International - Copperbelt Katanga Mining

Caterpillar warns of weaker China demand as lockdowns bite

April 29, 2022April 29, 2022 admin

Caterpillar Inc. warned that demand in China will be even weaker than the mining and construction giant previously expected as Covid-19 lockdowns across the nation threatens to undermine economic growth. The company’s first-quarter results Thursday showed China sales and demand slumping, even as other businesses including mining and construction improved. Caterpillar had “strong years” in China in 2020 and 2021 and had previously expected this year to be worse, similar to what it experienced in 2019, Chief Financial Officer Andrew Bonfield said in an interview. “Now our expectations are slightly… Read More Here

Copper International

Glencore hails trading unit outlook, cuts copper guidance

April 29, 2022April 29, 2022 admin1 Comment

Miner and commodities trader Glencore (LON: GLEN) touted on Thursday prospects for its trading unit, saying it faces another strong year as Russia’s invasion of Ukraine continues to drive up prices of most commodities the company mines and sells. Delivering results for the first three months of the year, the Swiss company said earnings from its marketing unit will “comfortably” top the highest end of its guidance range of $2.2 billion to $3.2 billion. That would make it the third straight year the unit has exceeded the range, as first the… Read More Here

Copper International

A ton of copper tumbles to 9,695.85 USD at the end of this week

April 29, 2022May 3, 2022 admin1 Comment

In a downward trend for a few weeks already, the price of copper fell again on the international metals market at the end of this week, inform the indicators of London Metal Exchange (LME). On the London Stock Exchange, this product is trading at USD 9,695.85 per tonne as of April 29, 2022 compared to USD 10,276.50 at the start of last week. By comparing these two periods under analysis, it appears that this product recorded a negative price difference of around 580.65 USD on its market value on the… Read More Here

Copper International Mining Companies

First Quantum Minerals’ profit more than doubles on higher prices

April 27, 2022April 27, 2022 admin

Copper miner First Quantum Minerals Ltd reported a 171% jump in first-quarter profit on Tuesday, powered by higher prices for the red metal from supply worries. Realized price of copper, a key metal used in wiring, electric vehicles and other electronics, rose nearly 37% to $4.45 per pound in the quarter, the company said, on fears that Russia’s invasion of Ukraine would disrupt supply chains. Total copper production fell 11% to 182,210 tonnes in the reported quarter. “Given the current events with the Ukraine conflict and covid-19 restrictions in China, and most recently… Read More Here

Copper International

Copper price rebounds as China steps up support for economy

April 27, 2022 admin

The copper price recouped some of Monday’s losses after China pledged more support to help revive an economy that’s been imperiled by the escalating virus outbreak. The metal fell on Monday to the lowest in three months with mounting concern about the outlook for demand due both to spreading lockdowns in China and the continuing war in Ukraine. On Tuesday, copper rose as much as 2.3% in China as the country’s central bank vowed to increase monetary support to the real economy, especially for industries and small businesses hit hard by the pandemic. That follows the People’s… Read More Here

Equipment & Technology International Mining technology

Metso Outotec and Panafrican Equipment sign crushing and screening pact

April 26, 2022April 26, 2022 admin

Metso Outotec and Panafrican Equipment Group have signed a distribution agreement for Metso Outotec’s stationary and mobile crushing and screening equipment for the aggregates and mining contractor customer segments. The agreement covers Nigeria, Sierra Leone, Ghana, Kenya, Tanzania, Uganda, Rwanda and Burundi, where Panafrican Equipment Group has already an extensive and established presence in the construction and mining businesses, according to Metso Outotec. Olli-Pekka Oksanen, SVP, Global Distribution Management in the Aggregates business area at Metso Outotec, said: “We believe that our co-operation with Panafrican Equipment Group will help us… Read More Here

Equipment & Technology International Mining technology

Epiroc profit, orders beat forecasts

April 26, 2022April 26, 2022 admin

Swedish mining gear maker Epiroc posted on Monday first-quarter earnings and order bookings above market expectations, despite a negative impact on its business in Russia and Ukraine, and forecast strong demand ahead. The global mining industry has benefited from rising prices for raw materials, a move further accelerated by Russia’s invasion of Ukraine, but is also contending with high overall inflation and rising energy costs. Epiroc last month suspended all deliveries to its customers in Russia, which accounted for around 6% of the group’s total sales in 2021, after Moscow… Read More Here

Copper International

Copper price crashes through $10,000 as hedge funds turn most bearish in two years

April 26, 2022April 26, 2022 admin

The copper price fell on Monday to the lowest in three months with mounting concern about the outlook for demand due both to spreading lockdowns in China and the continuing war in Ukraine. Protests at two big copper mines in Peru knocked out a fifth of the country’s production capacity last week before the government imposed a state of emergency to regain control of the Cuajone mine. However, the market focus is rapidly turning to the demand side of the copper equation, particularly in China, where lockdowns are already braking growth sharply in the world’s… Read More Here

Gold International

Gold price slips below $1,900 as rate hike fears get better of safe haven metal

April 26, 2022April 26, 2022 admin

Gold prices slipped further on Monday as prospects of aggressive policy tightening by the US Federal Reserve and a stronger dollar dimmed the precious metal’s safe haven appeal. Spot gold dropped 1.7% to $1,896.42 an ounce by 12:25 p.m. ET, the first time it fell below $1,900 in four weeks. US gold futures slumped by 2.0% to trade at $1,896.00 an ounce. “It seems that the fears about rate hikes have gotten the upper hand as of late,” Julius Baer analyst Carsten Menke told Reuters. With expectations for a half-percentage point interest… Read More Here

Mining technology Equipment & Technology International

Anglo’s newly named nuGen™ hydrogen powered mining truck set for May 6 launch

April 25, 2022April 25, 2022 admin

The launch of Anglo American’s hydrogen-powered ultraclass mine haul truck – newly named nuGen™ – has been set for May 6, 2022 at Anglo Platinum’s Mogalakwena open pit platinum operation in Limpopo Province, South Africa. The final achievement of first public movement of the truck, a converted 291 t class Komatsu Mining 930E, will be a huge moment for Anglo’s lowcarbon transition and Scope 1 and 2 emissions reduction plans as it works towards its stated interim target of 30% reduction in GHG emissions by 2030, including eight sites carbon neutral by that date. The truck is strictly speaking not purely powered by hydrogen – it is an FCEV truck… Read More Here