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BRICS Leaders Meet in South Africa to Counter Western Influence and Discuss Alliance Expansion 1 Economy International 

BRICS Leaders Meet in South Africa to Counter Western Influence and Discuss Alliance Expansion

Constance
Leaders from BRICS, a loose collection of nations accounting for a quarter of the world’s finances and aiming to dominate the global economy in a few decades, will convene in South Africa to discuss ways to reverse the West’s economic dominance. The BRICS nation including Brazil, Russia, India, China, and South Africa, will have their heads of state in attendance with the exception of Russian President Vladimir Putin who is currently considered a wanted man, with an international arrest warrant over alleged war crimes in Ukraine. China’s Xi Jinping, Brazil’s… Read More Here
Copper drifts lower as concern about China saps confidence 2 Copper International 

Copper drifts lower as concern about China saps confidence

Constance
Copper declined — tracking a broad slide in global risk assets — as concerns about China’s economy and widening housing crisis put markets in bearish mood. The metal edged down on the London Metals Exchange and is headed for a third straight weekly loss. Pessimism over China’s growth prospects is building after the country’s state-owned property developers warned of widespread losses, fueling concerns turmoil is spreading from the private sector. The Chinese real estate sector is a globally significant source of metals consumption and a crucial driver of the country’s… Read More Here
Sibanye-Stillwater's Earnings Dip Due to PGMs Price Drop and Reduced US Output 3 International Gold 

Sibanye-Stillwater’s Earnings Dip Due to PGMs Price Drop and Reduced US Output

Constance
South Africa-based platinum group metals (PGMs) and gold miner Sibanye-Stillwater expects its headline earnings for the first six months of the year to fall by up to 53%, compared with the same period last year. The company, which is the world’s biggest primary producer of platinum, the second biggest primary producer of palladium and the third largest producer of gold, expects its headline earnings a share to be between 198c and 218c, compared with 423c in the first half of 2022. This represents a decline of 48% to 53%. Earnings… Read More Here
Lobito Corridor to transport 10,000 tons of copper from DRC 4 Copper Mining in DRC Mining in Zambia Transport and Logistics 

Lobito Corridor to transport 10,000 tons of copper from DRC

Constance
In the last quarter of 2023, ten thousand tons of copper concentrate, extracted by the Canadian company “Ivanhoe Mines,” will be transported through the Lobito Corridor (Benguela), reducing travel time on the railway link between countries in Southern Africa. For this purpose, Ivanhoe Mines, which operates the copper mines of Kamoa-Kakula in the Democratic Republic of Congo (DRC), has signed a memorandum of understanding with the Lobito Atlantic Railway (LAR) consortium, which manages the railway line of the Lobito Corridor, to transport this ore. The signing of this memorandum, announced… Read More Here
DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023 5 Mining in DRC Oil & Gas Petroleum 

DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023

Constance
The price of oil on international markets continues to improve week after week following the decision of the member countries of the Organization of the Petroleum Exporting Countries (OPEC). According to data from the Central Bank of Congo dated August 4, 2023, the price of a barrel of oil stood at 85.56 USD in the first week of August 2023. “As of August 3, 2023, the price of a barrel of oil stood at 85.56 USD, recording a weekly increase of 2.12% driven by the announcement by Saudi Arabia, the… Read More Here
Gold prices near five-week lows in Angola 6 Gold International 

Gold prices near five-week lows in Angola

Constance
The price of gold was close to its lowest point in over five weeks yesterday, August 17th as confirmed by precious metals market traders. The metal is being negatively affected by the strengthening of the dollar and the yields of US Treasury bonds, at a time when the minutes of the July meeting of the Federal Reserve (Fed) are expected to be released. These minutes could provide clarity on the intention to raise interest rates. Spot gold experienced minimal fluctuations, reaching its lowest level since July 7th. US gold futures… Read More Here
Multi Billion Pula Motheo Copper Mine officially open 7 Copper New Mining Projects 

Multi Billion Pula Motheo Copper Mine officially open

Constance
Sandfire Resources Limited this week officially opened the Motheo Copper Mine in Botswana, headlined by His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, the President of the Republic of Botswana. The official opening ceremony was held on site at Motheo, approximately 70km north-east of Ghanzi. Sandfire’s Board approved the development of the Motheo Copper Mine in December 20201 and first copper concentrate was produced less than three years later, in May 2023. Ramp-up in throughput towards the initial 3.2Mtpa processing rate is on the cards with nameplate capacity already achieved across… Read More Here
MALI Passes new Mining Law that strengthens State Interests 8 International 

MALI Passes new Mining Law that strengthens State Interests

Constance
It is now the opportune moment for African governments to assert their influence in negotiations for fresh licenses across naval, agricultural, energy, and mining domains. This is essential to safeguard the interests of their citizens, critical infrastructure, economy, and overall national prosperity. History has illustrated the approach adopted by former colonial powers, serving as a reminder for African nations. By revisiting existing agreements and avoiding duplicating detrimental practices that only benefit a select few, governments can ensure credibility and reliability. A significant development unfolded in Mali on Tuesday August 15th… Read More Here
South Africa: Mineral Resources and Energy on explosion in City of Johannesburg 9 International 

South Africa: Mineral Resources and Energy on explosion in City of Johannesburg

Constance
The Department of Mineral Resources and Energy (DMRE) has noted the devastation caused by an explosion in Johannesburg City Centre and can confirm that there are no old mines in the area at which the explosion occurred. The Department stands ready to cooperate with the relevant authorities in finding the actual cause of the explosion The DMRE is confident that investigations led by the relevant authorities which include the Gauteng Provincial government and the City of Johannesburg, will be able to ascertain the actual cause of the tragedy. The DMRE… Read More Here
DRC Expects Copper Price to Decline This Week 10 Copper Cobalt Mining in DRC 

DRC Expects Copper Price to Decline This Week

Constance
The general trend of mining products exported from the Democratic Republic of Congo (DRC) on international markets is bearish during the period from August 14 to 19, 2023. According to the National Mercurial Commission of the Ministry of Foreign Trade, the copper price should continue in its downward curve this week to trade at 8,417.15 USD per tonne against 8,613.75 USD per tonne a week earlier. According to the projections made by the experts of the Ministry of Foreign Trade, copper should lose 196.6 USD of its market value during… Read More Here

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