Gold
Petro orders purchase of SAE gold companies to capitalize on prices
President Gustavo Petro ordered the Ministry of Mines and Energy to buy all gold mining companies owned by the Sociedad de Activos Especiales (SAE) to capitalize on high metal prices. He also instructed direct purchases of gold in producing regions and the mass formalization of small miners to fight illegality. The move comes amid volatility in international gold prices.
South African mining unions moderate wage demands amid gold price surge
South Africa's gold mining unions have revised their wage demands downward in negotiations with Sibanye-Stillwater, presenting surprisingly moderate proposals despite record-high gold prices. The unions declared a dispute on 9 October after talks deadlocked, but recent adjustments suggest a strike is unlikely. This reflects decades of wage improvements and reduced labor militancy in the sector.
Benishangul Gumuz delivers 1,723 kg of gold to national bank
The Benishangul Gumuz Regional State Mining Development Bureau has delivered 1,723 kilograms of gram gold to the National Bank over the past six months. Efforts are underway this budget year to deliver more than 7,000 kg of gold. This achievement stems from the government's macro-economic adjustments addressing gold market challenges.
China unveils pure solid gold amid investment debate
China has unveiled a new metal called 'Pure Solid Gold' to bolster its status as the world's top gold producer, igniting fierce debate in global gold and jewelry markets. Claimed to have 99.9% purity and high resistance to scratching, Egyptian experts dismiss it as a fake substance unsuitable for investment. Opinions split between viewing it as genuine innovation or a marketing ploy to lower gold prices.