Africa

Ivanhoe Mines is in advanced discussions with Congo's Gecamines state miner and Swiss commodities trader Mercuria about channeling zinc-rich concentrates from its giant Kipushi mining to the United States, under Washington's newly developed strategic stockpiling program Project Vault. The deal is part of a larger agreement between the U.S., and the Democratic Republic of Congo in the area of minerals. Washington is intensifying its battle with China for control of Africa's vast mineral deposits. Project Vault, a $12 billion supply chain security programme launched by the U.S. on Monday and backed by private capital of $1.67 billion and a U.S....

Trafigura, a global energy trading company, has a plan to restore African woodlands. It has selected its first four projects for carbon removal and plans to invest at least $1 billion in each project over. The projects are part of the Miombo Restoration Alliance - a public-private partnership with 11 governments in central and southern Africa. They cover over 675,000 acres and aim to restore forests that will remove more than 50 million tons climate-damaging gasses. The alliance, which will be launched at New York Climate week?2024, aims to restore Miombo Woodlands, an eco-system that supports more than 300 million...

Investors became cautious in anticipation of the U.S. Federal Reserve interest rate announcement, and UK blue-chips index fell on Wednesday. It was weighed down by banks and healthcare companies, as it missed a 'tech-led rally' that had boosted Wall Street's indexes. The FTSE closed down by 0.5% while the domestically focused FTSE 250 ended little changed. Axel Rudolph is a senior financial analyst with IG. He said that there was a shift away from European and U.K. stock to U.S. tech stocks before earnings, which weighed down the FTSE 100. The FTSE 100 is a relatively smaller technology share compared...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

Central African leaders have ordered urgent fiscal measures and monetary policies to stabilize the region's weakening economy. This includes repatriating?state assets abroad and export revenue. According to a communiqué issued following an extraordinary summit held in Brazzaville, the six leaders agreed to implement immediately the return of export revenue, giving priority to companies in the extractive industry. The officials urged governments to "pursue" and "finalize" negotiations with companies to repatriate the funds allocated for environmental restoration in areas affected by oil extraction. This step was deemed crucial for restoring liquidity to the regional banking system. The Central African Economic and...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

SPLA-IO captures Pajut, strategic town The commander orders an advance on the capital Juba UN condemns sabotage 2018 peace agreement JUBA, 19 January - South Sudan’s main opposition faction called on their forces to advance on Juba's?capital on Monday after they had captured a strategically important town last week. The Sudan People's Liberation Army-in-Opposition, which fought forces loyal to Salva Kiir in a civil war from 2013 to 2018, could not be considered a credible threat against Juba. The call was a sign of escalation for the SPLA-IO after months of violent clashes in various parts the country, which the...

Trade data revealed that India's Russian imports in December fell to the lowest level since?two? years, as Western sanctions pushed refining companies to look for alternatives. This boosted OPEC?s?share?of imports?to an 11-month peak. The lower imports of Russian crude oil at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. The data shows that tighter U.S. sanctions and European Union sanctions have slowed Russian oil exports to India. Imports dropped by...

By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

Oil analysts say that the?crude production?in Venezuela will increase in time, following a 'dramatic U.S. attack and the capture of its President. This is likely to raise?global supplies?and weigh on prices long-term. American forces captured Venezuelan President Nicolas Maduro in Caracas on the weekend. U.S. president Donald Trump announced that Washington would seize control of the oil producing nation, and that the U.S. oil embargo remained fully effective. According to the London-based Energy Institute, the Organization?of Petroleum Exporting countries (OPEC) member has about 17% global oil reserves or 303 billion barils, ahead of OPEC leader Saudi Arabia. Venezuela produced a...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

Richard Stewart, CEO of Sibanye Stillwater, said that the company is committed to its 'battery metals' business. This comes after an impairment of another 2.46 billion rand (about $152.6 million) on its Keliber Lithium project in Finland. In recent years, the South African miner has acquired zinc, nickel, and lithium assets as part of a shift to metals that are used in renewable energy technologies. Sibanye recorded a total impairment of 7,8 billion rands at Keliber by 2025. The company cited a "dim outlook for long-term prices of lithium hydroxide". The asset is currently valued at around 9 billion rand...

Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of...

