Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a ten-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7-billion and $35-billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said.
Investors relieved BHP walked from Anglo takeover deal
nvestors welcomed BHP Group’s decision to walk away from a $49-billion plan to take over its rival Anglo American, which rejected three proposed offers from the top global miner over the past six weeks.
While BHP’s Australian-listed shares fell 1.6% on Thursday, they were in line with its peers.
New power contract facilitates Sierra Rutile’s Area 1 restart
Mineral sands miner Sierra Rutile has restarted operations at Area 1 in Sierra Leone, facilitated by a new contract for additional power generation capacity.
The ASX-listed company has entered into an 18-month contract with Himoinsa Southern Africa for the provision of 7 MW of power supply. The contract, valued at about $2.1-million in upfront costs, includes ongoing expenses for equipment and staffing necessary to operate the power generation plant.
Gem Diamonds recovers sixth large diamond from Letšeng this year
London-listed Gem Diamonds has recovered a 212.49 ct Type II white diamond from its 70%-owned Letšeng mine, in Lesotho.
This is the sixth diamond weighing more than 100 ct to be recovered at the mine this year.
Botswana flags synthetic gem threat ahead of $6bn diamond project launch
Botswana’s President Mokgweetsi Masisi on Wednesday called synthetic gems a threat to the country’s economic lifeblood, as the government readies to launch a $6-billion project to extend the life of its flagship Jwaneng diamond mine.
The natural diamond market has struggled in the past two years due to rising consumer demand for cheaper lab-grown diamonds, coupled with global macroeconomic volatility.
BHP walks away from $49bn pursuit of mining rival Anglo
Mining group BHP Group on Wednesday walked away from its $49-billion plan to take over rival Anglo American, which rejected a last-ditch request for more time, ending for now its six-week pursuit.
BHP’s aim was to secure Anglo’s prized copper assets in Latin America and increase access to a metal central to the global shift towards clean energy and electric vehicles. But the structure of BHP’s deal, which required Anglo to unbundle its South African platinum and iron ore businesses, was a major reason for its collapse.
Glencore to consult investors on coal spinoff after Teck deal
Glencore will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources’ mines closes later this year.
Crucially, Glencore said that should the majority of shareholders support keeping its coal mines, the company will not proceed with a vote.
Botswana wants quick separation of De Beers from Anglo, President says
Botswana is hoping for a quick separation of De Beers from the Anglo American group before the UK-listed diversified mining giant is exposed to a possible hostile takeover, President Mokgweetsi Masisi said on Wednesday.
Botswana, the world’s top diamond producer by value, is finalising a new ten-year gem sales deal agreed last June with De Beers. The two parties had agreed to finalise the deal by June 28 this year, but the proposed takeover of Anglo by the BHP Group BHP.AX has brought uncertainty to the sales agreement.
Anglo American digs in its heels, denies BHP’s extension request
Diversified miner Anglo American on Wednesday denied BHP’s request for more time to engage on a proposed takeover transaction, stating that its fundamental concerns regarding the $49-billion proposal remain unchanged.
With time running out, BHP now only has until 16:00 GMT to announce a firm intention to make an offer for Anglo, or walk away for six months.
BHP seeks extension as crunch time for $49bn Anglo bid approaches
BHP Group on Wednesday asked for more time to try to win over takeover target Anglo American, hours before a deadline for the world’s biggest miner to firm up its $49-billion offer for its smaller rival.
Anglo has rejected three proposals from BHP but last week agreed to a one-week extension to a deadline from Britain’s takeover watchdog for BHP to make a formal offer or walk away.