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African Energy Metals to acquire Whiskey Cobalt Mining’s stake in Manono project

March 4, 2022March 4, 2022 admin

TSX-V-listed African Energy Metals has acquired Whiskey Cobalt Mining’s (WCM’s) interest in the Manono tin, tantalum and lithium project, in the prolific Manono area in the Tanganyika province of south-east Democratic Republic of Congo. The disposal by WCM of the project, comprising an exploitation permit covering about 30 km2, will involve WCM assigning African Energy Metals an exclusive option agreement with Liberty Mining and Investments to enter both parties into a 50:50 joint venture on the project. The Manono concession is about 90 km northeast of Manono in Kiambi, and… Read More Here

Gold International

Gold Set for Weekly Gain as Attacks on Ukraine Lift Haven Demand

March 4, 2022March 4, 2022 admin

Gold headed for a weekly advance, lifted by demand for haven assets as Russia escalated its assault on Ukraine. Prices eased after spiking earlier on news that Russia attacked Europe’s largest nuclear power plant, raising concerns over the safety of the facility in Ukraine. Investors are weighing the economic fallout from Russia’s invasion of its neighbor, which is disrupting flows of energy, grains and metals. The resulting surge in oil prices has stoked concerns about global growth and inflation risks. Investors have sought out bullion as a store of value amid the… Read More Here

International Oil & Gas

Can African gas replace Russian supplies to Europe?

March 4, 2022March 4, 2022 admin

On February 22, German Chancellor Olaf Scholz announced during a news conference that the European superpower was halting approval of Russia-owned Nord Stream 2 after President Vladimir Putin officially sent troops into eastern Ukraine. An $11bn gas pipeline project owned by Moscow-backed energy company Gazprom, runs from western Siberia to Germany. The project was built to ensure a sustainable energy distribution across the European Union, especially as gas prices reached record highs in Europe – which gets more than a third of its natural gas from Russia. As the conflict continues in… Read More Here

Oil & Gas

Higher prices, budget strains to hit Africa from war in Ukraine

March 4, 2022March 4, 2022 admin

Russia’s invasion of Ukraine is likely to hurt Africa’s coronavirus-ravaged and fragile economies through fiscal constraints, weaker investment flows and higher commodity costs. The most pronounced challenge will be the surge in prices, particularly of oil and wheat, as these will have implications for inflation, current-account and budget balances, said Yvonne Mhango, Renaissance Capital’s head of research for the continent. Crude has surged by more than a fifth since the start of the war to a 2008 high of almost $120. Wheat prices extended their meteoric rally, soaring 50% in the past… Read More Here

Mining in DRC Oil & Gas

André Wameso: “with the Ventora agreement, oil blocks and mining assets valued at more than 2 billion dollars need to be recovered- DRC

March 4, 2022March 4, 2022 admin5 Comments

The Democratic Republic of Congo will imperatively have recovered oil blocks and mining assets valued at more than 2 billion dollars from the Ventora group of the Israeli businessman Dan Gertler. This was indicated by André Wameso, Vice-President of the Commission which negotiated the Ventora agreement. It was during the press conference organized on Thursday March 3, 2022 by the Minister of Communication and Media, Patrick Muyaya, accompanied by his colleague from Justice, Rose Mutombo. According to André Wameso, this historic agreement signed on Thursday, February 24, 2022 between Kinshasa and… Read More Here

Cement

Africa: Dangote Cement recorded profits of USD 890 million in 2021

March 4, 2022March 4, 2022 admin

At the end of the financial year 2021, Dangote Cement Plc, the cement group owned by Nigerian billionaire Aliko Dangote, recorded profits of around 890 million US dollars. This company of Aliko Dangote is established in 10 countries on the African continent. These figures achieved in 2021 compared to 2020 represent an increase of 32%, a performance supported by the good orientation of the Group’s commercial activity. According to data provided by this company, the company’s sales increased by 14% to 29.3 million tonnes of cement at the end of… Read More Here

Mining in DRC Mining Supply Tenders

Tender for Heap Leach Crushing and Screening | DRC

March 4, 2022March 4, 2022 admin

African Tender Notice | DRC Announcement Date: 28 February 2022Tender Description: Tender for Heap Leach Crushing and Screening Deadline: 07 March 2022 Click to access full tender details Read More Here

Mining in DRC Oil & Gas

DRC: Ukrainian crisis and rise in crude oil prices, the Govt plans to take urgent measures to deal with this situation

March 3, 2022March 3, 2022 admin1 Comment

The Government of the Democratic Republic of Congo (DRC) is very attentive to the progress of Russian military operations in Ukraine and their effects on the world economy. During the traditional weekly meeting of the Economic Situation Committee (CCE) held on Wednesday March 2, 2022, the sectoral Ministers around the Prime Minister, Jean-Michel Sama Lukonde, counted on the economic situation both nationally and internationally. international in the period from February 9 to 28, 2022. At the national level, the Economic Conjuncture Committee notes that the impact of the rise in… Read More Here

Copper International Nickel

Copper, nickel prices spike as Europe scrambles for metal

March 3, 2022March 3, 2022 admin

On Wednesday, copper prices continued to rise with May futures jumping to a high of $4.7050 a pound ($10,373 a tonne) in New York, levels last seen during the bellwether metal’s October spike – in sight of record territory. Aluminum hit a record high of $3,590 a tonne and the price of nickel raced to an 11-year peak above $25,000 a tonne. Concerns about supply disruption and low global stockpiles are behind the move higher, trumping concerns over the impact of the Ukraine invasion on global growth, rising interest rates in… Read More Here

Equipment & Technology International Mining technology

Metso Outotec ceases deliveries to Russia

March 3, 2022March 3, 2022 admin

Finland-based mining and mineral processing technology supplier Metso Outotec will not deliver any equipment to Russia due to the ongoing war in Ukraine and resulting sanctions against business in Russia. In an update, the company said while the mining industry is “currently not directly targeted,” sanctions against the banking sector and individuals, as well as other restrictions, may have an impact on its customers’ Russia-related business. “Due to the current unclear and changing sanction situation, Metso Outotec has temporarily ceased its deliveries to Russia,” the company said. Metso Outotec noted… Read More Here