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Gold price at 3-week low as UK inflation jumps again

October 19, 2022October 19, 2022 admin

Gold fell to the lowest in more than three weeks as UK inflation returned to double digits, intensifying pressure on the government and central bank to take additional measures. Spot gold was down 1.1% to $1,634.23 per ounce by 11:20 a.m. ET, its lowest since September 27. US gold futures dropped 1.0% to $1,639.50 per ounce in New York. Following a slight rebound earlier this week, the precious metal has now reversed course as data showed UK consumer prices in September matched a 40-year high and exceeded economists’ expectations. The figures add to pressure… Read More Here

Mining in DRC

Albert Yuma proposes four levers to be activated to innovate more sustainable investments after mining

October 19, 2022October 19, 2022 admin

The Democratic Republic of Congo (DRC) is considered a geological scandal but the minerals are exhaustible. For the National President of the Federation of Companies of Congo (DRC), Albert Yuma, “we must already think about the post-mining period”. Albert Yuma said so on Wednesday, October 18, 2022, at the opening of the Forum initiated by the FEC Chamber of Mines. Albert Yuma is of the opinion that the revised 2018 Mining Code has introduced notions of social responsibility which require that local development plans be drawn up in favor of… Read More Here

Equipment & Technology International Mining technology

Sandvik’s battery electric TH665B to lead its packed line-up for IMARC

October 19, 2022October 19, 2022 admin

Australian miners will have their first opportunity to view the world’s largest battery electric truck for underground mining in person when Sandvik’s TH665B makes its Australian debut at the International Mining and Resources Conference (IMARC) in Sydney in November. With BEVs essential to helping mining companies reduce emissions, a TH665B will take centre-stage at the Sandvik stand before it heads to Western Australia for a trial with Barminco and AngloGold Ashanti at Australia’s Sunrise Dam gold mine. The 65 t truck’s lithium-iron phosphate battery and electric driveline deliver a remarkable… Read More Here

Mining in DRC

4 years after its entry into force, revised Mining Code at the heart of exchanges between FEC and stakeholders- DRC

October 19, 2022October 19, 2022 admin

The current Mining Code of the Democratic Republic of Congo (DRC) was revised in 2018. Four years after this revision, there have been positive repercussions as many difficulties are noted by mining operators in the materialization of the Mining Code revised from 2018. This is how the Federation of Companies of Congo (FEC), through the Chamber of Mines, starts, from Tuesday October 18 to Thursday October 20, 2022, the exercise of the evaluation of this Mining Code, with the support from all stakeholders in this sector. Objective: mark the way towards… Read More Here

Mining in DRC

Congolese NGOs decry mining in main refuge of ‘Africa’s unicorn’

October 19, 2022October 19, 2022 admin

Illegal gold mining is destroying tracts of pristine rainforest in Congo’s Okapi Wildlife Reserve, a UNESCO World Heritage site meant to be a haven for the endangered mammal nicknamed Africa’s unicorn, environmental organizations warned on Tuesday. Industrial activities are supposed to be banned in the 13,000 square kilometers of the reserve in northeast Democratic Republic of Congo. Aerial photo evidence shows mining has persisted, the civil society groups said at a joint news conference to mark the international day of the okapi. The Council for Environmental Defense through Legality and… Read More Here

Copper International

Copper price falls on recession fears, China covid-19 curbs

October 19, 2022October 19, 2022 admin

Copper prices fell on Tuesday, on worries that China’s determination to stick with its strict covid-19 rules could dampen economic growth and demand for metals. Copper for delivery in December fell 1.8% on the Comex market in New York, touching $3.35 per pound ($7,379 per tonne). The most-traded November copper contract on the Shanghai Futures Exchange (ShFE) declined 0.9% to 62,650 yuan ($8,702.60) per tonne. Chinese President Xi Jinping reiterated the validity of China’s zero-covid policy, which includes lockdowns and movement curbs to prevent the spread of coronavirus, at the Communist Party Congress… Read More Here

Mining in Zambia Exploration

Deep-South to start soil sampling at three Zambian Copperbelt prospects

October 19, 2022October 24, 2022 admin

Copper explorer and developer Deep-South Resources is undertaking exploration work at its three newly-acquired large-scale copper exploration licences in the centre of the Zambian Copperbelt, one of the most prolific copper belts in the world. On July 6, Deep-South closed an option agreement to acquire up to an 80% undivided interest in the three licences, where it plans to undertake 3 627 geochemical soil samples with the aim to identify anomalies and define drilling targets. In addition, Deep-South filed with the Zambia Environmental Management Agency (Zema) project environmental briefs for… Read More Here

Gold International

Gold price declines with focus on rates outlook and recession risks

October 18, 2022October 18, 2022 admin

Gold reversed early gains as investors assessed the increasing risk of a global recession against the Federal Reserve’s tightening path. Bullion has had a wild ride this year, tumbling almost 20% since a March peak as the Federal Reserve aggressively tightened monetary policy, prompting investors to seek shelter in the US dollar. The non-yielding metal, which typically has a negative correlation with the dollar and rates, has been pressured by the stronger greenback. On Tuesday, fresh US data pointed to firm growth in manufacturing that’s underpinned by solid business investment… Read More Here

Tin International Mining in DRC

Slightly lower, tin price expected to fall to USD 20,586.00 per tonne this week

October 18, 2022October 18, 2022 admin

The price of tin should register a slight drop in price this week from October 17 to 22, 2022 on the international market, inform the experts of the National Commission of Mercurials of the Ministry of Foreign Trade. According to these Congolese government experts, this product widely used in the welding industry should trade at 20,586.00 USD per tonne this week against 20,727.00 USD last week, a negative price difference of the order of 141 USD. In addition, stock market experts indicate that the price of tin has doubled over… Read More Here

Copper Cobalt Mining in DRC

Critical Metals announces the resumption of production at its Molulu copper-cobalt mine in the 4th quarter of 2022-DRC

October 18, 2022October 18, 2022 admin

Critical Metals CEO Russell Fryer has announced the resumption of production in the fourth quarter of this year at the Molulu copper and cobalt mine. He made the statement, on the sidelines of the appointment, on Thursday, October 13, of Lloyd Kirtley as DRC field director for Critical Metals . “ His experience working on the ground in many countries across Africa will be invaluable in enabling us to quickly bring this former copper/cobalt asset, located in a highly prospective region, into production in the fourth quarter of 2022 ,” added on this subject Russell Fryer,… Read More Here