The United States has imposed sanctions on 28 individuals and businesses in the diamond and jewelry industry, accusing them of involvement in a global gold-smuggling and money-laundering operation. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) revealed that the operation is based in Zimbabwe and led by Kamlesh Pattni, a Kenyan businessman infamous for his role in the 1990s Goldenberg gold-trading scandal. After fleeing to Zimbabwe, Pattni was allegedly involved in
The Minerals Income Investment Fund (MIIF) of Ghana has reported $1.02 billion in revenue over the past year through its gold trade desk. This platform was created to formalize the country’s small-scale mining sector, enhance gold traceability, and provide a dependable market for locally produced gold. In addition to stabilizing the small-scale mining sector, the desk has significantly supported the economy by channeling $600 million to Bulk Distribution Companies for petroleum imports. This measure has
Gold and oil prices fell by approximately 3% on Monday following reports of a potential ceasefire agreement between Israel and Lebanon, which could ease tensions in the Middle East. By 6:00 PM Luanda time, gold—a traditional safe-haven asset—had dropped by 3.13%, trading at $2,631 per ounce. This decline interrupted a five-session streak of consecutive gains. Market analyst Adrián Hostaled highlighted that, in addition to the potential ceasefire, the nomination of Scott Bressent as the future
Triton Minerals Ltd (ASX:TON) has entered into a binding Memorandum of Understanding (MOU) to acquire up to 80% of the Aucu gold and copper project in Mozambique’s central-west Tete province. Spanning 588 square kilometers, the project is strategically located near existing infrastructure and active gold and coal mining operations. It lies approximately 45 kilometers from Tete, the provincial capital, and just 200 kilometers south of Africa Lion Gold’s Chifunde Gold project. The area’s well-established mining
In a bid to strengthen its foreign reserves, Tanzania has called upon the country’s gold exporters to contribute to national efforts. According to Reuters, Tanzania’s mining regulator has mandated all gold-exporting companies to allocate at least 20% of their gold to the Central Bank of Tanzania (BoT). This initiative aims to support the bank’s strategy to diversify its foreign reserves. The central bank began acquiring gold from local traders and miners in the previous fiscal
In global finance, few metrics carry as much weight as a country’s foreign exchange and gold reserves. These reserves are like a financial safety net, helping countries weather economic storms, stabilize their currencies, and handle international debts. In global finance, few metrics carry as much weight as a country’s foreign exchange and gold reserves. These reserves are like a financial safety net, helping countries weather economic storms, stabilize their currencies, and handle international debts. At
Endeavour Mining Plc and Lilium Mining have resolved their legal dispute concerning the sale of two gold mines in Africa, with both parties agreeing to transfer the assets to the Burkina Faso government. The conflict began after Lilium acquired the Wahgnion and Boungou projects in Burkina Faso in June of the previous year, according to Bloomberg. Endeavour had accused Lilium of failing to meet payment obligations exceeding $100 million. In response, Lilium alleged that Endeavour,
The collapse of a gold mine in Sudan’s South Darfur state, following torrential rains, has resulted in 15 fatalities, according to civil resistance committees in the region, as reported by Efe agency. The informal citizen network, which tracks casualties from the ongoing conflict between the army and paramilitary forces, stated that the collapse of six wells in the Al Bouta area led to the deaths of the miners, most of whom were from the town
The Royal Ghana Gold Refinery, which will process 400 kilograms of gold daily, primarily sources raw materials from artisanal and small-scale mines. These mines contribute about one-third of Ghana’s annual gold output of roughly 4 million ounces, according to Bloomberg. Bank of Ghana Governor Ernest Addison stated that the refinery will play a crucial role in curbing gold smuggling, a persistent issue in the country, by providing a ready market for artisanal and small-scale miners.
B2Gold, a Canada-based precious metals miner, has revised its 2024 production guidance downwards due to lower-than-expected output from its Fekola mine in Mali. The company now forecasts total production between 800,000 and 870,000 ounces for the year, including 20,000 ounces from the recently sold Calibre Mining. This is a reduction from the previous range of 860,000 to 940,000 ounces, which had included 40,000 to 50,000 ounces from Calibre before its sale in June. The drop
