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Congolese NGOs decry mining in main refuge of ‘Africa’s unicorn’ 1 Mining in DRC 

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

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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 price falls on recession fears, China covid-19 curbs 2 Copper International 

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

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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
Deep-South to start soil sampling at three Zambian Copperbelt prospects 3 Mining in Zambia Exploration 

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

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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 price declines with focus on rates outlook and recession risks 4 Gold International 

Gold price declines with focus on rates outlook and recession risks

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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
Slightly lower, tin price expected to fall to USD 20,586.00 per tonne this week  5 Tin International Mining in DRC 

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

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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
Critical Metals announces the resumption of production at its Molulu copper-cobalt mine in the 4th quarter of 2022-DRC 6 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

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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
Copper price down as demand uncertainty offsets supply woes 7 Copper International 

Copper price down as demand uncertainty offsets supply woes

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Copper prices struggled to find momentum on Monday as global supply worries countered demand uncertainty stemming from growth slowdown worries and China’s stance on covid-19 curbs. Copper for delivery in December fell 0.05% on the Comex market in New York, touching $3.42 per pound ($7,524 per tonne). The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.5% to 63,280 yuan ($8,797.32) a tonne. Total copper production in Chile, the world’s top copper producer, fell 10.2% in August to 415,500 tonnes. Uncertainty around demand in China, however, persists. Chinese… Read More Here
Gold price rebounds as dollar, yields pull back 8 Gold International 

Gold price rebounds as dollar, yields pull back

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Gold halted its slide on Monday, helped by a slight pullback in the US dollar and Treasury yields, even as fears lingered about more hefty Federal Reserve rate hikes to tame soaring inflation. Spot gold rose 1.1% to $1,662.21 per ounce as of 10:55 a.m. ET, after declining more than 3% last week in its worst performance since July. US gold futures climbed 1.3% to $1,669.50 per ounce in New York. “Gold has benefited from USD weakness today, after the pound rebounded amid expectations that more of the tax cuts… Read More Here
Barrick makes progress on $7bn copper project in Pakistan 9 Copper International 

Barrick makes progress on $7bn copper project in Pakistan

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Barrick Gold (TSX: ABX)(NYSE: GOLD) said on Monday it had achieve a significant legal milestone to proceed with the development of the giant Reko Diq copper-gold deposit in Pakistan, close to the borders of Iran and Afghanistan. During a four-day visit to the country, president and chief executive Mark Bristow held discussions with several stakeholders, which finished with all the documents needed to start building Reko Diq being approved by the country’s president Arif Alvi. Paperwork was filed on Saturday with the supreme court, Barrick said, adding that once that transaction is completed, the… Read More Here
Zambia restricts number of mining licences per company to five 10 Mining in Zambia Governance Mining Policy 

Zambia restricts number of mining licences per company to five

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Zambia, Africa’s second-largest copper producer, said on Monday the number of mining licences that a company can hold at a time will be restricted to five to curb speculative purchases within the country’s licensing system. The ministry of mines in February suspended the issuance of mining licences and commissioned an audit in response to public complaints about a lack of transparency. “Every miner will be restricted to five licences and those that need more will have to justify it,” Zambia’s mines minister Paul Kabuswe said during a briefing on mining… Read More Here

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