2023-11-13 07:40:41
• Increase in mining royalties: US$17 million expected from IAMGOLD Essakane
On October 27, 2023, the Burkinabe government issued a decree which increased the royalty rate on spot transactions above $1,500 per ounce. A decision that would have an impact on IAMGOLD Corp. (IMG.TO) and Endeavor Mining plc (EDV.TO)., according to the National Bank of Canada, in a press release published on October 31, 2023, on the stock exchange. Royalty rates will reportedly increase to 7% if spot gold prices rise above US$2,000 per ounce. The minimum royalty rate was set at 6% for prices above USD 1,500 per ounce, up from 5% previously, and at 6.5% if prices reach between USD 1,700 and USD 2,000 per ounce.
The bank said the change would impact IAMGOLD, whose Essakane mine represents 10.2% of the company’s mining asset value.
The National Bank estimated that the royalty changes would result in an increase in royalty payments of US$17 million in 2024. Meanwhile, the bank said the impact on Endeavor, owner of the Houndé and Mana mines in Burkina Faso, was “relatively weak”.
The bank added that the company was satisfied with the dialogue and consultation throughout the process.
• United Africa Exhibition: a first in Cotonou
The United Africa Show (SAU) is being held for the 1stre time in Benin, from November 9 to 11, 2023. This somewhat special Fair takes up residence at the Palais des Congrès for the planned panels and at the Place de l’Amazone in Cotonou for the animation section. Launched in 2009, the United Africa Show aims, explain our colleagues from L’Economiste du Bénin, “to bring together African countries, the Caribbean and their diasporas. It highlights the successes of all those who propose concrete, practical and lasting solutions for Africa. It involves meetings in France throughout the year, addresses different themes and culminates in a 3-day show. The United Africa Show is both a cultural event through African fashion and gastronomy, but also an economic event with a focus on actors from the African diaspora and Africa with the aim of contributing to the development of the continent. “. It is also a showcase of successes and talents and actors of Afro descent.
• Burkina/Morocco exchanges: increasing in 2022
For the year 2022, Burkina Faso’s imports from Morocco are up 12.3%. They are mainly composed of petroleum oils, fertilizers, fish, carboys-bottles-vials and medicines. According to the report on the trade balance and foreign trade of Burkina Faso, published in September 2023. In 2022, mangoes, fresh or dried, and petroleum oils were the main products exported to Morocco with, respectively, shares of total revenues of 51.9% and 35.8%. The total value of exports to Morocco increased by 77.1% compared to 2021.
• Budget: Budget departments prepare their annual meeting
The second edition of the Annual Assembly of Budget Services is scheduled to be held during this last quarter of 2023, under the theme: “Management of personnel expenses within the framework of the implementation of reforms” . A preparatory meeting took place for this purpose last week in Koudougou to finalize the working documents for this major meeting on innovative solutions for managing personnel expenses.
• Rebranding Africa Forum: death of Henri Lopes
The writer and former Prime Minister Henri Lopes passed away on November 2, 2023. He was distinguished during the last edition of the RAF in the “Lifetime Achievement rebranding Africa award” category for his exceptional career which contributed to make the African continent shine (see L’Economiste N°504).o
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