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Category: International

IMF Forecasts Global Growth and Inflation Trends for 2024-2025 1 International Economy 

IMF Forecasts Global Growth and Inflation Trends for 2024-2025

Constance
According to the International Monetary Fund’s (IMF) April 2024 baseline forecast, global growth is projected to remain steady at 3.2% in 2024 and 2025, mirroring the pace observed in 2023. The report highlights a slight acceleration in advanced countries, with growth expected to increase from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. However, this uptick will be offset by a modest deceleration in emerging and developing countries, with growth rates declining from 4.3% in 2023 to 4.2% in both 2024 and 2025. Notably, global growth is… Read More Here
Zimbabwe Central Bank Adopts Cautious Approach in ZiG Currency Printing 2 International Economy 

Zimbabwe Central Bank Adopts Cautious Approach in ZiG Currency Printing

Constance
Zimbabwe’s Central Bank governor, John Mushayavanhu, has announced a conservative stance regarding the printing of additional ZiG notes, emphasizing the necessity of adequate reserves to support the new currency. Addressing delegates at a meeting, Mushayavanhu reiterated the country’s commitment to avoiding overprinting, which could risk the stability of the currency. He revealed that President’s directive mandates refraining from printing money without sufficient reserves. The recently introduced Zimbabwe Gold (ZiG) currency is backed by foreign currencies, gold, and other assets, marking the nation’s sixth attempt to establish a robust local currency.… Read More Here
Illegal Money Changers Resume Operations in Zimbabwe Amid Currency Transition 3 International Economy 

Illegal Money Changers Resume Operations in Zimbabwe Amid Currency Transition

Constance
Illegal money changers in Zimbabwe have resumed their activities following a brief hiatus, as reported after the country’s introduction of a new gold-backed currency called ZiG in April 2024. According to a report published in the East African newspaper, these currency traders have returned to the streets despite the ongoing process of transitioning to the new Zimbabwe Gold (ZiG) currency. Despite the currency being available only electronically for now, the black market is already active, offering rates slightly higher than the official exchange rate. ZB Financial Holdings reported that on… Read More Here
Sibanye to shut loss-making 4B shaft in Marikana 4 International 

Sibanye to shut loss-making 4B shaft in Marikana

Constance
South African mining company Sibanye-Stillwater has announced the impending closure of its lossmaking 4 Belt (4B) shaft at the Marikana platinum operations, a move that is set to impact 855 jobs. The decision follows the shaft’s failure to meet profitability conditions, as determined by the Section 189A process of the South African PGM (platinum group metals) operations, announced in October last year. Sibanye noted that the shutdown, scheduled five years after the initial proposed closure in 2019, comes despite various successful initiatives and stronger PGM prices that had previously kept… Read More Here
Sibanye-Stillwater restructure puts more than 4,000 jobs on the line 5 International Gold 

Sibanye-Stillwater restructure puts more than 4,000 jobs on the line

Constance
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
Panama election unlikely to shift outlook for FQM's copper mine 6 International Copper 

Panama election unlikely to shift outlook for FQM’s copper mine

Constance
Prospects are poor for First Quantum Minerals to recover its canceled concession for a lucrative copper mine after presidential elections in May, a Reuters review of the campaigns’ proposals and interviews with protest leaders show. Protests against First Quantum’s concession demanding greater environmental guarantees and transparency in negotiations made authorities not only annul its contract to operate one of the world’s largest and newest copper mines but ban all new metal mining permits last year. Metal traders and investors are closely watching the election outcome to see if a new… Read More Here
Saudi Arabia nears $1bn deal for stake in Barrick’s Reko Diq 7 International Gold 

Saudi Arabia nears $1bn deal for stake in Barrick’s Reko Diq

Constance
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
World Bank and AfDB Collaborate to Electrify Africa 8 International Electricity 

World Bank and AfDB Collaborate to Electrify Africa

Constance
The World Bank and the African Development Bank (AfDB) have joined forces with the ambitious goal of providing electricity access to 300 million people in Africa by 2030. Currently, approximately 600 million individuals on the continent lack access to electricity, hindering economic growth and job creation. Under this partnership, the World Bank aims to connect 250 million people through distributed renewable energy systems or the distribution grid. This endeavor requires an estimated $30 billion in public sector funding and presents a significant $9 billion investment opportunity for the private sector.… Read More Here
Shanta Gold Reports Encouraging Exploration Results at West Kenya Project 9 International Exploration Gold 

Shanta Gold Reports Encouraging Exploration Results at West Kenya Project

Constance
Shanta Gold, a mining company, has unveiled promising findings from its latest exploration activities at the West Kenya project in Kenya. The company’s successful drilling efforts have led to the conversion of resources from the inferred to indicated category, indicating significant commercial potential. During the exploration period spanning from Q4 2023 to Q1 2024, Shanta Gold drilled a total of 2,911 meters across 24 holes at the Ramula deposit. This focused drilling campaign is expected to culminate in a mineral resource estimate by Q2 2024, demonstrating the project’s progress towards… Read More Here
South Africa's Mining Sector Records Strong Rebound in February 10 International Economy 

South Africa’s Mining Sector Records Strong Rebound in February

Constance
South Africa’s mining industry has shown robust growth in February, bouncing back from a challenging start to the year, according to the latest data released by Statistics SA. The Bureau for Economic Research’s (BER) Weekly Review highlighted that mining activity exceeded expectations, with production surging by 9.9% year-on-year (y-o-y). This represents the most significant growth in mining output since mid-2021, surpassing market forecasts of a 3.5% y-o-y expansion. Iron ore production led the way, increasing by 42.9% y-o-y and contributing 5.1 percentage points to the overall growth. Coal production also… Read More Here

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