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Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

Glencore overshadowed in cobalt market as Chinese rival booms

2nd August 2024 China’s CMOC Group has strengthened its status as the world’s cobalt king, churning out more than three times as much as better-known rival Glencore after a stunning output surge that’s deepened the battery metal’s price rout. The Chinese mining giant leapfrogged Glencore only last year to become... →

Zambia warns it may shut operation at its biggest dam by October

2nd August 2024 Zambia’s State-owned power utility warned it may cease generating electricity at the Kariba dam by October because the nation’s worst drought yet is depleting water levels at the world’s largest artificial reservoir. Zesco is “working frantically” to avoid a shutdown at the Kariba complex, MD... →

NexGen raises cost of Canadian uranium project to $1.6bn

2nd August 2024 NexGen Energy raised the cost to build its flagship uranium mine in northern Canada, citing inflationary pressures and engineering expenses in a remote region. The company’s Rook I project in Saskatchewan will now cost $1.6-billion, up from an earlier estimate of $940-million, NexGen said in a... →

Workers at world’s biggest copper mine reject BHP wage offer

2nd August 2024 BHP Group workers in Chile rejected the company’s wage offer at the close of regular talks, thrusting the process into a final mediation phase in a bid to avoid a strike at the world’s biggest copper mine. Members of the main union at the Escondida mine voted against the terms of a new wage... →

The Escondida mine in Chile

Barbeque Index shows South African food inflation fell in July

1st August 2024 The falling price of pap — a beloved South African cornmeal dish that forms part of a township shisanyama barbecue — is good news for the central bank as it weighs interest rate cuts. Sticky food inflation has been one of the reasons the South African Reserve Bank has been hesitant to ease... →

New tool to close down Asia’s coal plants is gaining momentum

1st August 2024 Lenders to power producers see momentum building in development of a novel form of carbon credits intended to advance the phase out of coal-fired power capacity. Entities including the Monetary Authority of Singapore have advocated the introduction of transition credits, the sales of which would... →

South Africa factory mood leaps as political uncertainty clears

1st August 2024 South African manufacturers’ sentiment improved more than expected in July as political uncertainty cleared after the formation of a centrist coalition government following the country’s May 29 elections, helping boost demand and business activity. The overall Purchasing Managers’ Index increased... →

Australia may speed tax breaks for critical minerals refining

1st August 2024 Australia may bring forward planned tax incentives for critical minerals refining after a major lithium producer said it would be shutting half of its processing capacity in the country. Albemarle announced that it would place one of the two processing trains at its Kemerton plant in Western... →

South Africa to publish proposed new financial rules by year end

1st August 2024 South Africa’s National Treasury said it is close to finalising long-awaited changes to the nation’s financial markets regulations, and plans to publish proposed amendments for comment by the end of the year. The Financial Sector Conduct Authority said last week that the new rules, which have... →

Mining powerhouse Australia to tighten up exploration rules

1st August 2024 Australia — one of the world’s most important mining nations — is planning to tighten rules that govern how companies announce their exploration results, with a revised code for listed companies including industry leaders BHP Group Ltd. and Rio Tinto Group. A draft of the new code published on... →

Gaia to raise $200m for Africa in Luxembourg climate fund

31st July 2024 Gaia Fund Managers is raising $200-million for investment in African renewable energy plants and power grids with the assistance of Apex Group. The money will be raised through the Gaia Africa Climate Fund which will be domiciled in Luxembourg to allow US and European investors direct access.... →

The future of deep sea mining hinges on a contentious election

30th July 2024 The Pacific island nation of Kiribati is tiny, with just 120 000 residents scattered across 32 tropical atolls, but it’s playing an outsize role in an election that will determine whether companies can begin strip-mining the world’s oceans for critical metals. Leticia Carvalho, a Brazilian ocean... →

SARB to finish R100bn transfer to Treasury soon

30th July 2024 The South African Reserve Bank (SARB) will complete the transfer of R100-billion of profits on the nation’s gold and foreign-exchange reserves to the Treasury by mid-August, Governor Lesetja Kganyago said. “As of July 1, R100-billion had been transferred to the SARB, and roughly three quarters of... →

Photo by Bloomberg
Reserve Bank Governor Lesetja Kganyago

Guinea’s Simandou iron-ore project seen aiding climate goal

30th July 2024 Guinea’s giant Simandou iron-ore project, which is expected to start exports in two years’ time, is set to contribute to the world’s decarbonisation efforts, according to Rio Tinto. “With an iron content of nearly 65% and few impurities, Simandou project will make Guinea a key player,” Lawrence... →

