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Gold price rebounds as dollar, yields pull back

October 17, 2022October 17, 2022 admin

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

Copper International

Barrick makes progress on $7bn copper project in Pakistan

October 17, 2022October 17, 2022 admin

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

Mining in Zambia Governance Mining Policy

Zambia restricts number of mining licences per company to five

October 17, 2022October 18, 2022 admin

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

Copper International Mining in DRC

Copper maintains its good momentum at USD 7,636.45 for the second week in a row

October 17, 2022October 17, 2022 admin

The price of copper on the international market should maintain its good momentum, which started almost three weeks ago. According to the estimates of the National Commission of Mercurials of the Ministry of Foreign Trade, for the period from October 17 to 22, 2022, copper should register a slight increase in price to trade at 7,604.30 USD per ton against 7 604.30 USD per tonne the previous week, an increase of around 32.15 USD. According to these market price experts, the general trend of mining products exported from the Democratic… Read More Here

Mining in DRC

DRC: MMG promises to launch arbitration proceedings against GECAMINES

October 17, 2022October 17, 2022 admin

MMG, a mining company registered in Hong Kong, announced a few hours ago its intention to open arbitration proceedings before the International Chamber of Commerce in Paris and Geneva against GECAMINES, a mining company belonging to Congolese state. GECAMINES is accused by the Chinese side of violating the rights of the latter on several mining concessions in the former province of Katanga. Among the grievances formulated against GECAMINES, MMG refers to the incident which occurred on September 16, 2022 following the incursion into the Nambulwa concession by the armed forces… Read More Here

Cobalt Battery Metals International

HAS GLENCORE GIVEN ELECTRIC VEHICLES THE EXTRA PUSH TO ENGINEER COBALT OUT OF A BATTERY?

October 17, 2022October 17, 2022 admin

Is cobalt becoming its own worst enemy? Simon Moores, Managing Director, Benchmark Mineral Intelligence explores Glencore’s latest move to pull hydroxide supply from the market in the midst of contract negotiating season and what it means for cobalt’s strained relationship with cathode, battery and electric vehicle (EV) producers. On Tuesday 6 November, the wires and social media channels were lit up with a seemingly significant piece of cobalt news: Glencore had pulled 1,472 tonnes of cobalt hydroxide from the market. The basis for the world’s leading producer to act in this way… Read More Here

Copper International

Codelco offers 2023 European copper premiums at record high

October 16, 2022October 18, 2022 admin

Chile’s Codelco, the world’s biggest copper miner, is offering to sell copper to European buyers at a record high premium around $235 a tonne for 2023, a rise of 85% from 2022, two sources familiar with the matter said. The premiums set by state-owned Codelco for physical delivery of copper, paid on top of the London Metal Exchange contract, are seen as a benchmark for global contracts. Codelco in London declined to comment. “Many European consumers don’t want Russian copper, they have to look elsewhere,” one of the sources said.… Read More Here

Mining in DRC

DRC mining companies think of joint action to save child victims of mining

October 14, 2022October 14, 2022 admin

Mining giants operating in the Democratic Republic of Congo (DRC) including Kamoa Mining, Tenke Fungurume Mining, MMG and Kico have expressed an interest in taking joint action to improve the social conditions of children whose lives are negatively impacted by mining in the province of Haut-Katanga. This initiative was welcomed by the United Nations Children’s Fund (UNICEF) and several other stakeholders who promised to lend a hand to the sustainability of the project. In a press release made public on this subject, the project stakeholders reiterated their great interest in… Read More Here

Copper Cobalt Mining in DRC Zinc

copper on the rise but remains below USD 8,000 per tonne

October 14, 2022October 14, 2022 admin

This week from October 10 to 15, 2022, the mineral export products of the Democratic Republic of the Congo are showing an upward trend in the majority, according to projections by experts from the National Mercurial Commission of the Ministry of Foreign Trade. Copper is up this week at 7,604.30 USD per tonne against 7,506.80 USD per tonne last week, an increase of around 97.7 USD. Cobalt is also up this week at 51,261 USD per ton against 51,211 USD per ton last week, giving a positive price difference of… Read More Here

Energy Equipment & Technology International

Fortescue sees first major hydrogen project within next 9 months

October 14, 2022October 14, 2022 admin

Fortescue Future Industries will announce its first major clean energy project within the next nine months, as the unit of Fortescue Metals Group Ltd. attempts to reach its ambitious green hydrogen production goals. “We’ve got a couple of projects which are getting very close to first investment decision, and so we’re looking to do that certainly over the next nine months or so to have those announcements out there,” Guy Debelle, chief financial officer of FFI and former deputy governor of the Reserve Bank of Australia, said in an interview… Read More Here