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…
Rwanda is actively revising its mineral taxation policies, aiming to enhance domestic value addition to minerals and curtail the export of unprocessed raw materials. This initiative, encapsulated in a proposed bill currently under review in parliament, is poised to replace the existing 2013 mineral tax legislation. The rationale behind the bill, as detailed in an…
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…
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,…