Malian president lays foundation stone for gold refinery in Bamako
BAMAKO, June 16 (Xinhua) -- Malian President Assimi Goita on Monday laid the foundation stone for a new gold refinery in a suburb of Bamako, the capital of Mali.
The cost of the refinery has not been disclosed, but the facility will cover five hectares and is expected to have an annual refining capacity of 200 tonnes of gold once completion in two years.
Until now, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates (UAE), South Africa, and Switzerland.
The plant will be operated by Mali's gold refinery company SOROMA-SA, a joint venture with the Russian company Yadran, in which the Malian state will hold a majority stake of 62 percent.
"The establishment of the Mali gold refinery is a reaffirmation of our economic sovereignty. It allows us not only to control but also to improve the traceability of gold production. It also enables us to better capitalize on revenues from gold and its by-products," Goita said.
"The new gold refinery will be the only facility to refine gold produced by all mining companies operating in Mali. This will increase both direct and indirect employment opportunities for Malian youth," he added, praising the ever-strengthening cooperation between Mali and the Russian Federation.
"I would like to express my deep gratitude to the President of the Republic of Mali and the government for their support of this project, which marks an important step in the development of Mali's economy and that of the wider Sahel region," said Irek Salikhov, board chairman of the Yadran Group.
To make the most of its gold production, Mali has undertaken major reforms since 2023, including the adoption of a new mining code allowing for up to 30 percent state participation in mining projects, and a local content law requiring foreign companies to open up 5 percent of their capital to Malian stakeholders.
In 2024, Mali officially produced 51 tonnes of gold.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
4 hours ago
- New Straits Times
Russia's economy resilient, not collapsing from Ukraine war: Putin
ST PETERSBURG, Russia: Russian President Vladimir Putin on Friday dismissed claims the war in Ukraine is devastating the Russian economy, citing continued growth, low debt and economic diversification as signs of resilience, while business leaders voiced concern about the economy's health. Speaking at the closing session of the Saint Petersburg Economic Forum, Putin responded to a moderator's statement that credible reports suggest the war is "killing" the Russian economy. "As a well-known writer once said: 'The reports of my death are greatly exaggerated,'" Putin said, quoting Mark Twain. Putin said 43pct of Russia's GDP is now unrelated to the energy or defence sectors, underscoring efforts to diversify the economy. The three-day forum featured intense debate over the risks of economic stagnation. Inflation remains high at 9.59pct annually, more than double the central bank's 4pct target, but it has been gradually easing since late April, according to the economy ministry. In October, the Bank of Russia raised its key interest rate to its highest level since the early 2000s to combat inflation. Earlier this month, it cut the rate by one percentage point to 20pct . But the Kremlin has criticised the move as insufficient, warning that the economy could cool too rapidly after two years of war-driven growth. "Our most important task is to ensure the economy's transition to a balanced growth trajectory," Putin said in a keynote address. He defined balanced growth as moderate inflation, low unemployment and sustained economic momentum. "At the same time, some specialists and experts point to the risks of stagnation and even recession. This should not be allowed under any circumstances," Putin said. Striking a more pessimistic tone, Economy Minister Maxim Reshetnikov warned on Thursday that Russia is teetering on the edge of a recession. He said future monetary policy decisions will determine whether the country avoids a downturn. Central Bank Governor Elvira Nabiullina, who has led the institution through multiple crises since 2013, has faced criticism over high interest rates and currency volatility. She remains in her post with Putin's personal support. Deputy Prime Minister Alexander Novak said: "It's time to cut the rate and start heating up the economy. Demand for credit is weak, said German Gref, CEO of Russia's largest lender, Sberbank, and called for faster rate cuts. "It is especially worrying that we, as the largest bank, which finances ... almost 60pct of all investment projects in the country, have not financed a single new project since the new year," Gref said on Friday. Alexey Mordashov, majority shareholder of steelmaker Severstal, warned of a looming credit crisis and rising bankruptcies. He noted that steel consumption fell 14pct in the first five months of 2025 compared to the same period last year.
