VenturesNow

Mining: Guinea gives multinationals ultimatum, build alumina refineries or face ‘penalties’

Published

3 years ago

April 10, 2022

The interim government of Guinea has asked international mining companies to submit project proposals and a “precise timetable” for the construction of alumina refineries to the mines ministry by the end of May 2022.

The junta leader Mamady Doumbouya, announced the ultimatum during a hearing with company representatives broadcast on state television late on Friday.

“The respect of basic agreements remains non-negotiable for us,” Doumbouya said.

“You and I can no longer continue this fool’s game that perpetuates great inequality in our relations,” he added.

Guinea, which is the world’s second-largest bauxite producer, in the move to channel its mineral wealth into economic development, pressuring companies in recent years to commit to building local facilities that will refine bauxite into higher value alumina.

Bauxite is the most common ore of aluminium. Extraction of aluminium metal takes place in three main stages: mining of bauxite ore, refining the ore to recover alumina, and smelting alumina to produce aluminium. Other raw materials are mined as aluminium ore, but their use is minor compared with bauxite.

Doumbouya also added that “penalties” would be placed on mining companies that fail to provide project proposals and the precise timetable for the construction of refineries before the May 2022 deadline.

Since it came on board in September, the junta has toughened its stance towards multinationals, In March, the junta ordered the cessation of all activities at the massive Simandou iron ore deposit owned by Rio Tinto and a Chinese-backed consortium, saying it was seeking clarification of how Guinea’s interests will be preserved.

VenturesNow

Mozambique drops interest rate for 6th time in 2024

Published

6 days ago

November 29, 2024

Ifeoluwa Dada

As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

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Hackers stole $17 million from Uganda National Bank— Report

Published

7 days ago

November 28, 2024

Ifeoluwa Dada

The state-owned New Vision newspaper has reported that offshore hackers had stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank.

Earlier this month, the hackers, who went by the name “Waste,” allegedly gained access to the Bank of Uganda’s IT systems and moved the money illegally.

According to New Vision, which cited anonymous bank sources, the Southeast Asian hacker collective moved a portion of the pilfered funds to Japan.

A request for comment on the issue from Reuters was not immediately answered by Bank of Uganda. A request for a response from the Ugandan police was likewise not answered.

More than half of the funds had been successfully retrieved by the central bank from the hackers, according to New Vision. It stated that President Yoweri Museveni had ordered a probe into the cyberattack.

Separately, the Daily Monitor, Uganda’s largest independent daily, stated that insider collaboration could have played a role in the crime.

In Uganda, there have been several instances of cyber thefts from banks and other financial service providers, including telecom companies. However, according to police authorities, several banks are reluctant to openly admit such events for fear of upsetting their clientele.