Sumitomo Corp., of Japan, said that the Ambatovy Nickel & Cobalt Project in Madagascar is still closed after Tropical Cyclone Gezani hit the island last week and damaged facilities. The?company's statement said that operations were immediately suspended, safety being the number one priority. The company said that it is currently assessing the extent of the damage, the condition of the equipment and the impact on earnings. Sumitomo said it would work with all parties involved to determine the extent of the damage as quickly as possible and implement the appropriate measures for recovery. A company spokesperson stated that the timing...

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

Zambia's mining regulator announced on Monday that underground operations could resume at Mopani Copper Mines' Mufulira Mine immediately after new safety measures had been implemented. Last week, the Minerals 'Regulation Commission' announced that it had suspended the operation of the mine because it did not comply with safety regulations. This included the requirement to maintain a system accurate to account for all underground workers. Mopani Copper Mines, Africa's 2nd largest producer of the metal essential for clean energy technologies, is one of the biggest copper miner in Zambia. SAFTE WORKING ENVIRONMENT In a statement released on Monday, the regulator stated...

Mali's military leader said in a Friday statement that the government had approved a draft decree renewing Barrick Mining Loulo's gold mining permit for another 10 years. Mali, Africa's largest gold producer, settled a dispute with Barrick in November over profit-sharing, control and ownership of the Loulo-Gounkoto complex of gold mines after two years' negotiations. The dispute was sparked by 2023 mining codes that increased taxes and increased state stakes in projects. Barrick has agreed to withdraw from the World Bank’s dispute tribunal its arbitration case, while Mali said that it would release all employees of the Canadian company, drop...

The cyclone which hit Madagascar last week has stopped production at the cobalt and Nickel miner Ambatovy. Traders said that a prolonged outage could increase prices for battery materials. Ambatovy is owned by the Japanese trading company Sumitomo Corp and the state-owned Korea Mine Rehabilitation and Mineral Resources Corporation. In 2024, it will produce around 28,000 tons of nickel and approximately 2,500 tons cobalt. The storm that hit Madagascar's Toamasina port, the main port for exports, caused a lot of disruption to trade. Ambatovy confirmed its Toamasina processing plant on Madagascar's east coast suffered material damage. It said it was...

Zambia's mining regulator said on Friday that it had suspended operations at Mopani Copper Mines' Mufulira Mine after it failed to?report?for all of its underground personnel. In a press release, the Minerals Regulation Commission (MRC) said that its decision was based on recent accidents at Mopani’s operations. The commission stated that the Mufulira Mine had failed to comply with regulations which require management to maintain a "system to account for all people working underground" at any time. The commission stated that "Operations are suspended until the mine corrects all deficiencies found in its personnel accounting system". It also said that...

Thyssenkrupp CEO says that planned EU measures to protect the bloc's battered?steel industry?have improved investor sentiment, and have strengthened Thyssenkrupp’s position in negotiations to sell its steel business to India's Jindal Steel International. Jindal Steel International has made a nonbinding offer for Thyssenkrupp Steel Europe, Europe's number one steelmaker. In September, Jindal Steel International made a non-binding bid for Thyssenkrupp Steel Europe (TKSE), Europe's No. Thyssenkrupp's CEO Miguel Lopez is focusing his strategy on turning the group into a holding by finding a solution for TKSE. This company has ties to Germany's history of industrial production. Lopez said that the...

South32, an Australian diversified mining company, reaffirmed that it would put its Mozambique aluminum plant on care and maintenance in the next month after a drought affected power supply. It posted a first-half profit higher than analysts' expectations on Thursday. The announcement comes just days after Mozambique Energy Minister Estevao Palae stated that "the government will do everything required to ensure that the (Mozal ) plant does not go into maintenance." South32 took a $372-million impairment last year on its business due to the impact of the drought on Mozambique’s hydroelectric power utility. South32 was unable to reach a deal...

China's Zijin Mining plans to start Congo's first lithium production in June at the disputed Manono mine and export it immediately, according to Cominiere, a state-owned mining company. This is a significant step for Beijing in its push to secure critical minerals in Africa. Zijin previously stated a start in the first quarter of 2026, but said on Tuesday that this is now updated planning. After the Democratic?Republic of Congo revoked the permit of Australian miner AVZ, the Manono resource is now at the center of arbitration. Zijin, in a joint venture with Cominiere, reassigned a part of the site....