The Star
7 hours ago
- The Star
U.S. stocks close mixed as Iran-Israel conflict continues
NEW YORK, June 20 (Xinhua) -- U.S. stocks finished mixed on Friday over the deepening Iran-Israel conflict and speculation about whether the United States will become directly involved. Markets were volatile throughout the session, with the Dow Jones Industrial Average inching up 35.16 points, or 0.08 percent, to 42,206.82. In contrast, the S&P 500 declined 13.03 points, or 0.22 percent, to 5,967.84, while the Nasdaq Composite Index lost 98.86 points, or 0.51 percent, closing at 19,447.41. Sector performance was divided, with six of the S&P 500's 11 primary sectors finishing in red. Communication services and materials led the declines, down 1.83 percent and 0.66 percent respectively. Energy stocks benefited from the geopolitical uncertainty, rising 1.05 percent, while consumer staples gained 0.62 percent. Tensions in the Middle East continued to loom large over market sentiment. Iran's Foreign Minister Abbas Araghchi reaffirmed Tehran's willingness to continue diplomatic talks with Germany, France, Britain, and the European Union, following discussions in Geneva. However, the White House said Thursday that President Donald Trump would decide within two weeks whether to involve the U.S. militarily in the conflict, intensifying pressure on Iran to return to the negotiating table. "Investors are a little bit nervous about buying stocks right in front of this situation and, more specifically, right in front of this weekend," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. The escalating conflict has raised fears of a broader regional war and sent safe-haven assets like U.S. government bonds higher. The two-year Treasury yield fell 3.8 basis points to 3.907 percent, while the 10-year yield dropped 2.2 basis points to 4.374 percent. The 30-year yield slipped just under 1 basis point to 4.889 percent, all reaching their lowest levels since June 12. On the monetary policy front, investors digested comments from Federal Reserve officials following the central bank's decision to keep interest rates steady. Fed Chair Jerome Powell warned that inflation could accelerate in the coming months. However, views within the Fed remain split. Fed Governor Christopher Waller indicated support for a rate cut as early as the next meeting, while Richmond Fed President Tom Barkin suggested a more cautious approach, citing no immediate need for action. In corporate news, Kroger emerged as the top performer in the S&P 500. The supermarket giant reported stronger-than-expected profits and raised its same-store sales forecast, citing robust performance in pharmacy, fresh food, and e-commerce. Shares of CarMax also advanced after the used-car retailer posted better-than-anticipated earnings, buoyed by higher retail vehicle sales. Despite growing geopolitical risks, Wall Street has shown resilience in recent weeks. However, with inflation pressures, tariff uncertainties, and the specter of a widening conflict in the Middle East, markets remain on edge heading into the second half of the year.
Borneo Post
8 hours ago
- Borneo Post
Dream of ‘air taxis' becoming a reality in China's city of magic
File photo taken on June 16, 2023 shows an E20 eVTOL aircraft of Shanghai TCab Technology Co Ltd. – Xinhua photo SHANGHAI (June 21): If a city could speak, Shanghai would regale you with a story of dramatic change. As one of China's key economic and tech hubs, visitors have the opportunity to experience all the latest innovations here. However, the sight of an aircraft with gull wings still took me by surprise when its developer was showcasing a futuristic aerial taxi concept – that is now coming soon. The sleek, silver-white actual version of the E20 electric vertical take-off-and-landing (eVTOL) aircraft occupied almost the entire demonstration hall at Shanghai TCab Technology Co Ltd in Minhang District – a breeding center for Shanghai's sci-tech industries. Noting that it represents China's bold leap into the third dimension of mobility, TCab's Vice President and Brand Director Xu An pointed to the aircraft and declared proudly: 'It is the future of urban transportation.' As Xu gestured toward the cockpit, she invited me to sit in it. The touch of the console and the smell of the genuine leather seats were so vivid, but felt surreal – 40 minutes ago, I was taking a normal taxi from downtown Shanghai to TCab. But now, I was boarding this 'air taxi', which could apparently make the same journey in less than 20 minutes and would be more comfortable. TCab was founded in 2021, when China's low-altitude economy was revving up for a rapid takeoff, with eVTOL aircraft emerging from the tech buzz to capture national attention at breakneck speed. The company's Chinese name translates to 'Time Taxi'. It aims to create a green, sustainable digital urban air mobility ecosystem, providing safe and convenient air travel services. At the heart of TCab's innovation is the E20 eVTOL – a five-seater all-electric aircraft. It boasts a range of 200 kilometers and speeds of up to 320 kilometers per hour, and will cost just four yuan (about US$0.56) per passenger-kilometer – comparable to a premium taxi ride, but five times faster. In just four years, TCab completed its B+ round of strategic financing. The maiden flight of the E20 prototype was completed