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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

Equipment & Technology International Mining technology

Sandvik introduces larger, upgraded loader

March 3, 2022March 3, 2022 admin

Sweden-based mine equipment provider Sandvik has introduced the seven-tonne Toro LH307 loader, which it says offers improved productivity and capacity for underground miners. The company said the Toro LH307 features many design updates and new options for both hardware and software. It can carry more than the previous Sandvik LH307, which had a capacity of six tonnes. The vehicle also has an integrated weighing system (IWS) and traction control, which measures the payload when lifting the boom and the number of buckets lifted during a shift; the traction control system… Read More Here

Mining in DRC

A non-profit organization called “Corps des Mandataires en Mines et Carrières” is born in the DRC

March 3, 2022March 3, 2022 admin

They will now be mobilized within the non-profit association “Corps des Mandataires en Mines et Carrières” (CMMC). These are the Mining and Quarrying Agents of the Democratic Republic of Congo (DRC) who have decided to work together for the defense and promotion of their profession, which is sometimes harmed following certain practices within the mining administration. . Indeed, the official presentation of the Asbl “Corps des Mandataires en Mines et Carrières” took place on Tuesday, March 1, 2022, in the presence of the Minister of Mines, Antoinette N’Samba Kalambayi, at the… Read More Here

International Energy Oil & Gas

World: War in Ukraine,barrel of oil goes from 104 to 113.02 USD in one week on the international market

March 3, 2022March 3, 2022 admin

The consequences of Russian military operations in Ukraine are likely to be disastrous for the global economy. On the sixth day of the war in Ukraine, crude oil prices continued to soar on the international market. The West Texas Intermediate (WTI), also called Texas Light Sweet which is a variation of crude oil serving as a standard in the fixing of the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange ), the stock market specializing in energy, rose on… Read More Here