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Copper price scales $10,000 on Chinese stimulus, lockdown reprieve 1 Copper International 

Copper price scales $10,000 on Chinese stimulus, lockdown reprieve

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The copper price jumped on Thursday as China’s zero-covid strategy appears to be winding down. Officials in Shanghai announced an end to a two-month lockdown on Monday. China’s cabinet on Tuesday announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy. The development could boost downstream consumption, which was halted for months due to the recent covid-19 outbreak. Copper for delivery in July rose more than 5% from Wednesday’s settlement, touching $4.5575 per pound ($10,050 per tonne) lunchtime Thursday on the Comex market in New… Read More Here
Gold price rises on dollar slump, weak private payroll data 2 Gold International 

Gold price rises on dollar slump, weak private payroll data

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Gold prices rose over 1% on Thursday, coinciding with a dip in the US dollar and discouraging private payroll data for the month of May. Spot gold was up 1.3% to $1,869.67 per ounce by 12:20 p.m. ET, its highest in nearly a month. US gold futures also gained 1.3%, trading at $1,873.30 per ounce in New York. Meanwhile, the US dollar index fell by 0.5%, slipping off a one-week high reached during Wednesday’s session. The latest data from payroll processing firm ADP showed that job creation at companies decelerated… Read More Here
Electra Mining Africa 2022 roars back into life 3 Events & Expos 

Electra Mining Africa 2022 roars back into life

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Electra Mining Africa, the continent’s biggest exhibition, is back after a two year hiatus due to restrictions. As exhibitions and events are now re-opening globally, Electra Mining Africa will be going ahead as a live in-person event this year. This comes on the backdrop of several other exhibitions, having taken place over the last months. Slated from 5-9 September at the Expo Centre, Nasrec, in Johannesburg South Africa, the exhibition and its line-up of conferences and free-to-attend seminars will roar back into life. With over 75 percent of exhibition floor… Read More Here
Chambishi Metals set to open, as govt vows to continue working with trusted investors 4 Mining in Zambia Mining Companies 

Chambishi Metals set to open, as govt vows to continue working with trusted investors

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Negotiations between the state, an unnamed new investor, and the previous owners of Chambishi Metals Plc are nearly completed, according to the government, and will result in the asset becoming operational, more than two years after it was placed on care and maintenance due to a lack of feed for production. Another mining asset that the government is working to reopen is Luanshya’s shaft 28, which is now in talks with a potential investor for prospective operationalization, despite the fact that the talks are still in the early stages. Mines… Read More Here
Glencore denies SA involvement in corruption charges 5 Mining Companies 

Glencore denies SA involvement in corruption charges

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In the wake of Glencore’s guilty plea, to allegations of bribery and market manipulation in the US, UK, and Brazil the company has agreed to pay over R23-billion. The multi-national cooperation was fined $1.2 billion for bribery and violation of that country’s Foreign Corrupt Practices Act. According to a Fin24 article, Units of the Swiss commodities giant entered guilty pleas and agreed to pay about $1.5 billion to settle US, UK, and Brazilian bribery and market manipulation probes that have hung over it for years. The bribery scheme reached the… Read More Here
The American investment bank "RBC Capital Markets" expects a surplus of copper on the market in 2023 and 2024 6 International Copper 

The American investment bank “RBC Capital Markets” expects a surplus of copper on the market in 2023 and 2024

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Analysts at the US investment bank RBC Capital Markets believe in a research note that there will be a “slight” surplus in the copper market in 2023 and 2024. These experts justify this situation by a significant increase global supply combined with a slowdown in demand. According to the details relayed by the Reuters agency quoted by the Ecofin Agency, new mines should indeed come into production in the coming months, particularly in Peru with Quellaveco and in Serbia with Timok. An influx of copper on the market, which would contrast… Read More Here
DRC industry resilient, but current challenges require closer engagement 7 Mining in DRC Events & Expos 

DRC industry resilient, but current challenges require closer engagement

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Speaking at the official opening of DRC Mining Week 2022 – H.E. Antoninette Nsamba Kalambayi, minister for the ministry of mines in the DRC, highlighted the resilience the country’s mining industry has shown throughout the COVID-19 pandemic. “The mining industry, through the Chamber of Mines and FEC (Federation des Enterprises) have also shown support to the ministry and for that I thank everyone,” the minister said. Her Excellency noted that even though the world, and the DRC, has been impacted by the pandemic, she reminded the audience of the war… Read More Here
DRC: towards the development of the Grand Kasaï diamond 8 Diamond Mining in DRC 

DRC: towards the development of the Grand Kasaï diamond

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The Congolese Minister of Mines, Antoinette N’Samba Kalambayi, met on Monday May 30, 2022 with a delegation from the Antwerp World Diamond Center. During this interview, the two parties discussed the certification of diamonds from the province of Kasaï in the Democratic Republic of Congo (DRC). Antwerp World Diamond Center is a public-private company which officially represents and coordinates the Antwerp diamond sector and which should invest in the diamond sector in Kasaï. According to the sources of the Ministry of Mines, this delegation from Antwerp World Diamond Center also… Read More Here
Copper selling at 9,500.35 USD per tonne as at June 1, 2022 9 Copper International 

Copper selling at 9,500.35 USD per tonne as at June 1, 2022

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After a period of uncertainty on the international market, copper is on the rise again at the start of June 2022. According to the London Metal Exchange (LME), as of June 1, 2022, a tonne of copper is selling at 9,500.35 USD compared to 9,201.70 USD per tonne in the last week of May 2022. Analysts said prices of industrial metals, particularly aluminium, copper and zinc, rallied at the end of last week on the London Metal Exchange (LME), supported by a weaker dollar and the mitigation of sanitary measures… Read More Here
On June 1, 2022, the price of a tonne of cobalt fell to 73,630.00 USD 10 Cobalt International 

On June 1, 2022, the price of a tonne of cobalt fell to 73,630.00 USD

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Despite its strategic position in the ecological transition for a more sustainable world, cobalt began, several weeks ago, a gradual drop in its price on the market. As of June 1, 2022, prices posted on the London Metal Exchange (LME) indicate that cobalt is trading at USD 73,630.00 per tonne on this market. In mid-May 2022, cobalt recorded its highest market value, selling for around USD 87,000 per tonne on the international market. In a report by the Cobalt Institute published last week, it was confirmed the key role of… Read More Here

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