Gold is close to an eight-month low
The gold market continued its slide on Wednesday, falling below $1,710 an ounce again and close to an eight-month low.
Analysts at Heraeus Precious Metals said gold remains bullish in the long term, but a sustained rebound in the dollar would be a big problem in the short term.
NEO Performance and Energy Fuels launch a rare earth production programme
Aluminium prices have surged to a near nine-year high on sentiment that China, the world's largest producer of the metal, may cut production.
Aluminium for April delivery on the Shanghai Futures Exchange rose 4.2% to Rmb17,640 ($2,728.62) a tonne, again approaching its highest level of Rmb17,695 a tonne since August 2011.
Aluminium for May delivery also rose 1% to $2.237 a tonne on the Comex market in New York on Wednesday.
During the 14th Five-Year Plan, China will build more than 1,000 intelligent coal mines
China will produce 3.9 billion tons of coal in 2020, according to the annual report on the development of the coal industry released by the China National Coal Association on March 3. By the end of the 14th Five-Year Plan period, China's coal output will be around 4.1 billion tons and coal consumption will be around 4.2 billion tons.
The number of coal mines in China will be controlled at about 4,000, and more than 1,000 intelligent coal mines will be built.
We will foster 3-5 world-class coal enterprises with global competitiveness.
We will promote enterprise mergers and reorganizations and set up one billion ton coal enterprises.
The two African countries are negotiating a joint mineral exploitation agreement
Tanzania and Burundi have begun negotiations on a mineral-processing agreement, the Guardian reported.
The Tanzanian ambassador pointed out that Tambu and Tambu are rich in minerals such as gold, copper, uranium, tungsten, nickel, tin and limestone, and the two countries need to cooperate in the exploitation, processing and export of natural resources to reduce unnecessary costs.
The implementation of the cooperation agreement will enable the province of Kigoma to own mineral processing plants and create new employment opportunities for the people of the region.
Tanzania's first gold refinery goes into operation
Tanzania's first gold refinery has recently been built in Mwanza, with a daily capacity to process more than 480 kg of gold.
The plant, Mwanza Precious Metals Refining Co. Ltd., is a joint venture between Tanzania National Mining Corporation, Dubai-based Rozella Genera Trading Company and Singapore-based engineering consultancy Acme.
The plant, which will be operational in March, will have the third largest capacity in Africa.
Capacity utilisation in South Africa's metals and engineering sectors fell to its lowest level in a decade
The Federation of Steel and Engineering Industries of South Africa (SEIFSA) has published the "State of the Metals and Engineering Industry Report 2021-2022".
Low capacity utilisation, low prices for imports and rising electricity costs are the biggest obstacles facing South Africa's metals and engineering sectors, the report said.
Capacity utilisation in the metals and engineering sectors was below 70% in 2020, at its lowest level in a decade, due to the COVID-19 pandemic dampening demand, inadequate local demand and reduced infrastructure project activity.
Tongling Nonferrous Metals: 2020 net profit of 840 million yuan
Tongling Nonferrous disclosed its 2020 annual earnings forecast on the evening of March 2.
During the reporting period, the company achieved a net profit of 840 million yuan, up 1.14% year on year.
The company said that in the first quarter of last year, affected by the epidemic, the prices of sulfuric acid and cathode copper fell sharply, but since the second quarter, the prices of cathode copper, gold and silver, the company's main products, have continued to rise, the overall operation of the company is stable, and the profit space has increased.
Southern copper: copper supply will be tight for a long time
Raul Jacob, chief financial officer of Southern Copper Corp., one of the world's largest Copper miners, said Copper prices are already well above the level that would encourage new mining projects, which would help ease tight supply by expanding production.
However, it may now take twice as long to build a mine, meaning it will be eight to 10 years before the market sees new supply.
Mexican lawmakers proposed changes to the exploration tax exemption
To encourage investment in the mining industry, a Mexican senator proposed changes to the exploration tax deduction, according to the Global Geological and Mineral Information System.
The centerpiece of the proposal is to increase the exploration cost tax credit to 70 percent from the current level of less than 10 percent.
The 70 per cent tax credit is applicable for 25 years prior to the term of the licence and is used to compensate for exploration work undertaken by the producer to discover and measure new deposits.
The proposal aims to encourage investment in exploration and production and make Mexico a more attractive place to invest in mining.
Russian polymetallic group's 2020 net profit hit a record high
Polymetal, one of Russia's largest gold and silver producers, said on Wednesday that its 2020 revenues rose 28 per cent to $2.9bn and net profit surged to a record $1.1bn, thanks to stronger global precious metal prices and higher gold sales.
