Copperbelt Katanga Mining’s Post

The #study published last week reveals alarming facts and shows that the undeclared #gold trade in Africa is much larger than expected. Here are some of the most important findings of the study: ❗ Between 321 and 474 tonnes of artisanal gold are produced in Africa every year without being declared. This corresponds to a value of up to 32 billion Swiss francs.  ❗ In 2022, more than 435 tonnes of gold were smuggled out of Africa. That is more than one tonne per day.  ❗ Gold smuggling in Africa more than doubled between 2012 and 2022.  ❗ Twelve African countries are involved in smuggling 20 tonnes of gold or more per year. The countries most affected by gold smuggling are Mali, Ghana and Zimbabwe 🇲🇱 🇬🇭 🇿🇼  ❗ The United Arab Emirates, Switzerland and India were the three largest importers of gold originating from Africa between 2012 and 2022 🇦🇪 🇨🇭 🇮🇳    Read the full study here ➡ https://lnkd.in/exd5p79U 📷 SWISSAID

Narratives matter because they drive behavior. The SWISSAID analysis of #gold smuggled out of Africa was thorough, but conflated illegal and artisanal mining, which is a basic problem. Illegal and artisanal mining are different things. Illegal is corrupt, done by remote people, often at the barrel of a gun. Artisanal is traditional, often done by locals, not corrupt. The statistic 'between 321 and 474 tonnes of artisanal gold' combines the two, which is misleading. Illegal gold is smuggled & there is a lot of it. Artisanal mined gold is sold to intermediates, some of whom are predatory, which means artisanal miners can be victims of predatory practices that include smuggling. Sometimes. This distinction matters because narratives matter. Illegal #mining needs a multi-pronged legal/police approach to go after. In some places it may not be possible to eliminate given local realities. Artisanal mining is the opposite - it needs state support, where public policy supports formalization, enabling external investment that facilitates formalization. Dignity & productivity of miners are improved, regional sustainable development is catalyzed, smuggling by predatory intermediates is eliminated. Positive win/wins. Misinterpreted stats that lead to false narratives drive wrong behavior, exactly why this 'between 321 and 474 tonnes' comment is problematic. The Blended Capital Group and our partners are committed to reimagining outcomes in ASM. We know that narratives matter, that the difference between artisanal and illegal mining needs to be clear. We know that formalization changes outcomes on the dignity and productivity of work in the sector in commercially realistic ways. #mininginvestment and/or #impactinvestment that supports formalization results in positive social and economic outcomes, including broadened #sustainabledevelopment in neighboring communities. Public policy that supports a legitimate thriving artisanal mining sector supports this development while recognizing the reality that ASM is here to stay. Now is the time for delivering, which includes making sure that fair narratives support the right action. Alliance for Responsible Mining (ARM) Levin Sources BanQu Inc. Napier Meridian #asgm #asm

Faure Essozimna GNASSINGBE Time to kick them out. Togo is now their gateway from Burkina. Billions of dollars of gold are smuggled out of Africa annually, with most of it ending up in the United Arab Emirates for processing, according to a report by SwissAid. Between $23.7 billion and $35 billion worth of gold is illicitly traded each year, with over 435 tons of bullion smuggled out of Africa in 2022 alone. The informal trade primarily involves countries like Mali, Ghana, and Zimbabwe. #Africa #GoldSmuggling #UAE #SwissAid #IllegalTrade #GlobalEconomy

📈 Kyrgyzstan increased gold exports almost 3 times in the first quarter of 2024 💰According to the National Statistical Committee, in January-March 2024, Kyrgyzstan exported 2.1 tonnes of gold worth $140 million. This is almost 3 times more compared to the same period of 2023, when 0.8 tonnes worth $50 million were exported. 🌍 The main importing countries are Hong Kong, China: 1.1 tonnes valued at $75.3 million; Switzerland: 0.9 tonnes valued at $63.5 million and UAE: 12.5 kg valued at $811,000. Read More: https://lnkd.in/dZTR3-vn

Billions in African Gold Smuggled to UAE Yearly, SwissAid Says As much as $35 billion of gold smuggled in decade through 2022 Most of informal trade comes from Mali, Ghana and Zimbabwe Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a 10-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7 billion and $35 billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said. The bulk of Africa’s illegally mined gold is channeled to Dubai through refineries in countries like Uganda and Rwanda, sometimes via private jet, or is flown there directly in hand luggage, often with false papers, according to the report. The emirate is home to at least 20 gold refineries and more than 7,000 traders in precious metals and stones. Smuggled gold is also sent to India and Switzerland, the report said.

As many countries/treasuries and wealth funds accumulate gold, the quest for Africa’s abundance of gold continues. There are unintended consequences, such as gold fueling civil wars. It’s an important subject also because of gold’s ability to store value relative to sovereign currencies.

Gold smuggling in Africa reaches more than 30 billion dollars African gold smuggling amounts to more than 30 billion dollars a year, most of it to the United Arab Emirates, where it is refined and then sold around the world, reveals a report published last week. The data comes from a report by SWISSAID, a development aid organization based in Switzerland, and indicates that in 2022, gold worth 30 billion dollars left the African continent illegally. According to Lusa, the main destinations for African gold... Read more on the link below https://lnkd.in/gh9Uxunj

In March, Uzbekistan exported #gold for more than $1.3bn. In January-March 2024, Uzbekistan's foreign trade turnover amounted to $15.8 billion, which is 6.2% more than in the same period of 2023. #Exports amounted to $6.4 bn (+10.0%), while #imports totalled $9.4 bn (+3.8%). #China remained Uzbekistan's main trading partner, accounting for 19.0% of trade, followed by Russia (17.7%) and Kazakhstan (5.9%). In March, Uzbekistan exported more than $1.3 billion worth of gold, as in February of this year. In total, exports of the precious metal amounted to almost $2.7 billion in the first quarter ($2.4 billion in Q1 2002).

Gold Reclaims Spot As Uganda's Largest Export Commodity https://lnkd.in/dDVQfrCC #newsheadlines #news #breakingnews #headlines #latestnews #newsupdate #dailynews #newspaper #instanews #update #currentaffairs #newsinshort #trending #worldnews #newstoday