May 17, 2020

World stock markets take beating amid China’s market meltdown

stock market
China
Anglo American
Glencore
Admin
2 min
World stock markets take beating amid China’s market meltdown
World stock markets took a beating Monday as Chinas main index fell 8.5 percent--the largest since February 2007 -- driven by growing fears that Chinas...

World stock markets took a beating Monday as China’s main index fell 8.5 percent--the largest since February 2007 -- driven by growing fears that China’s economy is slowing more than many investors had anticipated.

"Anybody with a pulse was nervous when the market opened. We're still going to see significant price swings both up and down before the day ends today," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

"The only thing that's certain is the volatility is going to continue in the short term, given the magnitude of the moves that we've already had in the last four days."

• Related content: How-To: Invest in Mining Stocks

The Dow Jones nosedived minutes after the opening bell, falling 1,089 points--the single largest drop since October 2008, when the financial crisis was in full effect.  

According to Bloomberg, the Dow’s closing point loss for the day was 586.53 points, or 3.56 percent, to 15,873.22. It’s the eighth worse one-day point loss in history and worst daily point decline since August 8, 2011.

The drop in China’s equities essentially wipes out all their gains for 2015 and analysts and media were quick to label today’s market free fall as the Chinese “Black Monday.”

• Related content: [OPINION] 3 stocks to watch in silver mining

For the mining industry, few stocks were immune to the collapse. The biggest fallers were Glencore -- falling eight percent -- and BHP Billiton and Anglo American, both losing more than seven percent of their value.

Stocks closed down more than eight percent in Shanghai and more than four percent in Tokyo. Markets in London, Paris and Frankfurt were all down more than four percent. London’s FTSE 100 (FTSE), ended down 4.7 percent for its tenth straight decline – its worst run since 2003.

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Apr 19, 2021

AngloGold Ashanti establishes BG Umoja JV in Tanzania

AngloGoldAshanti
Geita
Gold
Sustainability
Daniel Brightmore
3 min
AngloGold Ashanti, Geita, Tanzania, BG Umoja
AngloGold Ashanti’s BG Umoja JV has been awarded a $186mn two-year contract for the Nyankanga and Geita Hill underground mining projects in Tanzania...

AngloGold Ashanti, in line with it s strategy to ensure a sustainable contribution to the economies of host countries, has established the BG Umoja joint venture (JV), in Tanzania.

Awarded a $186m two-year mining contract for the Nyankanga and Geita Hill underground mining projects, the 80/20 joint venture is a partnership between Africa Underground Mining Services (AUMS) Tanzania, a subsidiary of Australia’s Perenti Group, and local drilling services and mining- supply company, Geofields Tanzania Limited. 

The partnership is modelled on a similar underground mining joint venture at the Company’s Obuasi Redevelopment Project in Ghana between AUMS Ghana and Accra-based, wholly Ghanaian-owned Rocksure and will help build local specialised mining capacity.

AngloGold Ashanti

“We’re working with our experienced mining contractors to assist in establishing local joint ventures for long-term transfer of sustainable skills, and to continue building on our sustainable local procurement programmes,” commented Sicelo Ntuli, AngloGold Ashanti’s Chief Operating Officer: Africa. 

“AngloGold Ashanti is building sustainable local procurement programmes that will allow it to stimulate economic and social development at all of its operations, evidenced by the significant contribution Geita has made to the fiscus and people of Tanzania.”

AngloGold Ashanti’s annual expenditure with indigenous Tanzanian suppliers has almost tripled to $162mn since 2016. The company’s local team in Tanzania has set itself an ambitious target of 60% to 70% of all expenditures with indigenous Tanzanian companies, by 2025.

Scope 3 Emissions

In addition, AngloGold Ashanti’s Geita Gold Mine has awarded a two-year fuel transportation contract, worth approximately $10.8m a year, to two local contractors - one of which is originally from Geita. This is in line with the mine’s commitment to contribute to the economies of host communities. The Geita-based company was part of Geita Mine’s supply chain capacity building initiative for host community suppliers, a partnership between the Mine and the National Economic Empowerment Council.

To influence Scope 3 emissions, trucks are to be compliant with EURO IV emissions standards, tankers are to be made of an aluminium alloy material to reduce weight and the age of the fleet will be maintained at less than six years.

Diversity & Inclusion

The contractors already employ women fuel tanker drivers, fulfilling the Mine’s requirements for diversity and inclusion. The two contractors both own workshop facilities in Geita town and participate in social initiatives aimed at uplifting the lives of host community residents.

AngloGold Ashanti has been operating at Geita Gold Mine for more than 20 years, with the project initially a single pit mine, evolving now to a predominantly underground operation, employing 5,700 employees and contractors.

Earlier this year, the Government of Tanzania recognized AngloGold Ashanti’s contribution to the economy of the country, awarding it for its outstanding performance in a number of areas, including environmental and safety performance, corporate social investment, the best taxpayer in the mining sector, the runners up in local business content and overall best performer in the mining sector in Tanzania in 2019/2020.

Geita Gold Mine

Geita, one of AngloGold Ashanti’s flagship mines, is located in north-western Tanzania in the Lake Victoria goldfields of Mwanza region, about 120km from Mwanza and 4km west of the town of Geita. It has been in operation as a large-scale mine since 2000.

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