Business & Tech News
Lithium Concentrator deal in Zimbabwe to go Ahead:
Zimbabwe’s state-owned Kuvimba Mining House is anticipating growth in the price for Lithium as it looks to close a deal with a consortium of Chinese investors for the construction of a lithium concentrator, first announced in July last year. The deal, expected to be closed this month, with two Chinese companies will see the mining house continue with its $270 million lithium project on the basis that it believes lithium prices will recover.
Analysts expect robust sales of electric vehicles (EV) in China and the mothballing of some mines will result in lithium prices stabilizing. The rare metal prices have plunged by over 80% since its peak in November 2022. The drop has mainly been driven by oversupply and lower than expected EV sales globally. CEO of Kuvimba, Trevor Barnard said that Kuvimba expects prices to recover more strongly next year, although they were unlikely to reach the record levels seen in 2022. “That was obviously a bubble driven by huge demand forecasts and huge positive sentiment around lithium,” he said of the 2022 prices. Zimbabwe, is Africa’s biggest producer of lithium, and has attracted more than $1 billion of investment in lithium projects since 2021, mostly from Chinese battery metal companies.
Cocoa Crop Delivery Delays:
The food and agribusiness minister-designate in Ghana has announced the delay in the delivery of 370,000 metric tons of cocoa in the 2023/24 season due to poor output. This would be an increase from the 350,000 tons previously reported. The unprecedented move to delay delivery from the previous 2023/24 season to the ongoing season follows a sharp drop in production to a two-decade low, according to Eric Opoku’ deliberations during his vetting process in parliament. Cocoa production in the West African country peaked in 2021, with output of over 1 million tons of beans. But it has been in rapid decline ever since, hitting its lowest level in decades last season. Analysts say climate change and tree disease are responsible, while many farmers also blame the government for failing to clamp down on wildcat gold mining that has destroyed large parts of the key cocoa farming areas.
Illegal Coal Mining Monies Seized:
The Asset Forfeiture Unit in South Africa, that is a section under the National Prosecuting Authority (NPA), has seized $2.82 million, believed to be the proceeds of illegal coal mining. The monies have been seized from various Namibian bank accounts. The NPA said in a statement on Monday that it had worked with South Africa’s Financial Intelligence Centre, the Namibian Financial Intelligence Centre, and the Namibian Prosecutor-General’s office to effect the seizures. “The value … represents the proceeds of, and/or was used as instrumentalities, to commit massive alleged illegal coal mining in the Carolina area,” the statement said.
The operation saw a Namibian FIC temporary freeze order being granted on the funds of Jacobus Hosea Jordaan and his wife Elza. The couple are believed to be the kingpins among several other accused in the Carolina illegal coal mining case that on 6 December 2024 was set down in the Mbombela High Court for trial in November this year. The NPA said other offences include money laundering and environmental crimes in the Carolina area of Mpumalanga, which has become an illegal coal mining key area.
Market News
Currencies:
he US Dollar is currently trading at 1.0372 against the Euro, at 1.226 against the Pound, and at 155.50 against the Yen. The Rand has stabilised in the R1860-R1870 range against the dollar, and currently trading at R18.60 to the dollar.
Commodities:
- Gold prices have continued its upward trend for the second day with the price currently at $2,724 per ounce. Copper has continued lower and is trading lower currently at 4.2560, while Silver is trading slightly lower this morning Silver at 30.524
- Platinum prices have lost some traction again and is currently trading at $944, while Palladium prices are currently trading lower at $927
- Oil prices continue lower in trade this morning, with Brent oil currently trading at $79.71 currently with WTI also trading downwards at $76.41 currently.
- Cocoa futures have moved upwards again this morning, with prices currently at $11 172 per ton.
- Coffee prices have maintained flat, and at $3.27 per pound currently.
Crypto Currencies:
- Bitcoin has dropped today but is still up over 5% for the week, and is currently trading at $102241.
- Ether prices are currently lower at $3245.90 currently.
- $Trumpcoin launched Saturday at $36 and is currently trading at $35.43
(All prices quoted at approximately 09H20 – Central African Time)
Other News in Africa Today
Illegal Mining Leader Escapes with Police Assistance:
The alleged leader of the illegal gold mining operation in Stilfontein South Africa, has, according to police reports issued yesterday, escaped from custody with assistance from police officers. The escape took place during the week after his arrest when he resurfaced from the closed mine in South Africa. The drama unfolded with the background of the rescue operation that saw 246 survivors rescued and the bodies of 78 deceased retrieved from the mine last week. Police said that the suspect, a Lesotho national, James Neo Tshoaeli, also known as “Tiger”, was among the miners who resurfaced but he was not charged or booked into custody by officers at police stations where survivors were taken. An investigation was underway into who assisted his escape.
Tshoaeli, is allegedly responsible for deaths, assault and torture that are purported to have taken place underground, according to the police reports. Authorities have received evidence of his involvement from survivors’ witness accounts and video footage, police spokesperson Athlenda Mathe said. Tshoaeli is also alleged to have hoarded and kept food away from other illegal miners, police said. An extensive manhunt operation is underway to find those officials who aided his escape between Shaft 11 and the Stilfontein police holding cells. Police spokesperson Athlenda Mathe said. “According to records, Tiger was never booked into various other stations where some illegal miners are being kept. Tiger is also not admitted at a local hospital for further medical care.”
Minister in the Presidency Under Investigation:
The South African minister in charge of state security, Khumbudzo Ntshavheni, is likely to become the next minister in President Cyril Ramaposa’s cabinet, to have to step down. This after News24 revealed that Ntshavheni is being investigated for what a Judge called a “repugnant and devastating” tender awarded during her tenure as municipal manager of the Ba-Phalaborwa Municipality. This occurred before her appointment to the role of minister in the presidency. The minister’s role includes oversight of state security and government communications.
The report reveals that the police investigative unit, the Hawks, have finalised their investigation and that the National Prosecuting Authority is readying charge sheets. If this is correct, then Ntshavheni will have little option but to step down. Her predecessor in the role, Zizi Kodwa, was also required to step down from his position, after being named in the Commission of Inquiry into State Capture findings and being charged.
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