Tanzania to add Gold to reserves, resume US$3b Iron project

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 televised speech. The East Africa nation’s State Mining Corporation has a 25% stake in the project, while Dubai-based Rozella General Trading LLC and Singapore’s ACME Consultant Engineers PTE Ltd. own…

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Heritage Bank to invest US$841bn in Dukia Gold & Precious Metals

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 minerals in line with the objectives of Economic Recovery and Growth Plan and would also put Nigeria on the global map with regards to standardized gold tracing, sourcing procurement and…

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Managem Group to expand its gold mining portfolio to 50% after expansion

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 Guinea later this year, are both contributing factors to the mining company’s growing gold portfolio. While gold currently accounts for 20% of the mining giant’s turnover, Managem hopes to increase…

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Egypt signs 10 contracts with four companies for gold exploration

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 businessman Naguib Sawiris, with a total investment of about US$4.1 million to search for gold in nine sectors in the Eastern Desert. It also included the signing of three contracts…

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Bank of Zambia plans to build US$36m worth of gold reserves in 2021 to support local currency

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 Minerals – FQMs Kanshanshi Mine of Solwezi. In an exclusive response to the Zambian Business Times, Bank of Zambia stated that that they target to buy 600kgs of gold from…

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Gold miner Shanta Gold announces New Luika plant capacity expansion

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 the projected annual processing rate increased to a baseline of 783,000 tonnes from the current processing rate of 695,000 tonnes, said Shanta CEO Erick Zurrin in a statement. The gold…

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Metal prices show signs of recovery as global economies rebounds – S&P Global Analysts say

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 to change for the better as demonstrated by rising prises of key metals; Gold and Silver in particular. S&P Global Market Intelligence senior analyst Gregory Rodwell said gold and silver…

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Gold, other precious metals offers hope to African economies amid coronavirus crisis

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 this year, with many market watchers expecting it to close the year at a milestone mark of US$2,000/ounce, especially if a cure for the virus is not found. The demand…

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Gold emerges as the safe haven of choice during COVID19 crisis, prices to soar beyond US$2000/oz mark

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 price hit an all-time record high at $2 034.45/oz on August 5 – representing the first time in its more than 100-year history, that the London price of gold has…

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Centamin’s profits jump 221% in H1 2020 buoyed by surges in gold prices amid COVID-19

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 the same period last year. The mineral exploration and mining company attributed rise to the to an increase in production of at the Sukari mine in Egypt. The rise in…

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