[VIDEO] Kinross Gold Helps to Create Jobs and Empower People in Mauritania Mine
One of the most important things a mining company can do in host communities and countries is give back. Whether that’s providing jobs and education or investing into new opportunities, mining companies have a responsibility to give back.
Canada-based Kinross Gold has unveiled a new video showcasing the company’s initiatives at its Tasiast gold mining operations in Mauritania, North Africa.The company is setting the bar high, giving the mining sector something to strive for.
“The most significant impact our Tasiast operation has is through the direct employment of 1,495 workers and 2,322 contractors, almost 90% of whom are Mauritanian nationals,” the company’s website states.
“Many of the people living in the vicinity of the mine do not have the skills or education to take on technical roles, so Kinross has implemented competency-based employment and established training programs to help non-skilled Mauritanians gain access to job opportunities at the mine.”
In addition to being the country’s largest employer, Kinross is providing well-paid jobs, purchasing from local suppliers and investing in community developments as well as supporting the country’s tax base.
According to a 2013 survey by Mauritanian sociologists, the number of local households living below the extreme poverty line has been reduced by more than 50 percent since 2011. The unemployment rate has also declined, dropping from 47 percent to 24 percent.
The Canadian company is also empowering local entrepreneurship. Kinross has partnered with the Dawas Co-operative for Development, the local community co-operative to build capacity and identify business opportunities. In doing so, Kinross provides 35 members with training in organization skills and bookkeeping as well as in basic literacy and numeracy.
By supporting and partnering with local communities, Kinross Gold has become a major contributor to the country’s economic base as well as building the workforce of tomorrow.
Copper, iron ore surge as Chinese investors unleash demand
The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 on Thursday.
In the wake of mounting evidence of inflation fuelled by higher raw materials prices, investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.
Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.
“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries, which include switching to electric vehicles and expanding wind and solar power, are likely to generate additional demand for metals.”
Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.
Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.
Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.
The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.
Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.
Erik Hedborg, Principal Analyst, Steel at CRU Group commented: “Recent production cuts in Tangshan have boosted demand for higher-quality ore and prompted mills to build iron ore inventories as their margins are on the rise. Iron ore producers are enjoying exceptionally high margins as well, around two thirds of seaborne supply only require prices of $50 /dmt to break even.”
Still, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.
The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.
Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.