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AngloGold’s 2021 profit falls 39% on lower output, higher cost 1 Gold International 

AngloGold’s 2021 profit falls 39% on lower output, higher cost

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South Africa-based gold miner AngloGold Ashanti reported a fall of 38.66% in its profit for 2021 on Tuesday, as lower gold production and inflationary pressure hit its earnings. The company’s headline earnings per share (HEPS) — the main profit measure in South Africa — was 146 U.S cents, down from 238 U.S cents a year ago. The miner, with operations across Africa, Australia and Latin America, said it will pay a dividend of 14 cents per share, taking the full year dividend to 20 cents per share. The Johannesburg Stock Exchange-listed… Read More Here
Harmony expects up to 72% drop in interim earnings 2 Gold Mining Companies 

Harmony expects up to 72% drop in interim earnings

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JSE-listed gold miner Harmony Gold expects its basic earnings for the first half of its 2022 financial year, ended December 31, 2021, to be between 68% and 72% lower than that of the six months ended December 31, 2020. This is primarily the result of several factors, including a nonrecurring gain on the bargain purchase recognised for the acquisition of the assets and liabilities of Mponeng operations and related assets in the first half of the 2021 financial year. It is also owing to a lower gross profit as a result of higher production costs, which offset the increase in… Read More Here
Zambia Chamber of Mines President lays out mining’s biggest challenges 3 Mining Companies Mining in Zambia 

Zambia Chamber of Mines President lays out mining’s biggest challenges

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Hot on the heels of the latest Zambia Extractive Industries Transparency Initiative (ZEITI) report, which illustrates how significant the mining sector’s contribution is, President of the Zambia Chamber of Mines Dr Godwin Beene sets out what’s necessary for a mining breakthrough – and the realisation of the New Dawn Government’s stated goal of tripling copper production. ZEITI’s latest annual report details exactly how much Zambia’s Government received from the mining industry between 1 January 2020 and 31 December 2020, and provides a company-by-company breakdown of financial contributions to the economy. In 2020, that… Read More Here
The Inga 3 project is far from being a priority for the DRC, say three civil society structures 4 Mining in DRC Energy 

The Inga 3 project is far from being a priority for the DRC, say three civil society structures

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Three structures of the company operating in the energy sector have estimated that the Inga 3 project is far from being a priority for the Democratic Republic of Congo (DRC). In a report titled “Inga 3: Too High a Price – A Study of the Socio-Economic Costs of the Inga 3 Dam for South Africa”, the Coalition of Civil Society Organizations engaged in monitoring reforms and public action (CORAP), lnternational Rivers & Women and Solidarity Woman (FESO). Indeed, this report is based on studies conducted by financial experts from the… Read More Here
Market: copper at more than 10,000 USD per tonne this week internationally 5 Copper Mining in DRC Zinc 

Market: copper at more than 10,000 USD per tonne this week internationally

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The prices of the main mining export products of the Democratic Republic of Congo are showing a general upward trend this week from February 21 to 26, 2022, according to projections by experts from the National Mercurial Commission of the Ministry of Foreign Trade. Copper is trading this week at USD 10,000.06 per tonne compared to USD 9,825.80 per tonne last week, giving a positive price differential of USD 180.3. Zinc is also trending higher this week at USD 3,657.30 per tonne versus USD 3,631.95 per tonne the previous week,… Read More Here
DRC has the potential for better resource development: Condra Cranes 6 Mining in DRC Equipment & Technology 

DRC has the potential for better resource development: Condra Cranes

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Condra Cranes notes that the company is “very positive going into 2022, as Africa remains a good market and has good prospects”. The Gauteng-based company which is a supplier of cranes originally established its footprint in Zambia before expanding into the DRC. Expressing a positive outlook for the African mining industry in 2022, Condra Cranes MD Marc Kleiner, says the Democratic Republic of Congo (DRC) has the potential for better resource development. There is a significant opportunity for the DRC to grow by developing its resources, he notes, adding that… Read More Here
Zambian government investigate Argonaut’s Lumwana West license 7 Mining in Zambia Copper 

Zambian government investigate Argonaut’s Lumwana West license

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Argonaut Resources has advised relevant Zambian Government authorities are investigating the purported cancellation of exploration licence 22399-HQ-LEL, Lumwana West following in person representations by Argonaut. Lindsay Owler, Director and CEO commented: “Our circumstance has arisen at a time when the newly elected Government is working hard to restore investor confidence in the Zambian mining sector. “Our matter also coincides with the announcement that Zambia aims to increase its copper production to 3 tpa within 10 years, an outcome that can only be achieved if several of new copper mines are… Read More Here
Gold pushes above $1 900 as Ukraine crisis spurs haven demand 8 Gold International 

Gold pushes above $1 900 as Ukraine crisis spurs haven demand

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Gold advanced to an eight-month high above $1 900/oz as the prolonged standoff over Ukraine stoked demand for havens. The US ramped up warnings of a possible Russian attack, with President Joe Biden saying a “false-flag” event may be under way. Moscow said no invasion was planned, but given proposed US security assurances were unsatisfactory, Russia might have to resort to “military-technical measures.” Gold has made a strong start to the year, surging to the highest since June, as the possibility of a conflict in Europe buoyed prices. The commodity is set for a third weekly gain even as… Read More Here
Asante reports ‘significant interest’ in $100m raise for Bibiani 9 Gold International Mining Companies 

Asante reports ‘significant interest’ in $100m raise for Bibiani

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Exploration and development company Asante Gold has received “significant investor interest” in a private placement of common shares to raise up to $100-million at C$1.75 a share. Emiral Resources, which currently holds 19.6% of the company’s outstanding common shares, has indicated that it intends to participate in the offering at a level sufficient to maintain its current percentage shareholding. Funds will be used for working capital, including the payment of the second $30-million payment to Resolute Mining for the Bibiani mine acquisition, initial mine development costs at the Bibiani mine,… Read More Here
Sandvik trials largest capacity electric truck 10 Equipment & Technology International Mining technology 

Sandvik trials largest capacity electric truck

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Sweden-based original equipment manufacturer (OEM) Sandvik has unveiled a prototype of the Sandvik TH665B, the world’s largest capacity battery-electric truck for underground miners. The company said the truck has a payload capacity of 65-tonnes and is currently completing factory testing in California, US. Finalisation of the trial agreement with Barminco and AngloGold Ashanti Australia will see the truck trialled at the Sunrise Dam gold mine to “prove its viability in a long ramp application.” Commercial production of the Sandvik is expected to begin in late-2023. The company said the unveiling… Read More Here

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