Gold - Copperbelt Katanga Mining

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

Gold International

Gold price sinks below $1,700 ahead of key central bank meetings

July 21, 2022July 21, 2022 admin

Gold prices sank below $1,700 on Wednesday afternoon as investors continued to shed holdings of gold-backed exchange-traded funds ahead of key central bank meetings over the next week, which may result in more aggressive interest rate hikes. Spot gold fell 0.9% to $1,696.71 per ounce by 5:10 p.m. ET, a new 11-month low, after holding steady earlier in the session. US gold futures shrank 1.0% to $1,694.30 per ounce in New York. Bullion has been hovering in a narrow trading range since late last week, with the US dollar index also… Read More Here

Gold

Caledonia Mining to buy one of Zimbabwe’s largest gold projects

July 21, 2022July 21, 2022 admin

Caledonia Mining Corporation is set to be the new owner of one Zimbabwe’s biggest gold mining projects after agreeing to acquire Bilboes Gold Limited, owner of the namesake gold project, in a $53 million shares deal, plus a royalty on revenues. The transaction could more than double Caledonia’s annual production, potentially making it Zimbabwe’s top gold miner. It would also help the company become a multi-asset mid-tier producer. “We are delighted to have signed an agreement for the purchase of Bilboes, the premier gold development project in Zimbabwe, and indeed one of… Read More Here

Gold International

Gold price rebounds from near 11-month low as dollar retreats

July 19, 2022July 19, 2022 admin

Gold rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes. Prices bounced as much as 0.9% on Monday as the dollar declined for a second day, taking some of the strain off the non-interest bearing precious metal after the prospect of a super-sized rate hike helped spark a fifth straight week of losses. Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after… Read More Here

International Gold

Gold deposits found in Nkhata Bay in Malawi

July 17, 2022July 17, 2022 arnbethnic#Malawi, Gold discoveries

Malawi’s Ministry of Mining says gold deposits have been found in the farm of the late Aleke Banda at Tukombo in Nkhata Bay. The ministry’s Public Relations Officer Andrew Mkonda Banda has told the local media that a preliminary investigation has established the presence of gold deposit in the area. The discovery of gold by the ministry comes after residents from 100 villages around Tukombo Trading Centre in Nkhata Bay rushed to the estate to dig for the precious metal. The residents use hoes and other sharp objects to dig.… Read More Here

Gold International

Gold price nears 11-month low with dollar winning battle of havens

July 14, 2022July 14, 2022 admin

Gold plummeted to a near 11-month low on Thursday as investors again turned to the US dollar as the preferred haven amid expectations for more aggressive monetary tightening measures by the Federal Reserve. Spot gold fell 1.7% to $1,706.42 by 12:50 p.m. ET, having been down as much as 2.2% earlier in the session. US gold futures also dropped by 1.7% to $1,705.50 per ounce in New York. Meanwhile, the US dollar soared to a new 20-year high, emerging as a preferred save haven in light of growing economic risks… Read More Here

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Barrick On Track After Higher Q2 Output

July 14, 2022July 14, 2022 admin

Barrick Gold Corporation today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1. The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2… Read More Here