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Minister says that Cameroon's mining revenues surpass oil revenue at $1.75 billion
Cameroon's mines minister stated that the country expects its gold sector and newly restructured mining projects to generate annual revenues of 1 trillion CFA Francs ($1.75billion) within the next few years, surpassing the oil sector. Cameroon relies on crude oil exports to generate revenue and foreign currency. In its efforts to diversify its economy, the government is stepping up efforts to attract foreign investment to the largely untapped sector of mining. Fuh Calistus Gentlery, Mines Minister, said at a Wednesday press conference that five major projects had been put into production or commissioning. The Minim-Martap bauxite project, the Bipindi-Grand-Zambi and Kribi-Lobe Iron Ore?projects and the Bidzar Marble Project, as well as the Colomine Gold Mine, are all included. Gentry stated that additional iron ore projects at Mbalam, Nkout, and Ngovayang as well as the Mborguene, and Bibemi, gold projects are expected to progress in 2026. African countries such as Ivory Coast, Senegal and others are turning more and more to mining to diversify their economies and boost exports. They also want to attract investment from other sectors. The revenue forecast for Cameroon is also driven by the sweeping overhaul that has been made to the gold sector. This is aimed at capturing large volumes of production which authorities discovered had bypassed official systems. Gentry claimed that 80% to 90% of the gold produced by semi mechanised miners escaped state collection prior to the reform drive. The authorities have taken 137 companies before the courts and revoked semi-mechanised mine permits while they conduct compliance reviews. He said that the government is expecting tax and customs reassessments of 95 billion CFA Francs for 2025 output and about 300 billion CFA Francs for 2026 production, and joint enforcement operations to begin on August 1. In the long term, 'Gentry' said that planned development of rare Earths and other critical minerals would double the?annual contributions from the mining sector to around 2 trillion CFA Francs. This would position mining as the key growth engine for the Central African Economy.
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Five people have been killed in Gaza by escalating Israeli attacks, say medics
At least five 'Palestinians' were killed by Israeli strikes in the Gaza Strip, Palestinian officials reported. A U.S. research group also reported an increase in Israeli attacks, to levels that had not been seen since the last truce was implemented in October. Two people were killed by an Israeli airstrike near the Tuffah neighborhood in the northern part of Gaza City, and a third person was killed when Israeli tanks shelled the Zeitoun area in eastern Gaza City. One person was killed and several others injured in an airstrike on a tent camp for displaced persons in western Gaza City, while a vehicle attack in Khan Younis in the south killed another. Witnesses reported an airstrike on a residential building at?Deir Al-Balah, in central Gaza. Israeli military officials did not comment immediately on any of the incidents. Gazan health officials say that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mainly civilians, since an October ceasefire agreement between Israel and Hamas was signed to end war. Hamas doesn't usually reveal its losses. Despite the ceasefire, Israeli attacks continue to occur almost daily. In the same time period, militants in Gaza have killed four Israeli soldiers. ACLED, a conflict monitor that tracks Israeli attacks on Gaza, reported an increase in air-and drone strikes against Hamas, and other militants, to more than 40 in the month of June. This is the highest total monthly since the ceasefire. Nasser Khour, ACLED Middle East's Assistant Research Manager, said that Israeli Prime Minister Benjamin Netanyahu was under increasing pressure from his own people to adopt a more aggressive security posture against Hamas. He was referring to Israel’s legislative elections in October. Israel claims its strikes are aimed at stopping attacks by militants in Gaza. Hamas controls a tiny strip of land on the coast where nearly all Gaza's two million residents live, mostly in tents and damaged buildings. According to Israeli statistics, Hamas-led fighters killed 1200 people in their attack on Israel's border on October 7, 2023. Gaza's health ministry reported that Israel's offensive following the Gazan invasion killed over 73,000 Palestinians. (Reporting and editing by Nidal Al-Mughrabi)
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Syria's state news agency reports that it has foiled an attempt to smuggle arms to Hezbollah in Iraq.
The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the suspected vehicle. Hezbollah didn't immediately respond to a comment request. The Baniyas Route has become a?more important?corridor between Iraq and Syria for fuel movement. Last month, it was reported that Iraq is preparing to expand its exports to Syria to include crude and naphtha. This would build on the existing arrangement whereby fuel oil can be transported by land to Baniyas to be exported. Iraqi officials said that the initiative was part of the government's strategy to diversify export routes beyond the Gulf. Donald Trump, the U.S. president, said that he spoke to Syrian President Ahmed al-Sharaa in June about fighting Hezbollah which is currently fighting Israel in Lebanon. Former rebels now running Syria fought against Hezbollah during a civil conflict when it sent fighters to Syria's former president, Bashar al-Assad. Lebanese President Joseph Aoun’s office said Sharaa assured him that Syria would not interfere in Lebanon's domestic affairs. (Reporting and editing by Kevin Liffey, Sharon Singleton and Feras Daatey)
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Sources say that China will launch a second futures contract for lithium this year to gain more price power.
