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Officials say that Ghana has drafted wage and tender floors for mining contractors.
A senior official revealed on Thursday that Ghana's mining regulator was developing minimum wage?and?tender benchmarks to be used by contract mining companies. The goal is to reduce aggressive underbidding, as the country encourages its miners to subcontract more work to local contractors. Ghana, Africa's largest gold producer, ordered in January 2025 that surface operations (blasting, loading and hauling) be transferred to Ghanaian owned contractors, and underground operations, to joint ventures with a minimum of 50% local ownership, by December 31, or face sanctions. This is part of a larger push by Africa's resource-rich countries to retain the value of their mineral wealth. Ghanaian miners have spoken out against this directive. They claim that contractors offer lower wages and less job security. Ben Birch Mensah, Director of Local Content at the Minerals Commission, the national regulator said in an interview on Thursday that officials wanted to make sure that wages and conditions for workers would not be affected. Birch-Mensah stated, "The regulator does not want contract mining to make people worse off." We are creating a base so that contract miner's cannot pay their employees below a specific threshold. OFFICIALS TRY CURB UNDERBIDDING Birch-Mensah added that the commission is also preparing benchmarks for minimum bids in order to prevent contractors from submitting bids below levels which are sustainable. He stated that aggressive underbidding in some cases had left contractors unable meet operating costs. A committee will be formed to determine the details of this policy. Ghana's mining rules of January 2025 required that miners switch to contract mining. Birch-Mensah stated that the December 2026 compliance requirement for local contractors was "non-negotiable." He added that firms such as?Newmont?, Zijin? and Ghana Manganese Company?were still to meet this deadline. The companies didn't immediately respond to our requests for comments. Ghana Chamber of Mines criticised the policy and said that contract mining should not be mandatory but optional. The chamber, on the other hand, supported?efforts aimed at addressing underbidding and warned that unhealthy competition between contractors could impact worker welfare and safety. Ken Ashigbey, CEO of the Chamber, said that if people continue to undercut themselves, then they might not have the resources necessary to complete the job, or they might not pay workers correctly, or they wouldn't train them. Ashigbey added that the chamber is also looking at contractor classifications and thresholds for minimum bids in order to reduce underbidding. He noted that contractors are responsible for a large share of mining accidents.
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Gold drops over 1% after US inflation data supports Fed hike bets
Gold prices dropped by over 1% after strong U.S. inflation figures and rising oil prices. This increased the odds of a Federal Reserve rate increase next week. By 01:42 pm EDT (1742 GMT), spot gold had fallen 1% per ounce to $4,355.85. Bullion had fallen by about 1.7% earlier to $4,323.78, the lowest point of the session. U.S. Gold Futures fell by 1.2% to $4,407.30. According to Kyle Rodda of Capital.com, the Producer?Price index (PPI) data shows that there is a slight increase in underlying inflation within the U.S. The Bureau of Labor Statistics of the Labor Department reported on Thursday that PPI for Final Demand rose 0.4% in August after a?0.1% increase upwardly revised in July. According to CME FedWatch Tool, traders now price in a 70% probability of an increase in U.S. rates next week. This is up from 62% prior to the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, as it made greenback-priced gold more expensive in other currency. Rodda said that bonds must reflect a higher level of inflation due to the steeper rise in oil prices. Gold is typically pressured by rising bond yields because they increase the cost of holding non-yielding assets. Brent crude, the benchmark oil price, hit $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates for the second time this year on Thursday, in an effort to curb the rise in inflation caused by war-related energy costs. Silver spot fell 4.6% per ounce to $64.19, platinum was down 5.5% at $1,791.13, and palladium dropped 5.1% at $1,283.52.
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UK retailers stock charcoal that is linked to Paraguay's deforestation.
