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Mining Weekly | Africa

24 July 2024

The latest mining world news and project information from Africa. providing updates on the progress of future, new and existing projects. Developments in mining legislation, policies, investments and infrastructure will be highlighted
  • TFR boasts slight improvement but admits much work still to be done
    Although there has been a “slight” improvement year-on-year in terms of State-owned Transnet Freight Rail’s (TFR’s) North Corridor performance, the beleaguered rail operator is “not out of the woods yet”, TFR north corridor acting managing executive Theo Johnson has said. “‘Slight improvement’ is a term that I would accept. We're working on a lot of initiatives [in] the North Corridor, because that's the biggest corridor in TFR, particularly for the export coal line . . . but we are not out of the woods. We have a long way to go,” he said at the 2024 Coal & Energy Transition Day, in Johannesburg, on July 24.
  • African nations turn to gold to protect against currency losses
    African nations are rushing to build their gold reserves to hedge against geopolitical tensions that have battered their currencies and fanned inflation. Nations from South Sudan, Zimbabwe and Nigeria have either taken steps to shore up their holdings or are considering doing so. The move follows that of central banks in places such as China and India that have accumulated gold to diversify reserves and reduce dependency on the US dollar. About 20 central banks are expected to stock up in the coming year, according to a World Gold Council survey.
  • Botswana proposes law for locals to acquire 24% stakes in mines
    Botswana is proposing a law that will ask mining companies, once granted a licence, to sell a 24% stake in mines to locals if the government does not exercise its option to acquire the shareholding, a draft bill seen by Reuters on Tuesday shows. The current Mines and Minerals Act allows the government of Botswana, the world's top diamond producer by value and an emerging copper mining hotspot, to buy a 15% shareholding in any mining project upon being licensed. The existing law gives the government an option to negotiate higher stakes in diamond mines.