Gold - Copperbelt Katanga Mining

DRC: in 2021, Kinshasa produced 38% of gold from artisanal mining

August 9, 2022August 9, 2022 admin

The city of Kinshasa, the capital of the Democratic Republic of Congo (DRC), achieved a gold production estimated at 51.3 Kg during the year 2021. This is what the statistics published by the National Ministry of Mines. The production carried out in the city-province of Kinshasa represents 38% of the overall production recorded during the period indicated in this report from the Ministry of Mines. According to the same source, gold exports from the Democratic Republic of Congo (DRC) in 2021 amounted to 31,444 kg of gold, generating a sum… Read More Here

Mining in DRC Gold

DRC: Gold exports brought in $1.268 billion in sales revenue in 2021

August 8, 2022August 8, 2022 admin

The Democratic Republic of Congo exported in 2021 a volume of 31,444 kg of gold for a value of 1 billion 268.625 million USD, according to data from the Ministry of Mines. Of this volume of production, the gold from artisanal mining remains marginal and represents barely 135 Kg against 31,308 Kg from the industrial mining of the firm Kibali Gold Mines. It should be noted that the production of gold has continued to increase over the last 10 years thanks to the revival of the industrial sector, notwithstanding the… Read More Here

Gold

Gold trading kicks off on Nigerian exchange ahead of launch

July 27, 2022July 27, 2022 admin

A newly licensed Nigerian commodities exchange started trading in gold ahead of its official launch this week, the first time the metal will be offered on a bourse in the West African nation. The Lagos Commodities and Futures Exchange is licensed by the Securities and Exchange Commission to trade gold with the specification of the London Bullion Market Association’s 99.99% purity, targeting globally acceptable pricing and quality, according to Akinsola Akeredolu-Ale, managing director of the Lagos bourse. The exchange is scheduled for a formal launch on July 28 and will… Read More Here

Gold International

Gold price slips as investors prepare for another big rate hike

July 27, 2022July 27, 2022 admin

Gold prices are headed back down after posting the biggest weekly gain since May as investors weighed prospects for tighter US monetary policy and concerns over an economic slowdown. Spot gold is down 0.5% to $1,719.18 per ounce by 1:15 p.m. ET, erasing some of its gains from last week. US gold futures fell 0.6% to $1,717.00 per ounce in New York. Bullion hit the lowest level since March 2021 last week, only to rebound as Treasury yields eased following poor US economic data. After raising rates in June by the most… Read More Here

Copper Gold International Mining in Zambia

First Quantum keeps cost guidance unchanged despite inflationary pressures

July 27, 2022July 27, 2022 admin

Unlike many of its peers, Canada-based miner First Quantum has opted to keep its cost guidance for 2022 unchanged, despite inflationary pressures and lower output from its mines in Zambia. The company continues to guide cash costs of C$1.45/lb to C$1.60/lb for the full year, despite second-quarter cash costs exceeding the upper limit of the yearly guidance. During the June quarter, First Quantum reported a $0.13/lb quarter-on-quarter increase in C1 cash costs to $1.74/lb, as inflation drove up the prices for consumables, including explosives, fuel and steel, and freight charges climbed. C1… Read More Here

Mining in DRC Gold

DRC Mining industry produced 7,797 Kg of raw gold in the first quarter of 2022

July 27, 2022July 27, 2022 admin

The mining industry in the Democratic Republic of Congo (DRC) produced 7,797 kg of raw gold in the first quarter of 2022. This is what the Central Bank of Congo (BCC) informs in its summary of statistical information published in June 2022. According to these data from the highest financial institution in the Democratic Republic of Congo, gold production is up slightly from its level during the same period in 2021 when it stood at 7,472 Kg Gold, representing a slight increase of around 325 kg of raw gold. The… Read More Here

Copper Gold Mining in Zambia

FQM’s renewed dedication to Zambia attributed to the new regime

July 26, 2022July 26, 2022 admin

First Quantum Minerals (FQM), a large mining company with a TSX listing, plans to make significant investments in the expansion of its Kansanshi copper and gold mine. This shows not only the persistent demand for these two metals from international markets, but also the company’s dedication to a nation that recently welcomed a new political leadership that aims to raise Zambia’s status as a mining investment destination going forward. According to Dr. GODWIN BEENE, an expert in FQM government relations affairs, LAURA CORNISH. Zambia’s mining tax regime, amended in 2019, has seen investment from the sector dwindle and total copper production output stagnate ever since. But the introduction of new president Hakainde Hichilema (appointed into office in September 2021) could change this as he has reopened the door to working with local mining companies to establish a more investment-friendly tax regime. This could be one of the key deciding factors that will enable the FQM board to give the green light on a major expansion project at its Kansanshi operations.… Read More Here

Cobalt Copper Gold Mining in DRC Tin Zinc

DRC: gold, copper, cobalt, tin and zinc record a price drop this week on the international market

July 26, 2022July 26, 2022 admin

The general trend in the prices of the main mining export products of the Democratic Republic of Congo (DRC) should be downward this week from July 25 to 30, 2022. According to the projections of the National Mercurial Commission of the Ministry of Foreign Trade, only tantalum is expected to remain stable this week in the market to trade at USD 410.00 per kilogram. Elsewhere, copper, cobalt, tin, zinc, gold and silver are all expected to fall during this week. Indications from the Ministry of Foreign Trade indicate that copper… Read More Here

Gold International

Gold gains as investors weigh growth concerns; palladium jumps

July 22, 2022July 22, 2022 admin

Gold held onto gains and headed for its first weekly advance since early June as investors weighed renewed concerns over economic growth. Bullion’s reversal comes with more economic data fueling fears of a recession. US business activity contracted in July for the first time in more than two years, according to data released Friday, adding to a slew of indicators earlier in the week that are painting a gloomy outlook. Meanwhile, a gauge of the greenback has retreated from its July 14 peak. “We are finally starting to see some weakness in… Read More Here

Gold

Shanta records strong second-quarter performance

July 21, 2022July 21, 2022 admin

Aim-listed Shanta Gold recorded a strong second quarter ended June 30, with initial crown pillar mining at the New Luika gold mine (NLGM), in Tanzania, having contributed to a 54% quarter-on-quarter increase in output to 17 527 oz. CEO Eric Zurrin highlighted in a production and operational update for the period, published on July 21, that production for the month of June, at 7 538 oz, had been the highest output level achieved by the company in more than 12 months. The company owns NLGM and the Singida project, in Tanzania, as well as the West Kenya project in Kenya. Construction at Singida was… Read More Here