Gold - Copperbelt Katanga Mining

Barrick Gold’s Informal Takeover Attempt Rejected by First Quantum Minerals

June 17, 2023June 17, 2023 Constance

First Quantum Minerals (TSE: FM) recently turned down an informal takeover proposal from Barrick Gold (NYSE: GOLD TSE: ABX), the world’s second-largest producer of precious metals. As mining companies search for growth opportunities, Barrick approached First Quantum in its quest to expand its presence in the copper market. However, First Quantum expressed its lack of interest in a merger and declined to engage in substantive discussions. Sources familiar with the matter revealed these details. Following the news, shares of First Quantum surged by as much as 12% during Canadian trading,… Read More Here

Mining in DRC Artisanal mining Gold

Kinshasa Accounts for Nearly 9.99% of Artisanal Gold Production in 2022

June 14, 2023June 14, 2023 Constance

The city of Kinshasa, capital of the Democratic Republic of Congo produced 9.99% of the total production of artisanal gold during the year 2022, informs the official statistics of the services of the Ministry of Mines. This proportion of production represents 4.22 kilograms of artisanal gold produced in the city of Kinshasa. A production that raised revenues of around USD 244,431.0. For the whole of the 2022 financial year, the artisanal sector of the Democratic Republic of Congo produced 42.25 Kg of gold for an estimated value of 1,592,809.58 million US… Read More Here

Gold Economy International

Discover the Wealth: Unveiling Africa’s Top 10 Nations with Vast Gold Reserves

June 11, 2023June 11, 2023 Constance

African Countries Bolster Gold Reserves Amid Global Uncertainty. In recent years, African countries have taken significant steps to strengthen their gold reserves, positioning themselves favourably amidst global economic uncertainty. As geopolitical tensions and inflation concerns persist, the allure of gold as a safe-haven asset has intensified. Let’s explore the top 10 African countries with the largest gold holdings in 2023. Topping the list is Algeria, boasting the largest gold reserves on the continent, with a robust holding of 174 metric tons. South Africa closely follows, with official gold reserves reaching… Read More Here

Mining in DRC Gold

DRC Generates 1.104 billion USD Gold exports at the end of 2022

May 29, 2023May 29, 2023 Constance

In total more than 28,306.26 kilograms of gold were exported from the Democratic Republic of Congo (DRC) in 2022, informs the annual report of the Ministry of Mines. According to this same document, the 28,306.26 kilograms of gold exported on Congolese soil generated revenues of 1.104 billion US dollars during the period evaluated. Regarding exports of industrial exploitation of unrefined gold, they are dominated by KibaIi Gold with 99.83% and MCCR with 0.17%. The quantity exported by MCCR is marginal. Artisanal exports of gold during this period are estimated at 42.25… Read More Here

International Gold

Gold price falls to USD 1,981 per ounce

May 18, 2023May 18, 2023 Constance

Gold prices fell further on Wednesday 17th May as the dollar rose after comments from U.S. Federal Reserve officials cast doubt on interest rate cuts this year. Spot gold fell another 0.3% to $1,981.95 an ounce, after falling below $2,000 the previous session. US gold futures fell 0.4% to $1,985.60 an ounce. Meanwhile, the U.S. dollar index hit a six-week high, eroding the appeal of bullion, which also rivals the currency as a safe haven, especially among overseas buyers. Reiterating the central bank’s determination to contain inflation, Chicago Fed Chair Austan… Read More Here

Mining in Zambia Gold

Zambia’s Govt Launches Gold Mining Marketing Center in Lusangazi

May 16, 2023May 16, 2023 Constance

Government to set up a gold mining marketing center in Lusangazi district of the Eastern Province to provide local people with easy access to the market for the mineral. The gold marketing center will be established at a central location within the district. It will be responsible for the purchase and sale of gold extracted in Lusangazi. Ministry of Mines and Minerals Development Senior Planner, Angela Zulu , stated that plans are underway to set up additional gold marketing centers in other districts where gold mining activities are taking place. Ms.… Read More Here

Gold International New Mining Projects

Angola Inaugurates Buco Zau Gold Project

May 14, 2023May 14, 2023 Constance

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, has officially inaugurated the Buco Zau gold project, located in the Cabinda province in Northern Angola. With an installed washing capacity of 150 tons per hour, the project was developed by Angolan mining company Mineração Buco Zau, and is expected to play an instrumental part in supporting the Ministry’s diversification efforts. Speaking during the inauguration ceremony last week, Azevedo reiterated the role gold continues to play in the country, and that the Buco Zau project will likely be used as… Read More Here

Copper Exploration Gold International New Mining Projects

First stone laid in Angola to commence the Tetelo Mine project

May 14, 2023May 14, 2023 Constance

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, officially laid the first stone for the construction of the Tetelo mine, for copper and gold exploration, in the town of Mavoio, municipality of Maquela do Zombo, in Uíge province on Thursday. The mine will be constructed in an area of 4 square kilometers over a period of 27 months, with a total cost of 205 million US dollars to the State. The first phase of production is expected to begin by the end of next year, with an… Read More Here

Mining in DRC Gold

DRC’s Minister of Mines Vows to Combat Fraud in the Gold Sector

May 11, 2023May 11, 2023 Constance

The Minister of Mines Antoinette N’samba Kalambayi is committed to fighting against mining fraud mainly in the gold sector in the Democratic Republic of Congo. While several sources report the link between the illegal exploitation of mining resources in the DRC and the activities of armed groups acting on behalf of certain neighboring countries, members of the International Conference on the Great Lakes Region CIRGL including Rwanda is indexed as the main instigator. The boss of the DRC’s mines said in a statement that mining fraud deprives the country of… Read More Here

Gold International

New Ontario gold mine nearing completion but sourcing workers a challenge

May 9, 2023May 9, 2023 Constance

After years of planning and development, the end is in sight for the Magino gold project, which Toronto-listed Argonaut Gold is building near Dubreuilville, Ontario. The first gold pour at the mine is only weeks away and commercial production is targeted for the third quarter. “Major components critical to commissioning Magino’s mill are coming together as we prepare for first gold pour, which is now expected during the second half of May, which is marginally behind the May 15 target date,” said COO Marc Leduc on Friday 5th may. By March 31, Argonaut had incurred about $652-million of the $755-million (C$980-million) estimate at completion. Leduc… Read More Here