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Mozambique's post-election unrest to hit economic growth, says IMF official

Published: 18 Dec 24

Mozambique's 2024 economic growth is likely to be revised down from a previous forecast of 4.3% due to post-election civil unrest and the impact of Cyclone Chido, a senior International Monetary Fund (IMF) official said. In October, Daniel Chapo, the candidate of Mozambique's ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities.

Ukraine's only coking coal mine continues to operate despite Russian troop offensive, sources say

Published: 18 Dec 24

Ukraine's only coking coal mine - key for its steel industry - is operating at 50% capacity as of Wednesday morning despite the proximity of advancing Russian forces, two Ukrainian industry sources said. Ukrainian military analyst DeepState said Russian troops were less than 5 km (3.1 miles) from the Pokrovsk mine. The mine owner, Ukrainian steelmaker Metinvest BV, said last week it had halted some operations at the mine.

Global Atomic advancing uranium mine operations, first production expected in 2026

Published: 18 Dec 24

Uranium company Global Atomic Corporation is making significant strides towards achieving first production at its high-grade Dasa uranium mine, in Niger, by the first quarter of 2026. Despite challenges this year, the Toronto-based company on December 18 reported steady progress in mine development and operational milestones.

Ferromanganese revival hopes raised by Competition Tribunal’s green light

Published: 18 Dec 24

The Competition Tribunal approval of the acquisition of ferromanganese major Metalloys in Meyerton, Gauteng, is raising hopes of a revival of South Africa’s manganese alloy potential. Metalloys, which has one million tons a year in manganese alloy capacity, has been on care-and-maintenance and has not been operating since March 2020.

Gold Mountain reports revenue drop, third-quarter losses

Published: 18 Dec 24

Canadian exploration and development company Gold Mountain Mining experienced a sharp revenue decline in the third quarter of the 2025 financial year, with earnings falling to $594 404, compared with $1.78-million in the same period last year. The Vancouver-based mining company attributes the drop to reduced gold production and sales volumes, despite higher realised gold prices, which averaged $2 290/oz during the quarter.

BHP sees rising uncertainty for miners on trade as Trump returns

Published: 18 Dec 24

BHP Group, the world’s biggest miner, expects increasing uncertainty in the near term as US President-elect Donald Trump prepares to implement a slew of tariffs and other trade measures. “In the near term, there is going to be a degree of uncertainty related to trade flows, tariffs, industrial policy,” BHP CEO Mike Henry said in a Bloomberg TV interview. That is “something that we keep a very close eye on specifically in respect to the incoming administration.”

Gold holds decline as focus on fed for next year’s rate outlook

Published: 18 Dec 24

Gold held a decline ahead of the Federal Reserve’s upcoming rate decision, with traders watching for clues about next year’s monetary-policy path. Bullion was steady near $2,647 an ounce, after slipping 0.2% in the previous session, as traders awaited the US central bank’s final policy meeting for the year later on Wednesday. While markets widely expect officials to announce another quarter-point cut, what will happen in 2025 isn’t clear as policies by the incoming Donald Trump administration may hinder further easing.

Global coal consumption expected to hit record high in 2024, IEA says

Published: 18 Dec 24

Global coal consumption is expected to hit a record high this year and stay near that level until 2027 as strong demand in Asia outpaces declines in the US and Europe, the International Energy Agency said on Wednesday. Global coal demand is forecast to be 8.77 billion tonnes in 2024, with Chinese demand expected to be nearly a third higher than the rest of the world, the agency said in a report.

Auric signs agreement to acquire gold processing plant in WA

Published: 17 Dec 24

Mining and commodity trading company Auric Mining has entered into a letter agreement, subject to due diligence, to acquire the 180 000 t/y Burbanks gold processing facility and related assets and infrastructure for A$4.4-million. The plant is located 15 km south of Coolgardie, Western Australia, and is within trucking distance of Auric's gold resources.

Burgundy sold $93m of diamonds in its fourth quarter sales cycles

Published: 17 Dec 24

ASX-listed Burgundy Diamond Mines, which operates the Ekati mine in Canada, generated revenue of $93-million from two sales cycles in the fourth quarter. Its October sales cycle generated $47-million in proceeds from the sale of 583 000 ct at an average price of $80/ct. The December sales cycle resulted in the sale of 425 000 ct at an average price of $106/ct for revenue of $46-million.