By Miguel Gomes LUANDA (Reuters) – Angola has officially started diamond mining at its new Luele project, the biggest in the country and one of the world’s largest by estimated resources, it said on Monday, at a time when global diamond demand is already depressed. Demand for diamond jewellery has been hit by high interest …
Angola’s new diamond mine opens against backdrop of weak demand Read More »
By Alex Lawler and Ahmad Ghaddar LONDON (Reuters) -OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year …
OPEC+ looking at deeper oil cuts ahead of Thursday meeting Read More »
KAMPALA (Reuters) – Uganda is preparing to borrow $150 million from China’s Export Import Bank (Exim) to help expand its internet infrastructure, the finance ministry on Monday. The move underscores the East African country’s increasing reliance for credit on Chinese lenders after the World Bank halted all new lending to Uganda earlier this year in …
Uganda to borrow $150 million from China’s Exim after World Bank halts funding Read More »
ABUJA (Reuters) – Nigeria has revised its 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), Budget Minister Atiku Bagudu said on Monday, after increasing the oil price benchmark and lowering the naira exchange rate assumption. Bagudu told reporters after a cabinet meeting that the cabinet had revised its oil price …
Nigeria revises 2024 budget to $33 billion, raises oil price assumption Read More »
(This Nov. 24 story has been corrected to add weekly loss data in paragraph 2 and show that there was no weekly oil price gain in the headline and paragraph 1) By Laura Sanicola (Reuters) – Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium ahead of …
By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) -Ghana’s central bank on Monday held its main interest rate steady at 30% for the second meeting in a row to try to keep inflation falling from its current level above 35%. The West African cocoa, gold and oil producer is negotiating a debt restructuring with …
Ghana keeps key rate steady to anchor inflation decline Read More »
By Pratima Desai and Clara Denina LONDON (Reuters) – Depleting ore grades of cobalt deposits at Glencore’s Mutanda mine in Congo means the miner will produce up to 15% less a year of the battery metal, three sources with knowledge of the matter said. The problem at Mutanda is shrinking oxide ore deposits on the …
Glencore’s Mutanda mine to produce less cobalt on ore depletion – sources Read More »
(This Nov. 24 story has been corrected to say that Zambia’s government said it had been told by OCC co-chairs that there was no consensus among OCC members, in paragraph 18) By Libby George and Rachel Savage LONDON/JOHANNESBURG (Reuters) – The collapse of Zambia’s $3 billion bond rework deal this week is reverberating well beyond …
Zambia bondholder deal flop prompts calls for rethink of debt reworks Read More »
By Samuel Indyk and Rae Wee LONDON (Reuters) -The U.S. dollar began the last week of November on the back foot and was on track for its biggest monthly drop in a year as traders eyed fresh economic cues in the week ahead to determine the future path of policy rates. A postponed OPEC+ meeting, …
U.S. dollar’s struggles continue as markets brace for post-Thanksgiving buzz Read More »
By Nelson Banya (Reuters) – Jinchuan Group International Resources’ South African platinum group metal (PGM) project will cut about 75% of its workforce as it restructures operations amid a sharp decline in metal prices and operational disruptions. Wesizwe Platinum , 45% owned by the top Chinese miner Jinchuan, said on Monday it was restructuring its …
Jinchuan’s S.African PGM project to cut 75% of workforce amid price rout Read More »
