|

Standoff continues for Congo copper mines

ByVictoria

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

Similar Posts

  • /

    India admits miscalculations on gold for months

    ByVictoria
    0 Comments

    The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.

    The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.

    Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.

    Source – Bloomberg / Live Mint

  • /

    Goldman Sachs raises gold forecast

    ByVictoria
    0 Comments

    Goldman Sachs raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, with a projected range of $3,650-$3,950, citing stronger-than-expected demand from central banks and higher exchange-traded fund inflows due to recession risks.

    “If a recession occurs, ETF inflows could accelerate further and lift gold prices to $3,880 per troy ounce (toz) by year-end,” the bank said

    Source – Reuters

  • /

    Gold Rate Today

    ByVictoria
    0 Comments

    Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. US gold futures were 0.9% lower at $2,810.80.

    “Gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs 81,980-81,710, while resistance is at Rs 82,070-82,350. Silver has support at Rs 92,710-92,050 while resistance is at Rs 93,980-94,570,” said Rahul Kalantri, VP Commodities, Mehta Equities.

    Source – The Economic Times

  • /

    Gold higher today rising to .3%

    ByVictoria
    0 Comments

    Gold reversed course and edged higher on Monday, supported by a weaker dollar, after hitting a more than one-month low earlier as easing U.S.-China trade tensions dampened safe-haven demand and bolstered risk appetite.

    Spot gold rose 0.3% to $3,281.65 per ounce, as of 0216 GMT, after hitting its lowest since May 29 earlier in the session.

    “There is less of a ‘doom and gloom’ outlook surrounding both tariff talks and events in the Middle East, which is relegating gold to play second fiddle to risk assets,” KCM Trade Chief Market Analyst Tim Waterer said.

    “The dollar remains pressured which is limiting the extent of the slide for gold. However, the $3,250 level shapes as a key support level for gold. Any breach of this level could see losses accelerate towards the $3,200 level,” Waterer said.

    Spot silver was down 0.1% at $36.02 per ounce, platinum firmed 1% to $1,353.13, while palladium was up 0.2% at $1,135.48

    Source – Reuters

  • /

    Platinum jewelry steadily recovering

    ByVictoria
    0 Comments

    The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out. 

    PGI points out that in most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750. 

    Source – Mining Weekly

    PGI – Personal guarantee insurance

  • /

    Gold eyes milestone, bear case being planted

    ByVictoria
    0 Comments

    “What we have seen is the change in the motive for safe-haven buying – from being driven by the Middle East uncertainty to the threat and realisation of tariffs,” said Philip Newman, managing director at consultancy Metals Focus.

    “Strikingly, gold was rallying as inflation eased, and it looked as though all of our understanding of how gold prices behaved was being challenged,” said independent analyst Ross Norman.

    Nicky Shiels, head of metals strategy at MKS PAMP SA, said that while prices could break out towards $3,200, resolution of physical gold dislocations attributed to tariffs and potential structural changes including reduced risk appetite, reduced participation and reduced liquidity are increasingly bearish.

    Source – Reuters

    More info!

    Bear (in finance) – is an investor who believes that a particular security or the broader market is headed downward and my attempt to profit from a decline in stock prices. Bears are typically pessimistic towards a state of any given market or underlying economy.