in 2023, and the model is set to obtain its airworthiness type certification in 2027. This year, TCab began construction on its assembly plant in Anhui Province, with planned completion in 2026. The company plans to produce 200 eVTOLs annually, and so far 500 orders have been secured either at home or abroad. I was amazed at TCab's rapid accomplishments. This would not have been possible without the persistence of Yon Wui NG, former chief engineer of Airbus China and now CEO of TCab. Yon has turned the concept of three-dimensional transportation – his childhood dream – into a reality. File photo taken on June 16, 2023 shows Yon standing beside its first E20 eVTOL prototype in east China's Shanghai. – Xinhua photo In fact, leading eVTOL companies in China such as Ehang Intelligent and AutoFlight have achieved phased results. 'What does TCab rely on to stand out?' I asked Yon. He answered my question by demonstrating the tilt-rotor mechanism of the E20, which features rotors that tilt between vertical lift and forward thrust. When the eVTOL takes off, the rotor has a vertical lift and then rotates parallel to generate forward thrust, accelerating the aircraft, he explained. Compared with other multi-rotors in the market, the E20 has significantly reduced energy consumption, achieving faster speeds, a longer range and a greater payload capacity, he added. This innovation also solves one aviation dilemma: noise. The E20's tilt-rotor design optimises power efficiency, making it quieter and more affordable. Overjoyed at the future aerial taxi, I can't help but ponder why Yon, who is Malaysian-Chinese and has stellar international experience in the industry, chose China to be the birthplace of TCab. Speaking Mandarin with a Southeast Asian accent, Yon earnestly explained why it 'has to be China.' Yon revealed that while eVTOLs from other countries are typically sold for over US$4 million, TCab offers its eVTOL at a selling price of around US$2 million. China's unique ecosystem fuels this progress. 'China's leadership in EV batteries and drone algorithms, and the complete supporting supply chain brought by the delivery of China's C919 large passenger aircraft in 2022, gives us a competitive edge,' he said. 'As an aviation professional, I would never have imagined that the aviation industry could also witness a wave of dramatic change,' Yon said. 'There is a 'Made in China' advantage we're proud of.' Government support is crucial. China's first-mover advantage in its low-altitude economy pilot programme – especially in the Yangtze River Delta – has ensured the development and construction of both the upstream and downstream sectors of the industry. 'The first-mover advantage has afforded us more room for innovation to refine the aircraft, allowing it to enter the market through iterative improvements, gradually,' Yon said. In December last year, Shanghai Low-altitude Economic Industry Development Co Ltd was established, aiming to promote the construction of supporting facilities, guide social capital investment, and improve the industrial ecosystem for the low-altitude economy. 'I can see that local governments in many places are making overall plans and setting up special teams to connect with us. The improvement in efficiency is quite obvious,' Yon said. File photo taken on Oct 26, 2023 shows an E20 eVTOL aircraft of Shanghai TCab Technology Co Ltd during its maiden flight. – Xinhua photo But while government-backed infrastructure and policy frameworks lay the groundwork, the true measure of success lies in democratising technology. When I bluntly asked if eVTOLs were just high-end toys for the elite and whether they would become accessible to everyone, Yon did the math for me: plans are in place for the E20 to be mass-produced and put into use in 2027. In its future development, the company will focus on expanding the eVTOL's passenger capacity to nearly 20 seats, further reducing the average transaction value from the current four yuan per kilometer so that more population groups can afford to ride in it. Meanwhile, TCab plans to advance the commercialisation of urban air mobility services in three phases. Firstly, tourism and sightseeing scenarios will be its entry point, focusing on tour routes in the Yangtze River Delta region. Then it will expand to intercity transportation networks, opening cross-city routes. The third phase will achieve short-distance rapid shuttle functions within urban areas. Looking to the future, Yon said that the company has established overseas branches in Malaysia and Singapore, and it will also deploy in the Middle Eastern market. Yon refers to himself as a bridge for Malaysia-China friendship. The young man who left Malaysia to pursue his aviation dream has now frequented home with pride, bearing the fruits of his achievements in China – transportation solutions that promise convenience for his fellow Malaysians and the world at large. 'I have envisioned it numerous times: people traveling to Semporna or other beautiful islands in Malaysia aboard our E20,' he said. At the end of the interview, on a whim, I asked Yon: If he had the chance to write two letters to himself, one 10 years ago and the other 10 years from now, what would he say? 'To my younger self: Hold fast to your belief. To my future self: Do not forget your original aspiration,' he replied. – Xinhua
