Mining Weekly | Africa

• Gold barrels past $2 000 with stage set for prices to rally more
  Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2 000/oz as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks. Bullion is up more than 30% this year, and could extend gains as governments and central banks respond to slowing growth with vast amounts of support. The haven’s allure as a store of wealth is strengthening as investors face the prospect of a long global recovery, and the debasement of fiat currencies, with banks including Goldman Sachs Group forecasting a rally to $2 300.
• Covid-19 may have accelerated peak fossil fuel demand ‘by more than a decade’
  If the world economy fails to recover rapidly from the Covid-19 crisis and if efforts to curb emissions are moderately accelerated, it is possible that global fossil-fuel demand peaked in 2019, a new Boston Consulting Group (BCG) analysis shows. The analysis models the future demand for coal, oil and natural gas using the three recovery scenarios published by the International Monetary Fund (IMF) in April, an extrapolation of past energy intensity trends and the growth assumptions for renewables and electrification provided by International Energy Agency’s Stated Policies Scenario, which has been adjusted for the slowdown caused by the pandemic.
• Smaller Etango a go for Bannerman
  A scoping study for the eight-million tonne a year Etango uranium project, in Namibia, has shown that the project would have a mine life of some 14 years. Owner Bannerman Resources on Wednesday reported that the scoping study estimated a life-of-mine production of some 51.5-million pounds of uranium oxide, with average annual production of 3.5-million pounds.