For much of the 20th century, South Africa was synonymous with gold mining. The country’s rich veins of gold attracted global investors and fueled economic growth, making South Africa the leading gold producer for decades. However, recent years have seen a marked decline in its dominance, as a host of internal and external challenges seem…
The UAE’s International Resources Holding (IRH) has retracted its proposal to acquire a controlling stake in Vedanta Resources Ltd’s Zambian copper mines. The decision follows a failure to agree on asset valuation, IRH announced on Wednesday July 3, 2024. IRH, a division of the UAE’s International Holding Company (IHC), had initially presented a $1 billion…
Zambia’s cabinet has approved the establishment of a special purpose vehicle (SPV) to manage the country’s mineral wealth, marking a significant shift in its approach to exploiting its natural resources. The new entity, which will be responsible for investing and trading in minerals, aims to move away from the traditional dividend payment model and adopt…
Toronto Annual Mining Insight: The 2024 annual mining conference in Toronto, celebrated as the world’s premier mining event, recorded an unprecedented attendance of 26,926 participants. Critical minerals dominated discussions, spotlighting Canada’s role and Africa’s vast resources. Africa – A Treasure Trove of Critical Minerals: Ray Goldie, president of the Prospectors and Developers Association of Canada,…
Uganda possesses an abundance of critical mineral resources, such as gold, uranium, limestone, marble, graphite, iron, copper, and cobalt, which hold significant potential to facilitate the nation’s transition to a green economy. These resources were instrumental to Uganda’s economy in the past, contributing up to 35% of the country’s export earnings during the 1950s and…
In a significant policy pivot aimed at bolstering domestic value addition and attracting investment, the Nigerian government has declared a new directive that mandates mining companies to commit to local processing of minerals to be eligible for mining licenses. This approach marks a departure from the nation’s traditional strategy of exporting unprocessed raw materials. According…
In the shadow of the global geopolitical chessboard, the United States is strategically broadening its alliances, eyeing Africa’s rich mineral deposits as a counterbalance to China’s and Russia’s dominance in the critical minerals market. Deputy Treasury Secretary Wally Adeyemo’s recent remarks underscore America’s intent to diversify its supply chains away from these geopolitical rivals, signaling…
Burkina Faso’s junta-led government recently initiated the construction of its inaugural gold refinery, aiming to refine the country’s primary mineral resource on-site. With a daily capacity of approximately 400 kilograms (880 pounds) of gold, the refinery is anticipated to generate 100 direct jobs and 5,000 indirect employment opportunities, as announced by Ismael Siby, CEO of…
Botswana Diamonds (LSE: BOD) has begun mining at Marsfontein in South Africa, as a proof-of-concept trial project that it expects will help improve operations at its larger Thorny River project. The company, headquartered in Ireland with 12 other subsidiaries, experienced “teething issues,” including plant delivery delays and adverse weather, said it’s now on track to…
Gold plays an important part in central banks’ reserves management, and that’s why they are significant holders of gold. IMF IFS statistics tracks central banks’ reported purchases and sales along with gold as a percentage of their international reserves. Morocco’s gold reserves are estimated at 22.12 metric tons and are the fifth largest in Africa,…