Chinese gold demand takes a hit with jewellery sales plunging

29th July 2024 China’s gold demand has cracked in the face of record-high prices for the precious metal, with sales at the country’s jewelers in a funk as buyers hold off on purchases. Total demand for bullion fell almost 6% from a year earlier in the first half to 524 tons, the China Gold Council said in a... →

World’s top copper supplier Codelco posts drop in production

29th July 2024 Codelco posted a decline in first-half copper production as setbacks at its Chilean mines and projects loosen the state-owned firm’s grip on the title of world’s biggest supplier of the metal. Production came in 8.4% below the first six months of last year, the Santiago-based company said Friday. →

Gold, not dollar, is the best Trump trade, survey shows

29th July 2024 Gold is the best portfolio hedge in the event Donald Trump retakes the White House, according to the latest Bloomberg Markets Live Pulse survey. Proponents of the precious metal as a haven play in case of Trump’s reelection outnumbered those picking the US dollar two-to-one among the 480... →

Teck draws M&A attention from big miners in rush for copper

29th July 2024 The world’s biggest miners are back in serious dealmaking mode and Teck Resources is taking center stage. The Canadian miner, which has exited its coal business with a sale this month to Glencore, is drawing attention from across the industry because of its attractive copper assets, as the... →

Teck's Highland Valley copper operations in Canada

Ghana’s trade surplus grows 12.5% in first half on gold exports

26th July 2024 Ghana’s trade surplus widened in the first half as revenue from gold exports soared. The favorable trade gap grew 12.5% from a year ago to $1.8-billion, Bank of Ghana said in a summary of economic and financial data on its website. Total exports increased 13.6% to $9.2-billion, spurred by a 47%... →

Cash-hungry Canadian miners test grey area of anti-China M&A rules

26th July 2024 Nearly two years after Canada moved to restrict foreign investment in the country’s mining sector, minerals explorers and developers are testing the limits of those rules. The Canadian government cracked down on mining deals involving foreign state-owned entities in 2022 in a move widely seen as... →

South Africa revival needs reform jumpstart, business lobby says

25th July 2024 South Africa’s new multi-party administration must prioritise reviving State-run port, water and power networks and work to automate processes to attract investment and boost lagging growth, Business Leadership South Africa CEO Busisiwe Mavuso said. President Cyril Ramaphosa of the African... →

BLSA CEO Busisiwe Mavuso

Boeing completes US deal to plead guilty over 737 Max crashes

25th July 2024 Boeing has completed an agreement to plead guilty to criminal conspiracy in connection with two fatal crashes of its 737 Max jetliner, setting the stage for a possible courtroom confrontation with relatives of those who were killed. Details of the plea deal were disclosed Wednesday in a federal... →

Photo by Bloomberg
The site of the 2019 Ethiopian Airlines crash

Africa offers $193bn renewables opportunity, study shows

25th July 2024 Sub-Saharan Africa offers a $193-billion opportunity to invest in renewable energy and transmission by 2031, with returns a multiple of those in Europe and the US, according to a new study. Utility-scale wind, solar, storage and transmission projects across a number of African countries may yield... →

Vedanta seeks partners to develop Zambia mines it’s regaining

25th July 2024 Vedanta Resources, the mining company that billionaire Anil Agarwal founded, is looking for business partners to boost output at the Zambian copper assets it’s regaining control of after years of legal battles. The company seeks partners to carry out exploration, development and production as... →

Toronto sees ‘win’ in first new foreign miner listing since 2022

25th July 2024 Paladin Energy’s arrival in Canada marks the first time since 2022 that a large foreign mining company will list its shares on the Toronto Stock Exchange, which has seen new corporate listings slow to a crawl. Paladin, a Western Australia-based uranium producer, struck a C$1.14-billion deal to... →

South African inflation slows as food and transport costs cool

24th July 2024 South Africa’s inflation rate slowed slightly in June, touching a six-month low and potentially encouraging the central bank to consider cutting interest rates later this year. Consumer prices rose 5.1% in June from a year earlier, compared with 5.2% in the prior month, Pretoria-based Statistics... →

African nations turn to gold to protect against currency losses

24th July 2024 African nations are rushing to build their gold reserves to hedge against geopolitical tensions that have battered their currencies and fanned inflation. Nations from South Sudan, Zimbabwe and Nigeria have either taken steps to shore up their holdings or are considering doing so. The move follows... →

