International - Copperbelt Katanga Mining

World’s copper mines struggling with covid-19

January 26, 2021January 26, 2021 admin

(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters) The deadly coronavirus has taken a heavy toll on the world’s copper mines. Output in key producer countries such as Peru cratered over the second quarter of 2020 as lockdowns and quarantine measures caused many mines drastically to reduce operations. Recovery has been patchy. Peruvian mines had just about returned to normal run-rates by October, but output in Chile, the world’s largest copper producer, started sliding in the third quarter after a robust first half of the… Read More Here

First Quantum reports record copper output

January 26, 2021January 26, 2021 admin

First Quantum Minerals achieved its highest-ever annual copper production of 779kt, an 11% increase from 2019. The miner reported record-breaking production at Sentinel, in Zambia, and said that its other operations were resilient, particularly Cobre Panama, in Panama, despite the covid-19 pandemic. Copper production in Q4 2020 was 203kt, in line with Q4 2019. Sentinel achieved record copper production of 251kt for the full year, 31kt more than 2019. Copper production in Q4 2020 of 63kt was an increase of 24% from Q4 2019 resulting from the continued higher throughput… Read More Here

Mining in DRC International

Biden urged to reinstate sanctions on Israeli tycoon over DRC deals

January 26, 2021January 26, 2021 admin

Two rights groups on Monday urged the new US administration of Joe Biden to reverse former president Donald Trump’s last-minute easing of sanctions on an Israeli billionaire accused of corruption in the Democratic Republic of Congo. The US State Department hit Dan Gertler with sanctions in December 2017 for “opaque and corrupt mining deals” struck with help from his friend, then Congolese President Joseph Kabila. Washington claims Gertler deprived the DRC of $1.4 billion in tax revenues over the past decade. Now “during the final days of the Trump presidency,… Read More Here

Copper International

Copper price defies pullback predictions

January 26, 2021January 26, 2021 admin

Copper prices held steady on Monday despite expectations that its rapid recovery in recent months will reverse due to another virus outbreak in China and lower business activities around the globe. Copper is trading at $3.626 a pound or about $8,000 a tonne on the Comex, still near an eight-year high. The bellwether metal is up more than 80% since demand tanked in the first half of 2020 as coronavirus lockdowns floored industrial activity. Reasons for the expected lull include scrap, which typically starts to emerge at high prices, and the risk… Read More Here

Gold International

Gold price rises with spotlight on Biden

January 20, 2021January 20, 2021 admin

Gold prices surged on Wednesday amid signs that interest rates may remain weak, boosting inflation expectations as Joe Biden begins the first day of his US presidency. Spot gold advanced 1.5% to $1,868.68 per ounce by 11:50 a.m. EST, near a one-week high. US gold futures were also up by 1.4% to $1,867.00 per ounce. The precious metal extended its gains following Tuesday’s comments from Biden’s Treasury Secretary nominee Janet Yellen that weakened the dollar. Specifically, Yellen told the Senate Finance Committee that a slew of state spending was needed… Read More Here

Cobalt International

Cobalt price rally lifts EV Metal Index to fresh record high

January 20, 2021January 20, 2021 admin

The MINING.COM EV Metal Index, which tracks the value of battery metals in newly registered passenger EVs around the world, set a fresh monthly record in November and is already near the annual total for 2019. Month on month price and deployment data (bar nickel) for the raw materials all improved in November, boosted by the overall increase in EV sales (including hybrids) during the month, 73% year over year and the relative outperformance of full electric cars and plug-in hybrids. Total battery capacity of EVs sold increased 117% year… Read More Here

Electricity International

Electrification will usher in era for the ‘Revenge of the Miners,’ financier Friedland promises

January 20, 2021January 20, 2021 admin

When the world focuses on infrastructure development, economic stimulation, a green New Deal, it’s apparent that you have to call up those Canadian miners,” Robert Friedland. The post-COVID-19 economic recovery should ring in “the era of the Revenge of the Miners,” according to legendary mining financier Robert Friedland in opening the Association for Mineral Exploration B.C.’s Remote Roundup conference. Friedland, in remarks recorded from his own COVID-19 isolation outpost in Singapore, argued that once governments grapple with what a post-pandemic recovery is going to look like “people are waking up… Read More Here

Gold International

Gold price recovers despite stronger dollar

January 19, 2021January 19, 2021 admin

Gold prices edged higher on Monday, recovering from a near seven-week low, as prospects of a massive US coronavirus relief aid outweighed a stronger dollar and lifted bullion’s appeal as an inflation hedge. Spot gold advanced 0.6% to $1,838.30 per ounce by 11:30 a.m. EST, rebounding from an intraday low of $1,810.90 earlier. US gold futures were also 0.4% higher at $1,837.40 per ounce. Meanwhile, European equities and US futures remain under pressure. Global shares slipped over the past week on optimism surrounding a historic $1.9 trillion US aid package.… Read More Here

Gold International

Gold investment demand remains well supported in 2021 – report

January 16, 2021January 16, 2021 admin

The covid-19 pandemic has raised uncertainty by compounding existing risks and creating new ones, but by the end of last year, investors were optimistic that the worst was over. Looking ahead, investors will likely see the low interest rate environment as an opportunity to add risk assets in the hope that economic recovery is on the immediate horizon. That said, investors will likely also be navigating potential portfolio risks including ballooning budget deficits, inflationary pressures and market corrections amid already high equity valuations. In its 2021 outlook report, the World Gold Council… Read More Here

International Iron Ore

Iron ore price turns higher again after record China imports

January 15, 2021January 15, 2021 admin

Iron ore prices climbed back up to near decade highs on Thursday after customs data showed record-breaking imports by China, which forges more steel than the rest of the world combined. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $172.36 a tonne, up 1.3% on the day. The steelmaking raw material has already enjoyed 7%-plus gains in 2021 after an 80% rise last year and is now trading at levels last seen in September 2011. The benchmark hit an all-time… Read More Here