 

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

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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 9 Battery Metals International Mining technology 

Tesla pulled levers on pricing and cost during a tough quarter

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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 price crash deepens as recession fears loom over metals trading 10 Copper International 

Copper price crash deepens as recession fears loom over metals trading

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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

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