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Zimbabwe’s state-owned miner selected to revive steel firm 1 International Iron 

Zimbabwe’s state-owned miner selected to revive steel firm

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Zimbabwe has selected Kuvimba Mining House Ltd., a state-owned company, which has been shrouded in controversy, to revive one of the continent’s largest steel mills. The miner, which already has vast interests in gold and nickel, has been picked as the “investment partner” to breath new life into the Zimbabwe Iron and Steel Company, which has been shut for 14 years. At its peak, the plant produced nearly 1 million tons of steel a year. Kuvimba Mining has said it bought its assets from a company linked to Kudakwashe Tagwirei, a… Read More Here
Surging diamond demand helps Botswana trader post record sales 2 Diamond 

Surging diamond demand helps Botswana trader post record sales

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Botswana’s State-run diamond trader reported record revenue last year with sales surging almost five fold after imports from the US recovered from a Covid-19 induced slowdown. Okavango Diamond Company sold $963-million of rough diamonds last year, said Dennis Tlaang, a company spokesman. The revenue was the most since the company began operations in 2012, he said. “The demand for natural rough diamonds remained strong throughout 2021 driven primarily by positive market sentiment in key markets such as the United States,” Tlaang said. Sales may rise further this year after De Beers,… Read More Here
Electric vehicle battery demand surge supercharges nickel 3 Battery Metals International Nickel 

Electric vehicle battery demand surge supercharges nickel

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Nickel rose to its highest level in more than a decade on Monday morning. London Metal Exchange (LME) three-month nickel has broken through January’s high of $24,435 per tonne to reach $24,610, a level last traded in 2011. Time-spreads remain in the grip of a ferocious squeeze, the cash premium closing last week valued at $465 per tonne. The huge incentive for LME delivery has drawn some metal into exchange warehouses but not enough to halt the running downtrend. The possibility of sanctions on Russia, which accounts for about 7% of… Read More Here
Gold price holds near 8-month high as investors monitor Ukraine crisis 4 Gold International 

Gold price holds near 8-month high as investors monitor Ukraine crisis

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Gold prices eased in volatile trade on Monday, as doubts over a potential summit between Russia President Vladimir Putin and his US counterpart Joe Biden to help resolve the crisis in Ukraine kept the safe haven metal near an 8-month high. Spot gold held steady at $1,896.86 per ounce by 12:40 p.m. ET, while US gold futures traded at about $1,898.50 per ounce in New York. Earlier, bullion fell as much as 0.6% after statements from Washington and the Elysee that both the US and Russia had agreed to the summit… Read More Here
AngloGold’s 2021 profit falls 39% on lower output, higher cost 5 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 6 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 7 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 8 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 9 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 10 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

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