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Category: International

IMF to Grant $8.2M to Guinea-Bissau 1 International Economy 

IMF to Grant $8.2M to Guinea-Bissau

Constance
The International Monetary Fund (IMF) has proposed disbursing $8.2 million to Guinea-Bissau, pending approval by the IMF’s Executive Board. This funding, expected to be disbursed in May upon approval, is part of Guinea-Bissau’s Extended Credit Facility program, which commenced in January 2023. The program aims to allocate approximately $47 million to support the country’s economic adjustments. The IMF initiated the program to strengthen domestic resource mobilization, enforce expenditure controls, facilitate fiscal consolidation, and reduce public debt levels. Jose Gijón, the head of the IMF mission in Guinea-Bissau, remarked that “the… Read More Here
Japanese copper smelters’ H1 output seen rising 4.2% y/y 2 International Copper 

Japanese copper smelters’ H1 output seen rising 4.2% y/y

Constance
Japan’s refined copper production in the first half of the 2024/25 financial year is expected to rise 4.2% from a year earlier, Reuters calculations from plans outlined by smelters showed, amid stronger local demand from the chip industry. The financial first half falls between April and September. Sumitomo Metal Mining (SMM) expects a 21% surge in first-half output following a two-month maintenance shutdown at its Toyo Smelter & Refinery between September and November last year, a company spokesperson said. Japan’s biggest copper supplier Pan Pacific Copper (PPC) also expects a… Read More Here
Peru’s Congress backs new cabinet after government announces new funding for mining 3 International 

Peru’s Congress backs new cabinet after government announces new funding for mining

Constance
Lawmakers in Peru voted to support the government’s new slate of ministers on Wednesday, just hours after the prime minister promised billions of dollars in new spending, including for mining projects. The vote of confidence in President Dina Boluarte’s latest cabinet passed by a lopsided margin of 70 votes in favor and only 35 opposed, and came on the heels of recent corruption charges that implicate the mining-dependent country’s embattled leader. All of her ministers would have been forced to resign if the cabinet failed to win congressional backing. Earlier… Read More Here
Taiwan rescuers Races Against Time to Rescue Trapped Miners and Tourists After Devastating Earthquake 4 International Mine Safety Safety & Health 

Taiwan rescuers Races Against Time to Rescue Trapped Miners and Tourists After Devastating Earthquake

Constance
Emergency response units in Taiwan have been tirelessly working through the night to rescue over a hundred miners, hotel staff, and tourists who are still trapped under rubble and debris more than a day after the island was struck by its most powerful earthquake in 25 years. The 7.4-magnitude quake, which occurred on Wednesday, caused significant damage primarily near the epicenter on Taiwan’s eastern side. Rescue efforts have been concentrated on locating and rescuing individuals missing or trapped in the mountainous terrain surrounding greater Hualien, an area that encompasses a… Read More Here
Caledonia Mining Seeks Funding from African Banks for Zimbabwe Gold Mine 5 International Gold 

Caledonia Mining Seeks Funding from African Banks for Zimbabwe Gold Mine

Constance
Mark Learmonth, CEO of Caledonia Mining Corporation, revealed on Wednesday that African development banks are the prime candidates to finance the company’s proposed $250 million gold mine project in Zimbabwe. Caledonia, the owner of the Blanket gold mine in Zimbabwe, is in the process of updating a feasibility study in preparation for constructing a new mine at Bilboes. This new venture aims to yield a minimum of 170,000 ounces per year, potentially making it the largest gold mine in the country. Despite Zimbabwe’s abundance of mineral resources, including platinum group… Read More Here
Glencore Considers Primary Listing Shift to New York 6 International 

Glencore Considers Primary Listing Shift to New York

Constance
Deutsche Bank analysts have forecasted that Glencore, a UK-based copper mining and trading company, may contemplate relocating its primary listing from London to New York, potentially marking one of the most notable departures from the UK exchange. According to Liam Fitzpatrick and his team, the consideration for Glencore’s primary listing shift arises from a perceived lack of shareholder support for its proposed plan to separate and list its coal business independently in New York. They highlighted that the US market demonstrates greater support for companies involved in fossil fuels compared… Read More Here
Nigeria to Prioritize Local Mineral Processing in New Mining License Guidelines 7 International 

Nigeria to Prioritize Local Mineral Processing in New Mining License Guidelines

Constance
Nigeria is set to implement new guidelines that will only grant mining licenses to companies with plans for local mineral processing, announced a government spokesperson on Thursday. This marks a departure from Nigeria’s longstanding policy of exporting raw materials, as African nations seek to maximize value from their mineral resources. To encourage investment, Nigeria will offer incentives to investors, including tax waivers for importing mining equipment, simplified procedures for securing electricity generation licenses, full repatriation of profits, and enhanced security measures, according to Segun Tomori, spokesperson for Nigeria’s Minister of… Read More Here
Trafigura to Pay $126 Million and Plead Guilty to Brazil Bribes 8 International 

Trafigura to Pay $126 Million and Plead Guilty to Brazil Bribes

Constance
Trafigura Group will pay $126 million and plead guilty to US charges related to bribery in Brazil, in the latest case involving corruption by a commodity trading giant. Trafigura is expected to enter the guilty plea in a federal court in Miami on Thursday, according to a person familiar with the matter, who asked not to be identified because the information is not yet public. Spokespeople for Trafigura and the Department of Justice both declined to comment. Trafigura’s is the latest in a string of cases in which the world’s… Read More Here
Liebherr claims record results for 2023 9 International Mining Equipment 

Liebherr claims record results for 2023

Constance
The Liebherr Group achieved record revenue of €14.042 billion in 2023. This represents an increase of €1.453 billion, or 11.5%, compared with the previous year. Considerable revenue increases were recorded in almost all Group product segments, with the only exceptions being the deep foundation machines and tower cranes product segments.  In construction machines and mining, Liebherr achieved revenue of €9.557 billion, which represents an increase of 11.6% on the previous year. This includes the product segments of earthmoving, material handling technology, deep foundation machines, mining, mobile and crawler cranes, tower… Read More Here
Global Energy Metals strikes uranium deal with Terra Balcanica Resources 10 International Uranium 

Global Energy Metals strikes uranium deal with Terra Balcanica Resources

Constance
Global Energy Metals Corp (TSX-V:GEMC) has terminated its agreement with Fulcrum Metals Plc and struck a new deal with Terra Balcanica Resources Corp, securing compensation and a royalty over highly prospective uranium projects in Saskatchewan. The agreement’s termination marks a strategic move for Global Energy Metals, as it facilitated a new partnership between Fulcrum and Terra Balcanica Resources. Under the option agreement between Terra and Fulcrum, Terra intends to acquire a 100% interest in Fulcrum’s uranium projects. In exchange for terminating the prior agreement with Fulcrum, Global Energy Metals will… Read More Here

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