|

Panama approves plan for Copper mine

ByVictoria

Panama has approved First Quantum Minerals’ maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday

Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023.

“The mine is not being reopened. We’re authorizing the implementation of the care and safe management plan to ensure it is environmentally protected,” Molto told a press conference.

He said that experts estimate that process could take three to six months, accounting for environmental measures.

Source – Reuters

Similar Posts

  • /

    New Dehli gold and silver hit record levels

    ByVictoria
    0 Comments

    Gold and silver prices hit fresh record levels on Monday, rallying Rs 1,300 each, tracking strong trends in the global markets amid uncertainty over US tariffs, trade tensions and growing expectations of monetary policy easing by the Federal Reserve.

    According to the All India Sarafa Association, the precious metal of 99.9 per cent purity, extending gains for the fourth day in a row, rallying Rs 1,300 to hit a fresh peak of Rs 90,750 per 10 grams.

    Source – Press Trust of India

  • /

    Standoff continues for Congo copper mines

    ByVictoria
    0 Comments

    The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

    Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

    Source – Reuters

    More Info!

    Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

  • /

    Silver Continues to Pressure Upside

    ByVictoria
    0 Comments

    During the trading on Friday, we saw the silver market initially dip, only to turn around and show signs of strength yet again. Because of this, I think the market is likely to continue to be bullish.

    In general, this is a market that’s been in an uptrend for quite some time and if we are in fact going to continue to see inflationary issues, things like silver, commodities and stuff could get a little bit of a bid. We’ll just have to wait and see.

    Source – FXEMPIRE / Written by Christopher Lewis

  • / /

    WGC gold EFT inflows at an all-time peak

    ByVictoria
    0 Comments

    Bullion-backed exchange traded funds (ETFs) reported returning net inflows last month, meaning half-year flows reached levels not seen for five years, data from the World Gold Council (WGC) showed.

    Total holdings rose by 75 tonnes last month, the WGC said, to 3,616 tonnes. This was the highest for 34 months.

    Inflows were valued at $7.6 billion, which in turn drove cumulative assets under management (AUMs) to $382.8 billion an all-time peak.

    The WGC said that “North America accounted for the bulk of inflows, recording the strongest first half in five years.” It added that “despite slowing momentum in May and June, Asian investors bought a record amount of gold ETFs during the first half, contributing an impressive 28% to net global flows with only 9% of the world’s total AUMs.”

    Source – Forbes

  • /

    Citi’s gold expectations

    ByVictoria
    0 Comments

    Citi expects the price of gold to consolidate around $3,100 to $3,500 per ounce in the third quarter, as prices moderate due to geopolitical de-escalation in the Middle East and an improved global growth outlook, the bank said in a note on Monday.

    “We expect continued price consolidation … and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already,” Citi said in the note.

    Source – Reuters

  • / /

    Gold and Silver are surging

    ByVictoria
    0 Comments

    The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.

    Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.

    “Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

    Source – Press Trust of India

    More Info!

    Rs (abbreviated) is a financial term that you may or may not be familiar with. I have 2 descriptions for this abbreviated term. Rs stands for Relative Strength.

    • A strategy used in momentum investing and in identifying value stocks. It focuses on investing in stocks or other investments that have performed well relative to the market as a whole or to a relevant benchmark.
    • (In stock) a technical analysis indicator that measures the performance of a stock relative to a market index or another stock.