Gold hits fresh record high as US data, election race fan demand

Gold reached a record high in early Asian trading on Wednesday, as traders digested the latest US economic data and weighed potential market disruption ahead of the looming presidential election.... 

Zimbabwe’s ruling party passes resolution to have gold-backed ZiG adopted as sole currency

Zimbabwe’s ruling party passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. The government is ordered to “expedite... 

South African budget eyed by investors for further reform steps

The new South African coalition government’s resolve to control debt and expedite reforms to fire up the lackluster economy will be put to the test when it unveils its first budget on Wednesday.... 

Major LNG producer challenged on clean claims in landmark case

One of the world’s first legal challenges over corporate greenwashing kicked off in an Australian court, with an activist shareholder group claiming natural gas producer Santos Ltd. misled... 

Ratings bias costs Africa billions of dollars, Standard CEO says

African countries face higher costs of financing because of inflated risk perceptions from credit-ratings companies, the head of the continent’s biggest bank said. A United Nations Development... 

China gold demand plunges as record prices deter jewellery buyers

Gold demand in China — the world’s biggest consumer — plunged by more than a fifth in the third quarter as record prices and a sluggish economy dented consumption, especially for jewelry. Total... 

Morgan Stanley sees fiscal gains easing South Africa junk rating

South Africa’s improving economic prospects after years of lackluster growth will result in better fiscal metrics and may soon lead to an upgrade of its junk-rated debt, according to RMB Morgan... 

Pick n Pay to list Boxer unit in Africa’s biggest IPO this year

Pick n Pay Stores said it will list its low-cost Boxer business on the Johannesburg bourse by the end of the year and that the South African grocer will raise as much as R8-billion in the process,... 

Mineral Resources says investigation to finish by next week

Mineral Resources said its investigation into undeclared payments made to companies linked to its tycoon founder, Chris Ellison, would be completed by next week. Ellison, who is managing director... 

Mali threatens to let Barrick mine permit lapse over dispute

Mali’s military government has threatened to take back Barrick Gold’s Loulo mine concession when the current permit expires in 2026, amid an escalating dispute over how to divide the economic... 

BofA’s Hartnett says bets on gold are rising before US election

Investors are continuing to load up on gold ahead of the US election as a hedge against inflation and populism, according to strategists at Bank of America (BofA). The precious metal hit a record... 

Millennial mining heirs bet the family business on Argentine copper

When he was 16, Adam Lundin was lowered by helicopter into the remote wilderness of northern Canada. For the son of a wealthy mining mogul, this was something of an initiation. He spent the summer... 

Africa power transmission set for investment wave, says UK development bank BII

Power grids vital to expanding access to energy in Africa and transitioning to cleaner sources are poised for a growing wave of funding that governments should prepare for, according to the UK... 

China’s copper demand will peak by 2030, says industry group

China’s copper demand growth will fade in coming years before topping out around the end of this decade, according to a state-backed government researcher, offering a potential counterpoint to... 

South Africa in talks with energy partners on loan guarantees

South Africa is in talks with its international climate-finance partners over the provision of guarantees for loans for the construction of energy-related infrastructure. “We are managing, in... 

UN says world is now on course for warming of up to 3.1 °C

A chronic lack of ambition and climate action by countries across the world over the past three years means the goal to keep global warming below 1.5C will soon be dead, the United Nations has... 

Gold miners crippled by costs risk losing out on bullion’s boom

Gold prices are at record highs. But disappointing results at the world’s largest miner of the yellow metal signals companies may be struggling to capitalize on sizzling demand. Newmont shares... 

Kganyago says South Africa’s inflation target should be lower

South African Reserve Bank Governor Lesetja Kganyago said the nation’s inflation target was overdue for review and it should be adjusted lower. “South Africa’s inflation target is out of sync with... 

Eramet buys out Tsingshan from Argentina lithium project

French miner Eramet will buy back Tsingshan Holding Group’s stake in an Argentinian lithium project, marking a rare retreat for the Chinese conglomerate from an expansion beyond its core nickel... 

Zinc market tightens as mine supply disruptions rattle buyers

Spot zinc prices have shot above later-dated futures on the London Metal Exchange, signaling a tight market as large buyers scoop up inventories and pile into futures at a time when a string of... 

Cummins targets doubling Africa revenue by 2030 on power demand

Cummins aims to double its revenue from Africa by the end of the decade as the US engine and power generator maker capitalizes on demand to provide 300 million people on the continent with... 

