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Global iron ore production growth to accelerate through 2026 (Report) 1 Iron Ore International 

Global iron ore production growth to accelerate through 2026 (Report)

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Growth in global iron ore production will accelerate in coming years, ending the stagnation that has persisted since iron ore prices hit a 10-year average of $55 a tonne in 2015, the report says. market analyst Fitch Solutions in its latest industry report. Continued, albeit slower, growth in Australia, faster growth in Brazil and stabilization of ore production in mainland China will be key growth drivers, Fitch said. China will invest heavily in overseas mining to improve iron ore supply security, and Guinea will be a major beneficiary of this trend… Read More Here
Gold rises as G7 nations plan to ban bullion imports from Russia 2 Gold International 

Gold rises as G7 nations plan to ban bullion imports from Russia

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Gold prices gained on Monday, as news of some Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion. Spot gold rose 0.5% to $1 835.75/oz by 05:20 GMT. US gold futures were up 0.4% at $1 837.30. “The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading),” OANDA senior analyst Jeffrey Halley said. “However, it is mostly a rubber stamp exercise in reality for the grouping, and I do not expect this to mark… Read More Here
Gemfields share price soars by 7% 3 Gemstones International Mining in Zambia 

Gemfields share price soars by 7%

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Gemfields’ stock soared nearly 7% on the JSE yesterday after the supplier of coloured gemstones said that its first ruby auction of the year brought in $95.6 million (R1.6 billion), the company’s all-time high auction income. In intraday trading on Monday, the shares were trading at R3.55. The Gemfields Group, headquartered in London and traded on the Johannesburg and London Stock Exchanges, specializes in emerald mining at the Kagem mine in Zambia and the Montepuez Ruby Mining (MRM) in Mozambique. According to the report, the ruby auction consisted of seven… Read More Here
Gold firms as economic fears return to centre stage 4 Gold International 

Gold firms as economic fears return to centre stage

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Gold rose on Wednesday as renewed fears of a recession bolstered bullion’s allure as a safe haven and countered pressure from a firmer dollar, while investors awaited monetary policy cues from the Federal Reserve. Spot gold reversed initial declines to rise 0.4% to $1 839.86/oz by 11:45 GMT, while US gold futures gained 0.2% to $1 841.70. World stocks fell as concerns of rising interest rates and recession persisted.  Adding to this, soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month.  “You have all the fears of rising recession… Read More Here
Cobalt gets cheaper as China’s buyers suffer from battery slump 5 Cobalt International 

Cobalt gets cheaper as China’s buyers suffer from battery slump

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Cobalt prices are crashing back to earth as sellers offer increasingly steep concessions to Chinese buyers who have turned cold on the battery metal as demand slumps in electric vehicles and smartphones. The benchmark price for cobalt in Europe has slid more than 13% since a peak in May, and an even sharper decline in Chinese prices signals the sell-off could have further to run. Buyers in the country are racing to renegotiate supply deals in order to stem heavy losses arising from an unusual disconnect between domestic and international… Read More Here
Glencore unit pleads guilty to bribery in Africa 6 International Oil & Gas 

Glencore unit pleads guilty to bribery in Africa

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A British subsidiary of Glencore (LON: GLEN) formally pleaded guilty on Tuesday to the seven charges of bribery brought against the mining and commodities trader by the UK Serious Fraud Office (SFO), which relate to the firm’s oil operations in Africa. Glencore Energy confessed to paying $28 million in bribes to secure preferential access to oil, including increased cargoes, valuable grades of oil and preferable dates of delivery in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. The company, which also admitted to generating illicit profits between 2011 and 2016, will be sentenced… Read More Here
copper falls again to USD 9,394.90 per tonne on the international market 7 Copper International 

copper falls again to USD 9,394.90 per tonne on the international market

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Copper should register a slight price drop again this week on the international market, indicates the note on the Mercuriales of the Ministry of Foreign Trade. According to the projections of this service, copper should trade at 9,394.90 USD per ton this week against 9,583.70 USD per ton last week, a slight drop in price of around -188.8 usd. On the London Stock Exchange, copper is selling at USD 8,967.15 per tonne this Monday, June 20, 2022 and registering a price drop of -1.24% compared to the end of last… Read More Here
Copper up ahead of possible Chile strike 8 Copper International 

Copper up ahead of possible Chile strike

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Copper prices recovered slightly on Friday on the prospect of a strike in the world’s biggest copper producer Chile and signs of improvement in top buyer China’s economy. Three-month copper on the London Metal Exchange added 0.4% to $9 107/t by 10:15 GMT after slumping by 1.7% on Thursday. It was on track to shed about 3% this week. “There are risk of strikes in Chile, that could be giving copper a bit of a lift today, and the activity data from China this week was a bit better than expected,” said Caroline Bain,… Read More Here
EU Turns to Egypt in the Rush to Replace Russian Gas 9 International Oil & Gas 

EU Turns to Egypt in the Rush to Replace Russian Gas

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The European Commission has proposed a deal to accelerate natural gas imports from Egypt in a bid to reduce its reliance on Russian gas. With Egypt ramping up efforts to become a major liquefied natural gas (LNG) player through increased exploration, production and infrastructure build up and modernization, the north African country is well positioned to expand energy exports to Europe while addressing African energy demand. Egypt’s Emerging Gas Economy Owing to its strategic location in close proximity to European markets as well as its success as a gas exporter,… Read More Here
The price of copper falls to 8.888 US per ton, the lowest level for 10 months 10 Copper International 

The price of copper falls to 8.888 US per ton, the lowest level for 10 months

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The price of copper fell to a 10-month low on Thursday as demand prospects deteriorated after a sharp rate hike by the U.S. Federal Reserve fueled recession concerns and data from China reported weak growth. Copper for July delivery hit a low of $4.04 a pound ($8,888 a tonne) Thursday morning on the New York Comex market, the lowest since August of last year. Mining stocks also fell, with BHP Group down more than 5% from the previous week and Freeport-McMoRan down 4%. “Demand for metals is at risk as… Read More Here

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