According to a report published on Thursday by the advocacy group Global Witness, major British retailers such as B&Q, Waitrose and others are selling charcoal made from trees that have been cleared in Paraguay’s Gran Chaco to make more farmland. The report links charcoal sold by UK supermarkets and hardware shops to the Paraguayan forest company Taruma. Global Witness claims that Taruma, the biggest international supplier for British barbecue brand Big K whose products are distributed across the country, is Taruma. Gran Chaco is the subtropical forest region of South America, second largest after Amazon. It stretches over Paraguay and Argentina. A Waitrose spokesperson responded that all charcoal sold by the company complies with the standards of the Forest Stewardship Council (an independent forest certification system). B&Q has not responded to any requests for comments. Paraguay is seeking to strengthen its?trade ties? with Europe via the EU-Mercosur Agreement, as the environmental impact of imported goods from South America, which includes Paraguay and?Argentina?, Brazil, and Uruguay, has become increasingly scrutinized. According to the report, satellite analysis found that Taruma sourced its wood from ranches which have since 2012 cleared more than 28 hectares (69 acres) of forest. The report stated that a second supplier, Paben SA, who worked with Big K up until 2023 has cleared approximately 2,700 hectares in the Paraguayan Chaco forest since 2021. Paben SA has not responded to requests for comments. Taruma, in a letter to?, denied any wrongdoing. Taruma doesn't clear forests and does not hold clearing permits. Our operations don't add to the deforestation of the region or its effect on climate. Rahmeen Farudi, Chief Executive of Taruma, said that the sustainability team closely follows research on Chaco Land-Use Change. Scientists, including NASA scientists have stated that Paraguay is one of the countries with the highest rates of deforestation relative to forest coverage, primarily due to farming and cattle ranching. Paraguay is a major grain and meat exporter. In July, it unveiled its first national forest policy. It acknowledged decades of deforestation by the state for agricultural purposes. The government has pledged to increase environmental monitoring in order to meet EU standards. The sale of charcoal to Britain may harm Paraguay’s plans to sell other goods to the EU as part of a future?trade agreement with Mercosur. The National Forestry Institute of Paraguay did not respond when contacted for comment. DEFORESTATION LEGISLATION, TRADE AND DEFORESTATION Global Witness stated that the UK's flawed environmental legislation and Paraguay’s permissive environment laws allow deforestation linked charcoal to reach the British Market. The '2021 Environment Act in Britain bans imports that are linked to illegal deforestation. The ban only applies to imports originating from land that has been illegally deforested and excludes charcoal products. Paraguayan products produced on legally cleared lands can still enter the UK. Beginning December 30, the EU's stricter rules will prohibit?all products that are linked to cleared land, regardless of whether or not?the clearing?was legal. The UK Department for Food, Environment and Rural Affairs (Defra) did not respond immediately to a comment request. Environmental groups, as well as several EU governments including France, Austria, and Poland have warned that the expansion of Mercosur agricultural exports into Europe could speed up deforestation.
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Alcoa: Cutting Canada tariffs will not be enough to reduce the US aluminum premium.
Alcoa's chief financial officer said that the steep price of aluminum in the U.S. would not?drop much even if Washington halved the tariffs on metals imported from Canada because other countries are still needed. The price that U.S. The price?U.S. Molly Beerman, Alcoa's Chief financial officer, said that the U.S. needs to import around 4 million tonnes of aluminum each year. Canada can only provide 3 million tonnes of this. Beerman stated that Midwest would not drop significantly, even if the U.S. were to receive a favorable rate from Canada. "It may come down a bit, but it won't return to the pre-tariff level." Beerman stated that if there are tariff waivers or relief for other trading partners, such as Japan, Europe, or South Korea, and the last million tons of grain is covered, then "you can expect the Midwest Premium to be reduced in response?to essentially eliminate the tariff benefit." Beerman stated that Pittsburgh-based Alcoa, which produces?around 900,00 tons of aluminum per year in Canada, is paying over $1 billion in tariffs in order to import the majority of this aluminum into the U.S. The Midwest compensates us for this, and also returns as margin due to the tightness of?tons. Customers in North America and Europe "actively seek our supply" because Middle East aluminum is "constrained," Beerman noted, adding that Alcoa’s order book "is almost completely sold out until 2026."
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Sources say that Dangote Oil refinery will buy 16 million barrels Nigerian crude in October.
According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will reduce the amount of Nigerian crude that is 'available for export during a period of high demand as a result of the Iran War, which has drastically reduced Middle East supply. If Dangote purchases more crude, the final total could increase. Dangote has not responded to a comment request. According to Kpler, the Lagos-based refiner processed 565,000 bpd in Nigerian crude during August. This is nearly twice as much as last year's 280,000 bpd average. Sources familiar with the matter said that NNPC would supply Dangote eight of its 'October Nigerian cargoes' and one U.S. WTI Midland shipment. Kpler data shows that this would be the same as the previous monthly record of NNPC's supply to the refinery. It had provided a similar -volume in April May and August. Two traders said that the refinery purchased a second WTI shipment for October in a spot auction from a different provider, along with the additional Nigerian cargoes, to bring the total up to 16 million barrels. Dangote has purchased many grades of crude oil from countries other than Nigeria, such as Libya and Guyana.
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Solorz family reaches settlement ending fight over Polish media empire
According to a letter sent by TiVi Foundation, the controlling shareholder, Zygmunt 'Solorz, has settled all legal disputes regarding his 'business empire. The settlement, according to the family, outlines rules for how it will manage its assets in the future, including those of Polsat Plus Group headed by Cyfrowy Polsat and power producer ZE PAK. The family said the settlement was confidential and did not reveal any details. * 'Solorz will step down from an active role in the?companies owned by TiVi and Solkomtel and take on a advisory role. The settlement was reached after the Liechtenstein Constitutional Court upheld a lower court's?decision? that Solorz legitimately gave joint control of TiVi to his children. * The conflict was made public in late 2024, after Solorz’s children wrote to the management of his companies expressing their concern for?his health. * Solorz’s son Piotr zak is still the chief executive?of Cyfrowy Polsat, ZE PAK and?Tobias Solorz. Aleksandra and Tobias Zak are on the supervisory board.
