Inspiring Leadership & Sustainable Business Transformation in Africa
TANZANIA – The government of Tanzania has launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves. The Mwanza Precious Metal Refinery Limited is able to process 480 kilogrammes of gold per day, and plans to double the capacity in a few months, Tanzanian President Samia Suluhu Hassan said in a…
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NIGERIA – Heritage Bank Plc is set to unlock N344 trillion (US$841.67bn) market worth of gold after a collaboration with Dukia Gold & Precious Metals Refining Co. Limited and concluded plans of being listed on the Lagos Commodities and Futures Exchange. The bank said the move would expand revenue in the non-oil sector through diversification, by stimulating growth in solid…
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MOROCCO – Managem Group, a mining company, has announced that it is aiming to expand the share of gold in its portfolio, from 20% to 50%, in line with growing production in its Sudan mine. According to the company’s CEO, Imad Toumi, the expansion of the Gabgaba mine in Sudan, as well the launch of Managem’s Tri-K gold mine in…
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EGYPT – The Egyptian General Authority for Mineral Resources has signed 10 contracts with four English, Canadian and Egyptian companies to exploit 17 new sectors for gold research and exploration with total investments of about US$11.2 million. The Ministry of Petroleum said in a statement that the contracts included signing four contracts with AKH Gold, a company affiliated to Egyptian…
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ZAMBIA – Bank of Zambia (BOZ) has revealed plans to buy up about 600 kilograms of Gold from the Zambia Gold Company in 2021, having so far bought 47 kilograms of gold from ZCCM IH subsidiary, Zambia Gold company. The US$36 million gold reserves value excludes gold that will be purchased via its second gold buying agreement with First Quantum…
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TANZANIA – Shanta Gold, the East Africa-focused gold producer has announced the expansion of processing capacity at the New Luika Gold Mine (NLGM). Integration of a new pilot plant has started with commissioning scheduled for January 2021. Following commissioning, the annual nameplate processing capacity at NLGM is expected to increase to a baseline of 708,000 tonnes from 620,000 currently with…
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GLOBAL− Metal prices have started showing signs of recovery against the backdrop of a global economy that is gradually resuming normal operations, analysts at the S&P Global Market Intelligence webinar have confirmed. The metal market has been experiencing volatile times as a result of the dire state of the global economy amid the Covid-19 pandemic. This situation has however started…
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AFRICA – The surging prices of Gold and other precious metals are offering hope to African economies that have been significantly affected by the raging coronavirus crisis. Prices of Gold have been surging since the onset of the pandemic, smashing the US$2000/oz mark for the first time in 100 years. Its price on the international market has averaged about US$1,800/ounce…
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GLOBAL – Gold has once again proved to be the safe haven of choice in periods of uncertainty and high volatility. Demand for the precious metal has been increasing since the onset of the COVID19 economic crisis and continues to remain high during the crisis causing prices to tangentially rise to historic levels. The London Bullion Market Association’s (LBMA’s) gold…
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EGYPT – Egypt based gold mining company Centamin has posted a 221% profit jump in the first half of 2020 as revenues received a major boost from a unprecedented rise in gold prices during the COVID-19 period. Centamin said in a statement, that it achieved a pre-tax profit of US$191.14 million, a significant improvement compared to US$59.62 million recorded during…
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