Sources say that China plans to launch its second Lithium futures contract by the end of the year. The move is part of a drive to increase hedging options for 'its vast electric vehicle battery supply chain' and to gain a greater global price control over battery metal. Two sources familiar with the matter said that the Guangzhou Futures Exchange was working on the launch a futures contract for lithium hydroxide, which would complement the existing lithium hedge tool and challenge rival bourses. One source said that the new futures on lithium could be launched in October. Another said they would likely list in the fourth quarter. Both sources requested anonymity because they were not authorized to speak with media. Guangzhou's bourse began offering lithium carbonate futures in July 2023. Trading was opened to overseas investors this month as part of Beijing’s effort to exert more influence on global commodity prices. The U.S. COMEX cash-settled lithium hydroxide futures remain the benchmark for international comparisons. While lithium carbonate and hydroxide are both used in electric vehicles, the ?latter is typically used to make nickel-cobalt-manganese (NCM) and nickel-cobalt-aluminium batteries for premium long-range EVs. GFEX has not responded to an email request for comment sent outside of normal business hours. According to filings made by the Guangzhou Exchange in June, Chinese lithium producers Chengxin Lithium and Yahua Group have been preparing applications to become delivery warehouses of lithium hydroxide for that exchange. Analysts, who spoke on condition of anonymity, said that these moves "suggested" that the preparations for launching new lithium futures were progressing well. Kevin Zhou, Yahua’s marketing director, stated that his company wanted to list their lithium hydroxide brand as an item on the Guangzhou stock exchange. Reporting by London-based Tom Daly and staff. Mark Potter edited the article.
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Gold prices fall as inflation worries are revived by tensions in the Middle East
Gold prices fell on Thursday, as tensions in the Middle East increased inflation fears and uncertainty about U.S. interest rate trends. Gold futures in the U.S. fell 0.4% to $4.037.20 per ounce at 0834 GMT. Spot gold dropped 0.7% to $4.032.19 an ounce. Gold is still influenced by geopolitics and inflation. The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," says?Niko tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal defense sites. Meanwhile, Iran struck back at U.S. military bases in neighboring countries. The latest escalation follows a fragile ceasefire that collapsed days ago, fueling?concerns about the Strait of Hormuz. Crude oil is?set to rise by a significant amount each week. The rising?energy price is fueling inflation fears, increasing expectations for higher interest rates, and reducing gold's appeal. Data from the CME FedWatch Tool shows that traders are pricing in a 51% probability of a rate increase in September. Fed Chair Kevin Warsh declared this week his determination to bring down inflation without specifying how. Data released on Tuesday revealed that U.S. consumer prices fell in June. This prompted spot gold to rise?more than 2 percent immediately following the report. The data released on Wednesday showed that the producer price index had also declined. The Fed can now relax its policy because the CPI and PPI are no longer as high. This will allow bullion to resume its recovery. This 'cooling of inflation' may be short-lived, as oil prices are expected to rise again. Tzabouras said that a de-escalation of the (peace) negotiations or re-starting them would be best for gold. Market participants are now awaiting remarks from Dallas Fed president Lorie 'Logan and Fed vice chair Philip Jefferson who will speak later today. Silver spot fell 1.7%, to $56.82 an ounce. Platinum dropped 1.2%, to $1654.38, while palladium declined 1.5%, to $1294.43. (Reporting by Sukanya Mitra in Bengaluru; Editing by Diti Pujara)
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Nickel reaches 3-week high amid concerns about sulphur supplies
Nickel prices rose Thursday to a three-week high as fears of sulphur shortages resurfaced due to concerns about disruptions in traffic through the Strait of Hormuz. As of 0900 GMT, the benchmark three-month Nickel?on?the London Metal Exchange had risen 1.8% to $17110 per metric tonne. The price of the metal used in making stainless steel and batteries for rechargeable devices jumped by as much as 3.1%, reaching $17,330. This was its highest level since June 23. "Sulphur tightness expectations are again fermenting." This'mostly' means that nickel analysts are expecting a higher cost for the high pressure (HPAL), acid leaching process, according to a recent note from a broker. Indonesia, which is the world's largest nickel producer, depends on the Middle East to provide about 75% the sulphur it uses for sulphuric acids for leaching. The U.S. blockade of the Strait of Hormuz by Iran and the U.S. has disrupted shipments. These?guys from Indonesia were at the bottom of cost curve. "They're right at the top," Macquarie analyst Jim Lennon stated on a Webinar this week. He noted that the spike in the price of sulphur had led to a $10,000 per ton increase in production costs. Lennon added that, in addition, the Indonesian government was seeking to limit nickel ore allocations for HPAL producers. The market was waiting, he said, to hear the results of the midyear requests for additional supply. LME copper climbed 0.1%, to $13,599 per ton. This was aided by a weaker U.S. Inflation data, and the hope of a more dovish Federal Reserve. Around 20% of the global refined copper supply has been leached. Recent withdrawals from LME storages also supported the metal, and exchange data on Friday showed another 18,150 tonnes of copper warrant cancellations. The entire LME complex rose, with aluminium gaining 0.9% at $3,178; zinc gained?0.9% at $3,579; lead recovering 1.1% from a 15-month-low on Wednesday to $1,871.50, and tin gaining 1.3% at $53,305. (Reporting and editing by Subhranshu Sahu, Eileen Soreng, and Solomon Cefai)
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Zambian Finance Minister says Zambia is hoping to sign a new IMF program by the end of this year.
