International - Copperbelt Katanga Mining

Copper supply needs to double by 2050, Glencore CEO says

June 22, 2021June 22, 2021 admin

Glencore CEO Ivan Glasenberg said on Tuesday that a supply gap was growing in the metals necessary for the world to replace fossil fuels with renewable energy, but he stopped short of predicting a so-called super cycle. Glasenberg said at the Qatar Economic Forum that copper supplies needed to increase by one-million tonnes a year until 2050 to meet an expected demand of 60-million tonnes. “Today, the world consumes 30-million tonnes of copper per year and by the year 2050, following this trajectory, we’ve got to produce 60 million tonnes of copper… Read More Here

Copper International

Copper price regains ground to $ 9,196 per tonne

June 22, 2021June 22, 2021 admin

The price of copper regained ground on Monday after hitting a two-month low on Friday. Copper for July delivery was up 0.6% from Friday’s settlement price, reaching $ 4.18 per pound ($ 9,196 per tonne) at noon Monday in the New York Comex market. The metal’s price collapsed on Friday, under pressure from plans to sell off reserves from China and a firm dollar backed by the prospect of rising US interest rates. The Chinese strategic storer’s pledge to release inventory was a serious sign of Beijing’s willingness to cut prices, as… Read More Here

Gold International

Gold price rebounds from worst week since March 2020

June 21, 2021June 21, 2021 admin

Gold prices edged higher on Monday amid investor buying “on the dip” following the precious metal’s biggest weekly decline in 15 months. Spot gold climbed 1.0% to $1,783.44 an ounce by 11:40 a.m. ET, holding above the $1,780 level last seen in early May. US gold futures recovered 0.8% to trade at $1,784.10 an ounce in New York. Last week, bullion slumped to the lowest since April after policy makers at the US Federal Reserve brought forward their expectations for when monetary tightening would start. Gold declined 6.0% for its worst… Read More Here

Gold International

Gold heads for its biggest weekly loss in more than a year

June 18, 2021June 18, 2021 admin

Gold headed for the biggest weekly loss in 15 months as the Federal Reserve’s hawkish tilt sent the dollar surging. Officials signaled monetary policy tightening could start earlier than expected, with Chair Jerome Powell saying that the central bank would begin a discussion about scaling back bond purchases used to support financial markets and the economy during the pandemic. The surprisingly hawkish Fed shift of bringing forward the start of rate hikes puts it on course to formally announce tapering at their September gathering and begin to slow its $120-billion in monthly… Read More Here

International

CEO vacuum at AngloGold turns it into world’s worst mining stock

June 17, 2021June 17, 2021 admin

AngloGold Ashanti has had a bad year, with the company’s lack of a permanent chief executive officer and a suspension of its Ghana mine operations weighing on the stock. But with shares now cheap compared with peers, analysts see potential for upside. Shares of the world’s third-largest gold producer have dropped 30% in the past year, making it the worst-performing stock in the 113-company Bloomberg World Mining Index. It also trails peers on South Africa’s FTSE/JSE Precious Metals and Mining Index, which has gained 20% in the same period. Investor… Read More Here

Copper International

Copper sinks to two-month low on China’s plan to release reserves

June 17, 2021June 17, 2021 admin

Copper price fell to the lowest in two months on Thursday after China announced plans to release copper, aluminum, and zinc from its national reserves to boost market supply and guide commodity prices to a return to normal ranges. The US Federal Reserve has also signaled that policy changes, which include raising interest rates and ending bond buying, may happen sooner than expected. This pushed the dollar to its highest in two months, making commodities priced in the greenback more expensive and less appealing to holders of other currencies. Copper for… Read More Here

Gold International

Gold price dives past $1,800 as Fed signals earlier rate increases

June 17, 2021June 17, 2021 admin

Gold prices slumped below $1,800 as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation. Spot gold fell 2.3% to $1,771.36 per ounce by 11:30 a.m. ET, near its lowest in six weeks. US gold futures saw a more significant decline, down 4.7% to $1,772.20 per ounce. Gold’s decline comes on the on the back of Fed Chair Jerome Powell’s comments on Wednesday about potentially scaling back bond purchases. This was the first major hawkish turn from the central bank,… Read More Here

Diamond International

One of only four 1,000 carat-plus diamonds ever found dug up in Botswana

June 17, 2021June 17, 2021 admin

Debswana Diamond, a joint venture between De Beers and the government of Botswana, has found a 1,098-carat stone, one of only four rocks over 1,000 carats ever unearthed, and the biggest by the company since it began operations five decades ago. The yet to be named massive stone was picked on June 1 at Jwaneng, the world’s richest diamond mine by value, which is undergoing a $2 billion expansion. Initial analysis suggests the diamond is close not only in size, but also in quality to the 3,106-carat Cullinan, discovered in South Africa… Read More Here

Aluminium Copper International Zinc

Market: China wants to free up its copper, aluminum and zinc reserves to stabilize prices

June 17, 2021June 17, 2021 admin

China on Wednesday announced plans to release industrial metals from its national reserves to lower commodity prices, which some analysts say could be the first such move in a decade from the world’s largest consumer of metals. The National Food and Strategic Reserves Administration has said on its website that it will release batch copper, aluminum and zinc to non-ferrous metal processing and manufacturing companies “in the near future” via public auction . The advice came as Beijing struggles to curb a surge in metal prices this year, fueled by… Read More Here

Mining in DRC Energy International New Mining Projects

Congo picks Australia’s Fortescue to develop giant hydro project

June 16, 2021June 16, 2021 admin

Democratic Republic of Congo’s (DRC’s) government said on Tuesday Fortescue Metals Group would develop the Grand Inga hydroelectric power project, including a 4,800-megawatt dam that has already been committed to Chinese and Spanish developers. Australia’s Fortescue confirmed earlier on Tuesday that it was in talks with Congo to develop a series of dams that could become the world’s largest hydroelectric project, but it said no formal binding agreement had been concluded. Fortescue’s involvement is the latest twist in Congo’s decades-long quest to expand Inga, whose two existing dams – completed… Read More Here