Tag: Gold
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๐ง๐ท Brazil police bust $166 million illegal gold scheme on Indigenous lands
In a major crackdown, Brazilโs Federal Police announced on Wednesday that they have dismantled a massive illegal gold mining operation on Indigenous lands. The scheme, valued at an astonishing 4 billion reais (approximately $166 million), highlights the devastating exploitation of both natural resources and Indigenous communities in the Amazon region. The investigation revealed a sophisticated…
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๐ฒ๐ฑ New era of sovereignty in Mali’s gold sector
Mali, one of Africaโs largest gold producers, is undergoing a radical transformation in its mining sector. The Malian government is intensifying its efforts to recover between 300 and 600 billion FCFA in unpaid taxes and dividends, particularly from foreign mining giants like Barrick Gold. The recent arrest of Resolute Miningโs CEO, Terence Holohan, in November…
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๐ฌ๐ญ Ghana opens its largest single gold mine
Ghana has commissioned its largest single gold mine in a historic milestone. The mine, established by Chinese-owned company Shandong Gold through its subsidiary Cardinal Namdini Gold Limited, is located in the Talensi District of the Upper East Region. The open-pit mine is expected to operate for 15 years, producing around five million ounces of gold…
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Burkina Faso plans to withdraw some mining permits
Burkina Faso has recently announced a strategic decision that could have significant implications for the nation’s economy and its position in the global mining industry. The country’s leadership, under junta leader Ibrahim Traore, is planning to withdraw mining permits from certain foreign companies. This move is part of a broader initiative aimed at boosting the…
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Tanzania orders 20% of gold exports to its central bank for reserve diversification
To bolster its foreign reserves and combat the depreciating shilling, the Bank of Tanzania began purchasing gold from local traders and miners last fiscal year, acquiring 418 kg. The bank aims to purchase 6 tonnes of gold in the current fiscal year. The Tanzania’s Mining Commission announced that a new mining law, effective October 1,…
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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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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 levelsใ13โ sourceใใ14โ sourceใ.
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Countries in the Middle East and Africa are withdrawing their gold reserves from the US – Houston Post
โช๏ธ Growing concerns about the stability of the American economy are prompting governments in Africa and the Middle East to withdraw their gold reserves from the United States. The traditional status of the United States as a safe haven for finance is rapidly collapsing , statesthe American Houston Post โช๏ธ Among the countries that have…
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Gold rush: African nations seek safe haven amid currency woes
African nations are turning to gold in a bid to protect their economies from the turbulent global landscape. Geopolitical tensions, currency fluctuations, and rising inflation have prompted a rush to bolster gold reserves as a hedge against economic instability. This trend is expected to continue, with the World Gold Council anticipating that around 20 central…
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