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Floods in Tunisia kill at least four people
Authorities said that at least four people died on Tuesday as floods swept through Tunisia, amid the worst torrential rains in a generation. Cloudbursts flooded?streets and submerged cars, disrupting daily life in multiple governorates of the North African nation. Emergency services struggled to cope with the flooding. Civil protection teams said that several areas were cut off from the rest of the world by rising water, especially in low-lying neighborhoods. In Tunis, Nabeul, Sousse, Beja and other towns, schools were closed. Court sessions were also suspended, and some districts were left without public transport and private transportation. Social media videos shared showed fast-moving flooding in Menzel Temime, which inundated a number of residential neighbourhoods. Officials from the Meteorological Service said that rainfall in certain regions was the highest since 1950. Reporting by Tarek Amara; editing by Mark Heinrich
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Congo offers manganese and copper-cobalt assets to US investors as part of a minerals pact
Two senior Congolese officials confirmed that the Democratic Republic of Congo sent Washington a list of state-owned assets, including gold, manganese, copper, cobalt and lithium projects, for U.S. investment as part of a mineral partnership. Sources said that the list Washington presented to officials in the United States last week represents its most tangible progress towards converting investment and peace deals with Congo into a sway over the critical minerals supply chain of the country. U.S. agencies are stepping up efforts to secure strategic materials since President Donald Trump brokered an agreement between Congo and Rwanda in order to ease tensions on the mineral-rich eastern coast. The U.S. Development Finance Corporation signed a partnership for the marketing of minerals with state miner Gecamines, and supported a $553 million upgrade to Lobito corridor. Officials did not provide a value for the assets owned by the state that were included in the "shortlist". SEVERAL ROUNDS of INTERNAL VETERINARY VETTING The Congolese officials stated that the Congo's shortlist of assets has been through multiple rounds of internal screening and is Kinshasa?s most direct offering to Washington to be evaluated by U.S. Investors. They asked to remain anonymous because they weren't authorised to publicly speak on the matter. The Congolese government as well as the U.S. Department of State did not respond to a request for comment when contacted by. U.S. efforts have intensified to secure vital mineral supplies worldwide as the country races to reduce its reliance on China. According to the International Energy Agency, China is the largest consumer of commodities in the world and dominates the refining and processing of lithium, copper, cobalt, and rare earths. It processes between 47% and 85% of strategic minerals. CMOC is the largest cobalt exporter in the world, mainly coming from Congo. Zijin, Huayou, which exports copper, are also Chinese companies that operate in Africa. First source: Congo will offer investors assets that state-owned companies do not have already been committed to joint ventures or farm-outs. According to the second source, everything is done in accordance with Congolese law. Two sources say that the shortlist includes Kisenge’s manganese and gold licences as well as Gecamines’ Mutoshi copper and cobalt project and germanium-processing venture. Sokimo’s four gold licences and Cominiere’s lithium licences are also on it. JOINT STEERING?COMMITTEE OF AMERICAN INVESTOR One of them stated that the list was presented to the Joint Steering Committee, which is a joint committee with representatives from Congo and the U.S. to implement the mineral pact. Sources said that the next steps were for the joint comittee to organize a first meeting, and start the process of implementing partnership and negotiating contract. Kinshasa sent a document to the U.S. State Department that was seen by. It lists Congo's top team in the joint committee, including the Deputy Premier for Economy Daniel Mukoko Samba. Also listed are the Foreign Affairs, Mines, Finance and Finance Ministers, as well as the Head of the Minerals Regulator ARECOMS. Gecamines and Sokimo didn't immediately respond to comments. Mutoshi Sakima, and Cominiere could not be reached for comment. Maxwell Akalaare Adombila (Writing) and Barbara Lewis, Rob Corey-Boulet, Veronica Brown.
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Lifthium, a Portuguese company, wins a grant of $210 million for reprocessing lithium
Lifthium Energy, a Portuguese company, has received a 180-million-euro ($210 million) grant from the government to build a lithium refinery for the rapidly growing electric vehicle battery market in Portugal's north. Portugal, with 60,000 metric tons of reserves, is Europe's largest lithium producer. It supplies mainly ceramics. It is only now that it has sought to produce lithium for batteries. The company stated that the grant, which is non-refundable, was awarded in accordance with the Temporary Crisis Framework of the European Union (which allows state incentives to accelerate the green and industrial transformation). The refinery will be built in Estarreja (northern Portugal), about 50 km south of Porto. Bondalti, Portugal’s largest chemical producer, has already established sites in the region, and Lifthium plans to start operations there by 2030. Duarte Braga, CEO of Lifthium, said that the project is progressing "with rigour" and "prudence" as the industrial environment in Europe and the lithium market have become more challenging during the last two years. He said that the public incentive is important, but now the focus was on finding a strategic partner as well as establishing market and financing conditions prior to a final investment decision. He said that Lifthium could build another refinery, in addition to Estarreja, in Spain. The company aims to refine 50,000 tons per year of lithium?hydroxide. This is enough to provide batteries for 2 million electric vehicles. The government is hoping to launch a long-delayed bid for prospecting licenses in lithium this year. This is seen as crucial to building up a domestic value chain of lithium and reducing Europe's dependence on imports, including from China.
