Gold - Copperbelt Katanga Mining

Gold price closing in on worst week since March

September 26, 2020September 26, 2020 admin

Gold declined further on Friday and is now set for its biggest weekly loss since the coronavirus panicked global markets in March. Meanwhile, the US dollar rallied again as risk aversion among investors continues to rise following a warning from the US Federal Reserve that economic recovery will stall without further stimulus. Spot gold fell 0.3% to $1,862.91 per ounce by 11 a.m. EDT, after touching its lowest since July a day earlier. US gold futures were down 0.6% to $1,865.70 per ounce in New York. The outlook for the global economic… Read More Here

Mining in DRC Gold

Illicit DRC gold: London Bullion Market must do more to stop it

September 24, 2020September 24, 2020 admin

Canadian conflict minerals research group IMPACT executive director Joanne Lebert says The London Bullion Market Association (LBMA) must do more to combat an illicit trade in gold mined in the Democratic Republic of Congo (DRC). The LBMA “has to take a leadership role and direct its members not to source from any company that does not meaningfully implement due diligence to the source,” says Lebert, speaking in reaction to the LBMA’s first annual report on responsible sourcing published September 22. The LBMA should consider delisting refineries that are sourcing gold from Dubai, she says.… Read More Here

Gold International

Rise in dollar causes Gold price to slide further

September 23, 2020September 23, 2020 admin

Gold continued its slide to a new two-month low on Wednesday as positive momentum for stocks and a strengthening dollar undercut investor appetite for bullion, while a lack of additional stimulus to aid the global economy on the road to recovery added further pressure on the precious metal. Spot gold was down 1.7% to $1,866.71 per ounce by 11:30 a.m. EDT. US gold futures also fell 1.8% to $1873.00 per ounce in New York. Meanwhile, more positive US economic data and concerns over surging coronavirus infections in Europe pushed the… Read More Here

Gold Mining in DRC

12 recommendations to put an end to gold smuggling in the DRC

September 21, 2020September 21, 2020 arnbethnic

IMPACT, an organization that works in the diligence in the exploitation of natural resources, has just published, during this month of September 2020, a report on the smuggling in the trade of gold from artisanal mining in the DRC . According to this report, between 15 and 22 tonnes of artisanal gold, no less than 98% of Congolese artisanal gold, is smuggled out of the DRC. In 2019, the production of artisanal gold in the DRC was estimated at only 333.39 kg against 33,419.04 kg for gold from industrial companies. Everyone… Read More Here

Gold Mining in DRC

DRC loses more than USD 10 million in revenue every year as a result of smuggling artisanal gold

September 20, 2020September 20, 2020 admin

Gold smuggling causes the DRC to lose more than USD 10 million in tax revenue each year, this is according to a report by NGO IMPACT which has just been published in September 2020. According to an estimate by the Federal Institute of Geosciences and Natural Resources in Germany (BGR, Bundesanstalt für Geowissenschaften und Rohstoffe), the gold production of the DRC amounts to 15 tons per year, which represents 543 million USD. If exporters declared all of this production and paid the official export tax (2%), the DRC government would… Read More Here

Copper Gold International Nickel

First Quantum Minerals Provides Operations Update

September 16, 2020September 16, 2020 admin

First Quantum Minerals Ltd has today provided an update on how the company has been able to operate under the pandemic that has hit the world. the company has continued to show efforts on how they are mitigating and trying to adjust to the impacts caused by covid 19. Operational Performance The global mining giant expects to produce 725,000 – 770,000 tonnes of copper, 230,000 – 250,000 ounces of gold and 15,000 – 17,000 tonnes of nickel for the full year 2020, as previously stated. Operations continue to perform as… Read More Here

Mining in DRC Artisanal mining Gold Mine Safety

Congo gold miners scour rubble for bodies after cave-in | DRC

September 14, 2020September 14, 2020 arnbethnic

Informal gold miners in eastern Democratic Republic of Congo scoured rubble on Saturday for more than 50 colleagues presumed dead after a mine collapsed under the weight of heavy rain. Hundreds of young men in rubber boots crowded around the site of Friday’s cave-in, with some removing rocks by hand from the muddy hillside, video footage showed. Dozens of people die each year in accidents in largely unregulated artisanal mines in Congo, where often ill-equipped diggers borrow deep underground in search for ore. Alexandre Kamundala, deputy mayor of the nearby town of… Read More Here

Gold International

Altynalmas joins Cyanide Code

September 11, 2020September 11, 2020 Johannsen

Kazakh gold producer JSC AK Altynalmas has joined the International Cyanide Management Code. Cyanidation is the predominant process to extract gold from ore. A company spokesperson told Kazakh news agency Trend that the move is in line with the company taking measures to reduce potential environmental impacts of its gold mining actvities in the country. “Joining the International Cyanide Management Code is a voluntary initiative of the company to improve health safety standards for our employees, local communities and reduce potential environmental impacts,” the official said. In order to obtain… Read More Here

Gold International

Gold price slopes as dollar gains

September 8, 2020September 8, 2020 admin

Gold prices eased on Monday as the dollar made gains, although economic uncertainties kept it from falling further as investors await developments from central banks. Spot gold was down 0.3% to $1,926.49 per ounce by 1 p.m. EDT, while US gold futures steadied at $1,935.80 per ounce, with North American markets shut for the Labor Day holiday Meanwhile, the dollar index rose 0.3%, making gold more expensive for those holding other currencies. “A higher dollar is weighing on gold, while longer-term uncertainties still persisting in the market is putting a… Read More Here

Mining in DRC Gold

Gilbert Kankonde to settle disputes between Kibali Gold Mines and local communities in Watsa

September 3, 2020September 3, 2020 admin

The Deputy Prime Minister of the Interior, Security and Customary Affairs, Gilbert Kankonde arrived Tuesday, September 1 in Watsa, a mining town located in the province of Haut-Uélé. His mission follows in particular the disputes between the local population and the company Kibali Gold Mines which have provoked violence on many occasions. Since last June, the populations of Watsa and Durba have been calling, among other things, for the immediate reopening of mining quarries closed by the authorities in the Mangbutu sector which would be the operating perimeter of Kibali Gold… Read More Here