Gold - Copperbelt Katanga Mining

Gold price heads for weekly drop as Fed officials reiterate rate hikes

August 19, 2022August 19, 2022 admin

Gold is headed for the first weekly decline in five as traders weighed reiteration from Federal Reserve officials that they’re determined to hike interest rates to fight inflation. Policy makers offered divergent views on the size of the next interest-rate increase, but they agreed on the need to keep raising interest rates. St. Louis’s James Bullard urged another 75 basis-point move while Kansas City’s Esther George struck a more cautious tone. Richmond’s Thomas Barkin echoed that resolve on Friday, noting the risk those efforts could cause a recession. Bullion dropped… Read More Here

Gold

Zimbabwe offers target-beating incentive for biggest gold miners

August 16, 2022August 16, 2022 admin

Zimbabwe extended an incentive for the country’s biggest gold miners to produce above state-set output targets. Large producers that exceed their goals will receive 80% of the payment for the additional output in foreign currency, Deputy Mines Minister Polite Kambamura said in an interview. That compares with the existing 60-40 split between foreign and local currency payments for gold produced in the southern African country. “Overall, it’s a good policy,” said Isaac Kwesu, chief executive officer of the Chamber of Mines. “But for those that are already operating at full… Read More Here

Gold International

Gold price drops with China slowdown, Fed minutes in focus

August 16, 2022August 16, 2022 admin

On Monday, China’s central bank unexpectedly cut its key interest rate as it ramped up support for an economy handicapped by virus lockdowns and a deepening property crisis. Economic data showed the country’s recovery is ebbing, potentially crimping physical demand for gold in the world’s largest consumer. Despite coming off a fourth weekly gain, bullion has now come under pressure from a stronger US dollar amid concerns over further rate hikes by the US Federal Reserve. The dollar index edged higher Monday, making gold and other commodities more expensive for overseas buyers. Treasury… Read More Here

Gold International

Gold bounces above $1 800 after US inflation data

August 10, 2022August 10, 2022 admin

Gold prices charged higher and broke above the key $1,800 level on Wednesday after relatively tame US inflation readings prompted bets that the Federal Reserve may not opt for aggressive rate hikes. Spot gold rose 0.6% to $1 804.20 per ounce by 1249 GMT (8:49 ET). US gold futures jumped 0.6% to $1 822.30. US consumer prices did not rise in July, due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two… Read More Here

Gold Copper Mining Companies

Barrick Gold tweaks cost guidance as copper boosts second-quarter earnings

August 9, 2022August 9, 2022 admin

Barrick Gold Corp flagged on Monday that it might overshoot its gold production cost forecast this year, though it stopped short of hiking its cost guidance, with CEO Mark Bristow saying the path of inflation was uncertain. Barrick beat analysts’ expectations with a nearly 19% rise in second-quarter profit thanks to higher copper output even as inflation drove production costs up for the world’s second-biggest gold miner. Its shares rose 2% at the open in Toronto. The company now expects to be “either at the top end or slightly above”… Read More Here

Mining in DRC Gold

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