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Billions in African gold smuggled to UAE yearly, SwissAid says
Published: 30 May 24
Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a ten-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7-billion and $35-billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said.
Ivory stockpiles Southern African States make fresh pitch to trade $1bn ivory stockpile
Published: 30 May 24
Southern African countries hosting the largest elephant populations in the world made a fresh pitch on Wednesday to be allowed to sell their $1 billion ivory stockpiles, amid calls to pull out of an international convention on endangered species. Five countries that make up the Kavango-Zambezi (KAZA) trans-frontier conservation area - Zimbabwe, Zambia, Botswana, Angola and Namibia - have been pushing for the lifting of a ban on ivory sales imposed by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).
Image of Lesetja Kganyago South Africa to stay course on rates amid election noise
Published: 30 May 24
South Africa’s central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid political uncertainty one day after the country’s tightest election in 30 years. Economists polled by Bloomberg expect Governor Lesetja Kganyago’s monetary policy committee will keep the benchmark rate at a 15-year high of 8.25% on Thursday, when he announces the decision shortly after 3 p.m. local time. Most surveyed in a separate poll also expect the decision, which comes a day after elections, to be unanimous.
212.49 ct Type II white diamond Gem Diamonds recovers sixth large diamond from Letšeng this year
Published: 30 May 24
London-listed Gem Diamonds has recovered a 212.49 ct Type II white diamond from its 70%-owned Letšeng mine, in Lesotho. This is the sixth diamond weighing more than 100 ct to be recovered at the mine this year.
New World secures option on Arizona copper deposit New World secures option on Arizona copper deposit
Published: 30 May 24
Copper developer New World has secured an option to acquire a 630 000 t, high-grade historical copper and zinc resource, located in a district of Arizona where the firm is currently actively exploring. The ASX-listed company entered into a five-year option agreement to purchase a 100% interest in the Pinafore copper deposit, which is about 75 km from its 11.4-million-tonne resource Antler deposit.
McEwen raises C$30m for exploration in Timmins McEwen raises C$30m for exploration in Timmins
Published: 30 May 24
Canadian company McEwen Mining has secured C$30-million ($22-million) in flow-through to support ongoing exploration and development at the Fox Complex in Timmins, Ontario. The funds will be allocated towards exploration drilling and developing an underground access ramp from surface to the Stock East and West resources.
Wyloo CEO Kristan Straub and Sudbury Mayor Paul Lefebvre Wyloo to build Ontario battery metals processing plant
Published: 30 May 24
Nickel miner Wyloo, owned by Australian mining magnet Andrew Forrest, has unveiled plans for a downstream battery materials processing facility in Sudbury, Ontario. The new facility will fill a critical gap in Canada's electric vehicle (EV) battery supply chain by establishing the country’s first mine-to-precursor cathode active material (pCAM) integrated solution.
Investors relieved BHP walked from Anglo takeover deal Investors relieved BHP walked from Anglo takeover deal
Published: 30 May 24
nvestors welcomed BHP Group's decision to walk away from a $49-billion plan to take over its rival Anglo American, which rejected three proposed offers from the top global miner over the past six weeks. While BHP's Australian-listed shares fell 1.6% on Thursday, they were in line with its peers.
Botswana flags synthetic gem threat ahead of $6bn diamond project launch Botswana flags synthetic gem threat ahead of $6bn diamond project launch
Published: 29 May 24
Botswana’s President Mokgweetsi Masisi on Wednesday called synthetic gems a threat to the country's economic lifeblood, as the government readies to launch a $6-billion project to extend the life of its flagship Jwaneng diamond mine. The natural diamond market has struggled in the past two years due to rising consumer demand for cheaper lab-grown diamonds, coupled with global macroeconomic volatility.
Glencore CEO Gary Nagle Glencore to consult investors on coal spinoff after Teck deal
Published: 29 May 24
Glencore will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources’ mines closes later this year. Crucially, Glencore said that should the majority of shareholders support keeping its coal mines, the company will not proceed with a vote.
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