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Reuters

Reuters is an international news organization owned by Thomson Reuters. Until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, which was also a provider of financial market data.

Zimbabwe turns to private firms to boost freight rail volumes

5th September 2024 Zimbabwe's State-owned railway operator has opened its network up to private players, including a unit of South Africa's Grindrod, as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said. National Railways of Zimbabwe hauled 12-million tons of... →

Liberia conditionally lifts shutdown order on China Union iron-ore Bong Mines

5th September 2024 Liberia conditionally lifted a shutdown order on China Union's iron ore Bong Mines, the government said in a statement on Wednesday. The West African country's Environmental Protection Agency (EPA) shut down operational activities on August 28, saying the company had violated environmental... →

China offers Africa $51-billion in fresh funding, promises a million jobs

5th September 2024 President Xi Jinping pledged on Thursday to step up China's support to the world's fastest-growing continent with funding of nearly $51-billion, backing for more infrastructure initiatives and a promise to create at least 1-million jobs. The world's biggest two-way lender, Beijing showed a desire... →

Photo by Reuters
Chinese President Xi Jinping

Santos CFO change throws spotlight on top job succession

5th September 2024 Australian energy giant Santos has appointed former Woodside and Newcrest senior executive Sherry Duhe as its finance chief, the company said on Thursday amid rising market speculation about a potential change at its top job. Duhe, who led gold miner Newcrest Mining on an interim basis during... →

Sherry Duhe

France's Orano selects Tennessee site to build uranium enrichment plant

4th September 2024 France's state-owned nuclear fuel company Orano has selected Oak Ridge, Tennessee as a preferred site to build a multi-billion dollar US uranium enrichment plant, Tennessee and Orano officials said on Wednesday. The move comes months after the administration of President Joe Biden signed... →

Jean-Luc Palayer

IMF says South Africa needs ambitious fiscal consolidation

4th September 2024 The International Monetary Fund said on Wednesday that South Africa needed to pursue ambitious fiscal consolidation to restore the sustainability of its public finances. "Durable expenditure-based consolidation of at least 3 percent of GDP over the next three years is required to place debt on a... →

Russia launches major zinc concentrate plant after delays linked to fire, US sanctions

4th September 2024 Russia's new Ozernoye plant, located next to the country's largest zinc mine, launched zinc concentrate production on Wednesday, the company said, after delays caused by a 2023 fire and US sanctions. Ozernoye, situated in a remote area about 200 km from the border with Mongolia, aims to process... →

South African business confidence gets boost from coalition government, survey shows

4th September 2024 South African business confidence rose in the third quarter, helped by improving optimism about the business climate after the formation of a coalition government and stable electricity supply, a survey showed on Wednesday. The business confidence index rose to 38 points in the third quarter from... →

Glencore's Peru boss Soyer to step down after Volcan sale, sources say

4th September 2024 lencore's head of Peruvian operations is stepping down from her position, according to two sources with knowledge of the matter. Victoria Soyer Toche, the general manager at Glencore Peru, has resigned, the sources said. Veteran copper concentrates trader Alvaro Ilamas also recently left... →

South Africa business activity rises in August, PMI shows

4th September 2024 South African private sector activity rose in August as firms received higher volumes of new orders for the first time since April 2023, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers' Index rose to 50.5 in August from 49.3 in July, the first time it has been above... →

Nigeria and China sign economic, nuclear energy pact

4th September 2024 Nigeria and China agreed to strengthen ties in the Belt and Road initiative, human resources development and nuclear energy after the countries' leaders met on Tuesday, a government spokesperson said. China is Nigeria's biggest bilateral lender, with loans amounting to $5-billion at the end of... →

Pertamina NRE, Guma Africa Group sign study agreement on power project

3rd September 2024 Pertamina New and Renewable Energy (Pertamina NRE), a unit of Indonesian state energy firm Pertamina, has signed a joint study agreement with Guma Africa Group to cooperate on a natural gas and power project, the company said on Tuesday. The agreement was signed by Pertamina NRE's CEO John Anis... →

Goldman slashes copper forecast on softening Chinese demand

3rd September 2024 China’s increasingly disappointing economic recovery will delay an expected rally in copper, said Goldman Sachs Group as it slashed its forecast for next year by almost $5 000/t. The sharp drop in copper inventories that the bank had been anticipating would come much later than previously... →

GM delays additional $330m investment in Thacker Pass, Lithium Americas says

30th August 2024 Lithium Americas said on Friday automaker General Motors (GM) has delayed the second tranche of investment, worth $330-million, in the miner until the end of the year. GM had announced an investment of $650-million, in two tranches, in Lithium Americas last year to help it develop the Thacker... →

