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Copper dips but interest rate hopes support 1 Copper International 

Copper dips but interest rate hopes support

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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
Barrick Gold boss tells miners to brace for more inflation 2 International Mining Companies 

Barrick Gold boss tells miners to brace for more inflation

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Barrick Gold Corp. boss Mark Bristow is sticking with his cost guidance for now, despite inflationary headwinds at mines around the world, but said the idea that industry costs have peaked is “wishful thinking.” The world’s No. 2 gold producer on Monday reported second-quarter earnings that were slightly ahead of estimates, partly by keeping cost increases capped at 4.1% from the first quarter in a highly inflationary environment. In the same report, Barrick said costs would trend toward the high end, or even slightly exceed, its guidance range. Despite mitigation… Read More Here
Lighting Solution for TASEZ | BEKA Schréder 3 Innovation International Technology & Innovation 

Lighting Solution for TASEZ | BEKA Schréder

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BEKA Schréder has supplied the LED lighting solution for various sections of the Tshwane Automotive Special Economic Zone (TASEZ) in Gauteng, South Africa. TASEZ is Africa’s First Automotive City taking the lead in growing Africa’s industrial revolution and providing meaningful employment and business opportunities for communities and SMME’s in the City of Tshwane. This first-class development required a first-class lighting solution. BEKA Schréder has supplied LED luminaires for various sections of TASEZ. They have been chosen as they have been designed and manufactured in South Africa, are robust, cost effective… Read More Here
Félix Tshisekedi dreams of providing the DRC with modern refineries, to end dependence in terms of the supply of finished petroleum products 4 Mining in DRC International 

Félix Tshisekedi dreams of providing the DRC with modern refineries, to end dependence in terms of the supply of finished petroleum products

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By officially launching calls for tenders for the sale of oil and gas blocks on Thursday July 28, Felix Tshisekedi expressed his intention to provide the country with several modern refineries in order to generate more jobs for the population and make the DRC independent by terms of supply of finished petroleum products and fuels.  “In the event that the exploration phases allow us to update and then produce crude oil and/or gas, our dearest wish would consist, and this in accordance with our strategies, of relaunching productive sectors and… Read More Here
De Beers sold $630m of diamonds in its sixth sales cycle 5 Diamond International 

De Beers sold $630m of diamonds in its sixth sales cycle

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Diamond miner De Beers sold $630-million of rough diamonds in its sixth sales cycle for this year. CE Bruce Cleaver says the company continued to see steady demand for its rough diamonds, following “a period of consistently robust demand in the first half” of this year. Sales were higher than the $514-million worth of diamonds sold in the fifth sales cycle this year, but lower than the $657-million worth of diamonds sold in the sixth sales cycle of 2021. Read More Here
Gold price slips as investors prepare for another big rate hike 6 Gold International 

Gold price slips as investors prepare for another big rate hike

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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
First Quantum keeps cost guidance unchanged despite inflationary pressures 7 Copper Gold International Mining in Zambia 

First Quantum keeps cost guidance unchanged despite inflationary pressures

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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
World-first hydrogen haul truck operational from August – Anglo Platinum 8 Equipment & Technology International Mining technology 

World-first hydrogen haul truck operational from August – Anglo Platinum

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The pilot world-first hydrogen haul truck launched early in the year, has had some final changes made to it before it heads into the pit and goes into operational mode from August. Meanwhile, the second prototype is already underway, where learnings from the first truck are being taken into the development of the second prototype. “It’s important to recognise that as we were driving to get the first prototype out to market as soon as possible, we used existing components and retrofitted them into an existing truck. “The next prototype… Read More Here
Sandvik to deliver ‘biggest BEV fleet to date’ for Foran’s McIlvenna Bay 9 Equipment & Technology International Mining technology 

Sandvik to deliver ‘biggest BEV fleet to date’ for Foran’s McIlvenna Bay

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Foran Mining has selected Sandvik Mining and Rock Solutions to supply a fleet of 20 battery-electric vehicles (BEVs), including trucks, loaders and drills, for its McIlvenna Bay project in Saskatchewan, Canada. Set to be one of the world’s first carbon-neutral copper development projects, McIlvenna Bay will be powered by clean hydroelectric power and designed to take advantage of Sandvik’s latest technological advances in sustainable mining, the OEM says. Sandvik’s biggest BEV fleet to date will include seven Sandvik 18-t-payload LH518B loaders (pictured dumping into a TH550B), six Sandvik 50-t-payload TH550B… Read More Here
Copper rises on supply risks and softening dollar 10 Copper International 

Copper rises on supply risks and softening dollar

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Copper prices rose on Tuesday, as supply risks flagged by major producers offset demand concerns, while a softening dollar made the metal cheaper for holders of other currencies. Three-month copper on the London Metal Exchange rose 2.2% to $7 640/t by 07:09 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange closed 3% higher at 58 890 yuan ($8 718.24) a tonne. The dollar slipped for a fourth straight session as traders waited on a rate hike decision from the US Federal Reserve and for any clues about whether hints of a slowing economy will prompt a… Read More Here

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