International - Copperbelt Katanga Mining

Trump to approve land swap for Rio Tinto’s Resolution copper project

January 5, 2021January 5, 2021 admin

U.S. President Donald Trump’s outgoing administration plans to approve a controversial land swap needed for Rio Tinto Ltd and partners to build an Arizona copper mining project that Native American tribes say will destroy sites of cultural and religious value. The move further escalates the growing global clash between indigenous groups, who are increasingly vocal about the need to preserve historical lands, and mining companies eager to produce more copper for electric vehicles and other green technologies. The U.S. Forest Service will publish a final environmental impact statement for the… Read More Here

Iron Ore International

Iron ore price leaps into 2021

January 5, 2021January 5, 2021 admin

Iron ore prices started the new year with a bang on Monday as unprecedented demand from China counteracted government calls for sharp cuts in the country’s steel output. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $165.29 a tonne on Monday, up 3% on the day. In December, the steelmaking raw material hit its highest level since September 2011 after gaining nearly 80% during the year. “Impact from the pandemic (on iron ore) was not as pessimistic as the market expected,”… Read More Here

Gold International

Gold price begins new year on a high

January 5, 2021January 5, 2021 admin

Gold is off to a good start in 2021 after recording its best yearly gain in a decade. Prices surged above $1,900 an ounce on Monday to the highest in almost two months as lower US real yields and a weaker dollar kept the yellow metal’s momentum up. Spot gold advanced 2.1% to $1,939.41 an ounce by 11:40 a.m. EST. US gold futures were also up 2.6% to $1,945.10 per ounce. Real yields — the difference between nominal benchmark bond yields and the rate of inflation — fell close to… Read More Here

International Iron Ore

Iron ore price drops on China’s appeal to cut steel output

December 31, 2020December 31, 2020 admin

Benchmark iron ore futures in China dropped almost 6% on Wednesday after the country urged the steel industry to produce less crude steel next year amid the government’s carbon neutrality plan. Iron ore prices have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm. But the Ministry of Industry and Information Technology called on the steel sector to “resolutely” cut crude steel output and ensure an annual drop… Read More Here

Gold International

Gold price higher as dollar hits multiyear low

December 31, 2020December 31, 2020 admin

Gold prices edged higher on Wednesday, as the prospect of increased fiscal aid pushed the US dollar to another multiyear low. However, the ongoing covid-19 vaccine rollouts and increased risk appetite limited bullion’s gains. Spot gold advanced 0.4% to $1,885.05 per ounce by 11:35 a.m. EST, while US gold futures rose 0.3% to $1,889.30 per ounce in New York. On Wednesday, the dollar index fell to its lowest since April 2018 following US Senate Majority Leader Mitch McConnell’s decision to delay a vote on increasing covid-19 relief checks to $2,000.… Read More Here

Gold International

Gold prices fall on the market after the signing of the economic recovery project in the United States

December 30, 2020December 30, 2020 admin

Gold prices retreated on Monday after US President Donald Trump signed a long-awaited pandemic aid bill, which pushed bullion to a peak a week earlier. Spot gold was down 1.6% to $ 1,877.11 an ounce after rising more than $ 1,900 an ounce during trading hours in Asia. US gold futures slipped 0.1% to $ 1,881.50 on Comex. Meanwhile, the dollar index trimmed losses after falling 0.2% to a week-low low, which outweighed bullion’s appeal to other currency holders. President Trump passed a $ 2.3 trillion pandemic aid and spending law… Read More Here

Gold International

Gold miners set for another banner year

December 29, 2020December 29, 2020 admin

The good times for gold miners are expected to continue next year, especially for those that are able to tighten spending and increase returns to investors. The rally in gold prices has helped miners expand their margins and generate record levels of free cash flow, allowing many to pass on profits to shareholders already, Scotiabank analyst Tanya Jakusconek said. “With miners’ balance sheets in great shape, we believe investors will benefit from much higher dividends over the coming years,” Jakusconek wrote in a note to clients. Kinross Gold Corp., for… Read More Here

Gold International

Gold price pulls back following US stimulus deal

December 29, 2020December 29, 2020 admin

Gold prices retreated on Monday following US President Donald Trump’s signing of a long-awaited pandemic aid bill, which pushed bullion to a one-week high earlier. Spot gold was down 1.6% to $1,877.11 per ounce by 12:25 p.m. EST after rising over $1,900 per ounce during Asian trading hours. US gold futures slipped 0.1% to $1,881.50 on the Comex. Meanwhile, the dollar index pared losses after falling by 0.2% to a one-week low earlier, which took away bullion’s appeal for other currency holders. On Sunday, President Trump signed into law a… Read More Here

Aluminium International

Metso Outotec sells aluminum business

December 29, 2020December 29, 2020 admin

Metso Outotec announced that it is selling its aluminum business to France’s REEL International for an undisclosed amount. In a press release, Metso said that the business to be divested comprises green anode plants, anode rod shops, and casthouses used in aluminum smelters as well as related equipment and services. The Finnish company said that upon closing of the transaction in Q1-2021, it is expected that some 120 Metso Outotec employees will join REEL. “It’s rare to find another business with such a complementary product portfolio in primary aluminum technology, and… Read More Here

Gold International

Policy Watch: A colonial outlook has stunted India’s gold-mining sector

December 28, 2020December 28, 2020 admin

Despite its talk about ease of doing business in this country, India’s laws on mining are beginning to resemble a direct copy and paste from the rules the British created. Britain wanted to ensure that no Indian should become a wealth generator. So, among other things, they created a law which empowered provincial governments to refuse to grant of a prospecting licence or even to put up the mining rights for sale by auction. Fast forward to today, and you can see history repeating itself. Graft and power are great… Read More Here