May 2022 - MiningNewsWire

TuesdayMay 31, 2022 3:23 pm

Qatar Minister Says the West Is Paying for Ostracizing Oil Companies

In a recent interview, the Minister of Energy in Qatar, Saad Sherida Al-Kaabi, stated that a decline in investments in the production of gas in a bid to reduce carbon emissions had contributed to the United Kingdom’s current fuel crisis. In the interview, Sherida Al-Kaabi stated that Qatar was willing to help England with its crisis as he condemned nations in the West that had demonized gas and oil companies. The minister explained that the main cause of the current price increase for energy as well as gas prices in various parts of the world, including Europe, could be traced…

FridayMay 27, 2022 1:24 pm

China Buys Russian Coal as Moscow Seeks New Buyers

Recently released trade data shows that between March and April, imports of coal into China from Russia surpassed 4 million metric tons. Russia is China’s biggest supplier of coal, making up 19% of the nation’s coal imports, which is a 5% increase from the share it had a few months ago. This increase in coal imports into China comes as countries in the West impose sanctions on Russia over its invasion of Ukraine. The trade of coal between the countries decreased shortly after Russia invaded Ukraine in February and countries in the West began slamming Moscow with sanctions. At the…

ThursdayMay 26, 2022 1:35 pm

IAEA Says Uranium Stockpiles Are Worryingly Low

Dr. Adrienne Hanly of the International Atomic Energy Agency stated recently at the World Nuclear Fuel Cycle conference that inventory levels for uranium fuel for nuclear utilities in the United States hadn’t hit the 2+ years recommended minimum. Hanly, who is a uranium production specialist at the agency, stated that at 16 months’ worth of uranium requirement, utilities in America had limited ability to manage a supply disruption independently. The specialist’s comments drew the attention of Duncan Craib, the CEO of Boss Energy, who admitted that the company’s inventory levels were low. Craib explained that historically, secondary uranium supplies had…

WednesdayMay 25, 2022 3:00 pm

Friedland Says ESG Criteria Will Determine Mining Companies’ Staying Power in the Industry

Robert Friedland, the CEO and founder of Ivanhoe Mines Ltd, stated recently that producers of metals will have to renew their relationship with communities in order to acquire social licenses to increase their output for the metals needed during the transition to clean energy. Friedland said this while speaking on a panel at the New Economy Gateway Latin America event, which was taking place in Panama City. He added that mining was important for building a new economy, noting that copper was a “new oil.” However, for the industry to gain acceptance, it has to significantly improve how it engages…

TuesdayMay 24, 2022 12:06 pm

Report Highlights That Switching from Coal to Renewable Energy is Now Cheaper

The prices of gas and coal have increased significantly these last few months, which has impacted businesses and consumers alike. However, findings from an analysis conducted by TransitionZero show that it has become cheaper to switch to clean energy from coal in comparison to switching to gas from coal. This is mainly because of the reducing cost of battery storage and renewables and the increasing volatility of the price of gas. TransitionZero is a climate analytics company that is focused on generating financial analytics to make zero-carbon a reality. TransitionZero analyst Jacqueline Tao stated in an interview that the price…

MondayMay 23, 2022 12:08 pm

Major Russian Lender Receives Gold Export License as Sanctions Bite

Earlier last week, the Credit Bank of Moscow received a license to export gold from the federal government. This move will make this particular financial institution the latest bank in Russia to involve itself in the trade of precious metals in an effort to counteract the effect sanctions have had on the country. The primary operators in the Eastern European country’s gold market — Bank VTB and Sberbank Rossii PAO — have been affected significantly by harsh sanctions imposed on Moscow by the West. This comes after Russia sent troops into Ukraine to invade the country in February. In a statement,…

FridayMay 20, 2022 1:11 pm

Copper Inventories Expected to Grow as Year Progresses

At the beginning of last week, the price of copper dropped to its lowest in eight months as concerns from traders that a slowing global economy would require less of the metal continued to increase. The price of copper to be delivered in July declined by more than 2%, hitting $4.10 per pound. Experts believe that the war in Ukraine, COVID-19 lockdowns imposed in China and the rapid increase in interest rates are all affecting the demand for metals and the economy’s outlook. However, toward the end of the same week, the price of the metal bounced back with a…

ThursdayMay 19, 2022 2:12 pm

Dollar Continues Climb as Gold Prices Stutter

The precious metals market is currently on the decline as the U.S. dollar continues to increase in value. The price of silver has also dropped, and the same will likely continue to occur in other metals in the coming months as markets react to real interest rates and the USD Index rising. Real rates of interest are negatively correlated with the price of gold. This means that an increase in real interest rates will lead to a reduction in the price of this precious metal. This is because higher rates of interest mean an increase in the opportunity costs of…

WednesdayMay 18, 2022 1:40 pm

Investors Jockey for Africa’s Largest Copper Region

Investors are rushing back to Africa as the global energy transition continues to take root. The increasing awareness that cobalt and copper are crucial to the global shift toward renewable energy and the risk to secure supply is also driving this move, given that the international copper market is already tight and it’s becoming increasingly difficult to locate new mines. This area located in Africa between the borders of the Democratic Republic of Congo and Zambia contains one of the richest reserves of minerals in the world, including cobalt for rechargeable batteries and copper for cables and wire. This is…

TuesdayMay 17, 2022 3:37 pm

Is it Time for US to Have a Strategic Uranium Stockpile?

Energy security is an issue that has plagued countries across the globe, especially in the last couple of years with the coronavirus pandemic highlighting just how fragile supply chains are during global health crises. This was highlighted again when Ukraine was invaded by Russia earlier this year, which left the supply of gas and oil in Europe in uncertainty. Currently, the United States imports 90% of the uranium it uses to generate 20% of its electricity. To ensure a steady supply of electricity from nuclear reactors, many have proposed that a strategic uranium stockpile be built. The idea was first…

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Month: May 2022