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Fortescue JV signs exploration agreement for Belinga project in Gabon 1 Equipment & Technology International 

Fortescue JV signs exploration agreement for Belinga project in Gabon

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Australia’s Fortescue Metals Group announced that its majority-owned joint venture (JV ), Ivindo Iron, has signed an exploration agreement with the Gabon Government for the Belinga iron ore project. The agreement comprises key commercial and legal terms for the exploration of the Belinga project, allowing the grant of exploration licences to the JVfor a 4,500km² area. Fortescue said the agreement also envisages a $90m exploration programme at the Belinga iron ore project, over a period of three years. Fortescue Metals owns an 80% stake in Ivindo Iron while the remaining 20% is held by the… Read More Here
Gold at three-week low as Fed officials reiterate hawkishness 2 Gold International 

Gold at three-week low as Fed officials reiterate hawkishness

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Gold traded at the lowest level in more than three weeks as Federal Reserve officials reiterated their commitment to tighter monetary settings to curb inflation. Bullion capped its first weekly decline in five as traders weighed hawkish comments by policy makers which portended higher interest rates. Fed Bank of Richmond President Thomas Barkin said Friday the central bank was resolved to returning inflation to its 2% target, even if that meant risking a US recession. All eyes will be on Chair Jerome Powell when he speaks this Friday at the annual gathering of central bankers at Jackson… Read More Here
Fresh projects are needed for mining to meet demand 3 International 

Fresh projects are needed for mining to meet demand

arnbethnic
Times are good for the mining sector, but more exploration and mine development is vital if it is to keep up with future demand – for battery minerals in particular. With the focus now on minerals that can build a low-carbon future, Ralf Hennecke, Managing Director of Omnia Group company BME, has emphasized a commodity pipeline that is falling short. “Greenfield projects to boost the production of key commodities are scarce,” he said. “Minerals like nickel, copper, cobalt and platinum group metals are likely to experience supply shortages in the… Read More Here
Gold price heads for weekly drop as Fed officials reiterate rate hikes 4 Gold International 

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

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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
Copper price rises despite global economic pessimism 5 Copper International 

Copper price rises despite global economic pessimism

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The copper price rose on Friday but was set to end the week slightly lower as traders balanced hopes for solid demand in China with pessimism about the global economy. Copper for delivery in September rose 1.1% on the Comex market in New York, touching $3.67 per pound ($8,074 per tonne). Inflation data in Germany and Japan on Friday and statements from European and U.S. central bankers this week suggest that rapid, economically damaging interest rate rises will continue. Investors turned cautious, pushing down global equities and driving up the… Read More Here
Copper price falls on demand worries in China  6 International Copper 

Copper price falls on demand worries in China 

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The copper price fell on Monday as worries about demand in China surfaced due to weak economic data and a firmer dollar. Copper for delivery in September fell 2% on the Comex market in New York, touching $3.59 per pound ($7,898 per tonne). “Chinese data was disappointing, suggesting a bigger hit than expected from covid-19 restrictions,” a metals trader said, adding that a higher dollar had also triggered fund selling. “But there is a positive – interest rate cuts from the PBOC (People’s Bank of China).” China’s economy unexpectedly slowed… Read More Here
Gold price drops with China slowdown, Fed minutes in focus 7 Gold International 

Gold price drops with China slowdown, Fed minutes in focus

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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
Blasting’s role in making mining more sustainable 8 Blasting & Drilling Explosives International 

Blasting’s role in making mining more sustainable

arnbethnic
Technology in blasting – alongside advanced low carbon emission emulsion explosives – are helping pave the way on mining’s sustainability journey. “The digital age has given us the opportunity to leverage the quality of our people, products and service – to optimise blast technology,” said BME Managing Director Ralf Hennecke. “Building on the flexibility and accuracy of electronic detonation, our digital tools can make mining more efficient and less carbon intensive.” By collaborating with customers and technology partners, BME has developed solutions that can enhance output and are easily integrated… Read More Here
Doors to mining opened by women engineers and scientists 9 International Environment Social Governance (ESG) 

Doors to mining opened by women engineers and scientists

arnbethnic
Women working as consulting engineers and scientists are opening doors of opportunity in mining, breaking down discriminatory attitudes and creating role models for the future. According to Vis Reddy, managing director of SRK Consulting, the consulting engineering sector has been an important contributor to gender transformation in mining. “The growing number of women in SRK Consulting who occupy senior professional and leadership positions helps to set benchmarks in the sector,” said Reddy. “We hope to be sending out the right message of gender equality, as industry sees the critical role… Read More Here
Orion chief says copper market is heading for a big rebound 10 International Copper 

Orion chief says copper market is heading for a big rebound

arnbethnic
BANKING on a rebound in the copper price while developing several mineral deposits isn’t for the faint of heart. When the price of the metal slid by up to 20% over the past three months – amid a broader softness in commodity markets – Orion Minerals adapted its strategy to develop its Prieska mine. “The fundamentals are still in place,” says Orion Minerals CEO Errol Smart. He expects a big rebound in the copper market due to supply-side constraints. Despite tight supply, demand for copper from the renewable energy… Read More Here

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