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Gold Miners Trapped in Congo Landslide

ByVictoria

A landslide at an informal gold mine in the Democratic Republic of Congo where thousands of people were working has left an unknown number of people trapped underground since Sunday.

Twelve people have been rescued, Mr. Rubabura said, adding that the number of missing would be released only once the search was over.

The Lomera site is an artisanal mine, meaning it is not operated by a mining company with professional equipment but by workers who use basic tools to extract ore, often in dangerous conditions.

On Tuesday, M23 members walked around the site issuing instructions to those who remained, telling them not to film or speak to journalists. There was no sign that a serious search for survivors was underway.

Source – New York Times

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    Copper outputs up amid tariffs

    ByVictoria
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    BHP warned Thursday that a tariff war could slow the global economy and disrupt world trade, as the world’s biggest miner reported a slight decline in quarterly iron ore production and a 10% rise in copper output due to higher volumes from the giant Escondida mine in Chile.

    “Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” CEO Mike Henry said. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”

    Source – Seeking Alpha

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    Barrick Gold temporarily suspended from mining in Mali

    ByVictoria
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    News is from 1/14/2025
    This is a follow up on Barrick Gold and it’s current mining situation.

    Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that the company remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Additionally, the interim attachment order on the gold has now been executed by the Malian government by moving the existing gold stock from the site to a custodial bank, further preventing the shipment and sale of the gold.

    As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution.

    Barrick remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.

    Source – Barrick

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    Gold up amidst Israel – Iran conflict

    ByVictoria
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    Spot gold was up 0.2% at $3,374.54 an ounce, as of 0505 GMT. U.S. gold futures eased 0.5% to $3,391.90.

    “Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the U.S. does decide to get directly involved in the conflict this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.

    “The Fed was not as dovish as some had hoped, and I’d argue Powell was a tad more hawkish than many would like. The U.S. dollar is likely at oversold levels, and that is likely to cap gains on gold over the next few weeks,” said Matt Simpson, a senior analyst at City Index.

    Source – Reuters

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    Copper mine collapse, 1 killed 5 trapped

    ByVictoria
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    A collapse at a copper mine in Chile killed one worker and left five trapped underground, authorities said on Friday, forcing Chile’s state mining company to suspend operations in the affected area of the world’s largest underground copper deposit.

    Nine other mine workers suffered injuries, said Chile’s National Copper Corporation, known as Codelco, describing the incident as the result of “a seismic event.”

    The U.S. Geological Survey reported a magnitude 5 earthquake in an area of central Chile where Codelco’s El Teniente mine is located, at 5:34 p.m. local time on Thursday. Authorities said they’re still investigating whether it was a naturally occurring earthquake or whether mining activity at El Teniente caused the quake.

    “We are making every effort to try to rescue these five miners,” said Andrés Music, general manager of El Teniente. “The next 48 hours are crucial.”

    Source – The Associated Press

    Praying for these people to be rescued. -Victoria

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    Gold ETF AUMs Surged 26% In 2024, Says World Gold Council

    ByVictoria
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    Total assets under management (AUMs) in gold-based exchange-traded funds (ETFs) hit record highs of $271 billion in 2024, according to the World Gold Council (WGC).

    This represented a 26% year-on-year increase and was driven by a soaring bullion price.

    The yellow metal hit new all-time highs on 40 occasions last year, the WGC noted. Over the whole year, gold appreciated 26% in value to around $2,629 per ounce.

    Source – Forbes

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    Antofagasta copper mining CEO expects copper to remain

    ByVictoria
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    The trade war stirred by U.S. tariffs raises a risk for metal demand, the head of Chile’s Antofagasta said, although he predicted AI and other technology could offset any loss of traditional consumption caused by economic weakness.

    He also said President Donald Trump’s policies could lead to a more favourable environment for investment in mining

    Antofagasta CEO Ivan Arriagada said he expected supplies of copper, needed for construction and the transition to a lower carbon economy, would remain in limited supply.

    “In the current environment, where there is a lot more support for mining investment, it should be easier and should happen,” Arriagada said

    Source – Reuters