Gold & Precious Metals

Global Trade

XAGUSD at $53 Tests Africa’s Commodity Architecture

Silver (XAGUSD) surged past $53/oz, driving African premiums to $1.85 and exposing dependence on London pricing. With only 30% of output hedged and ZARUSD −3.6%, miners gained nominally but lost liquidity as volatility drained regional markets.

Côte d’Ivoire

Barrick Gold Exits Côte d’Ivoire in USD 305 Million Portfolio Realignment

Barrick Gold (NYSE: GOLD) sold its Tongon Mine in Côte d’Ivoire to Atlantic Group for up to USD 305 million. The move trims risk exposure and refocuses capital on Tier 1 assets as gold trades near USD 3,930/oz (COMEX: GC=F), redefining how majors price jurisdictional risk.

Congo (Republic of)

DRC Risks Market Confidence in Bid to Enforce Cobalt Control

Congo’s new cobalt export quotas threaten exclusion for violators as the government asserts control over 70% of global supply. Prices (LME: COB ≈ USD 33,500) rose 3.4% as traders weigh state capacity against market credibility.

Gold & Precious Metals

Gold’s $4,000 Surge Turns into a Warning for Frontier Currencies

Gold nears $4,000/oz (XAU/USD) as Washington’s gridlock fuels global risk aversion. The USD/ZAR (ZAR=) slides to 18.9, while US10Y (^TNX ≈ 4.35%) and DXY (≈ 105.8) tighten liquidity, exposing how Africa’s frontier currencies weaken when safe-haven demand surges.

Markets

From Nyakabingo to Washington: Rwanda Tests China’s Grip on Tungsten

Rwanda’s first tungsten export to the U.S. marks a symbolic crack in China’s 60% supply dominance. With mining at ~30% of exports (RWF-MINING-EXP), Kigali’s move blends opportunity with risk in global critical-mineral geopolitics.

Markets

Barrick vs. Bamako: Gold’s Sovereignty Showdown in West Africa

Barrick Gold (NYSE: GOLD; TSX: ABX) faces a Malian clampdown that froze 600k oz of output worth USD 1.4bn, pulling shares near USD 18.86. Arbitration at ICSID looms, but sovereign defiance adds risk as bullion (XAUUSD) trades above USD 2,400 and peers like Newmont (NYSE: NEM) outperform.

Markets

Kambove Expansion Signals CNMC’s Push to Cement DRC as a Copper-Cobalt Powerhouse

CNMC’s US$85.8m expansion of DRC’s Kambove mine deepens China’s grip on copper and cobalt. By upgrading shafts, plants, and ESG systems, CNMC signals that mid-tier projects matter in the race to control minerals driving the energy transition.

Markets

Can Zambia Leapfrog Chile and Peru? Kansanshi’s Expansion Tests Global Markets

First Quantum (TSX: FM) is betting $1.25B on Kansanshi’s S3 to replace lost Panama output and anchor Zambia’s 3 Mt copper goal. Success could reprice Zambia’s Eurobonds and shift global supply chains, but execution and policy risks loom.

Markets

Lobito’s 1.5mt Corridor and Pensana’s Rare Earths: Will Angola Reprice Its Eurobonds?

Angola eyes 17.5m carats by 2027, a $600m-carat Luele mine, and Pensana’s (LSE: PRE) 20–40ktpa rare earths (~5% global share). With Lobito Corridor aiming 1.5mtpa copper flows, sovereign Eurobonds (8.25% 2029, ~12% yield) could tighten if execution delivers.

Markets

From Cousin to Core: Platinum’s New Risk-Reward vs. Gold

Platinum’s 2025 surge is a repricing of scarcity: three straight deficits, cautious South African supply, and palladium-to-platinum substitution. The setup favors disciplined miners and metal ETFs as platinum narrows its historic discount to gold while early hydrogen demand gathers pace.

Markets

Verification, Not Buying: The Market Microstructure Shift in Ghana Gold

Ghana’s GoldBod isn’t changing who buys ASM gold; it’s changing the verification layer that sets pricing, counterparties, and FX. If traceability—tags, custody, enforcement—scales, expect narrower discounts, cleaner dollar inflows, and tighter Ghana risk spreads.