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Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% on Thursday, after strong U.S. inflation data and higher oil prices increased the odds of a Federal Reserve rate increase next week. Spot gold fell 1%, to $4.358.09 an ounce, by 11:14 am EDT (1514 GMT), whereas U.S. Gold Futures dropped 1.4%, to $4.400.60. According to Kyle Rodda of Capital.com, a senior financial analyst, the Producer Price Index data "sort of shows that there's been a?bit? of a pick-up in underlying inflation" in the U.S. The Bureau of Labor Statistics of the Labor Department reported that PPI for final demands rose by 0.4% in August after a 0.1% increase, which was upwardly revised. CME FedWatch Tool shows that traders now price in a 70% chance of an interest rate increase next week. This is up from 62% prior to the release of the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, which made greenback-priced gold?expensive in other currencies. Rodda said that bonds must reflect a higher and more persistent?inflation due to the steeper oil price, which causes gold prices to drop. Typically, rising bond yields pressure gold by increasing the opportunity costs of holding non-yielding assets. Brent crude, the benchmark oil price, jumped by 4% to $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates on Thursday for the second time this year to combat a rise in inflation caused by war-related energy costs. Silver spot fell 4.2% per ounce to $64.47, while platinum fell 4.6% to 1,808.42, and palladium dropped 3.9% to $1,000.75.
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The opposition warns that Finland's power supply could be affected by the Google AI deal.
Finland should implement a national permitting system for data centres to prevent power shortages and soaring energy costs, the opposition parties said Thursday after Google announced a major new investment. Nordic data centres have been popular for many years due to the region's cool climate, low-carbon electricity, and reliable power grids. However, AI developers are now under greater scrutiny from politicians and consumers. Alphabet’s Google announced on Wednesday that it would spend at least EUR13 Billion ($15.1 Billion) over the next two-years on?AI Infrastructure in Finland, its largest European investment. This includes a deal to supply nuclear power. Centre Party leader Antti Kaikoen said that while data centres were welcome in Finland, Finland must ensure there was enough electricity to power them. A national permitting system for data centres would be required. No one is looking at the big picture right now," said Kaikkonen. His party is Finland's largest opposition group. The Social Democratic Party (SDP), which leads in the polls in advance of the April election, has said that it welcomes data centre investments but is concerned about their implications for power demand. Niina Malm, a Social Democratic lawmaker said: "It's important to examine the availability of energy as an issue that affects internal security. This will ensure that people are able to afford it and have enough electricity." Google's deal included an agreement to purchase up to 50% energy from Finland's Loviisa Nuclear Plant over a period of 22 years. This will help extend the life expectancy of the plant from 2030, when it was originally scheduled for shutdown, until 2050. Together with utility Fortum, the companies said they would explore the development and production of nuclear energy and renewable energies in Finland. Finland's prime minister Petteri Orpo?has stated that the Google deal would boost the country's economic growth and that electricity rates will remain in control. The government didn't immediately respond to an inquiry for comment.
Gulf fears US-Iran discussions could cement Tehran's "golden" grip on Hormuz
Former Russian President?Dmitry Medvedev's warning has crystallised Gulf state fears that reopening of the Strait of Hormuz could be all the Iran-U.S. negotiations can achieve and fall short of a?broader deescalation? they consider vital.
Analysts and officials expect that the next round, which is due to take place in Islamabad on November 30, will be more focused on the uranium enrichment limit and the way Iran can exert influence over the Strait of Hormuz, the most important oil shipping route on the planet.
Gulf?officials warn that the approach could entrench Iran's grip over Middle East energy by managing its leverage rather than dismantling it,?prioritising the global economic stability while leaving the most vulnerable countries to energy and security implications outside of formal decision making.
Gulf sources claim that U.S. diplomacy with Iran is now focused less on Iran's missile program and more on enrichment rates and accepting Tehran's leverage on Hormuz which transports about a fifth the world's oil supply.
Gulf officials are concerned about the new priorities in the Gulf, despite the fact that negotiations over enrichment remain stuck, as Iran refuses to enrich at all and also demands to export its stockpiles.
One Gulf source, close to the government, said: "Hormuz is the redline." It wasn't a problem before. Now it is. "The goalposts have been moved."
The Gulf Arab governments did not immediately respond to our requests for comments on the topics raised in this article.
