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Zambian state investment firm eager to increase stakes in mining, CEO claims
Kakenenwa muyangwa, the CEO of ZCCM Investments Holdings, said that ZCCM Investments Holdings was keen to increase its stakes in mining assets, but only on a commercial basis and not by forcing sales. African nations are making efforts to increase their share of the revenue generated by the region's natural resources, especially as new investments are being made due to global demand for vital minerals. ZCCM has stakes as low as 10%, in mines owned by China Nonferrous Metal Mining Group and Canada's First Quantum Minerals. Muyangwa said on Thursday that there was a clear intention to increase our stakes in existing mining assets. ZCCM IH increased its stake in Lubambe Copper Mines from 20% to 30% last year after EMR Capital sold its majority shares to China's JCHX Mining in 2024. Muyangwa stated that ZCCM IH has increased its stake from 20% to 25% in Mingomba Mining, a KoBold Metals company backed by U.S. investors. Muyangwa said that there is a gradual shift to higher ownership. "We believe being a significant minority gives you more voice and leverage than if you only have a small minority stake." Muyangwa stated that ZCCM IH does not plan to acquire mines which are currently operating and in which they do not have a share. Instead, the company will focus on assets still under development, where the ownership structure depends on the holder of the mining license. "Where we own the licence, we are entitled to ask for an element?of free carry before we contribute to the remainder of the capital required to develop the mining," said Muyangwa. He added that a range of?between 5%-15% is appropriate, and the exact amount can be negotiated. Zambia, Africa’s second largest copper producer, plans to?triple?its production of metal required for electric-vehicle battery and the clean energy transition by 2031. ROYALTY-TO-REVENUE ZCCM-IH wants to expand its expansion plans by extending the royalty-to-revenue models pioneered at Kansanshi Mine with First Quantum Minerals. ZCCM IH gets 3.1% of the revenue at Kansanshi in lieu of dividends. It holds a 20% stake in this company. Muyangwa stated that this?has delivered $100 million since 2022. "What we are trying to achieve is to switch from dividends to royalty payments for predictable cash flow that are insulated against operating cost inflation," said he, adding ZCCM IH was looking to hire a financial advisor to help with capital raising for expansion projects. (Reporting and editing by Veronica Brown and Kirsten Donovan; Reporting by Olivia Kumwenda Mtambo)
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Dangote files a new lawsuit against Nigeria regarding fuel import licenses
Court documents obtained by us show that Dangote Petroleum Refinery filed a new lawsuit in Nigeria against the attorney general to challenge fuel import 'licences' issued to NNPC and NNPC-owned marketers. This case marks a return of tensions nearly a year after Dangote withdrawn an earlier lawsuit that challenged similar licences. This case was filed to invalidate import permits issued to the Nigerian National Petroleum Company (NNPC) and to several traders. The 'new filing' asks the Federal High Court of Lagos to'set aside import permits that were issued or renewed by Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), arguing these breaches an earlier order to maintain status quo. NMDPRA didn't immediately respond to a comment request. Regulators, marketers and others have argued that imports were necessary to maintain a sufficient supply and avoid shortages. Dangote stated in its filing that the licenses?issued?this month undermined its operations, and violated the law. It argues that imports are only allowed when the?domestic?supply is inadequate. Dangote terminated the previous lawsuit in July 2025, without explanation. Questions remain about competition and supply on one of Africa's largest fuel markets. Nigeria has relied on petrol imports for a long time due to the underperformance of state refineries. Dangote's $20-billion facility with a capacity of?650,000 barrels per day was supposed to end this dependence. However, imports continue to cover the supply gap as refinery output increases. (Reporting and editing by Alexander Smith; Isaac Anyaogu)
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Energy Minister says that Serbia will submit its final proposal to Hungary on NIS.
Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was quoted by Serbia's Tanjug News Agency. "There are still a few issues that need to be resolved, but the most important one for us is how we will operate the refinery in the future." She said that the government would give MOL its final position regarding NIS by Friday's end. The board of MOL will then take a decision about the proposal on Monday. She didn't give any?more details about what was included in the proposal. Talks for a Deal Come Down to the Wire Washington has given MOL and the Russian companies until May 22 for the completion of the sale. This will require the Serbian government's consent due to its 29.9% stake NIS. The MOL-Serbian government talks, in which the Serbian Government wants to increase NIS's stake by 5% are separate from those of the Hungarian Company with Gazprom, and Gazprom NEFT. A MOL spokesperson said that the transaction would also need to be approved by the U.S. Treasury’s Office of Foreign Assets Control. Gyorgy Baksa, the chief strategic officer of?MOL, spoke at a Belgrade business forum on Friday. He said that the company is still in talks with the Russian shareholders as well as Serbia, and hoped OFAC could allow more time for the discussions. He said that "if there are?major advances until (May 22), the recent practices... show that a realistic timeframe will be granted to make everything happen." "We want to reach a good deal, and my colleagues are currently in Belgrade." Djedovic handanovic stated earlier this week that Serbia wasn't satisfied with some of MOL’s proposals when they met. In October, the U.S. sanctioned NIS due to its Russian ownership. This was part of broader measures that targeted Moscow's energy industry. NIS has, however, secured a number of waivers with OFAC. (Reporting from Angeliki Koutantou, Athens; Aleksandar Vaovic, Belgrade. Editing by Joe Bavier.)
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India's JSW Dulux expects double-digit volume growth despite Middle East headwinds
JSW Dulux, an Indian paint manufacturer, expects to achieve double-digit growth in volume in fiscal year 2027. However margins are likely to be under pressure due to volatile costs associated with Middle East uncertainty. The warning shows how the increase in raw material prices linked to crude oil and the war in the Middle East are impacting India's painting sector, even though demand is strong. Paint makers are forced to raise prices due to the higher costs, and disruptions to gas supplies also affect production. There are challenges... many workshops aren't running at full speed because there isn't enough gas," said CEO Rajiv Rajgopal, adding that the demand could soften from mid-June to July. Dulux raised prices by about 10% between March and May. However, margins are still under pressure due to oil-related cost increases that outpace product price increases. Brent crude oil futures traded at $107.49 per barrel at 0642 GMT Friday, a sharp rise in prices since the conflict started in February. So far, the impact on JSW's?Dulux has been minimal. It reported a 16% increase in net profit for the March quarter compared to a year earlier, while volume growth was 7%. Rajgopal stated that it is too early to "assess" any slowdown in the demand for discretionary home improvements. Paint maker, competing with Asian Paints, Grasim Industries Birla Opus and other major paint brands, is increasing its mid-market position and targeting urban mass consumers to counter the intensifying competition. This could impact margins in short term. JSW Dulux, which is now part of the JSW Group following last year's $1.6billion acquisition of 75% of the Dutch firm AkzoNobel by JSW, expects the integration benefits to support margins in the second half fiscal year 2027. (Reporting and editing by Chandini Montappa and Ronojoy Mazumdar; Urvi Dugar is in Bengaluru)
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India's trade deficit widens due to a surge in crude imports as a result of the Mideast war
India's merchandise trade deficit grew to a larger-than-expected amount of $28.38 Billion in April as a "surge" in crude shipments increased imports, while the Middle East conflict sent energy prices up and disrupted supplies. The rupee has plummeted to new lows this year, becoming Asia's worst performing currency. India is the third largest oil consumer and importer in the world. It ships more than 80% crude oil to meet its needs, as well as 60% cooking gas. The Middle East provides a significant portion of this supply. A poll showed that economists estimated the April trade deficit to be $26.5 billion. In March, the trade deficit was $20.67 billion. Government data released on Friday showed that merchandise exports increased to $43.56 billion from $38.92 in the previous months, while imports rose?to a 6-month high of $71.94 billion against $59.59 in March. Rajesh Agrawal, the federal trade secretary, told reporters that exports in April reached a record high, largely due to electronics, engineering products and higher value petroleum shipments. This helped reduce the trade deficit. Oil shipments grew 53% in April to $18.63 Billion from $12.18 Billion in March. This marked a dramatic increase in the import bill. Since the Iran War began at the end February, global crude prices have risen to $120 per barrel. Refiners imported more gold dore, which led to an 84% increase in imports. After the release of the trade data, the rupee of India fell to an all-time-low. It has now surpassed the 96-to dollar level for the very first time. To conserve foreign currency reserves, Indian Prime Minister Narendra Modi urged a series of measures, including fuel conservation and work-from home practices. He also imposed limits on travel?and imports. South Asia, the second largest gold consumer in the world, has increased tariffs on gold,?silver, and tightened rules regarding duty-free gold used for jewellery exports. State-run fuel retailers raised gasoline and diesel prices by over 3% on Friday for the first increase in four years. According to the government, services exports were $37.24 billion and imports $16.66 billion in April. This partially offsets the merchandise trade deficit.
