Gold - Copperbelt Katanga Mining

Zambia to buy gold from First Quantum to boost reserves

December 27, 2020December 27, 2020 arnbethnic

Zambia, which last month became Africa’s first pandemic-era default, will begin buying gold from Canada’s First Quantum Minerals (TSX: FM) and a state-owned miner for the first time in 25 years, as it seeks to boost foreign-exchange reserves currently near record lows. Under a gold-buying deal inked Friday between the country’s central bank and First Quantum, Zambia will acquire all the gold produced as a by-product of the company’s Kansanshi copper mine. The operation generated 145,000 ounces of gold in 2019 and is expected to produce 220,000–235,000 tonnes of copper, and 120,000–130,000 ounces… Read More Here

Gold Mining in DRC

RWANDA aims to become a mining industry hub under the DRC’s beard

December 26, 2020December 26, 2020 arnbethnic

Unlike many African countries including the DRC, Rwanda has implemented reforms designed to make industrialization a real lever for the development of its mining sector. To achieve this objective, the country of Paul Kagame has developed since 2017 the “National Strategy for Transformation” which sets clear objectives to be reached by 2024 at the latest. Kigali gives priority to investments that bring added value to the country’s mining products, particularly 3Ts: tin, tantalum and tungsten. With this in mind, the country is counting on the construction of a large number of factories… Read More Here

Gold International

Gold prices stabilize on the international market at 1,882 USD per ounce

December 26, 2020December 26, 2020 arnbethnic

Gold prices have stabilized and most base metals were higher in enlightened trading during the holidays, with investors assessing the latest developments in a covid-19 relief plan in the United States and announcing final of a post-Brexit trade agreement. Spot gold edged up 0.3% to $ 1,879.40 an ounce, while US gold futures rose 0.2% to $ 1,882.70 an ounce . On Thursday, the UK and the European Union finalized their landmark post-Brexit trade deal, avoiding the threat of an acrimonious breakup. Meanwhile, House Republicans have blocked Democrats’ attempt to… Read More Here

Gold International

Gold price edges higher on weaker US dollar

December 23, 2020December 23, 2020 admin

Gold prices edged higher on Wednesday, bolstered by a weaker dollar, while investors kept hopes pinned on a US stimulus package, even after President Donald Trump threatened to not sign the relief bill. Spot gold was up 0.7% at $1,872.67 per ounce by 12:55 p.m. EST, having risen as much as 1% earlier in the day. Meanwhile, US gold futures rose 0.4% to $1,877.50 per ounce in New York. “The economic data just cements the belief that the economy is slowing down and that should help the negotiations with stimulus… Read More Here

Gold International

Gold price climbs on US stimulus agreement

December 21, 2020December 21, 2020 admin

Gold prices climbed to a six-week high on Monday, driven by news that US congressional leaders reached an agreement on a $900 billion covid-19 relief bill. Meanwhile, pandemic lockdowns in the UK soured appetites for riskier assets and lent further support for bullion. Spot gold advanced 0.5% to $1,877.14 per ounce by 1 p.m. EST, having surpassed $1,900 earlier in the day. US gold futures held steady at $1,886.40 per ounce. “Now that we’ve got fiscal stimulus behind us, gold has enough momentum to close above $1,900 by year-end and it could… Read More Here

Gold

Resolute Mining to sell Bibiani Gold Mine in Ghana for $105m

December 17, 2020December 17, 2020 admin

Africa-focused miner Resolute Mining has signed a binding agreement to sell the Bibiani Gold Mine in Ghana for $105m. The mine will be acquired by Chijin International (HK), a wholly-owned subsidiary of Chifeng Jilong Gold Mining. As agreed, Resolute will receive $5m deposit on signing the agreement and the remaining $100m on completion. Resolute interim CEO Stuart Gale said: “Resolute is proud of its contribution to Ghana and pleased that our investments at Bibiani in exploration, feasibility studies, and community support will provide a strong base for future success and… Read More Here

Gold

Zimbabwe central bank to form new gold refining unit, sell shares to miners

December 17, 2020December 17, 2020 admin

Zimbabwe’s central bank will unbundle its gold refining and printing unit into two separate companies and sell a majority stake in the new gold refinery business to miners, governor John Mangudya said on Wednesday. Reserve Bank of Zimbabwe’s Fidelity Printers and Refiners (FPR) is the sole buyer, refiner and exporter of gold in the country but the government has come under pressure to allow private players to also refine bullion. Mangudya said the bank would retain 40% shares in the new gold refining business and sell the balance to large scale and… Read More Here

Gold

Slight drop in gold prices following announcement of deployment of covid-19 vaccine

December 15, 2020December 15, 2020 admin

Spot gold plunged 0.8% to $ 1,824.38 an ounce on Monday, December 14, after falling below $ 1,820 an ounce earlier in the session. US gold futures also fell 0.8% to $ 1,827.70 an ounce in New York, reports Mining News Pro European equities and US equity futures started the week on a positive note, with the first shipments of the Pfizer-BioNTech SE vaccine in the United States on Monday morning. “We are seeing a stronger risk appetite in the market, as evidenced by the rally in global stock markets, and… Read More Here

Gold Mining in Zambia

Zambia to buy gold from miners to bolster foreign reserves

December 11, 2020December 11, 2020 admin

The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday. The southern African nation – a major copper producer – became Africa’s first pandemic-era sovereign default last month after it failed to pay a coupon on one of its dollar-denominated bonds. “During periods of market stress – when assets would be losing value – gold would be adding value, thereby shielding… Read More Here

Gold International

Gold price rallies to two-week high

December 8, 2020December 8, 2020 admin

Gold prices rose to a two-week high on Monday as momentum gathered towards a new fiscal stimulus in the US. Meanwhile, the dollar remains subdued, further supporting bullion. Spot gold advanced 1.4% to $1,864.35/oz by 11:45 a.m. EST, after rising to its highest since November 23 at $1,868.26/oz earlier in the day. US gold futures rose 1.6% to $1,868.50/oz in New York. With pressure mounting to help people and businesses hit hard by the covid-19 pandemic, the US Congress is aiming to scrape together a relief package this week. A bipartisan… Read More Here