Category: Gold
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Libya thwarts smuggling attempt of 100 kg of gold, 1.5 mln euros
Libya’s Internal Security Agency said on Saturday it had thwarted an attempt to smuggle 100 kg (220 lb) of gold and 1.5 million euros at Misrata international airport during a security check of an international flight. The gold bars were found in three suitcases while the money was in one suitcase. The suitcases were spotted…
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Ghana’s economy grows by 6.9% in Q2 2024, fastest in five years
Ghana’s economy rebounded from the worst economic crisis in a generation, driven by expansion in several key sectors, according to the country’s statistics agency. The country’s industrial sector demonstrated 9.3% growth year-on-year, driven by the expansion in mining and quarrying, while the gold sector expanded for the third consecutive quarter, growing 23.6% year-on-year in the…
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Burkina Faso Reclaims Gold Mines From Largest British Mining Firm In Bold Step Towards Resource Sovereignty
In a bold and significant move, Burkina Faso has reclaimed control of two of its major gold mines, marking a shift towards greater resource sovereignty. The Boungou and Wahgnion gold mines, previously owned by an African mining company, have now been nationalized by the Burkinabé government as part of a deal finalized on August 27,…
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Ghana to launch ‘monster mines’ to boost gold production
Africa’s top gold producer Ghana will commission its first large-scale greenfield mine in more than a decade in November, with expected annual production of more than 350,000 ounces, the head of its mining sector regulator said. Ghana, the world’s number two cocoa producer, has seen gold exploration slump over the past decade, limiting new projects…
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Burkina Faso’s Boungou and Wahgnion gold mines now belong to the government
UK-based gold producer Endeavour Mining and Lilium Mining, which is a subsidiary of Lilium Capital, created by US-Burkinabe billionaire Simon Tiemtore, have settled their legal dispute over the sale of two gold mines in Africa after several agreements were signed with Burkinabe Minister of Economy Aboubakar Nacanabo. The conflict began when Lilium acquired the mines…
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Congo’s South Kivu governor lifts mining suspension in province
Democratic Republic of Congo has lifted a suspension of mining activities in the South Kivu province, with the exception of gold extraction, the region’s governor said in a statement on Thursday. Gold, tin ore cassiterite and hi-tech mineral coltan from the eastern province are mostly mined by so-called “artisanal” miners using rudimentary means. Congo’s gold…
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The price of gold has recently hit an all-time high, surpassing $2,500 per troy ounce
The price of gold has recently hit an all-time high, surpassing $2,500 per troy ounce, marking a significant milestone in the precious metals market. This surge is largely attributed to several key factors: These combined factors have created an environment where gold is seen as a highly desirable asset, pushing its price to record levels【13†source】【14†source】.
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Guinean Junta Pressures Russian Oligarch’s Gold Group Over $200M Debt Amidst Sanctions Evasion
The Guinean junta is intensifying pressure on Nordgold, the gold mining company owned by Russian oligarch Alexey Mordashov, in a bid to recover a substantial $200 million debt. Despite these efforts, Mordashov, who is under Western sanctions, continues to leverage his deep-rooted connections within Guinea’s mining sector, enabling Nordgold to maintain its lucrative gold exports…
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“Where to invest in Africa”: Top 5 African countries most attractive for investment
The report, “Where to Invest in Africa,” compiled and published by South Africa’s second-largest bank, First National Bank (FNB). The ranking is based on the consideration of 20 indicators divided into four groups. These are current economic performance and potential, market accessibility and level of innovation, economic stability and investment climate, social conditions and human…
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