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As rising yields and the dollar sap appeal, gold drops by 2%
Gold fell 2% on the Friday due to?increasing Treasury yields, a'stronger U.S. Dollar and higher oil prices. By 1000 GMT, spot gold had fallen 2.2% to $4,546.45 an ounce. This was its lowest price since May 5. Bullion has already lost 3.6% this week. U.S. Gold Futures for June Delivery lost 2.9% and reached $4,550.80. The yields on the benchmark 10-year U.S. Treasury note rose to an almost one-year-high, increasing 'the opportunity cost' of owning non-yielding Gold. Dollar strength also made greenback-priced gold more expensive for overseas buyers. StoneX analyst,?Rhona o'Connell, said: "Yields are higher and the dollar is stronger on inflationary fears that stem in part from Gulf hostilities. The April PPI and CPI figures released this week also support these concerns." Brent crude oil prices rose 7.8% in the past week and hovered above $109 per barrel as the Strait of Hormuz remained largely closed. As manufacturers pass on the costs, higher fuel prices can contribute to inflation. In turn, this forces central banks keep interest rates high, reducing the appeal of non-yielding metals. This week, inflation data showed that consumers and businesses have begun to?see big increases in prices as a result the war. According to CME's FedWatch Tool, traders have priced in interest rate reductions this year. O'Connell said that "gold has been wary about the Gulf War?for quite a while now. And the news coming out of India regarding import duties this week has only exacerbated tensions on an already weak market." This week, gold discounts in India reached a new record. The reason was a steep increase in import duties. Ross Norman, an independent analyst, said that the long-term mood was positive and a rise in gold prices is expected. However, at the moment, it is difficult to read the newswires as they are rife with uncertainty. Silver spot fell 7.2%, to $77.46 an ounce. Platinum dropped 2.9%, to $1,996.34 and palladium fell 1.4% to $1,417.18. All three metals were on track to lose money for the week. (Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas)
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Governor of Ryazan says that Ukrainian drones killed four people in the Russian city.
The regional governor said that Ukrainian drones killed four people on Friday in Ryazan, a city located in central Russia. They also damaged high-rise apartment buildings and struck an unidentified industrial enterprise. Robert Brovdi said that the commander of Ukraine’s drone forces had separately stated that Ukrainian drones have struck a large refinery in Ryazan, which has been repeatedly hit, with the latest confirmed strike taking place last December. Kyiv has intensified drone?attacks against targets deep within Russia. Both sides are trying to destroy each other's infrastructure after more than four years in a?war. Pavel Malkov, governor of the Ryazan Region, stated that 99 Ukrainian drones were involved in the "overnight attack", and that two highrise apartment buildings had been damaged. He also said debris from the falling drones had landed on an industrial site which he refused to identify. He said that 12 people were injured and seven were in hospital. Malkov stated that the aftermath of the attack was being dealt with and he promised financial help to those who had lost or been injured relatives. Ukraine has not yet commented on Malkov's comments. The Ryazan area is located southeast of Moscow. The?Ukrainian frontier is only 220 miles away (354 km) from its most southern border. Mash, an unofficial Telegram website, showed images of smoke rising out of a highrise building. It also said that?one entry to the building was blocked preventing residents from leaving. Some unofficial sites displayed several burning apartments. The Russian invasion of Ukraine in 2022 was followed by a 'heavy attack' on Ukraine, in which Ukrainian officials reported that 24 people, including 3 children, died in an attack on a Kyiv apartment building. (Reporting and Writing by Lucy Papachristou, Ronald Popeski and Timothy Heritage; Editing and Production by Andrew Osborn & Timothy Heritage).
