Gold climbs as US election chaos escalates after Biden drops out

Gold edged higher as markets weighed President Joe Biden’s decision to end his reelection bid, which sparked fresh questions over whether the move will help or hinder Donald Trump’s chances of... 

South Africa to lay out carbon market regulation proposals

South Africa’s National Treasury plans to lay out its proposals for how to regulate carbon markets in the country in the next few months. The government department said it plans to publish a... 

Vedanta gets back Zambia copper mines after paying $246m

Vedanta Resources has paid about $246-million to creditors to regain control of the Konkola Copper Mines in Zambia after about five years. The payment paves the way for “imminent reinstatement” of... 

Panama vows to talk to First Quantum in coming months on shuttered mine

Panama’s government says it will engage with First Quantum Minerals in the coming months to discuss the environmental impact of its shuttered copper mine. Panama’s new president, who took office... 

Nornickel weighs projects in new top market China

Russia’s biggest miner MMC Norilsk Nickel is weighing several new projects in copper, nickel and palladium in China as sanctions make cross-border payments and shipments increasingly difficult.... 

Mercedes, Stellantis in talks to back Serbia’s lithium ambitions

Mercedes-Benz Group and Stellantis are in discussions with Serbia’s government to invest in lithium-processing and EV battery production, potentially adding fresh support for what may become... 

Paladin Energy aims to crack uranium big league with Canadian takeover

Paladin Energy’s top boss says its takeover of Fission Uranium Corp would make it the third-largest publicly traded uranium producer, offering investors an alternative in a sector dominated by two... 

Fortescue hits brakes on green hydrogen plans

Billionaire Andrew Forrest is scaling back his plans to turn Australian miner Fortescue into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of... 

Australia’s renewables drive backed by miners, environmentalists

A disparate group including Australian mining lobbyists and environmentalists have banded together to back the government’s renewable energy transition plan, after opposition lawmakers called for... 

Iron-ore majors ramp up supply even as China faces challenges

The world’s biggest iron-ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the seaborne market even as top user China battles a demand-sapping property crisis.... 

Germany’s Scholz plans lithium deal with Serbia after Rio ruling

German Chancellor Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry, according to people familiar with... 

African economies seen delaying joining cycle of global easing

African central banks set to decide on interest rates in the next three weeks are unlikely to follow the tide of global easing and maintain tight monetary policies, with one exception. “The broader... 

Gold holds at record high as rate cut bets fuel demand rush

Gold hit another record as traders placed stronger bets on Federal Reserve rate cuts this year and weighed an uncertain outlook for US politics. Bullion advanced in Asia hours to touch an all-time... 

Development banks seek to revive world’s biggest power project

Five development finance institutions have banded together to find a way to develop the world’s biggest electricity-generation project, the planned Grand Inga hydropower complex in the Democratic... 

South Africa tells UK carbon border tax will deepen inequality

South Africa has told the UK that its plans to impose a carbon tax on imported goods will deepen global inequality and hamper Africa’s ability to adapt to climate change. The criticism of the... 

South African power auction model may be rolled out across Africa

The Development Bank of Southern Africa (DBSA) said it’s seeking to roll out a tendering model across the continent for the supply of power from renewable energy that’s attracted more than... 

Vale seeks go-ahead to build iron-ore mine by biodiversity haven

Vale is seeking to boost iron-ore output by reviving efforts to develop a controversial mine in a mountainous region of southeastern Brazil known for its lush forests and endangered wildlife. The... 

Sasfin offers minorities 65% premium for shares, plans delisting

Sasfin Holdings made an offer to minority shareholders that values the South African financial-services company at R969-million and plans to delist from the JSE as it refocuses its business. The... 

Zimbabwe State miner seeks $150m to boost gold output

Zimbabwe’s largest gold producer is negotiating with potential partners for a $150-million investment to boost production at its Shamva mine by 50%. Kuvimba Mining House, 65% owned by the State,... 

South Africa plans US mission to lobby against review of ties

South Africa’s newly formed government will use an upcoming forum on US preferential trade access to push back against a Senate review of ties between the two countries. The House of... 

