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Category: International

Brics bank strives to reduce reliance on the dollar 1 Economy International 

Brics bank strives to reduce reliance on the dollar

Constance
The development bank set up by the Brics nations plans to begin lending in the South African and Brazilian currencies as part of a plan to reduce reliance on the dollar and promote a more multipolar international financial system, according to its president. Dilma Rousseff, the former Brazilian leader who heads the New Development Bank, also said the Shanghai-based lender was considering applications for membership from about 15 countries and was likely to approve the admission of four or five. She declined to name the countries but said it was… Read More Here
Anglogold Ashanti shareholders approve South Africa exit 2 International Gold 

Anglogold Ashanti shareholders approve South Africa exit

Constance
Anglogold Ashanti shareholders on Friday voted in favour of the miner’s plans to switch its primary listing from Johannesburg to New York, the company announced, clearing the way for its exit from South Africa. More than 98% of Anglogold shareholders approved the switch, exceeding the required majority of at least 75% at a virtual meeting held on Friday, the company said in a statement. The proposed reorganization also includes the relocation of Anglogold’s headquarters to London from Johannesburg. AngloGold, the forerunner of which was founded by industrialist Ernest Oppenheimer a… Read More Here
BRICS Leaders Meet in South Africa to Counter Western Influence and Discuss Alliance Expansion 3 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 4 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 5 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
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
MALI Passes new Mining Law that strengthens State Interests 7 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 8 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
The Deepest Gold Mine in the World Is 2x Deeper than the Grand Canyon 9 Gold International 

The Deepest Gold Mine in the World Is 2x Deeper than the Grand Canyon

Constance
Imagine descending 2.5 miles into the earth just to get your hands on a precious metal. The descent takes an hour and is done in stages. The tunnel walls are so dangerously hot that ice is pumped down from above to keep the temperature at safe levels. This is the Mponeng Gold Mine in  South Africa, the deepest gold mine in the world. How Deep is the Deepest Gold Mine in the World? Owned by Harmony Gold Mining, the Mponeng mine extends 2.5 miles (4 km) beneath the surface. That distance… Read More Here
Barrick chief slams ‘myopic’ western funds for focusing on quick returns 10 Gold International 

Barrick chief slams ‘myopic’ western funds for focusing on quick returns

Constance
Barrick Gold chief executive Mark Bristow has slammed western fund managers for their short-sighted focus on making quick returns. He urged them to follow the example of some sovereign wealth funds that are showing interest in investing in risky mining projects in the world’s dangerous regions. He used Saudi Arabia’s Public Investment Fund (PIF) as an example of an investor considering projects that may not deliver short-term returns but would help production of vital metals for the clean energy transition. “The western world has become extremely myopic, driven by instant… Read More Here

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