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Category: International

IMF backs Uganda's growth agenda with $120 million 1 International Economy 

IMF backs Uganda’s growth agenda with $120 million

Constance
Uganda is set to receive a fresh loan from the International Monetary Fund (IMF). The global lender recently approved a $120 million loan to the East African country following approval from the IMF board. The loan under an Extended Credit Facility follows a line of disbursements that dates back to 2021. According to a report seen in The East Africa, Uganda has been granted a loan of $120 million following the the fifth evaluation of the Multilateral Lender’s Extended Credit Facility (ECF) program, which may see Kampala receive up to… Read More Here
Nigeria reiterates its intention to join the BRICS group 2 International Economy 

Nigeria reiterates its intention to join the BRICS group

Constance
In an interview with the Russian news publication, Sputnik Africa, Yusuf Tuggar noted that Nigeria is planning to apply to join the BRICS group of nations once the required internal processes are completed. “We intend to do it. Like I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken,” Tuggar said. He mentioned the 2023 BRICS Summit in South Africa, which the Vice President of the country, Kashim Shettima’… Read More Here
Africa Global Logistics Commences Operations at Port of Lobito 3 International Transport and Logistics 

Africa Global Logistics Commences Operations at Port of Lobito

Constance
Africa Global Logistics (AGL) marked a significant milestone last week as it received the first cargo ship at the Port of Lobito in the Benguela province of Angola. The arrival of the ship at the general cargo terminal signals the formalization of AGL’s activities in operating the Multipurpose terminal at Porto do Lobito. Managed by the firm Seatrade, the cargo ship, measuring 169.37 meters long, brought 6,500 tons of rice to the port. It has been docked at the south pier since Tuesday to commence unloading operations. This historic moment… Read More Here
BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash 4 International Economy 

BRICS: China Enters Western Territory, Buys Gold Company With Hard Cash

Constance
BRICS member China is entering Western territory and buying gold exploration companies with hard cash worth millions. China’s Yintai Gold firm struck a sale deal with Canada’s gold exploration company Osino for CAD 368 million, which is equivalent to $272 million. China will completely buy the Canadian gold exploration firm by paying hard cash worth $272.53 million. Before selling the company to China’s Yintai Gold, Osino will end its CAD 287 million deal with Canadian gold miner Dundee Precious Metals. The talks began in December last year between China’s Yintai… Read More Here
Loulo-Gounkoto Delivers Another Value-Creating Performance 5 Press Release Gold International 

Loulo-Gounkoto Delivers Another Value-Creating Performance

Constance
The Loulo-Gounkoto complex in Mali, one of the world’s largest gold producers, has contributed more than $1 billion to the Malian economy over the past 12 months, maintaining its long record as one of the country’s largest and most consistent revenue generators. The complex is on track to meet its production guidance for the current quarter and the year. There have been no lost time injuries or major environmental incidents during the quarter to date. Speaking to media and stakeholders at the mine today, Mark Bristow, president and chief executive… Read More Here
China’s copper smelters to discuss production cut as fees slump 6 International Copper 

China’s copper smelters to discuss production cut as fees slump

Constance
China’s biggest copper smelters are set to meet in Beijing next week to discuss measures to counter a plunge in ore processing fees to the lowest level in years, including potential production cuts. At least 15 smelters were invited to the meeting hosted by the China Nonferrous Metals Industry Association, said people familiar with the matter, who asked not to be identified as they aren’t authorized to speak publicly. The fees that companies receive to turn concentrate into refined metal, so-called treatment charges, have slumped to a record low in… Read More Here
Mozambique's Mining Export Oversight Strengthened with SGS Contract Approval 7 International 

Mozambique’s Mining Export Oversight Strengthened with SGS Contract Approval

Constance
The contract signed between the Mozambican government and SGS, a company specializing in verifying the specifications, prices, and quantities of the country’s mining export products, at the end of last year has now been approved by the Administrative Tribunal (TA). SGS, renowned for its expertise in inspection, verification, testing, and certification of mining exports, is now poised to commence operations as contracted through international public tender. Having already established a presence in the Mozambican market through its work with the Single Electronic Window (JUE), operated by the Mozambican Tax Authority… Read More Here
Panama asks FQM to suspend visitor program at disputed copper mine 8 International Copper 

Panama asks FQM to suspend visitor program at disputed copper mine

Constance
Panama said on Wednesday it had asked First Quantum Minerals to suspend a visitor program launched last month at the disputed Cobre Panama mine, saying the miner did not consult the government before starting the community relations initiative. The Canadian miner announced the program to help the Panamanian society to get a first-hand experience of what was happening at the site of the copper mine, according to a post from the company’s Panama unit on social media platform X. “The ministry informed them (First Quantum) that these type of decisions,… Read More Here
FQM’s Panama mine closure to cost around $800m, minister says 9 Copper International 

FQM’s Panama mine closure to cost around $800m, minister says

Constance
The cost of the closure of Canadian miner First Quantum’s copper mine in Panama is estimated at around $800 million, Trade and Industry Minister Jorge Rivera said on Wednesday. An inter-ministry coalition, which is developing the mine’s closure plan, is working on alternative measures to recoup funds so that the cost does not come out of the state’s coffers, Rivera told journalists. Panama’s government ordered the shutdown in December after protests calling for more environmental protections erupted across the country and a court ruling deemed the contract to run the… Read More Here
Glencore banks on Anuri mine to extend life of Raglan nickel-copper project 10 International Battery Metals Copper Nickel 

Glencore banks on Anuri mine to extend life of Raglan nickel-copper project

Constance
Glencore (LSE: GLEN) has inaugurated the Anuri mine, which will lengthen the Raglan nickel-copper project’s life for at least 20 years. The company says this is undertaking highlights its ongoing commitment to the local communities in which it operates. The Raglan mine, located in northern Quebec, began operations in 1997. It was the first mining project to sign an impact and benefits agreement with the local Indigenous bands. The mine’s name Anuri, which means “wind” in Inuktitut, was chosen by a committee of Raglan employees. The mine is part of… Read More Here

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