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Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

Zimbabwe turns to Mozambique, Zambia to Ease 12-Hour Power Cuts

16th September 2021 Zimbabwe asked Mozambique and Zambia to supply it with more electricity as it tries to fill a power shortfall that’s led to outages of 12 hours a day. “We are in discussions with Mozambique for the recently commissioned power plants to give us an additional 180 MW,” Energy Minister Soda Zhemu... 

Ugandan exports plunge 30% as gold shipments are halted over tax

16th September 2021 Ugandan exports plunged in July as a new levy on gold, which vies with coffee as the nation’s leading trade product, halted shipments of the metal. Shipments from the East African nation fell 30% to $300.4-million from a year earlier, the Finance Ministry said in a statement on its website on... 

Nigerian Minister wants death penalty for gold smuggling

16th September 2021 Gold smugglers in Africa’s largest economy deserve the death penalty, Nigeria’s deputy minister in charge of mining development said. Uche Ogah, minister of state for mines and steel development, told lawmakers investigating the alleged loss of $9-billion a year to illegal mining of the precious... 

Rich nations head to South Africa seeking coal exit deal

16th September 2021 Four of the world’s richest nations will send a delegation to South Africa as soon as next week to seek a deal to begin closing the country’s coal-fired plants, according to people familiar with the matter. Officials from the US, UK, France and Germany are looking for an agreement with Eskom... 

PGMs are being hammered by the chip shortage

16th September 2021 The shortage of semiconductors is clobbering the price of platinum-group metals as investors brace for a long-lasting hit to car production. Platinum and its sister metals palladium and rhodium – used in pollution-cutting catalytic converters – have all suffered sharp drops in recent weeks as... 

Grupo Mexico, Hudbay vie for $2bn Spanish miner

16th September 2021 Conglomerate Grupo Mexico SAB and Canada’s Hudbay Minerals are among final bidders competing to acquire a Spanish copper miner from Trafigura Group, people with knowledge of the matter said. The parties made binding offers last week for Minas de Aguas Tenidas, which is known as Matsa and could... 

Chile trims copper price forecast as China slows

15th September 2021 Chile, the biggest copper-producing country, trimmed its annual price forecast for the metal on slowing Chinese demand and prospects of an easing in US stimulus. The Chilean government’s copper commission, Cochilco, expects prices to average $4.20 a pound this year, according to a presentation... 

CATL said to be mystery bidder for Canada's Millennial Lithium

15th September 2021 A bidding war is heating up for Canadian miner Millennial Lithium as Chinese firms compete to secure key elements needed for electric-vehicle batteries. Contemporary Amperex Technology, the world’s largest maker of EV batteries, is the mystery suitor behind a C$377-million offer for... 

BHP spent just half-a-day's profit looking for copper last year

15th September 2021 Copper might be BHP Group’s most prized metal, but the world’s biggest mining company spent little more than it earned in an average 12-hour period last year exploring for new deposits. The company spent just $53-million looking for the metal last year, when it posted record profit of... 

Teck Resources weighs sale, spinoff of $8bn coal unit

15th September 2021 Teck Resources is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8-billion, people with knowledge of the matter said. The Canadian miner is working with an adviser as it studies strategic alternatives for the business,... 

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