Situmbeko Musokotwane, the Finance Minister of Zambia, said that the country hoped to reach an agreement with the International Monetary Fund on a new programme to encourage investment and boost economic growth by the end the year. Musokotwane said in an online interview that he wished to have reached a settlement with the Fund before the end of the year. The'most recent IMF program for the copper-rich Southern African nation ended in January, with total 'disbursements? of $1.7 billion. This helped it to emerge from a long-running debt restructuring process. "We must do more than simply get out of this debt crisis. We must attract investment?now to create jobs and growth. Investors, or at least some of them, feel more comfortable when an IMF program is in place. This is where we are," Musokotwane said. A team of IMF staff visited Lusaka in April and May. They said that discussions about a 'new programme' had advanced and would continue after Zambian general elections in August.
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Singapore oil products stocks linger near 40 million barrels
Official data released on Thursday showed that oil product stocks in Singapore, Asia's main trading hub, were not significantly changed during the week ending July 15. This was due to a decline in light distillate inventories being offset by a rise in middle distillate stockpiles. Enterprise Singapore's data shows that the combined onshore oil products stocks were 40.25 millions barrels during the week ending July 15. This is a decrease of 0.21% compared to last week. The markets are experiencing uncertainty about supply, after fewer ships passed through the Strait of Hormuz the first day since the U.S. reinstated a naval ban on Iranian ports. Both countries have escalated their strikes in the Gulf. LIGHT DISTILLATES AND RESIDUAL FUELS EXTEND DECLINES Singapore's light distillate stocks, which include naphtha,?gasoline and other products, dropped to a six week low of 11.828 millions barrels during the week ending July 15. This was due to net gasoline exports that?sharply exceeded imports. Strong outbound flows into regional markets like Indonesia and Australia drained the stock, according to the data. Total gasoline exports for the week were about?424,000 (about 3.58 million barrels). This was far more than imports, which were roughly 138,000 tonnes. India was the largest importer of gasoline, with a total of?about 69,000 tonnes. Imports of naphtha increased by 35 percent on a weekly basis as cargoes from Russia, Malaysia, and Oman totaled about 92,000 tons. The residual fuel stockpiles fell for the third week in a row, to 19,12 million barrels (3.01 millions tons), a 0.3% decrease week-on week. The U.S. was the largest supplier of fuel oil. Total imports fell 42.3%, to just over 524,000 tonnes. Total exports from Singapore's onshore tanks increased 6.5%, to approximately 283,000 tons. Most of the volumes were headed for Malaysia, which is a storage hub. Sources in the trade expect that more arbitrage supplies from the West will arrive in the second half of July. The MIDDLE DISTRILLATES are at a two-month high The data revealed that middle distillate inventories increased for the second week in a row, reaching a high of 9.3 million barrels. This was due to a decline in both diesel and jet-fuel exports. The net?exports for diesel, gasoil and jet fuel fell by 12% and 68% respectively. The main countries of origin for diesel and gasoil exports were Australia and Malaysia. Jet fuel imports were dismal. However, the market is expecting more Chinese barrels in the next few weeks due to the increase in July export sales from refiners in China.
Energy profits drive European earnings to highest level in three years
According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years.
LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in.
The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year. This is due to higher oil and natural gas prices after disruptions in shipping through the Strait of Hormuz.
Revenue is expected increase by 11.1% annually, compared to the previous estimate of 10.5% a week ago.
ASML, the most valuable company in Europe, helped boost sentiment on Wednesday after it reported earnings that exceeded expectations and raised its 2026 sales forecast.
The week of July 20 is expected to see 52 companies report their quarterly earnings. This includes Swiss drugmaker Novartis, Italian bank UniCredit and German software giant SAP.
(source: Reuters)