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Global stocks drop as bond rates jump due to inflation fears
Global shares fell on Friday, as fears of inflation overtook investor euphoria about tech stocks. Bond yields rose and expectations for interest rate hikes in 2019 increased. MSCI's world stock index fell by 0.35%. Europe's STOXX600 dropped 1.36% after?rising the previous two sessions. Nasdaq and S&P futures both fell by 1.53%, while the Nasdaq index futures dropped by 1.09%. Wall Street had hit new highs after a 4% rise in AI darling Nvidia. MSCI's broadest Asia-Pacific share index outside Japan dropped 2.57%. Japan's Nikkei fell 1.99% following data showing wholesale inflation increased to 4.9% in the month of April, marking the highest pace in the last three years. This kept the Bank of Japan in line to raise interest rates. In the past few days, "it has been a relentless rally." "I think that this rally has reached a point of exhaustion," said Tim Graf. He is the managing director and head macro strategy at State Street Markets. He added, however, that the equities market remains supported. He said: "I think that if there is anything enough to create a retreat, it's what is happening on the rate markets. And it's the prospect of inflation remaining above target. They'll probably have to tighten up." The price of oil rose as the uncertainty surrounding a Middle East Peace Deal and the reopening of "the Strait of Hormuz" remained in focus. Brent crude futures rose by 3.47%, to $109.39 per barrel. This is on track for an 8.7% weekly increase. Attention has also been focused on Beijing, where U.S. president Donald Trump concluded a state trip. Trump stated that after meeting Chinese President Xi Jinping they both agreed Iran should not have a nuclear weapon. They also agreed to reopening the Strait of Hormuz. "President Trump is currently in China and it's a nice break from the Iran war anxiety. Padhraic garvey, regional director of research for the Americas, ING, said: "But that's what we're going back to." "The main issue remains delivered inflation. This is troubling for the Treasury market." We continue to maintain our view that yields will be tested on the upside in the coming weeks. The global bond market was under pressure Friday as rising inflation risks, fueled by higher oil costs, increased the pressure. The yields on the German 10-year bond, which is the benchmark for the Eurozone, rose last week by around 6 basis points, to 3.1065%. Meanwhile, Japanese yields reached record highs. The yields on U.S. 2-year notes US2YT=RR increased?7.5 basis points to 4.0666% and the yields on 10-year notes US10YT=RR went up 8.5 basis points to 4.5438%. Demand for U.S. Treasuries was also affected by inflation concerns, as a series of weak auctions in this week highlighted the fragility of the market. The lack of progress on the Gulf supported the dollar's 1.3% weekly increase - the highest in two months. The strength of the dollar pushed the yen down to a 'weaker' side of 158 yen per dollar, and traders were on alert for any further Tokyo intervention. The pound fell to $1.3351 (a low for about a month), after falling 0.9% the previous session, following the resignation by Wes Streeting as health minister, deepening Britain’s political crisis. Reporting by Sophie Kiderlin from London and Stella Qiu from Sydney. Sam Holmes and Mark Potter edited the article.
Alberta's separatists are hit with a legal setback before Carney's visit
Alberta separatists have suffered their first major defeat in their campaign to hold a referendum about seceding. A provincial court ruled in favour of the First Nations' bid to stop the referendum petition this week.
