Gold - Copperbelt Katanga Mining

Gold price tumbles on covid vaccine breakthrough

November 9, 2020November 9, 2020 arnbethnic

Gold prices erased last week’s gains on Monday as news of the first successful late-stage covid-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets instead. Spot gold sank below $1,900 per ounce during early hours of trading, down 5.3% to $1,853.42 by 11:15 a.m. ET. This marks its biggest single-day slide since August. US gold futures also declined 5.0% to $1,853.70 per ounce in New York. Equities surged after Pfizer said its experimental covid-19 vaccine was more than 90% effective. Pfizer and German partner BioNTech SE said… Read More Here

Gold International

The future for gold – is it brighter than ever?

November 9, 2020November 9, 2020 admin

The price of gold is soaring to new levels despite, or perhaps because of, the woes befalling the global economy, and pundits predict it will go higher yet, smashing all sorts of previous records. Will it, and just what makes this particular metal so special? Where Does Most Of The World’s Gold Currently End Up? It’s a funny thing but – our first primary use for gold was turning it into expensive trinkets like jewellery, iconography, and burial adornments. By 3000 BC we were beginning to use it for trading,… Read More Here

Gold International

Gold price retreats as US voting stretches on

November 6, 2020November 6, 2020 admin

Gold erased gains from the previous session after latest voting tallies from the US presidential election showed a tight race, which left investors scrambling to parse the shifting odds. Spot gold fell 0.4% to $1,900.73 per ounce by 11:30 a.m. ET Wednesday. US gold futures also declined 0.4% to $1,901.70 per ounce With millions of ballots still to be counted, Donald Trump claimed early Wednesday he had won re-election and said he would ask the Supreme Court to intervene. Earlier, Joe Biden said he was “on track to win this election.” While his chances of… Read More Here

Gold International

Robex signs solar deal for Nampala

November 3, 2020November 3, 2020 admin

Canadian gold producer Robex Resources has chosen British fuel and lubricant distributor Vivo Energy to manage construction of a hybrid fuel and solar power plant at the Nampala mine in Mali. Gold production at Nampala rose 13% to 13,921 ounces in the second quarter of 2020 A 3.9 MWp photovoltaic power plant with a battery storage capacity of 2.6 MWh will be built and integrated into Nampala’s existing thermal power plant, said the companies, with the aim of reducing energy costs and carbon emissions. The plant aims to reduce the… Read More Here

Mining in DRC Gold Mining in Zambia

Moody’s upgrades Barrick’s ratings

November 2, 2020November 2, 2020 arnbethnicGold, Zambia

Barrick Gold has announced that Moody’s Investors Service has upgraded the senior unsecured ratings of Barrick and all rated subsidiaries to Baa1 from Baa2, with a Stable outlook. Moody’s noted that Barrick’s liquidity is excellent, which provides significant flexibility to maneuver through gold price volatility. Senior executive vice-president and chief financial officer Graham Shuttleworth said “this upgrade reflects the significant progress that Barrick has made in strengthening our balance sheet since the merger with Randgold. “The improvements that we’ve made to our operations combined with increased gold prices have led… Read More Here

Gold Mining in Zambia

Kansanshi Mine Targets 130,000 Ounces of Gold

October 29, 2020October 29, 2020 admin

2020 copper production expected to reach 235,000 tonnes KANSANSHI Mine is this year projected to produce 130,000 ounces of gold and 235,000 tonnes of copper. The mine has vein deposits, with economic copper and gold mineralisation occurring in three ore-types: primary sulphide, mixed supergene and oxide. Gold is the most ductile metal and a good conductor of heat and electricity. It is used in computers, telecommunication, digital technology and space exploration. According to information posted by First Quantum Minerals on its website, the company that started production at Kansanshi in… Read More Here

Gold

Gold demand recovering, but impact of possible ‘second wave’ of Covid-19 uncertain

October 29, 2020October 29, 2020 admin

Overall global gold demand decreased by 19% year-on-year to 892 t in the third quarter, owing largely to consumers still feeling the impact of the Covid-19 pandemic, says the World Gold Council (WGC) in its latest ‘Gold Demand Trends’ report. Published on October 29, the report indicates that this is the lowest quarterly total since the third quarter of 2009. The year-to-date demand of 2 972 t was 10% lower versus the same period in 2019. Speaking to Mining Weekly, WGC market intelligence manager Krishan Gopaul says there was a slight pick-up in demand… Read More Here

Gold International

Barrick’s Mark Bristow on building a license to operate

October 29, 2020October 29, 2020 admin

In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong license to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors. Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold. Bristow responded that building a sustainably profitable business is key, and something he started at Randgold Resources in 1995, prior to that… Read More Here

Gold Exploration

Barrick to spend $8million in Tanzania explorations

October 28, 2020October 28, 2020 admin

The Toronto-based mining company Barrick Gold, which operates three mines in the African country through Twiga Minerals, has announced that it will invest $8 million on exploration in Tanzania this year. The company also revealed that it has been granted 10 new exploration licenses in Tanzania, where it was until recently locked in a long-dragged out conflict over taxes and mine ownership for almost three years. Twiga Minerals was born last year after Barrick and Tanzania reached an agreement that made the gold giant pay $300 million to settle outstanding… Read More Here

Gold Mining in Zambia

Gold mining a game-changer for Zambia

October 27, 2020October 28, 2020 admin

IN TODAY’s contemporary world, gold does not just imply affluence, material wealth and extravagance but it also gives an expression of style and elegance.The price of the precious metal on the international market has since reached dizzying heights. On the London Metal Exchange, gold is fetching around US$1,900 per ounce. Realising that gold mining and export could play significant role in diversifying Zambia’s economy, job creation and economic development, Government has declared gold as a strategic mineral. However, despite Zambia reporting an increase in gold occurrences, the sector is mainly… Read More Here