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Shanta on track to become 100 000 oz/y gold producer 1 Gold 

Shanta on track to become 100 000 oz/y gold producer

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Aim-listed Shanta Gold recorded a good start to the year operationally, with mining beginning a month ahead of schedule at the high-grade Bauhinia Creek Crown Pillar at the New Luika gold mine (NLGM), in Tanzania, CEO Eric Zurrin notes in a production and operational results update for the quarter ended March 31. “With the initial ore being mined at the expected grades of 8 g/t, we are confident that our 2022 guidance of 68 000 oz to 76 000 oz has been significantly derisked,” he says. Further, the company’s Singida project, in Tanzania, remains on budget and on schedule, and with construction well… Read More Here
First Quantum Minerals’ profit more than doubles on higher prices 2 Copper International Mining Companies 

First Quantum Minerals’ profit more than doubles on higher prices

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Copper miner First Quantum Minerals Ltd reported a 171% jump in first-quarter profit on Tuesday, powered by higher prices for the red metal from supply worries. Realized price of copper, a key metal used in wiring, electric vehicles and other electronics, rose nearly 37% to $4.45 per pound in the quarter, the company said, on fears that Russia’s invasion of Ukraine would disrupt supply chains. Total copper production fell 11% to 182,210 tonnes in the reported quarter. “Given the current events with the Ukraine conflict and covid-19 restrictions in China, and most recently… Read More Here
Copper price rebounds as China steps up support for economy 3 Copper International 

Copper price rebounds as China steps up support for economy

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The copper price recouped some of Monday’s losses after China pledged more support to help revive an economy that’s been imperiled by the escalating virus outbreak. The metal fell on Monday to the lowest in three months with mounting concern about the outlook for demand due both to spreading lockdowns in China and the continuing war in Ukraine. On Tuesday, copper rose as much as 2.3% in China as the country’s central bank vowed to increase monetary support to the real economy, especially for industries and small businesses hit hard by the pandemic. That follows the People’s… Read More Here
GNRI considers sale of $1.5 billion Botswana copper mine 4 Copper 

GNRI considers sale of $1.5 billion Botswana copper mine

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Private equity firm GNRI is considering options for its Khoemacau copper mine in Botswana including a possible sale, people familiar with the matter said. The resources-focused investment firm is working with an adviser to identify potential suitors for the asset, the people said, asking not to be identified as the matter is private. A deal could value the asset at about $1.5 billion, the people said. Three-month copper futures have gained about 2% on the London Metal Exchange this year. Khoemacau could attract interest from large miners seeking to expand… Read More Here
Metso Outotec and Panafrican Equipment sign crushing and screening pact 5 Equipment & Technology International Mining technology 

Metso Outotec and Panafrican Equipment sign crushing and screening pact

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Metso Outotec and Panafrican Equipment Group have signed a distribution agreement for Metso Outotec’s stationary and mobile crushing and screening equipment for the aggregates and mining contractor customer segments. The agreement covers Nigeria, Sierra Leone, Ghana, Kenya, Tanzania, Uganda, Rwanda and Burundi, where Panafrican Equipment Group has already an extensive and established presence in the construction and mining businesses, according to Metso Outotec. Olli-Pekka Oksanen, SVP, Global Distribution Management in the Aggregates business area at Metso Outotec, said: “We believe that our co-operation with Panafrican Equipment Group will help us… Read More Here
Metso Outotec consolidates tailings tools 6 Equipment & Technology Mining technology 

Metso Outotec consolidates tailings tools

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Finnish mining equipment maker Metso Outotec has launched a Tailings Management Solutions portfolio it says tackles the entire chain of processes involved in tailings management. The new portfolio incorporates frontrunning products and covers tailings thickening and dewatering as well as handling through conveying and dry stacking, the firm said. The company added that elsewhere on the value chain, it also offers a frontrunning portfolio of solutions for the treatment of water produced during dewatering, enabling closed water loops while managing the level of impurities within the recycled water. “The rising… Read More Here
Epiroc profit, orders beat forecasts 7 Equipment & Technology International Mining technology 

Epiroc profit, orders beat forecasts

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Swedish mining gear maker Epiroc posted on Monday first-quarter earnings and order bookings above market expectations, despite a negative impact on its business in Russia and Ukraine, and forecast strong demand ahead. The global mining industry has benefited from rising prices for raw materials, a move further accelerated by Russia’s invasion of Ukraine, but is also contending with high overall inflation and rising energy costs. Epiroc last month suspended all deliveries to its customers in Russia, which accounted for around 6% of the group’s total sales in 2021, after Moscow… Read More Here
Copper price crashes through $10,000 as hedge funds turn most bearish in two years 8 Copper International 

Copper price crashes through $10,000 as hedge funds turn most bearish in two years

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The copper price fell on Monday to the lowest in three months with mounting concern about the outlook for demand due both to spreading lockdowns in China and the continuing war in Ukraine. Protests at two big copper mines in Peru knocked out a fifth of the country’s production capacity last week before the government imposed a state of emergency to regain control of the Cuajone mine. However, the market focus is rapidly turning to the demand side of the copper equation, particularly in China, where lockdowns are already braking growth sharply in the world’s… Read More Here
Gold price slips below $1,900 as rate hike fears get better of safe haven metal 9 Gold International 

Gold price slips below $1,900 as rate hike fears get better of safe haven metal

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Gold prices slipped further on Monday as prospects of aggressive policy tightening by the US Federal Reserve and a stronger dollar dimmed the precious metal’s safe haven appeal. Spot gold dropped 1.7% to $1,896.42 an ounce by 12:25 p.m. ET, the first time it fell below $1,900 in four weeks. US gold futures slumped by 2.0% to trade at $1,896.00 an ounce. “It seems that the fears about rate hikes have gotten the upper hand as of late,” Julius Baer analyst Carsten Menke told Reuters. With expectations for a half-percentage point interest… Read More Here
Kinross sells Chirano gold mine in Ghana to Asante in $225m deal 10 Gold 

Kinross sells Chirano gold mine in Ghana to Asante in $225m deal

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Kinross Gold (TSX: G) (NYSE: KGC) is selling its 90% interest in the Chirano mine in Ghana to fellow Canadian Asante Gold (CSE: ASE) in a cash and shares deal worth $225 million. The open-pit and underground mining operation in southwestern Ghana produced 154,668 gold-equivalent ounces in 2021, compared to 166,590 in 2020 and is located immediately south of Asante Gold’s Bibiani gold mine. The government of Ghana holds a 10% interest.   The Toronto-based company will receive $115 million in cash and Asante common shares with a value of $50 million based on… Read More Here

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