Canada rail union launches court challenge to back-to-work order

30th August 2024 The union representing workers at Canada's two main rail companies said on Friday it had filed four court challenges against a ruling by the country's industrial labor board that forced them back to work. The board on Saturday accepted a request from the government to order more than 9 000... →

Congo seeks new buyers for gold mined in eastern provinces

30th August 2024 Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company's head said. UAE-based Primera Group recently sold its stake in Congo-based... →

Liberia closes China Union's Bong Mines for violations, regulator says

30th August 2024 Liberia's Environmental Protection Agency shut down on Wednesday the operations of China Union's iron-ore Bong Mines for violating several environmental regulations, the regulatory agency said on Thursday. China Union took over the Bong Mines, located around 150 km northeast of the capital... →

South Africa getting to grips with economic reforms, central bank governor says

30th August 2024 South Africa is getting to grips with reforms that could lift its economic potential, its central-bank governor said on Thursday, adding that success tackling a longstanding power crisis could spur progress in other sectors. The central bank has repeatedly pointed to the need for structural... →

Photo by Bloomberg
Reserve Bank Governor Lesetja Kganyago

Ghana to launch 'monster mines' to boost gold production

30th August 2024 Africa's top gold producer Ghana will commission its first large-scale greenfield mine in more than a decade in November, with expected annual production of more than 350 000 oz, the head of its mining sector regulator told Reuters. The Cardinal Namdini mine is owned by Cardinal Resources, a unit... →

Botswana's ODC seeks $300m in loans for diamond purchases

30th August 2024 Botswana's State-owned Okavango Diamond Company (ODC) seeks a $300-million credit facility from local banks to support larger volumes of diamond purchases, Finance Minister Peggy Serame said on Thursday. ODC, established in 2012 as an independent window for the government to sell diamonds outside... →

Ghana signs agreement to build small NuScale nuclear reactor

30th August 2024 Ghana on Thursday signed an agreement with a US developer for a nuclear reactor using technology from NuScale Power, the US State Department said on Thursday, as the country seeks its first atomic power plant. Nuclear Power Ghana and Regnum Technology Group signed the agreement to deploy a... →

Biden administration finalises solar lands plan, touts permitting progress

29th August 2024 US President Joe Biden's administration said on Thursday it had finalized a plan to expand solar energy on federal lands in 11 western states, part of a broader push to speed the permitting and construction of big infrastructure projects. The White House wants to accelerate approval of projects... →

Ecuador starts to shut down oil drilling on nature reserve

29th August 2024 The Ecuadorean government on Wednesday began the process of shuttering oil wells in the 43-ITT block, located on a vast nature reserve, after voters last year backed a referendum to end drilling in the area on environmental concerns. The energy ministry said in a statement it closed one of the... →

Mineral Resources posts annual profit slump on weaker lithium prices

28th August 2024 Australian diversified miner Mineral Resources reported a nearly 80% slump in its annual profit on Wednesday, hit by weaker lithium prices despite record shipment volumes. The demand for lithium - a key raw material for electric vehicle batteries - has grown rapidly over the past decade, but... →

Senegal suspends mining to protect Faleme river

28th August 2024 Senegal has suspended all mining activity for nearly three years on its side of the southeastern Faleme river in a decree aimed at protecting the environment and supporting local communities threatened by an artisanal gold mining boom. Mining-related dredging and chemical discharges have helped... →

Namibia aims to finalise sovereign wealth fund in 2025

28th August 2024 Namibia's government plans to complete the establishment of its sovereign wealth fund in 2025, when it also expects its first offshore oil project to be approved, the southern African country's finance minister told Reuters on Tuesday. Namibia, which has yet to produce any oil or gas, has become... →

Vale's CEO announcement to curb market speculation, says chair

28th August 2024 Brazilian miner Vale's decision this week to announce a new chief executive sought to avoid further market speculation over other potential candidates, the company's chairman told Reuters on Tuesday. Vale said on Monday that CFO Gustavo Pimenta would take the reins of the company as its next... →

Gustavo Pimenta

Lynas Rare Earths beats annual profit view, shares rise 2%

28th August 2024 Australia's Lynas Rare Earths posted a smaller-than-expected fall in annual profit on Wednesday, helped by lower operating costs amid weak prices and subdued China demand, sending its shares 2% higher in early trade. The world's largest producer of rare earths outside China posted a net profit... →