Freeport asks Indonesia for copper export extension due to fire

Freeport-McMoRan is in talks with the Indonesian government to extend its licenses to export copper concentrate because a fire has disrupted the company’s smelter operations in the Southeast Asian... 

South Africa inflation seen edging below 4% fuels rate cut bets

South Africa’s inflation rate is expected to fall below 4% for the first time in more than three years in September, sealing the case for borrowing costs to be lowered again next month. The median... 

Brazil seeks to woo partners in revived ambition to uncover uranium riches

Brazil is looking to attract mining companies to help revive the country’s uranium exploration and production efforts as the world signals renewed appetite for nuclear power. Latin America’s... 

First Quantum names Jiangxi’s Xia to board after standstill deal

First Quantum Minerals appointed Jiangxi Copper Co’s Hanjun Xia to its board of directors after reaching a standstill agreement with its second-largest shareholder earlier this year. The Canadian... 

South Africa is still tapping oil stockpile to fund fuel subsidy

South Africa is still selling oil from strategic stockpiles to fund measures introduced two years ago to cushion consumers from a spike in road fuel prices. The Strategic Fuel Fund Association paid... 

Türkiye eyes Niger mining projects amid competition for uranium

Türkiye and Niger signed a provisional pact to boost cooperation in mining, a sign of closer ties between the countries as new powers jostle for access to the West African nation’s uranium... 

Zambia pursues deals with investors to develop mining permits

Zambia plans to develop dozens of mining licenses together with investors to boost copper output in Africa’s second-biggest producer. The nation has an ambitious plan to more than quadruple... 

Congo’s State miner bids for Trafigura-backed cobalt projects

Democratic Republic of Congo’s (DRC's) State-owned miner has submitted a bid for Chemaf Resources’ unit in the country, months after saying it intended to block a previous deal to sell the copper... 

Mozambique police shoot two as Gemfields ruby mine is stormed

About 300 people invaded a pit at the Montepuez ruby mine owned by Gemfields Group in northeastern Mozambique on Sunday, CEO Sean Gilbertson said. Two people were shot by police, he said. A crowd... 

JPMorgan expects South Africa IPO surge on economic optimism

South Africa is poised for a surge in initial public offerings and fund-raising activity as soon as next year, spurred by optimism that the continent’s biggest economy may be turning a corner after... 

China’s steel demand has shrunk to less than half global total

China will account for less than half of global steel consumption in 2024 for the first time in six years, according to the World Steel Association, as the decline in the country’s real estate... 

Vale-BHP mine disaster deal moves closer to settlement in Brazil

Miners Vale and BHP are a step closer to finalising a deal with Brazilian authorities to provide a multibillion-dollar settlement for one of the country’s worst mining disasters. Ongoing... 

Mineral Resources says it's investigating founder over tax issue

Australia’s Mineral Resources is probing payments linked to founder and MD Chris Ellison, even as the board said it has full confidence in him and his leadership. “Since its IPO in 2006, payments... 

Biggest companies to help resolve South African water crisis

South Africa’s biggest companies are exploring widening a partnership with the government to help resolve a water crisis that’s threatening to leave the nation’s commercial hub dry. Business for... 

Indonesia controls nickel ore supply to balance weak demand

Indonesia is managing the amount of nickel ore its miners produce in order to balance supply and demand, a government minister said. “We need to maintain supply and demand balance,” Bahlil... 

Sasol’s gas supply and volatile oil raise sustainability risks

Sasol’s declining gas reserves and its susceptibility to volatile oil prices is drawing scrutiny over the sustainability of the business and its plans to reduce emissions. The South African fuel... 

Spot gold tops $2 700 as metal extends its record-breaking run

Gold topped $2 700 an ounce for the first time, as an escalating conflict in the Middle East saw traders flock to safety. Bullion reached climbed as much as 0.3% to $2 700.47/oz, after Israel said... 

Gold rallies to record with tight US election and data in focus

Gold climbed to a record ahead of US data prints due later Thursday, with traders also monitoring an increasingly tight presidential race that’s driven demand for haven assets. Bullion climbed as... 

Iron-ore slumps toward $100 after housing briefing in Beijing

Iron-ore tumbled to a three-week low, a sign that investors doubt whether China’s latest moves to shore up the property market will do enough to boost construction activity and steel demand. China...