Gold - Copperbelt Katanga Mining

From World-Class Asset Base, Barrick Hunts New Opportunities

May 4, 2023May 4, 2023 Constance

The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today. Reporting on the results for the first quarter, president and chief executive Mark Bristow said production, while lower than Q4 2022, was on plan, and free cash flow1 had… Read More Here

Gold International

Uganda’s gold industry loses $160M due to tax dispute

May 3, 2023May 3, 2023 Constance

According to a report by the Ugandan Parliamentary Committee on Finance, Planning, and Economic Development, Uganda has lost out on Ush600 billion ($160.77 million) in uncollected tax from the export of gold goods since July 2021 because of a dispute with exporters and refiners over levies. Ruth Nankabirwa, Uganda’s Minister for Energy and Mineral Development, however, blamed the loss on a dispute between the Uganda Revenue Authority and more than 20 gold exporters and refiners in her response to the report to the House on Tuesday 2nd May. “From the… Read More Here

International Gold

The price of Gold continues to fall below the bar of 2000 USD per ounce

April 26, 2023April 26, 2023 Constance

Gold continued to slide on Tuesday 25th April as a stronger dollar countered support from lower Treasury yields, as investors await a slew of U.S. economic data due later this week that could sway the stance. Federal Reserve on interest rates. Spot gold fell 0.2% to $1,985.90 an ounce on Tuesday, after falling below the key $2,000 level late last week. US gold futures fell 0.1% to $1,997.40 an ounce. Meanwhile, the dollar rose 0.4% to make bullion relatively more expensive for buyers holding other currencies, while benchmark 10-year Treasury yields… Read More Here

Gold Copper International

Barrick On Track to Achieve 2023 Targets

April 18, 2023April 18, 2023 Constance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) on Thursday 13th April reported preliminary Q1 sales of 0.95 million ounces of gold and 89 million pounds of copper, as well as preliminary Q1 production of 0.95 million ounces of gold and 88 million pounds of copper. As previously guided, Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our… Read More Here

Mining in Zambia Copper Gold

NFC Africa Mine’s Copper and Gold Production Rises Annually in Zambia

April 14, 2023April 17, 2023 Constance

Non-Ferrous China Africa (NFCA), a subsidiary of China Nonferrous Metals Corporation (CNMC), has reported an annual increase in copper and gold production at its Chambishi-based mine in the Kalulushi district of Zambia’s Copperbelt Province. Copper production rose by more than 5,000 tons from 62,300 tons in 2021 to 67,600 tons in 2022, generating approximately $608 million at an average copper price of $9,000 per ton. This marks the mine’s second consecutive year of increased production, with copper production up by 18,675 tons compared to 48,900 tons in 2020. According to… Read More Here

Gold International

Policeman among gold thieves : Mozambique

April 12, 2023April 12, 2023 Constance

Four people, one of them a member of the Mozambican police force were detained on Monday, in the central province of Manica, accused of stealing two kilos of gold and 750,000 meticais (about 11,800 US dollars) in cash. The theft occurred on Saturday on the premises of a gold mining company. There were five alleged thieves: two informal gold miners, a supervisor of the mining company, and two policemen, one from the Rapid Intervention Unit (UIR – the Mozambican riot police), and one from the Frontier Guard. The latter evaded… Read More Here

Gold International

The price of Gold prances to 2020 USD per ounce

April 9, 2023April 9, 2023 Constance

Gold held on to gains near $2,020 an ounce on Wednesday 5th March despite a rebound in the dollar, as recent U.S. economic data stoked fears of a slowdown and spurred bets that the Federal Reserve could ease policy. rate hikes. Spot gold was flat at $2,020.72 an ounce as of 1:40 p.m. ET, near its highest level in a year. The precious metal is now around $50 away from trading at an all-time high. US gold futures also had minimal movement, trading at $2,037.70 an ounce. Gold rose above the key… Read More Here

Mining in Zambia Gold News in Brief

President HH urged to act on Gold mine reopening delays

April 9, 2023April 9, 2023 Constance

Mwinilunga Town Council Chairperson, Jonathan Chinyimba, has urged the President of Zambia, Hakainde Hichilema, to expedite the reopening of Kasenseli Gold mine. Chinyimba stated that the delay in reopening the mine has caused increased levels of poverty and unemployment in Mwinilunga, and has hindered the district’s overall development. Chinyimba emphasized the potential economic benefits of reopening the mine, including improved infrastructure, job creation, and increased revenue for the council to invest in the community. He noted that the delay has led to limited revenue for the council and hampered business… Read More Here

Gold International

Zimbabwe to investigate Gold-smuggling allegations

April 5, 2023April 5, 2023 Constance

The government of Zimbabwe has broken the silence around allegations of gold smuggling and money laundering exposed in an Al-Jazeera documentary last month, saying on Tuesday 4th March that it will launch an inquiry into the claims. In a four-part documentary released on March 23rd, the news network shows individuals allegedly affiliated with Zimbabwean government smuggling gold to evade western sanctions. According to Al-Jazeera’s Investigative Unit (I-Unit), the gold mafia is licensed to buy the precious metal from small producers that would otherwise have been smuggled out of the country. The group… Read More Here

Mining in DRC Gold

Improvement in Export of Artisanal Gold Noted at the DRC’s Economic Situation Committee Meeting

April 3, 2023April 3, 2023 arnbethnic

Gathered around Prime Minister Jean-Michel Sama Lukonde, members of the Economic Situation Committee have observed an improvement in the export of gold from artisanal mining since the start of operations at Primera Gold. The Economic Committee noted with satisfaction that since the commissioning of Primera Gold, there has been an improvement in the export of gold from the artisanal sector. On Wednesday, March 22, 2023, Prime Minister Jean-Michel Sama Lukonde Kyenge chaired the traditional meeting of the Economic Situation Committee, which was attended by several members of the Government, including… Read More Here