International - Copperbelt Katanga Mining

Market: the price of copper rises to 8,140 USD per ton

August 13, 2022August 13, 2022 admin

The price of copper rose Thursday to its highest level in nearly six weeks, helped by easing demand concerns after U.S. inflation data turned weaker than expected. Copper for September delivery rose 1.6% on the New York Comex market, touching $3.70 a pound ($8,140 a ton). U.S. consumer prices failed to rise in July as economists expected a 0.2% gain, a report that could allow the Federal Reserve to scale back the magnitude of its rate hike. interest in September. “The market was short according to our estimates in which… Read More Here

International

Codelco turns to AI to squeeze out more copper from aging mines

August 13, 2022August 13, 2022 arnbethnic

Codelco is using artificial intelligence to squeeze out more copper from its aging Chilean mines as suppliers of the metal look to boost efficiencies amid a dearth of new deposits and growing demand. Battling falling grades, rising costs and growing environmental scrutiny, Codelco introduced a digital data center in 2020 that uses machine learning. The platform is adding about 8,000 metric tons at its century-old Chuquicamata mine, or $80 million in annual profit, the state-owned company said in a statement. The machine learning systems use a stream of data on… Read More Here

International

Glencore cuts off Chinese trader caught up in missing copper scandal

August 13, 2022August 13, 2022 arnbethnic

Copper warehouse. (Stock image) Global commodity traders including Glencore (LON: GLEN) and IXM have halted shipments to Chinese metals merchant Huludao Ruisheng after nearly half a billion dollars’ worth of copper went “missing” at a storage site in the country’s north. Thirteen Chinese trading companies —12 of which are state-owned — were financing the storage site in Qinhuangdao, which was found to hold only one-third of the 300,000 tonnes of copper concentrate. The firms are facing potential losses of as much as 3.3 billion yuan ($490 million) from the missing concentrate and… Read More Here

International

Indonesia revokes thousands of mining permits covering over 3 million hectares

August 13, 2022August 13, 2022 arnbethnic

Indonesia’s investment minister said more than 2,000 mining permits for various minerals have been revoked amid efforts to tighten the sector’s governance and plan for land redistribution. The ministry has revoked 2,065 permits covering more than 3.1 million hectares (7.66 million acres) of land across the country, Investment Minister Bahlil Lahadalia told reporters on Friday. President Joko Widodo in January ordered thousands of mining, plantation and forest-use permits to be revoked due to non-compliance or because they had not been used. Of the total number of permits that have been… Read More Here

Battery Metals International

Tesla signs $5bn nickel products supply contracts with Indonesian firms

August 10, 2022August 10, 2022 admin

Indonesia has been looking to attract investments from Tesla and boost domestic development of electric vehicles and batteries. US-based Tesla has reached contracts, valued at nearly $5bn, to purchase battery materials from Indonesian nickel processing companies, reported Reuters citing a senior cabinet minister as saying to CNBC Indonesia. Claiming to hold major nickel reserves, Indonesia has been looking to attract investments from US electric vehicle maker Tesla. Indonesian Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan was cited by the news agency as saying in an interview broadcast: “We are still… Read More Here

Copper International

Copper price up as Chinese imports rise

August 10, 2022August 10, 2022 admin

The copper price rose on Wednesday as improving demand prospects due to stronger than expected data from the United States and China were reinforced by a lower dollar. Copper for delivery in September rose 1.9% on the Comex market in New York, touching $3.65 per pound ($9,380 per tonnes. “In the near term, better data means equity and credit markets are pricing out a more severe recession risk. In this context base metals could catch up with this risk positive shift,” said Giles Coghlan, an analyst at broker HYCM. Stronger… Read More Here

Equipment & Technology International Mining technology

Sandvik launches AutoMine® Mapping Solution, next generation automation solution

August 10, 2022August 10, 2022 admin

Sandvik Mining and Rock Solutions has introduced the AutoMine® Mapping Solution, an innovative new product designed to, it says, maximise productivity and improve safety of autonomous vehicle navigation in underground mining operations through the use of mapped data. The AutoMine Mapping Solution is Sandvik’s next generation product that enables a vehicle to safely record an underground 3D environment with a mine mapping tool, and convert 3D maps to 2D. Faster configuration, and the possibility to continue to operate other equipment within the area while it is being mapped, increases productivity… 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

International

World: Russian oil and gas exports amount to more than 97 billion USD since the start of military operations in Ukraine

August 9, 2022August 9, 2022 admin

Despite European Union sanctions against Russia, which are expected to affect almost three quarters (3/4) of Russian oil and gas exports, the world’s largest country continues to make its oil and gas cheap. Since the start of Russian military operations on Ukrainian territory, Russian oil and gas exports have reached an amount of more than 97 billion US dollars, according to the report of an Independent Research Center (CREA) published on Monday, August 8 2022 and which particularly pinpoints France. From February 24 to June 3, 2022, Russia exported exactly… Read More Here

Copper International

Copper dips but interest rate hopes support

August 8, 2022August 8, 2022 admin

Copper prices eased on Monday but were supported by rising imports of the industrial metal by top consumer China and by hopes that interest rates will peak soon after rapid increases aimed at curbing inflation. Benchmark copper CMCU3 on the London Metal Exchange (LME) traded down 0.2% at $7 850 a tonne in official rings. Prices of the metal used as a gauge of economic health have climbed 13% since July 15, when they touched the lowest since November 2020 at $6 955. “The bounce in metal prices and more broadly other… Read More Here