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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Egypt’s mining sector boosted with discovery of new gold mine

EGYPT – Egypt mining sector has received a major boost after a new goldmine with reserves estimated at more than one million ounces of gold was discovered in the country’s Eastern Desert. While confirming the new discovery, Egypt’s Minister of Petroleum Tarek el-Molla, clarified in a statement that the new discovery is located in the concession area of “Shalatin” Company for Mineral Resources. According to a report by Egypt Today, Shlatin company is comprised of: The Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank…

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Non Oil exports have the potential to earn Nigeria US$30bn annually, NEPC says

NIGERIA – Non-oil exports have the potential to earn Nigeria revenues of up to US$30bn annually, the Nigeria Export Promotion Council (NEPC) Executive Director/Chief Executive Officer, Mr Segun Awolowo has said. Mr Awolowo who was addressing a non-oil export conference in Lagos further noted that council has been at the forefront of zero-oil campaign as well as pushing the products for export. Some of the products that could reap huge returns to Nigeria include: cotton, rice, leather, gold, soya, sugar, cocoa, petrochemicals, fertilizer, palm oil, rubber and cement. Awololo also…

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Nigeria Government to buy locally produced gold to protect artisans from exploitation

NIGERIA – The Federal Government has begun the process of buying up gold produced by Nigerian miners at international prices, in a bid to stop smuggling and exploitation of local miners by foreign merchants. To kick start the process, the government of Nigeria has embarked on the Presidential Artisanal Gold Mining Development Initiative Biometric Exercise which seeks to register all artisanal miners in the country. The registration exercise is being implemented on a pilot basis and is supported by the Central Bank of Nigeria. It has already been flagged off…

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