Iran's threats against Gulf shipping during wartime have broken longstanding taboos around the Strait. This has made its disruption a real lever in negotiations for first time.
Medvedev - the deputy chairman of Russia’s Security Council - outlined Hormuz’s central role in a blog post on X, on April 8, 2008.
Medvedev stated that it was not yet clear how Washington and Tehran would come to an agreement. "But there is one certainty -- Iran has tested nuclear weapons. The Strait of Hormuz is the name of this area. "Its potential is unending."
The comment portrayed Hormuz in a way that Iran could raise costs and influence rules without going over the nuclear threshold.
HORMUZ IS a 'GOLDEN ASSSET', SAYS AN IRANIAN SECURITY RESOURCE
Iranian security officials?echoed that view in private, describing Strait of Hormuz not as an emergency but as a deterrent instrument prepared for years.
A senior Iranian source said that Iran had planned every step for years to prepare for a scenario where the Strait of Hormuz would be closed. Today, it's one of Iran’s most powerful tools - a form geographic leverage that acts as a powerful threat.
The source described the Strait as "a golden, invaluable asset rooted within Iran's geography - one that the world cannot remove precisely because it flows out of Iran's location."
Another Iranian source close to the Revolutionary Guards went even further and suggested that the long-standing taboo around the use of Hormuz had now been broken.
This source referred to Hormuz, as a "sword drawn from its sheath", that the U.S.A. and the regional states couldn't ignore. It gave the region leverage against external powers.
Analysts say that what most alarms Gulf Arab countries is the fact that, despite Iranian missiles, drones, and proxies repeatedly attacking their region, discussions are increasingly focused almost exclusively on Hormuz due to its global economic impact. This marginalises Gulf security concerns.
Gulf sources claim that the core of the Hormuz dispute has less to do with who controls the Strait and more to do with who sets the rules for passage. This reflects a wider shift away from international norms towards power-based arrangements.
Ebtesam al-Ketbi is the president of the Emirates Policy Center. He said that this exposes a disparity between those who set the rules and those who suffer the consequences when they are broken.
Al-Ketbi said that "what is taking shape is not an historic settlement, but a deliberate engineering for a sustainable conflict."
She added, "Who is suffering because of missiles and proxy states?" "Israel and the Gulf States. We would benefit from addressing missiles, proxies and Hormuz. "It seems that they are not interested in the missiles, or the proxies."
WARNING: SANCTIONS RELIEF
Analysts warn that such an approach to the talks will not resolve tensions so much as stabilize them at manageable level. This outcome may suit Washington and Tehran, but risk entrenching instability for Gulf States living under the missile threat.
Gulf economies are already feeling the effects of the U.S. and Israeli war against Iran that began on 28 February. This includes attacks on energy infrastructure, as well as rising insurance and export costs. Alternative export routes increase costs and are still exposed to Iranian missile threats.
Diplomats claim that Gulf officials have asked Washington to refrain from lifting all sanctions, urging a "phased" approach in order to test Iran's behavior. They claim that the core threats are still unaddressed. This includes missiles capable of hitting Gulf capitals, and Iran's armed proxy forces used as extensions to the Iranian state.
The Arab Gulf is now awash with a range of feelings toward Washington, from a quiet resentment all the way to frustration and confusion about unilateral U.S. decisions.
Abdulaziz Sager of the Gulf Research Center in Saudi Arabia said that dealing with the Iran problem required a "different approach".
He added that "the U.S. was part of the regional security ..."." "But this does not mean going all-out without involving the regional."
Although Gulf leaders resent being ignored, they acknowledge that U.S. superiority in military capability continues to influence?outcomes.
Abdulkhaleq Abdulla, a UAE academic, said Gulf Arab states survived the war largely due to their defences and sophisticated U.S. weapons such as THAAD and Patriot.
A ANALYST SHOWS THE LIMITATIONS of relying on a single protector
Abdulla said that while America is indispensable, it's also fallible. He cited what he called its underestimation on the likelihood of a confrontation over Hormuz.
The U.S. repeatedly committed to?defending its Gulf Allies during the War via air and missile defense cooperation, naval safety and protection of critical infrastructure.
The Gulf states believe that one of the lessons of the war is to limit reliance on an external protector. Mohammed Baharoon said this, the director of Dubai's B'huth research center.
Gulf Arab leaders say that they have warned Washington for years against a conflict with Iran. Yet, they have been silent since the war began. Restraint is not only a reflection of diplomacy, but also of uncertainty about a conflict that they are paying for with economic costs and defense costs, but cannot control.
As Washington and Tehran continue to negotiate, Gulf officials claim that their exclusion is not a regional matter but rather a global issue, given the international importance of Hormuz. (Samia Nakhoul and Parisa Hafezi contributed additional reporting from Dubai. Editing was done by William Maclean.
(source: Reuters)