Mining minerals presents Nigeria with an opportunity to diversify its economy away from its heavy reliance on oil exports. Africa’s most populous country (228mn people) has an abundance of mineral resources. It boasts more than 40 mineral deposits — including kaolinitic clay, gold, gypsum, iron ore, lead, zinc, phosphate and tin across more than 500 sites in its 36 states. Baryte, bitumen, coal, gold, iron ore, limestone, lead, zinc and coal have been identified by
Alcides Cintura, President of the Manica Business Council (CPE), underscored the imperative need for establishing a gold refinery in central Mozambique to bolster the province’s economic landscape and enhance the organization of the mining sector. Highlighting the abundance of mineral resources, including gold and precious stones, in districts like Manica, Gondola, Báruè, Macossa, Guro, and Vanduzi, Cintura emphasized the urgency of regulating their exploitation, which currently operates largely without oversight. “The establishment of a refinery
The Secretary of State for Mineral Resources, Jânio Correia Victor, expressed optimism about Angola’s gold production and refining capabilities during a recent address in Luanda. He highlighted significant strides made in gold production in provinces like Cabinda, Huíla, and Huambo, and emphasized the imminent completion of the Luanda Gold Refinery. Victor asserted that these developments lay the groundwork for the mineral sector to contribute substantially to the country’s revenue in the coming months. Speaking at
South Sudan’s government has announced its plans to work with Qatari gold firm United Gold Factory to establish mining marketing stations in mineral-rich areas in the country. The marketing stations will be used to organize small-scale mining enterprises in South Sudan and facilitate the trade of refined extractive resources. The marketing stations will also serve to formalize the mining sector, improving working conditions and hours, wages as well as health and safety concerns. In addition
Russian mining firm Infinity plans to invest up to $1 billion in Egypt’s gold mining industry to boost its business portfolio and the country’s extractive sector. Infinity announced its participation in a bidding round initiated by Egyptian mining company Shalateen Mineral Resources, which aims to explore and exploit gold and associated minerals in Egypt, focusing on the resource-rich basins of Baramiya and Hamata. Infinity’s investment plan is expected to generate up to 100,000 jobs and includes the establishment of a
Gold soared to a historic high on Monday, driven by anticipation of an interest rate cut by the United States Federal Reserve (Fed) in June. The gold reference price surged 1.2% to $2,258.53 per ounce, reaching a peak of $2,262.19 earlier in the day. According to IG Yeap experts, Jun Rong, the release of the Personal Consumption Expenditure (PCE) Price Index without positive surprises could fuel further increases in gold prices. Jun Rong told Reuters
Mozambique broke the gold production record in 2023, with more than 1.6 tons, above the projection for last year and for 2024, budget execution data indicates. According to a report from the Ministry of Economy, cited by Lusa, with the budget execution from January to December, the country produced 1,666.4 kilograms of gold, an increase of 32% compared to 1,263.8 kilograms in 2022, already a record. Each kilogram of gold is currently worth almost 67
According to Marc Nicolle, CEO of Mopani Gold, gold production at the Venice Mine Complex in Zimbabwe is set to triple. Mopani Gold, the company operating the Venice Mine, plans to enhance processing facilities and implement a new corporate social responsibility strategy to boost gold production from 4,000 tons per month to 15,000 tons. Additionally, the mining firm will expand its existing 1 MW solar power plant to ensure a sustainable energy supply to the
Kibali, the largest gold mine in Africa, has become one of the continent’s greenest and most impressively automated operations. It continues to drive local economic development and provides ongoing funding for the reintroduction of white rhinos into a UNESCO World Heritage site in the Democratic Republic of Congo (DRC). On the clean energy front, the majority of the electricity powering Kibali is already sourced from its three hydropower stations. Once Kibali’s new 16 MW solar
Mutapa Mining and Processing (MMP), a consortium of Mozambicans and British that has for 18 months been operating three mines in the district of Manica, in the province of the same name, intends from this February to process and export between 35 and 40 kilograms of gold monthly. The projection is the result of prospecting carried out over the last 18 months by the consortium which, in a first phase, invested in the equipment and