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The quarterly profit of Indian jeweller Tribhovandas Bhimji Zaveri rockets by 170%
Tribhovandas Bhimji Zaveri, an Indian jewellery retailer, reported a 170% increase in its third-quarter profits?on?Tuesday. This was boosted by a strong?demand for festive items and increased store traffic during the?peak wedding period. The net profit of the company rose from 298.8 to 806.3 millions rupees in the quarter October-December. The quarterly revenue increased by 14.4% to 10.61 billion rupees. The December quarter is usually responsible for about a third (or more) of all gold sales in China, the second-largest consumer of gold. This is because it includes festival days which are considered auspicious to purchase gold. It also coincides with the start of wedding season. Gold prices are on the rise, and customers have turned to bullion as an investment. Spot gold prices increased by nearly 12% in the third quarter due to geopolitical uncertainty, rate reductions and robust central bank purchases. Sector has benefitted from increased disposable incomes. This is due to fiscal measures such as tax reductions on goods and services (GST), as well as income tax relief. Consumers now have more discretionary spending power, allowing them to buy gold. Titan, Kalyan Jewellers, and Senco Gold, among others, have reported strong quarterly sales growth, highlighting the strength of the sector as a whole. Comparative Performance of Stocks for Peers from October to December All data from LSEG
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Copper prices rise as industrial consumers balk
The price of copper dropped on Tuesday as industrial consumers began to resist paying high prices for inventory levels that are multi-year highs. Benchmark -three-month copper at the London Metal Exchange fell?0.8%?to $12,868 per metric ton by 1045 GMT. The previous session saw a 1.3% rebound. LME copper prices have risen by 30% in the last six months. Last week they reached a record high of $13,407, driven by speculation on the backs of fears that disruptions at mines would lead to shortages. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. He said: "Copper can't run from the fact it's an industrial metal. Consumers are beginning to balk at the high prices. Since December 1, inventories in warehouses registered with the Shanghai Futures Exchange have more than doubled to 213,515 tons While stocks in U.S. Comex Storage Facilities have surged 127% to 542,914 short tonnes Over the last six months. Hansen said that "metals are in high demand as hard assets because of the uncertainty in the world. But for the moment, gold is the best metal to use for security." Gold soared to a record high on Tuesday, surpassing $4700 per ounce for the first time. LME lead fell the most on the LME. It dropped 1.1% to $2,000 a ton, after inventories had risen by 11% within a single day. LME nickel fell 0.4% to $18,070 a tonne despite miner PT Vale Indonesia stating that it is unlikely to be able to meet the demand of the smelters on its pipeline this year. Aluminium fell 0.7%, to $3135.50 per ton. Zinc dropped 0.8%, to $3195.50, while tin rose 2.7%, to $50600. (Reporting and editing by Joe Bavier; Eric Onstad)
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Botswana's stock of diamonds grows as the gems price slump continues
The finance ministry said that Botswana’s diamond stockpile was nearly twice its target inventory level due to persistently low prices. This means the country is unable to increase its gem production to boost its economy in the near term. The Botswana economy was expected to shrink by 1% in 2025, following a 3% decline the previous year. This is largely because of the fall in diamond prices due to lab-grown gemstones and weak demand worldwide. Last year, the price drop forced Debswana - Botswana’s joint venture with De Beers, which accounts for 90% percent of the country’s diamond sales - to temporarily suspend some of its mines. According to the Kimberley Process Certification Scheme, Botswana will produce 18 million carats worth of diamonds by 2024. It is only second to Russia. According to the 2026/27 Budget Strategy Paper, which was seen by us on Tuesday, the stockpile had 12 million carats. This is nearly twice the inventory allowed by the government of 6.5 millions carats. The ministry stated in the budget document that "this suggests that production will remain largely unchanged over the short-term, until inventories are brought down to the minimum permissible levels, creating space for additional production." It added that the economy will be constrained by a limited capacity to increase output unless non-mining sectors perform well. Diamonds contribute approximately a third of Botswana’s national revenue and three quarters of its foreign currency receipts. Botswana exports, including diamonds, to the U.S. now face a 15 percent tariff. The ministry said that higher tariffs on diamond-consuming markets like?India would prolong the lower prices of gems and squeeze profit margins. This could have a ripple effect on mining operations. "A slowdown in mining would reduce the government's fiscal revenue from this sector," it stated. Botswana is expected to have mineral revenues of 10.3 billion Pula ($729.24million) in 2025/26. This compares to the historical average annual revenue of 25.3 billion Pula. The lower diamond sales are responsible for this decline.
