International - 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

International

Angola creates $15bn fund from recovered assets

April 9, 2023April 9, 2023 Constance

Angola’s finance minister, Vera Daves de Sousa, has announced the creation of a specialized fund to manage approximately $15bn in stolen assets recovered by the state. Finance minister Vera Daves de Sousa has announced that Angola is considering the creation of a specialised fund to manage approximately $15bn in assets recovered by the state in anti-corruption investigations. Since 2017, when João Lourenço became president, the government has stepped up efforts to recover assets allegedly stolen during the four-decade presidency of his predecessor, José Eduardo dos Santos. The National Asset Recovery Service (SENRA)… Read More Here

Battery Metals Copper International Lithium

Musk puts $14 trillion price tag on sticking by fossil fuels

April 7, 2023April 7, 2023 Constance

Converting the world to entirely clean energy will require $10 trillion worth of investment, but continuing to rely on fossil fuels would cost about $14 trillion, according to Elon Musk. A massive build-out of solar-panel factories and metal refineries are required over the next 20 years to deliver renewable-power generation and electricity-storage capacity needed to power the global economy entirely with carbon-free energy, Tesla Inc. said in its Master Plan Part 3 published Thursday 6th April. The white paper fleshes out the details of Musk’s vision for a world without… Read More Here

Energy International

Ethiopia’s Controversial New Hydroelectric Dam Has Neighbors On Edge

April 6, 2023April 6, 2023 Constance

As the Grand Ethiopian Renaissance Dam nears completion, following years of delays and conflict over water security, Ethiopia is optimistic about what this means for the country’s energy sector. However, other countries, such as Egypt, are concerned about the effects the dam will have on its water supply. With no agreement over the management of the dam having been reached, the project could have a dramatic effect on the region’s energy and water security. Ethiopia’s Office of National Coordination announced this month that its Grand Ethiopian Renaissance Dam (GERD) has… Read More Here

Battery Metals International

Biden offers $450m for clean energy projects at coal mines

April 6, 2023April 6, 2023 Constance

The United States government announced on Tuesday 4th March, it had set aside $450 million to advance clean energy projects on current and former mine sites, given special attention to those that can provide new economic opportunities for coal communities. The Department of Energy will also provide $16 million to the University of North Dakota and West Virginia University to complete design studies for a domestic refinery that will extract rare earth and other critical minerals from coal ash, acid mine drainage and other mine waste, the White House said. After taking… 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

Copper International

Glencore has three weeks to keep $23 billion Teck bid alive

April 5, 2023April 5, 2023 Constance

Teck Resources Ltd.’s public rejection of a $23 billion offer from Glencore Plc has fired the starting gun on three weeks of drama for the Swiss commodities giant to keep its proposal alive. Glencore isn’t actually trying to buy any Teck shares yet. There would be little point, after the company’s controlling investor — Canadian mining patriarch Norman Keevil — made clear he’s not interested in selling. Instead, the future of Glencore’s proposal for now depends on convincing Teck’s shareholders to reject the company’s own plan to split into two, at a… Read More Here

Electricity International

South Africa’s Govt Approves new laws to open up Electricity market

April 3, 2023April 3, 2023 Constance

South Africa’s cabinet approved a bill on electricity regulation designed to clear the path for private generation projects and power trading. State-owned Eskom has provided more than 90% of electricity used by the most industrialized nation on the continent for a century. The Electricity Regulation Amendment Bill outlines an entity to buy power as a step toward establishing a competitive market. The Draft Electricity Amendment Bill has been approved for submission to parliament and will be prioritized, Minister in the Presidency Khumbudzo Ntshavheni told reporters in Pretoria, the capital, on… 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

International Mine Safety Safety & Health

Fourteen miners dead in Sudan, dozens injured in mine collapse – official

April 3, 2023April 3, 2023 arnbethnic

Fourteen miners have died and more than 20 have been injured in a mine collapse in Sudan’s Northern state, a senior official in state-owned Sudanese Mineral Resources Company told Reuters on Friday. Part of a mountainside collapsed near al Jabal al Ahmar mine, located 70kms away from Wadi Halfa city, causing the deadly accident on Thursday, Moataz Hajj Nour told Reuters. Witnesses said miners were digging for gold using heavy machinery which had caused the collapse, according to Sudan News Agency (SUNA) on Thursday. Source: reuters.com Read More Here