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Category: International

Gold prices slip on strong dollar as focus turns to Fed 1 Gold International 

Gold prices slip on strong dollar as focus turns to Fed

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Gold prices fell on Tuesday as the U.S. dollar and equities gained ahead of a much-awaited U.S. Federal Reserve meeting that could provide a timeline on interest rate hikes amid rising inflationary pressures. Spot gold was down 0.3% at $1,787.04 per ounce by 01:35 p.m. EDT. U.S. gold futures settled down 0.4% to $1,789.40. Persistent strength in equities ahead of Fed’s statement on Wednesday continues to weigh on safe-haven metals, said Jim Wyckoff, senior analyst at Kitco Metals. But recent concerns over inflation have limited the downside for gold and helped buying interest,… Read More Here
Barrick shifting into growth gear, says CEO Mark Bristow 2 Mining Companies International 

Barrick shifting into growth gear, says CEO Mark Bristow

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Since the merger of Barrick Gold (TSX: ABX; NYSE: GOLD) and Randgold Resources early in 2019, the new gold major appears to be completing a full circle under the leadership of Mark Bristow by increasingly prioritizing value-adding grass-roots exploration and development, he tells The Northern Miner. After kicking off a period of top-tier gold-industry consolidation, the company has been focusing on “right-sizing” the portfolio, focusing only on Tier 1 and Tier 2 assets. But getting back to value creation through the drill bit is something close to the former Randgold… Read More Here
Epiroc launches diesel to electric conversion kit 3 Equipment & Technology International Mining technology 

Epiroc launches diesel to electric conversion kit

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Sweden-based mining equipment supplier Epiroc now offers its customers conversion kits designed to transition loaders from diesel-powered to battery-electric driven. The company said the new offering, which has already secured an order from a customer in Canada, will speed up the mining industry’s shift to an emissions-free future. It claimed battery conversions are already underway, with its Sccoptram ST1030 loader being the first vehicle to undergo the transition. Evolution Mining earlier this year ordered the conversion of two diesel-powered Scooptram ST1030 machines for use at its gold mine in Red… Read More Here
Orica releases new blast modelling software to improve ore recovery 4 Mining technology International 

Orica releases new blast modelling software to improve ore recovery

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Melbourne-based Orica has released its updated OREPro blast modelling software to improve ore recovery. The OREPro 3D uses mine data – including post-blast muckpile surveys, in-situ block models, and blast designs – to model blast movements and assist miners in improving their mining efficiency. This version allows mining companies to work with 3D models to optimise ore control. The software calculates SmartVectors, which improves grade control models. It promises to improve blast outcomes, by enabling miners to understand where rock mass has been repositioned following blasts. This will cut down… Read More Here
Glencore expects trading division to beat 2021 guidance 5 Copper Cobalt International Mining in DRC 

Glencore expects trading division to beat 2021 guidance

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Miner and trader Glencore on Friday said it expects 2021 earnings before interest and tax (EBIT) for its trading division to top its $2.2 billion to $3.2 billion long-term guidance but stuck to its production guidance. High prices for coal and other commodities are helping miners despite lower production in some cases, while volatile prices have offered trading opportunities. Glencore reported a 9% drop in coal production for the first nine months of the year due to its Prodeco mines in Colombia being suspended and lower domestic production in South Africa. CEO Gary… Read More Here
Global gold demand declines 7% in Q3 — report 6 Gold International 

Global gold demand declines 7% in Q3 — report

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Gold demand (excluding OTC) fell 7% year-on-year to 831 tonnes globally during Q3 2021, according to the World Gold Council’s latest report. This drop was almost exclusively driven by ETFs – which swung from very large inflows in Q3 2020 to modest outflows this year – overshadowing strength in other sectors of demand during the quarter, the Council said. Jewellery, technology and bar and coin were significantly higher than in 2020, data showed. Modest central bank purchases were also a solid improvement on the small net sale from Q3 2020. Jewellery… Read More Here
Gold rises as dollar tumbles, slowing U.S. growth boosts appeal 7 Gold International 

Gold rises as dollar tumbles, slowing U.S. growth boosts appeal

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Gold prices rose on Thursday, as demand for the safe-haven asset was lifted by a softer dollar and data showing the U.S. economy grew at its slowest pace in more than a year. Spot gold rose 0.3% to $1,801.43 per ounce. U.S. gold futures settled up 0.2% at $1,802.6. “Economic growth slowed in the U.S. and that would support the gold market in the perspective that the Federal Reserve would be less likely to either taper asset purchases at a quicker pace or the outlook for higher interest rates would… Read More Here
First Quantum tweaks copper guidance, reports Zambia shipping challenges 8 Copper International Mining in Zambia 

First Quantum tweaks copper guidance, reports Zambia shipping challenges

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Canada-based First Quantum has narrowed its total copper production guidance for the year by 15 000 t to a range of 800 000 t to 835 000 t, as it adjusted expectations for output from Cobre Panama mine, as well as Kansanshi and Senitel, in Zambia. The lower end of the guidance range for Cobre Panama has been increased by 10 000 t, with the operation now expected to produce between 320 000 t and 335 000 t. First Quantum lopped off 10 000 t from the top-end of its Kansanshi guidance to 205 000 t and it… Read More Here
Proterra and Komatsu announce collaboration to electrify underground mining machines 9 Equipment & Technology International Mining technology 

Proterra and Komatsu announce collaboration to electrify underground mining machines

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Komatsu developing battery-electric LHDs, drills and bolters with Proterra battery systems • Collaboration represents Proterra’s entry into underground mining equipment market Oct. 26, 2021 – Proterra Inc, a leading innovator in commercial vehicle electrification technology, and Komatsu, a global leader in construction and mining equipment, today announced a new collaboration to electrify next-generation underground mining machines using Proterra’s battery technology. Under the collaboration, Proterra will supply its H Series battery system technology to Komatsu for the development of battery-electric LHDs, drills and bolters for underground hard rock mining. Mining equipment and services… Read More Here
Gold rises 1% on lower U.S. yields, inflation worries 10 Gold International 

Gold rises 1% on lower U.S. yields, inflation worries

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Gold prices rose about 1% on Monday, as a retreat in U.S. bond yields and persisting worries about inflation lifted the safe-haven asset ahead of major central bank meetings this week. Spot gold gained 0.8% to $1,805.90 per ounce. U.S. gold futures for December delivery settled up 0.6% at $1,806.80 per ounce. “The main reason for this rally is that yields backed off a little bit … but prices are still kind of range bound,” said Daniel Pavilonis, senior market strategist at RJO Futures. “We have a lot going on… Read More Here

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