VenturesNow

Guinea’s junta gives bauxite miners 10-days to present refinery construction timeline

Published

3 years ago

June 11, 2022

The military junta in Guinea has given bauxite mining companies 10 days to present a timeline for the construction of alumina refineries.

The new ultimatum which was made through a statement on Friday, comes after the mining companies were unable to meet the initial deadline set for May.

The junta leader Mamady Doumbouya, in a broadcast on state television in April, 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.

“As of today, it has been noted that none of the companies has complied,” said the statement, a readout from a June 9 cabinet meeting.

The companies affected by the refinery ultimatum include Guinea’s top two bauxite producers Societe Miniere de Boke (SMB) and Compagnie des Bauxite de Guinee (CBG). Neither company immediately responded to a request for comment.

According to the government statement, Guinea is also looking to set a reference price for bauxite. The junta is concerned about bauxite miners in Guinea setting different prices for the ore, the statement said, and expects a draft decree on the issue by next Friday.

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.

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.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”