Uganda’s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country’s growing gold exports, whose shipments brought in $2.3-billion last year from $201-million in the previous year.
Global reserve managers upbeat on growth but worry about politics
An escalation in geopolitical conflicts is the biggest risk to the global economy, according to central bank reserve managers, who are generally positive about the world’s economic outlook, according to an annual survey released on Thursday. The UBS Asset Management survey of 40 leading central banks that manage more than $15 trillion, about half of the world’s foreign exchange (FX) reserves, found two thirds expected the global economy to return to moderate growth and inflation in the next five years.
Alphamin posts 28% q/q increase in tin production
TSX-V- and JSE-listed Alphamin Resources has produced 4 027 t of tin for the quarter ended June 30 – a 28% increase from the March quarter. Alphamin, which owns and operates the Mpama North and South mines, in the Democratic Republic of Congo, attributed the increase in output to the Mpama South expansion.
Cabinda working to satisfy IDC funding conditions
Australia-listed Minbos Resources is making significant strides in securing funding for its Cabinda phosphate project, in Angola. Central to these efforts is a $14-million loan facility from South Africa’s Industrial Development Corporation (IDC).
The facility, which received credit committee approval in April this year, is pivotal in placing Minbos in a fully funded position to start construction of the Cabinda mine and fertiliser project.
South Africa’s mineral endowment, public market advantages must be put to work, Utshalo insists
With South Africa’s mineral endowment and its public capital markets being two of its greatest advantages, both need to be put to work in a manner that is common in other global mining jurisdictions, Utshalo founder Paul Miller emphasised at Wednesday’s collaborative opening of the way for smaller investors to increase their shareholdings in the Northern Cape’s attractive copper endowment. In this case, the collaborative initiative brings Australia Stock Exchange- (ASX-) style shareholder participation to smaller South African shareholders through the Johannesburg Stock Exchange (JSE), with implementation brought about by Utshalo working in tandem with the Johannesburg- and Sydney-listed Orion Minerals, headed by CEO Errol Smart. (Also watch attached Creamer Media video.)
Tharisa’s third-quarter production in line with expectations
Johannesburg- and London-listed Tharisa’s operational performance for the third quarter of its 2024 financial year was aligned to expectations, CEO Phoevos Pouroulis says, with improved mining and plant recoveries resulting in overall platinum group metals (PGM) and chrome concentrate production increases for the three months ended June 30. Tharisa’s principal operating asset is the Tharisa mine in the Bushveld Complex, in South Africa. The company is also developing the Karo platinum project on the Great Dyke, in Zimbabwe.
Marula subsidiary acquires interest in high-grade historic cobalt mine in South Africa
Africa-focused mining and development company Marula Mining, through its wholly owned South African subsidiary Muchai Mining South Africa, has signed a binding term sheet with South African mining company Mansena Cobalt to acquire a 51% shareholding in Mansena Kruisrivier Cobalt (MKC). MKC is the registered holder of prospecting right LP30/5/1/1/2/13532PR, which extends over 2 340.90 ha of the Kruisrivier 74 JC Farm in the Elias Motsoaledi district of Limpopo, South Africa, and which includes the historical Kruisrivier cobalt mine.
Collaboration opens way for smaller investors to buy into Northern Cape copper opportunity
When South African listed companies raise money locally, they rarely include smaller shareholders. Now, collaboration between Johannesburg- and Sydney-listed Orion Minerals, headed by CEO Errol Smart, and Utshalo, headed by Paul Miller, is aimed at bringing Australia Stock Exchange- (ASX-) style shareholder participation to smaller South African shareholders through the Johannesburg Stock Exchange (JSE).
DigiMine head graduates with PhD in engineering from Wits
Dr Muhammad Ahsan Mahboob, head of the Digital Mining Laboratory (DigiMine) at Wits University, was awarded his PhD in engineering from the School of Mining Engineering, Wits University, in a celebratory ceremony held at the Wits Great Hall on July 8. Mahboob’s PhD thesis: “A Data Science Framework for Mineral Resource Exploration and Estimation Using Remote Sensing and Machine Learning”, merges data science, satellite imagery and machine learning with the aim to revolutionise mineral exploration.
Caledonia reports robust production at Blanket mine in June quarter
Gold miner Caledonia Mining Corporation has produced 20 773 oz of gold at its Blanket mine, in Zimbabwe, during the quarter ended June 30. This is a 19% increase on the 17 436 oz produced at the mine in the second quarter of 2023.