Gold - Copperbelt Katanga Mining

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

Gold International

Barrick Gold, PNG ink new deal to restart Porgera Mine

April 3, 2023April 3, 2023 Constance

The Porgera gold mine in Papa New Guinea (PNG), halted since 2020, is closer to resuming operations as the country’s government, Barrick Gold’s local subsidiary and New Porgera have inked a new deal to speed up the mine restart. All parties agreed on the New Porgera Progress Agreement (NPPA) on Thursday 30th March, which includes filing for a special mining lease to reopen Porgera. “It’s been a long journey but in the process we have secured the buy-in of all the stakeholders,” Barrick’s chief executive Mark Bristow said. “The reopening of the mine… Read More Here

Mining in Zambia Copper Gold Mining revenue

ZCCM-IH Shareholders Approve the Kansanshi Royalty Transaction

April 3, 2023April 3, 2023 Constance

ZCCM Investments Holdings Plc (ZCCM-IH) shareholders have approved the Kansanshi royalty conversion where the Company will now receive 3.1% of Kansanshi Mining Plc’s (Kansanshi) total revenue. The royalty revenue will be paid on a quarterly basis over the entire life of the mine of Kansanshi that currently extends to the year 2045. The approval was given at the Shareholder’s Extraordinary General Meeting (EGM) held in Kitwe on 31st March 2023. The royalty income stream replaces the former model of unpredictable and unguaranteed dividend pay-outs. These were made at the discretion… Read More Here

Gold Mining in Zambia

Zambia’s Gold production drops by 38%

April 3, 2023April 3, 2023 Constance

Zambia’s 2022 annual Gold Production has dropped from 2,432 metric tons produced in the previous year 2021 to now 1,515 metric tons produced in the year 2022. According to a consolidated mineral production report obtained by the Zambian Business Times –ZBT, the 2022 reduction represent 917 metric tons. The drop is largely attributed to lack of traction by the mines ministry to formalize known artisanal mining activities and failure to timely re-open Kansenseli and Mumbwa Gold Mines among others. At a time when gold mining is supposed to have been… Read More Here

Mining in DRC Gold Mining Policy

The danger of gold mining in the Garamba National Park was discussed in a meeting with the DRC Vice-Minister of Mines

April 2, 2023April 2, 2023 Copperbelt Katanga News

The delegation, composed of the Belgian ambassador to the DRC, Jo Indekeu, and François-Xavier De Donnea, a Belgian State Minister and Chairman of the Board of Directors of the Garamba National Park, alerted the ministry to the “anarchic and illegal” development of gold mining in the Garamba National Park in Haut-Uélé. The delegation showed Godard Motemona the dangers of gold mining around the Garamba National Park. “I came to alert the minister about the anarchic development of their gold mining at the southern boundary of the Garamba National Park. This… Read More Here

Gold International

Barrick Steers Porgera Gold Mine Back Towards World-Class Production

March 31, 2023March 31, 2023 Constance

The government of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited yesterday 3oth March signed an agreement to progress with the resumption of operations at the Porgera gold mine, which have been suspended since 2020.1 Porgera hosts an orebody with measured and indicated resources of 10 million ounces2 and inferred resources of 3.4 million ounces.2 After initial ramp up and optimisation of the Wangima pit, the mine is forecast to produce an average of 700,000 ounces per year, achieving a milestone towards its potential Tier One3 status. The New Porgera Progress… Read More Here

Gold Mining in DRC

Pioneering Kibali Plans Further Partner-Based Development

March 26, 2023March 26, 2023 Constance

Since Kibali went into production 10 years ago it has not only grown into Africa’s largest gold mine, it has also opened a new mining frontier in the DRC and stimulated the development of a thriving regional economy in the country’s North-East province, says Mark Bristow, Barrick president and chief executive. Speaking at a media visit to Kibali yesterday 26th March, Bristow said the mutually beneficial partnership between the company and its local stakeholders, notably the government, contractors, service providers, employees and the community, had demonstrated that it was possible… Read More Here