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Power prices are affected by higher wind and warmer temperatures
Early trading on Tuesday saw European power contracts fall, due to an increase in expected wind generation and a "milder" weather forecast. The German baseload day-ahead power contract, as of 0916 GMT was 115.75 euros ($135.68)/MWh, down 26.7% compared to Monday's??close, LSEG data revealed. The French equivalent contract was 93.5 euros/MWh down 15.4% from day to day. LSEG analyst Riccardo Paraviero said that the power markets in this region were under pressure due to an anticipated fall in residual loads, especially in Germany where higher wind output is expected to offset increased demand. LSEG data shows that German wind power production is expected to increase by 5.4 GW on Tuesday, and French wind power is expected to increase by 6.9 GW to 14.2 GW. LSEG data shows that power consumption in Germany will increase by 1.6 GW, to?65.4 GW, on Wednesday. In France, demand is expected to drop by 1.7 GW, to 61.6 GW, as temperatures in the country rise by around 2 degrees Celsius. The French nuclear power capacity remained at 85%. After a sharp drop on Monday, the German year-ahead basis load edged down by 0.1% to 85.55 Euro/MWh. This was due to lower gas and carbon prices as well as concerns about tariffs. Gas prices are on the rise, and this is due to storage issues and tensions between?the U.S.A. and Europe. The French equivalent has not yet started trading, despite closing Monday at 50.6 Euros/MWh. The benchmark contract on the European carbon markets fell by 1.3%, to 87 Euros per metric ton. Analysts at Mind 'Energy said that the contract recorded "a major fall in price Monday" after a week of?sharp gains, when the contract reached its high level for more than two year. The European Power Exchange announced on Monday that the power trading volume on EPEX Spot markets has reached a record high of 917.5 Terawatt Hours in 2025. This is higher than the previous high, which was 868.2TWh in 2024.
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As safety rush fuels the demand, gold prices soar to a record high of $4,700/oz
Gold surged above $4,700 per ounce for the first time on Tuesday. Silver hovered below a new record high as global tensions caused yet another rush into safety. Spot gold rose 1.3%, to $4,727.99 an ounce at 0910 GMT. It had previously reached a new high of $4731.34, and silver increased 0.7%, to $95.34 per ounce. U.S. Gold Futures for February Delivery climbed by 3%, to $4.734.10 an ounce. U.S. president?Donald Trump has threatened to increase tariffs on eight European nations from February 1, until the U.S. is allowed to purchase Greenland. This has fueled fears of a new trade war. "Growth fears driven by threats of increased tariffs?and Trump's desire to lower U.S. Interest Rates are the drivers?pushing?gold to a?record high," UBS analyst Giovanni Staunovo said. In just 20 days this year, gold has increased by 9.5%. It's up over 70% in the year since Trump began his second term. Geopolitical tensions and expectations of monetary policy ease played a major role in the recent record rally. The unprecedented rise has also been attributed to strong?central-bank buying and ETF flows. Lower interest rates reduce the risk of non-yielding assets. Investors also await a Supreme Court decision that could determine if the president has the right to dismiss Federal Reserve Governor Lisa Cook at his whim. Staunovo stated that "we still see more upside for yellow metal and are targeting a price target of $5,000/oz." Silver will rise 147% in 2025. This is due to its classification as a critical mineral for the United States and a structural deficit on the market amid a growing demand. Metal has risen 33.7% this year. Spot platinum increased 0.5% to $2.387.15/oz. Palladium rose 0.2% to $1844.81.
Uganda's gold imports grew 76% to $5.8 Billion last year
Uganda's central banks said that gold exports in Uganda jumped 75.8% from the previous 12 months last year, thanks to record prices which 'attracted' new dealers.
Gold is now the country's largest export and foreign exchange source. It has replaced coffee.
In 2025, Uganda will ship bullion worth $5.8 billion compared to $3.3 billion shipped in 2024. Adam 'Mugume', executive director of research and economic analysis at the Bank of Uganda, explained in an email. He attributed the increase in part to the rising international gold price.
Uganda has emerged as a gold processing and trading center in recent years, as it produces very little gold of its own.
Gold prices rose by more than 64% between?2025 and?2026 as geopolitical tensions around the world fueled a surge in demand for this safe-haven.
Mugume stated that "the attractive gold prices have encouraged new entrants to?the business and generated a significant volume of exports." He did not give volume ?figures.
Uganda opened its first large scale gold mine in Eastern Uganda, a Chinese-owned $250 million project, last year. (Reporting and editing by Kirsten Doovan, Susan Fenton, and Elias Biryabarema)
(source: Reuters)