Iron-ore sinks toward test of $100 as plenum fails to inspire

24th July 2024 Iron-ore dropped to near the $100 a ton threshold as a policy meeting in China failed to deliver major stimulus, while supplies remained robust. The steelmaking material fell as much as 2.3% to $101.10 in Singapore, with futures on track for a third day of losses. The outcome of the Third... →

Zambia sees copper output growing to one-million tons by 2027

23rd July 2024 Zambia’s annual copper production will grow more than 40% to one-million tons in 2027, according to the country’s Finance Ministry. Africa’s second-largest copper producer is seeking to take advantage of what many predict will be a supply shortfall in the coming years, as the energy transition... →

WTO members push to expedite an Okonjo-Iweala second term bid

23rd July 2024 A sizable portion of World Trade Organization (WTO) members supported a move from a group of African countries pushing for Director-General Ngozi Okonjo-Iweala to expedite a run for a second four-year term. Fifty-eight of the Geneva-based organization’s 164 members, “several speaking on behalf of... →

Photo by Bloomberg
WTO director-general Ngozi Okonjo-Iweala

Dangote to scrap steel investment over allegations of monopoly

22nd July 2024 Aliko Dangote, Africa’s richest man, is calling off plans to invest in a new steel plant in Nigeria after the government accused him of seeking to become a monopoly with his new refinery in the West African nation. “Our own board has decided that we should not have the steel plant. If we do, we... →

Photo by Bloomberg
Aliko Dangote

Ratings company to serve Africa set to be ready by next year

22nd July 2024 A credit ratings company being established to meet the unique needs of Africa’s sovereign borrowers is set to be ready by next year, an African Union official said Saturday. The institution won’t be owned by the regional bloc, Albert Muchanga, its commissioner for development, trade, tourism,... →

With no recovery in sight, lithium prices force miners to reevaluate output

22nd July 2024 With lithium prices languishing near three-year lows and showing no signs a recovery is coming, attention is now turning to whether miners will be forced to rein in supply of the battery metal. The price of the material that’s vital to the energy transition has plunged by around 80% since late... →

Australia's Core Lithium will halt operations at Finniss

Gold climbs as US election chaos escalates after Biden drops out

22nd July 2024 Gold edged higher as markets weighed President Joe Biden’s decision to end his reelection bid, which sparked fresh questions over whether the move will help or hinder Donald Trump’s chances of returning to the White House. Bullion rose as much as 0.5% in early Asian hours, as the metal... →

President Joe Biden on Sunday ended his re-election bid.

South Africa to lay out carbon market regulation proposals

19th July 2024 South Africa’s National Treasury plans to lay out its proposals for how to regulate carbon markets in the country in the next few months. The government department said it plans to publish a consultation paper on the industry around the time it presents its Medium-Term Budget Policy Statement in... →

Vedanta gets back Zambia copper mines after paying $246m

19th July 2024 Vedanta Resources has paid about $246-million to creditors to regain control of the Konkola Copper Mines in Zambia after about five years. The payment paves the way for “imminent reinstatement” of Konkola’s board and return of full management control to Billionaire Anil Agarwal’s Vedanta,... →

Panama vows to talk to First Quantum in coming months on shuttered mine

19th July 2024 Panama’s government says it will engage with First Quantum Minerals in the coming months to discuss the environmental impact of its shuttered copper mine. Panama’s new president, who took office earlier this month, has said that the mine may need to be temporarily reopened in order to... →

President Jose Raul Mulino

Nornickel weighs projects in new top market China

19th July 2024 Russia’s biggest miner MMC Norilsk Nickel is weighing several new projects in copper, nickel and palladium in China as sanctions make cross-border payments and shipments increasingly difficult. Nornickel executives held talks with potential Chinese partners this month and signed about ten... →

Mercedes, Stellantis in talks to back Serbia’s lithium ambitions

18th July 2024 Mercedes-Benz Group and Stellantis are in discussions with Serbia’s government to invest in lithium-processing and EV battery production, potentially adding fresh support for what may become Europe’s biggest lithium mine. The carmakers, who are already partners in a battery joint venture, are... →

Paladin Energy aims to crack uranium big league with Canadian takeover

18th July 2024 Paladin Energy’s top boss says its takeover of Fission Uranium Corp would make it the third-largest publicly traded uranium producer, offering investors an alternative in a sector dominated by two giants. Paladin would churn out 10% of global uranium output after combining production of its... →

Paladin CEO Ian Purdy

Fortescue hits brakes on green hydrogen plans

18th July 2024 Billionaire Andrew Forrest is scaling back his plans to turn Australian miner Fortescue into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of the group and 700 job cuts. Forrest, the company’s founder and executive chairman, has been... →

Andrew Forrest

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