Maersk tankers and competitors bet billions on ammonia fuel carriers

Some of the biggest names in shipping are betting billions of dollars on tankers to transport a type of ammonia that’s scarcely being produced today — wagering it will become integral to the... 

Lundin to pitch BHP on joint bid for copper miner Filo

Lundin Mining has approached BHP Group about making a joint bid for copper miner Filo, people with knowledge of the matter said, in a move that could solve fundraising needs for a neighboring... 

Trafigura and Mubadala plan sale of Rio iron-ore port

Trafigura Group and Mubadala Capital are exploring the sale of a Brazilian iron-ore port terminal operator they acquired from former billionaire Eike Batista about a decade ago, according to people... 

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... 

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... 

Zimbabwe bankers back plan to adopt ZiG as sole currency before 2030

Zimbabwe’s banks support adopting the ZiG as the nation’s sole currency before the current target date of 2030, provided the economic stability which the bullion-backed unit has delivered is... 

Rio Tinto studies potential bid proposal for Teck, Sky reports

Rio Tinto Group is studying proposals for potential bids for companies including Teck Resources, Sky News reported citing sources it didn’t identify. The company has drawn up a list of potential... 

Gold steadies above $2 400 as markets boost bets on Fed pivot

Gold steadied after surging beyond $2 400/oz in the previous session, as cooler-than-expected US inflation boosted bets the Federal Reserve will start cutting rates soon. The precious metal jumped... 

South Africa storms in Western Cape cause damage to 35 000 homes

Storms that pounded South Africa’s Western Cape province have led to flood damage affecting more than 35 000 households in the city of Cape Town, Executive Mayor Geordin Hill-Lewis said. “We’ve got... 

Radioactive device on rhino horns rolled out to fight poaching

Beckham, a 1.7 tt rhino named after the English footballer, on Tuesday had a radioactive pellet drilled into his horn as a program to discourage poaching of the endangered animals in South Africa... 

China forbids new coal-based steelmaking for first time in years

China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released... 

Mainstream hires Rothschild to seek investors

Mainstream Renewable Power has hired Rothschild & Co to find an investor for its pipeline of South African renewable energy projects, according to people with knowledge of the matter. Japan’s... 

Africa’s rare earths could make up 9% of global supply by 2029

African mines could account for nearly a tenth of the world’s rare earths in five years, climbing from zero today, creating new players in a market dominated by China. Eight mines in countries such... 

Sprott says new copper fund is too small to pose a market risk

Sprott says its new fund to buy and hold physical copper will be too small to have an impact on global availability of the industrial metal, despite past controversy over attempts to launch similar... 

Lithium projects likely to exceed govt targets in Chile

Chile’s government said that strong interest from private firms in lithium deals meant it could exceed its goal of three to four new projects in development by the end of 2026. The 88 lithium... 

US lends $99m to Mozambique’s first wind-power project

The US International Development Finance Corp (DFC) approved a loan of as much as $99-million to help finance Mozambique’s first utility-scale wind-power project. DFC will also provide $80-million... 

AMSA long-steel extension to boost economy, Manufacturing Circle's Rodseth says

ArcelorMittal South Africa's (AMSA's) decision to continue operating its long-steel unit has given the country an opportunity to re-energize local manufacturing, Manufacturing Circle executive... 

Macquarie-backed African renewables investor seeks fresh funds

Revego Fund Managers, which runs Africa’s first fund focused on primarily investing in operating renewable-energy assets, is seeking new investors as it works toward an eventual listing. The fund... 

Looming wave of iron-ore supply threatens $100 price floor

Iron-ore prices are likely to stay in three digits for the rest of 2024, insulated to a large degree from China’s faltering economy by cost support that kicks in at around $100 a ton. But that... 

Conflict in Congo threatens trade in key metals, UN experts say

Companies buying metal sourced from central Africa could be exposing themselves to UN sanctions for supporting war in eastern Democratic Republic of Congo, according to a report by UN experts....