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Giant Congo cobalt mine exports at risk as investors feud 1 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 2 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 3 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 4 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 5 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 6 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 7 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
Gold price hits nine-month low as dollar reaches two-decade high 8 Gold International 

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

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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
Sandvik chooses Cat HVO engines to cut emissions 9 Equipment & Technology Mining technology 

Sandvik chooses Cat HVO engines to cut emissions

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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
Hydrocarbons, Nigeria ready to provide its expertise in support of the call for tenders for the 16 oil and 3 gas blocks in DRC 10 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

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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

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