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58.2 million USD paid to oil companies in June 2022 as state subsidies- DRC 1 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 2 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 3 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 4 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 5 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 6 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 7 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
Copper sinks to 17-month low as slowdown fears mount 8 Copper International 

Copper sinks to 17-month low as slowdown fears mount

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Copper prices dropped to a fresh 17-month low on Monday as renewed lockdowns in top consumer China and the prospects of aggressive rate hikes stoked fears of global economic slowdown, denting demand for metals. Three-month copper on the London Metal Exchange was down 1.4% at $7 938/t, as of 07:17 GMT, after hitting its lowest since early-February 2021 at $7 918 earlier in the session.  The most-traded August copper contract in Shanghai ended daytime trading down 3.1% to 60 660 yuan a tonne. “Softening demand and concerns over a growth slowdown are dragging on the… Read More Here
Sandvik to acquire PCD tools manufacturer Frezite 9 Equipment & Technology International Mining technology 

Sandvik to acquire PCD tools manufacturer Frezite

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Sandvik has signed an agreement to acquire 100% of the equity interests of the Portugal-based company Frezigest, SGPS (“Frezite”). Frezite’s offering primarily consists of made-to-order polycrystalline diamond (PCD) tools for metal and wood applications, with exposure to the automotive, general engineering and aerospace segments. The company will be reported within Walter, a division within Sandvik Manufacturing and Machining Solutions. “With the acquisition of Frezite, we take another important step in our shift to growth strategy. We have a clear ambition for our machining solutions business to increase our presence and… Read More Here
Mining opportunities in SADC will favour those in the know 10 Uncategorized 

Mining opportunities in SADC will favour those in the know

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With mining seeing a more sustained improvement in many Southern African Development Community (SADC) countries, miners, and supply partners with experience on the ground are set to have greater gains in the coming year. Miners in the region are not only currently enjoying high commodity prices, but also benefiting from improved supply chains, despite the global disruptions because of the pandemic, and stronger production performances, marking an encouraging first half of the year for the sector. The positive trend is set to continue in the second half. This year’s Investing… Read More Here

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