Category: Gold

Uganda’s Ministry of Finance recently revealed that gold has reclaimed its position as the country’s primary export. Over the past 12 months leading up to February, the gold trade contributed to 37% of Uganda’s total export revenues. This resurgence follows a period of disruption caused by tax disputes, which reportedly cost Uganda Ush600 billion ($160.77 million). Initially, tax issues had significantly hindered Uganda’s gold trade, which accounts for a substantial 44% of the nation’s export income, as reported by the Bank of Uganda. However, after nearly a year of interruption… Read More Here

Independent upstream oil and gas company Invictus Energy signed a Memorandum of Understanding (MoU) with energy firm Himoinsa Southern Africa Proprietary Limited and mining company Dallaglio Investments Pvt Ltd. for the development of a gas-to-power project to supply electricity to Eureka Gold Mine in Zimbabwe. Invictus Energy will provide feedstock from its Cabora Bassa Project to fuel the proposed 12MW gas-to-power plant, which will be constructed by Himoinsa. Electricity generated from the plant will be transmitted via the national grid to power operations at Dallaglio Investments’ Eureka Mine, located 50km away… Read More Here

SIBANYE-Stillwater aimed to conclude a portion of an estimated $500m to $1bn in potential streaming or metals prepayment deals before it announced its half year results in August, said the group’s CEO Neal Froneman. “We don’t get any credit for our gold by-product from platinum group metals (PGMs) and it’s a good time to be negotiating because the gold price isn’t done yet,” said Froneman on the sidelines of the PGM Day conference in Johannesburg. “The beauty of selling by-product credits is that it’s not described as debt,” he said.… Read More Here

Gold has reached unprecedented heights, surpassing $2,400 per ounce this year, captivating global markets. At the forefront of this remarkable surge is China, the world’s largest producer and consumer of the precious metal. Driven by escalating geopolitical tensions and the anticipation of lower US interest rates, gold has become an attractive investment option. However, it’s the relentless demand from China across various sectors that has propelled the rally to new heights. Traditionally, China and India have competed for the title of the world’s largest gold buyer. Yet, recent trends show… Read More Here

South African mining company Sibanye-Stillwater has initiated Section 189 consultations as part of its restructuring strategy for its gold operations. The proposed changes could potentially impact 3,107 employees and 915 contractors. This move comes as the company seeks to address ongoing losses, particularly at the Beatrix 1 shaft, which has failed to meet production targets. The precious metals producer has also highlighted issues at the Kloof 2 plant, which has struggled with insufficient processing material since the closure of the Kloof 4 shaft in 2023. Additionally, the deferral of capital… Read More Here

Saudi Arabia is said to be close to reaching a deal to acquire a minority stake in Pakistan’s $7 billion Reko Diq copper and gold mine, controlled by Barrick Gold (TSX:ABX)(NYSE:GOLD). According to Bloomberg, the kingdom’s investment fund Manara Minerals intends to invest close to $1 billion in the project and it may announce a preliminary agreement on the transaction terms within weeks. SIGN UP FOR THE COPPER DIGEST The Saudi company might gradually raise its stake in Reko Diq, in which the government of Pakistan has a 25% interest… Read More Here

Alcides Cintura, President of the Manica Business Council (CPE), underscored the imperative need for establishing a gold refinery in central Mozambique to bolster the province’s economic landscape and enhance the organization of the mining sector. Highlighting the abundance of mineral resources, including gold and precious stones, in districts like Manica, Gondola, Báruè, Macossa, Guro, and Vanduzi, Cintura emphasized the urgency of regulating their exploitation, which currently operates largely without oversight. “The establishment of a refinery will not only create job opportunities for young people but also boost revenue collection for… Read More Here