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Congo orders China's CMOC to stop exports from Tenke Fungurume cobalt mine 1 Cobalt Copper Mining in DRC 

Congo orders China’s CMOC to stop exports from Tenke Fungurume cobalt mine

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A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine ordered majority owner CMOC to suspend marketing and export of its production, letters seen by Reuters showed. CMOC, which has previously said that Tenke Fungurume Mining (TFM) remains under its management, did not immediately reply to a request for comment on the letters dated June 29 and July 1. The order is the latest escalation in a dispute between CMOC, which owns 80% of TFM, and Democratic Republic of Congo’s state mining company Gecamines, which holds the remaining 20%. Congo’s government… Read More Here
Gold price sinks to half-year low amid growing recession fears 2 Gold International 

Gold price sinks to half-year low amid growing recession fears

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Gold prices slumped to their lowest in more than six months on Tuesday, as the US dollar rallied amid growing recession concerns that caused losses across risk assets. Spot gold dropped 2.2% to $1,767.93 per ounce by 2:50 p.m. ET, the first time it has fallen below $1,800 since mid-May. US gold futures were down 1.9% to $1,767.60 per ounce in New York. US stocks also slumped on Tuesday with growing fears that the Federal Reserve’s rate hikes to damp inflation could cause a slowdown in the economy. Meanwhile, the… Read More Here
Copper price lowest since November 2020 on economic slowdown worries 3 Copper International 

Copper price lowest since November 2020 on economic slowdown worries

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Copper prices extended a decline on Tuesday as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment. Copper for delivery in September fell 4.8% from Monday’s settlement, touching $3.43 per pound ($7,546 per tonne) Tuesday morning on the Comex market in New York, the lowest since November 2020. The most-traded August copper contract in Shanghai ended daytime trading down 1.9% to 60,110 yuan ($8,975.66) a tonne by midday trade. “There was a bull trap set early at the open today as… Read More Here
58.2 million USD paid to oil companies in June 2022 as state subsidies- DRC 4 Mining in DRC Energy Oil & Gas 

58.2 million USD paid to oil companies in June 2022 as state subsidies- DRC

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The Government of the Democratic Republic of Congo (DRC) paid 58.2 million US dollars as subsidies for petroleum products at the pump to petroleum companies established on the national territory. This was indicated by the Congolese Minister of Finance, Nicolas Kazadi, quoted by Patrick Muyaya, Spokesman of the Government, on the occasion of the sixtieth meeting of the Council of Ministers. “Petroleum product price subsidies at the pump were paid in the amount of USD 58.2 million in June 2022,” Congolese government spokesman Patrick Muyaya said. According to the National… Read More Here
A ton of cobalt falls to 64,985.00 USD on the International Market 5 Cobalt International 

A ton of cobalt falls to 64,985.00 USD on the International Market

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The price of cobalt recorded a spectacular fall this Tuesday, July 5, 2022 on the international metals market in London. The prices displayed on the London Stock Exchange indicate that cobalt is sold at 64,985.00 US dollars on Tuesday July 5 against 70,000 USD per ton on July 1, 2022. In less than five (5) days, a tonne of cobalt recorded a price drop of around 5,015 USD. In addition, it should be noted that the general trend in the prices of mining export products from the Democratic Republic of… Read More Here
continuous fall in the prices of the main mining export products of the DRC 6 Copper Cobalt Mining in DRC Zinc 

continuous fall in the prices of the main mining export products of the DRC

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The general trend in the prices of mining export products from the Democratic Republic of the Congo is downward on the international market this week from July 4 to 9, 2022, according to projections by experts from the National Mercurial Commission of the Ministry of Commerce. outside. Copper continues to fall this week to 8,442.25 USD per tonne against 8,960.20 USD per tonne last week, a negative price difference of 517.95 USD. Cobalt keeps its price of last week and is trading at 87,781.05 USD per ton. Zinc is down… Read More Here
Guinea halts Simandou iron ore project again 7 Iron Ore 

Guinea halts Simandou iron ore project again

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Guinea’s mines minister has once again ordered a full suspension of activities related to the Simandou iron ore mine project after the two companies involved missed an extended deadline to agree on a joint venture. Mines Minister Moussa Magassouba, a member of the ruling junta, said that both Rio Tinto’s (ASX, LON: RIO) subsidiary Simfer and Chinese-backed consortium Winning Consortium Simandou (WCS) have shown a “lack of willingness” to work on a partnership, local news outlet  Vision Guniee reports. “There is a major discrepancy between the companies’ vision to implement… Read More Here
CMOC targets H1 2023 for DRC mine production 8 Mining in DRC Cobalt Copper 

CMOC targets H1 2023 for DRC mine production

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Chinese firm CMOC is targeting the first half of 2023 for production to begin at its KFM copper-cobalt mine in Democratic Republic of the Congo. CMOC acquired a 95% stake in KFM, then called Kisanfu, from the DRC government in December 2020. CMOC paid US$550 million for the mine. Full production will see KFM produce an average of 90,000 tons of copper and 30,000 tons of cobalt. CMOC is also developing the Tenke Fungurume copper-cobalt mine, located 33 kilometres from KFM. In 2019, the mine produced 177,956 tonnes of copper… Read More Here
Gold teeters above $1 800 as lower yields counter dollar strength 9 Gold International 

Gold teeters above $1 800 as lower yields counter dollar strength

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Gold inched higher in choppy trade on Monday, as weakness in Treasury yields kept prices above the $1 800 mark and marginally outweighed pressure stemming from an elevated US dollar. Spot gold was up 0.1% at $1 811.76/oz, as of 05:44 GMT. US gold futures rose 0.7% to $1 813.70. Bullion prices hit a five-month low of $1 783.50 on Friday, but recovered to end the session nearly steady. “Once again, we saw buyers support gold with its break below $1 800 on Friday, and with US yields continuing to retrace, it allows the potential for gold to rise over the… Read More Here
Glencore going all-electric at new Canada mine, says Epiroc 10 Equipment & Technology Mining technology 

Glencore going all-electric at new Canada mine, says Epiroc

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Diversified mining company Glencore has ordered a full fleet of battery-electric equipment for use at its Onaping Depth Project at the Sudbury integrated nickel operations, in Canada, says mining equipment manufacturer Epiroc. The nickel and copper mine is located below the existing Craig mine and is being developed to start production in 2024. “Glencore is taking a major leap forward in the mining industry by going all-electric with its Onaping Depth Project,” says Epiroc president and CEO Helena Hedblom. Epiroc states that it is a “large order”, which the company defines as at least 100-million Swedish krone in value. The ordered battery-electric equipment is manufactured in Örebro, Sweden. The 23 machines ordered include… Read More Here

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