Fortescue beats dividend payout view, shares rise

28th August 2024 Australia's Fortescue reported a rise in annual profit on Wednesday, boosted by higher iron-ore shipments from its Iron Bridge project, and announced a larger-than-expected final dividend, sending its shares higher. The world's fourth-largest iron-ore miner has been building out a green energy... →

Fortescue sets out to meet strong Chinese demand for green iron

28th August 2024 Australia is positioned to meet strong demand from China for green iron, Fortescue said on Wednesday as it readies a pilot plant to begin production of the product using renewable energy next year. The world's fourth-largest iron ore miner will use green electricity from solar farms at its... →

Russian gold miner Polyus' H1 profit jumps on higher global prices

27th August 2024 Russia's largest gold miner Polyus on Tuesday posted a 183% jump in first-half profit to $1.58 billion despite Western sanctions, boosted by higher global prices for gold that hit successive record highs this year. Its adjusted earnings before interest, tax, depreciation and amortisation... →

South African private power producers seek fair deal over output curbs

27th August 2024 South African private power producers are seeking compensation for revenues lost when adhering to requests from state utility Eskom to limit electricity supply to the national grid, industry executives said. Eskom has submitted a proposal to the country's energy regulator to introduce a mechanism... →

Indonesian miner Antam plans to acquire smelter owned by Tsingshan unit

27th August 2024 Indonesian State-controlled miner PT Aneka Tambang (Antam) is planning to acquire a smelter owned by a subsidiary of Chinese stainless steel giant Tsingshan Holding Group, its chief executive said on Tuesday. The plan would be part of the company's non-organic growth strategy, Nicolas Kanter... →

Australian shares rise as BHP Group, Woodside Energy shine on upbeat earnings

27th August 2024 Australian shares advanced on Tuesday, led by mining and energy stocks after sector majors BHP Group and Woodside Energy posted strong earnings, while investors remained focused on a key local inflation data for monetary policy direction. The S&P/ASX 200 index rose 0.2% to 8 097.8, as of 00:34... →

Brazilian iron-ore miner Vale names CFO Pimenta as next CEO

27th August 2024 Brazilian miner Vale on Monday said that current CFO Gustavo Pimenta will become its next CEO, wrapping up a noisy succession process that had seen board members depart amid accusations of political intrigue. Pimenta, 46,who will replace current CEO Eduardo Bartolomeo, was elected by the board... →

Gustavo Pimenta

Congo wants Trafigura partner Chemaf's deal with China's Norinco halted

26th August 2024 The government of the Democratic Republic of Congo is opposed to a proposal by Chemaf SA to sell its copper and cobalt mines in the country to China's Norin Mining, according to a document seen by Reuters. Chemaf, a long-time partner of commodities trader Trafigura, said in June it had agreed to... →

Mali to meet or exceed forecast for industrial gold output

26th August 2024 Industrial gold production in Mali, one of Africa's top producers of the precious metal, is expected to reach or exceed its 57.3 metric ton (tons) forecast for 2024, according to the mines ministry. Gold production from mines, mainly owned by Barrick Gold, B2Gold, Resolute Mining, Allied Gold and... →

China's gold demand expected to rebound as economic jitters spur buying

26th August 2024 Gold demand in China is expected to improve in coming months as consumers adjust to higher prices, industry officials said, with economic uncertainty and concerns about currency weakness driving investment flows. A revival of demand in the world's top consumer of the precious metal could further... →

BHP's return to Argentina marks new hope for untapped copper mines

26th August 2024 A new incentive regime for mining in Argentina is attracting major players such as BHP, who are starting to eye the South American country as the world's next frontier for copper, more than half a dozen mining industry officials told Reuters. BHP's investment last month marked the company's... →

BHP teamed up with Lundin Mining in the buyout of Filo, with the aim of developing two copper mines in the Andes mountains of Argentina, along the border of Chile.

Samarco expects to reach 60% of output capacity by year-end

26th August 2024 Brazilian miner Samarco expects to reach 60% of its output capacity by the end of 2024, bringing forward a previous timeline, as it continues to resume activities after halting operations due to a deadly 2015 tailings dam collapse. The company said it had brought forward the timeline because it... →

Striking union workers at Chile's Caserones copper mine accept contract deal, Lundin says

26th August 2024 Canada's Lundin Mining said Saturday it had reached an agreement with union workers at the Caserones copper mine in Chile after a strike that lasted nearly two weeks. A majority of union workers voted to accept a 36-month collective contract, Lundin said in a statement, which included a 2.5%... →

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