The International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in a statement. The budget deficit is also expected to widen to 6% from 3.45% due to a fall in mineral revenues, the IMF said, urging the diamond-rich southern African country to consider slowing down new infrastructure projects to help the economy.
Botswana seeks Mozambique rail route to exploit coal billions
The leaders of three southern African nations signed a deal to proceed with a rail and port project to help land-locked Botswana export its massive coal reserves through a Mozambican port, though they still need to find the money to make it happen. The African Development Bank has agreed to finance a feasibility study for the project, at a cost of about $4-million, Mateus Magal, Mozambique’s transport and communications minister, said on Friday at the signing ceremony broadcast over state television.
Freight train owned by Russian aluminium giant crashes in Guinea
A freight train carrying alumina owned by Russian aluminium giant United Co. Rusal was derailed on Thursday in Guinea’s capital Conakry, according to Radio Television Guineenne. The incident caused no casualties, the state-owned broadcaster said, citing eyewitnesses. Repair works are underway, and the train will be put back into operation quickly, a spokesman of the Moscow-based company said on Friday.
Shanghai Week’s platinum futures poised to manage price risk, boost demand
Platinum’s appeal is being bolstered by its wide discount to gold, increasing industrial applications, and inclusion on the critical mineral lists of many countries, World Platinum Investment Council (WPIC) CEO Trevor Raymond outlined at the culmination of Shanghai Platinum Week, where day-one viewership reached the 455 000 level. Poised to transform domestic price risk management and boost demand for platinum products are new physically settled platinum and palladium futures, which the Guangzhou Futures Exchange embedded during a week that has served as a core platform for industry innovation and collaboration, as well as a highlighter of the critical role that platinum group metals (PGMs) play in the global economy’s technological advancement.
LBMA appoints new nonexec director; chairperson to step down
Independent precious metals authority the London Bullion Market Association (LBMA) has reported that former BIS banking department head Peter Zoellner will join the association as an independent nonexecutive director in the fourth quarter of this year. This was announced following the authority’s thirty-sixth AGM, held in London, in the UK, on July 11.
Atlantic resuming Ewoyaa operations, mining lease application submitted to Parliament
Aim-listed Atlantic Lithium on July 12 confirmed that the application for the grant of the mining lease in respect of its Ewoyaa lithium project had been submitted to the Ghanaian Parliament. The company said the necessary Parliamentary process was now under way for Parliament to ratify the mining lease.
Namibian Ministry grants Madison a prospecting licence to expand its Khan mine development
Uranium exploration company Madison Metals has reported that the Namibian Ministry of Mines and Energy has granted a licence for base and rare metals, industrial minerals, and nuclear fuels for exclusive prospecting licence (EPL) 8905, which lies at Madison West within mining licence (ML) 86A, the same licence area that hosts its Khan copper mine. The company says this important development signifies a major milestone for Madison as the company continues to build its portfolio and capitalise on the growth opportunities in the uranium mining sector.
Platinum mine developer working with govt on export of concentrate to Saudi Arabia
Toronto- and New York-listed Platinum Group Metals, the near-term objectives of which are to advance the Waterberg project in Limpopo to a development and construction decision, is working with the South African government to analyse the possibility of exporting platinum group metals (PGM) concentrate. An initial trade-off study has been completed to determine the viability of exporting the concentrate from South Africa to Saudi Arabia and a key requirement would be to secure a long-term permit for the export from South Africa of unrefined precious metals in concentrate, the company stated in its third-quarter results report on Thursday.
CGS reopens National Geoscientific Library after revamp
Council for Geoscience (CGS) CEO Mosa Mabuza and Geoscientific Services executive manager Siphelele Buthelezi this week officially reopened the National Geoscientific Library (NGL). Closed to the public since August 2022, the NGL has undergone extensive renovations, which included refurbishing 40-year-old shelves and buying new furniture.
Mining output on track for second-quarter decline – Minerals Council
Statistics South Africa (Stats SA) has reported that seasonally adjusted total mining production declined by 0.6% month-on-month in May. This follows a 0.8% month-on-month rise in April. In level terms, Minerals Council South Africa notes, real mining output remains well below the peak so far in 2024, attained in February. Because of this, and even assuming some recovery in the June output figures, mining production looks set for a quarterly decline in the second quarter.