The ruling further complicates the uphill battle for an independent Alberta, that separatists had hoped would be put to voters in an October referendum.
The reactions of separatist leaders, as well as Danielle Smith, the conservative premier of Alberta, show that this campaign will be a challenge for Mark Carney. He hopes to have a united Canadian face in his fight against U.S. Tariffs and diplomatic tensions.
Carney will be tested on the finessing issue again on Friday when he travels to Alberta to finalize a part of an energy agreement with Smith.
Adrienne Davidson is a professor of political science at McMaster University, Ontario. She said that Carney could face danger if he tries to dismiss sovereignty and enters the Alberta conversation. It could be perceived as Ottawa trying to run things and it could backfire on him.
LONG-RUNNING RESENTMENT IN OTTAWA
Separatists in Alberta have tried to capitalize on a long-standing resentment against successive Liberal governments at Ottawa who, they claim, have undermined Alberta's oil and natural gas industry through onerous environmental regulations. However, polling consistently shows that only one-third or less of Alberta voters support separation.
Justice Shaina Leonard decided on Wednesday that it was wrong for the chief electoral officer of the province to allow separatists collect signatures calling for a referendum. The process, she said, should have triggered consultations with Indigenous peoples, whose rights could be violated if Alberta separated from Canada.
Leonard stated that "Alberta's independence would fundamentally violate" the land agreements Indigenous Peoples signed with Canada.
Smith, who last year pushed for several legislative changes that made it easier for separatists trigger a referendum, said that the court's decision was "incorrect under law."
Smith has not publicly supported independence, but certain factions of her movement support her leadership. She stated that her government will appeal against Leonard's decision and that her caucus will meet to "discuss?the full?context and make some decisions once we've been able to talk through it."
Stay Free Alberta, a separatist group, said earlier this month that it had delivered to Elections Alberta a petition with more than 300.000 signatures. The petition has yet to be verified, but will be enough to trigger an election. Smith reduced the required number of signatures by half.
MASSIVE DATA BREACH
Separatists have also faced a data breach in the last few weeks, as well as a backlash from meetings with Donald Trump's U.S. administration.
Elections Alberta announced that it was investigating the unauthorized usage of a voter list by the Centurion project, a separatist organization which received a database containing personal information about hundreds of voters. This database was legally given to the Republican Party of Alberta - another separatist group.
The Centurion Project and the Republican Party of Alberta have both denied any wrongdoing.
In February, the U.S. State Department announced that meetings at staff level were held with separatists from Alberta. Leonard's decision this week, while the department said that there would be no further meetings, noted the significant risk of foreign involvement in the matter.
Grace Skogstad is a professor of political science at the University of Toronto. She said that the Alberta data breach, and the claims of foreign intervention, were "a bad look", and could hurt the separatist cause.
She said that people would not like the fact that the voter list was mishandled.
The land belongs to us
McMaster University's Davidson said that while Alberta plans to appeal the?decision of Wednesday to a higher tribunal, the First Nations argument against the referendum could legally block separation.
She said that the treaties in question predate Alberta's creation as a province.
First Nations have made it clear that their treaties with Canada and not the provinces are what they signed.
Chief Allan Adam, of the Athabasca Chipewyan First Nation said: "Our treaties have been incorporated into the Constitution and we will always be recognized as First Nations." "The land is ours."
Jeff Rath, the spokesman of Stay?Free Alberta said that no matter what the court says about the merits of the petition, Alberta Premier Rachel Notley should place separation on the ballot, because "301.620 members of Danielle’s base expects her to ask the question."
Carney, a native of Edmonton who spent a large part of his childhood there, said on Thursday that he is working to make Alberta, and Canada, stronger.
"As someone raised in Alberta, I... "I view that Canada is the best place for Alberta." Reporting by Maria Cheng, Additional reporting by Ryan Patrick Jones and Amanda Stephenson in Toronto and Ottawa; Editing and editing by Caroline Stauffer & Edmund Klamann
(source: Reuters)