August 2022 - MiningNewsWire

WednesdayAug 31, 2022 1:24 pm

Pressure on Gold Eases After Recent Federal Reserve Meeting

The U.S. economy has entered a technical recession, with data from the Bureau of Economic Analysis showing that the country’s GDP dipped by almost 1% in the second quarter of the year. This comes after a 1.6% drop recorded in the first quarter. Last month, the Federal Open Market Committee hiked interest rates by more than 70 basis points, to reach 2.25%–2.50%. While the Federal Reserve has been tightening its monetary policy, the fed has yet to turn restrictive or hawkish. This is because it raised the rates to a neutral level, moving from rates that were extremely accommodating to…

TuesdayAug 30, 2022 12:21 pm

S&P Global Says Gloomy Economic Outlook Dampened Mining in Q2

The second quarter of the year has been rough on the mining industry. With production costs on the rise and the global economy faltering in recent months, fortunes have dimmed substantially in the mining sector in recent months. Global mining activity has slowed down since June, and according to analysts from S&P Global Market Intelligence, lower metal prices and an increasingly negative global economic outlook are to blame. Senior analyst Sean DeCoff said in a quarterly report, titled “State of the Market; Mining Q2,” that the valuations of metals and the companies that mine them have been impacted by worsening…

MondayAug 29, 2022 12:25 pm

Industrial Info Resources Says More CAPEX Going to Coal vs. Copper

Industrial Info Resources recently released new data showing that more than 4,700 metals and minerals capital projects are currently being constructed across the globe. These projects, which include mining, processing and refining, have an aggregate investment value of $443 billion. Industrial Info Resources provides industrial global market intelligence. Its data also showed that some 10,580 projects, with a combined value of $1.1 trillion, were under active planning and engineering. The firm’s VP of research, Joe Govreau, stated that these figures represented an 8% increase from the prior period, attributing the increase to the restarting of projects that had been delayed…

FridayAug 26, 2022 12:12 pm

Oil, Gas Industries to Benefit from Recently Signed Climate Bill

Earlier in January, the oil industry in America hit a snag when a natural gas and oil lease sale in the Mexican Gulf was struck down by a judge, who cited future global warming emissions as the primary reason. This move reduced new offshore drilling opportunities for players in the market, such as Exxon and Chevron, while increasing concerns on climate change. This setback was short lived, however, after President Joseph Biden signed a climate bill that guarantees new drilling opportunities in Alaska and the Mexican Gulf. The measure also bypasses his administration’s climate change concerns about emissions. This bill,…

ThursdayAug 25, 2022 12:03 pm

Kazatomprom Announces Plans to Ramp Up Production of Uranium in 2024

In its latest mid-year financial update, Kazatomprom revealed that it planned to increase its production for uranium in 2024. Kazatomprom is the biggest producer and seller of natural uranium globally, producing more than 40% of primary uranium supply. The company, which operates as Kazakhstan’s national operator, is involved in the import and export of uranium and its compounds. Yerzhan Mukanov, the company’s chief operational officer and acting CEO, announced that taking into account evolving production and mine-development constraints, the company expected to increase potential uranium production by between 2,000 to 3,000 tU in 2024. Mukanov also stated that the substantial…

WednesdayAug 24, 2022 11:49 am

Global Food Crisis Looms as Fertilizer Shortage Worsens

A fertilizer shortage affecting countries around the globe is threatening to make the already severe global food crisis even worse. Fertilizers are manufactured using three main ingredients: potassium, phosphorus and nitrogen. They are usually used to improve soil fertility by introducing the nutrients needed by plants that are missing or not adequate into the soil. United Nations officials have given more warnings about the looming fertilizer crisis, as vulnerable nations in continents such as Africa deal with the significantly higher prices. Smallholder farmers on the African continent feed the majority of the population. Data from the African Development Bank shows…

TuesdayAug 23, 2022 11:48 am

BHP Rakes in Record-Setting Profits as Demand for Coal Soars

For the past couple of years, future predictions for coal seemed to be grim. As countries around the world stepped up their efforts to incorporate green energy into their infrastructures, dirty energy sources such as coal and oil would be among the first to get the axe. Coal is among the dirtiest fuel sources on the globe, after all, accounting for 54% of carbon emissions in America’s electric production sector despite generating only 20% of the country’s electricity. However, the global energy crisis coupled with the Russia-Ukraine war caused an upheaval in the energy industry, forcing several European countries to…

MondayAug 22, 2022 12:27 pm

Report Says Market for Mining Explosives Expected to Hit $33B by 2031

A new TMR study has found that advanced explosives delivery technologies and the increase in the adoption of digital tools are enhancing the outlook of the mining explosives market. The study notes that it is expected that flourishing coal and metal mining activities in countries around the globe will create significant streams of revenue for the market. Projections also show that the size of the global mining explosives market will reach at least $32.6 billion by the end of 2031. Below are some of the key findings of the study on the mining explosives market. Metal mining and coal mining…

FridayAug 19, 2022 12:08 pm

Coal Industry Expresses Displeasure About New Climate Deal

Coal is one of the dirtiest sources of energy. In 2021, coal accounted for 59% of the carbon emissions in the electric power industry. As the effects of climate change become more apparent amid extreme heat waves and freezes, the United States has resolved to reduce its reliance on fossil fuels and cut its carbon emissions. Unsurprisingly, coal was the first energy source to receive the ax, with the U.S. reducing the number of operational coal-fired power plants from 589 to 500 over the past decade. In late July, notorious holdout Senator Joe Manchin announced that he would support the…

ThursdayAug 18, 2022 12:31 pm

Despite Headwinds, Demand for Gold Increased During First Half of 2022

The most recent Gold Demand trends report from the World Gold Council has revealed that global gold demand in the first half of 2022 went up by 12% amid stronger exchange-traded fund (ETFs) inflows. The rally is great news for the gold industry, which had seen demand drop by 8% year-on-year in the second quarter of 2022, at 948 ton. The WGC Gold Demand Trends Q2 2022 report stated that gold demand stood at 1,031.8 tons during Q2 2022. The demand for gold was affected by a decline in the number of central banks buying gold, increased outflows from ETFs…

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Month: August 2022