World Bulletin/News Desk
Global gold market fluctuations have prompted an Australian company to delay gold production in western Ethiopia, the Ethiopian Ministry of Mines said Saturday.
"Gold production by Nyota Minerals has been delayed due to the unstable global gold market," the ministry's public relation deputy head Chala Bonsa told Anadolu Agency.
"But it is expected to commence production,” Bonsa said.
In 2013, the Australian company found a new gold deposit in western Ethiopia, some 500km from the capital.
Nyota recently reported that "it has entered into a conditional agreement to sell its remaining 25% stake in the Tulu Kapi Gold Project in Ethiopia to KEFI Minerals.”
Asked by AA if the ministry is aware of the deal, Bonsa said "the company has informed the ministry that it has changed its name from Nyota Minerals to KEFI Minerals three months ago."
"Our purpose is to monitor that the company fulfills obligations stated in the agreement that it has signed with the ministry to explore gold," Bonsa said.
He, however, said that the Australian company is expected to enter production within the remaining months of the current year.
According to the Trade Ministry, Ethiopia eyed to $774.5 million over the past ten months from gold exports. It only earned $369.31million during the reported period.
Both the European Union and United States adopted tighter restrictions on investments in Crimea this week, targeting individuals, Russian Black Sea oil and gas exploration and tourism.
Chinese Premier Li Keqiang said the offer included $1 billion for infrastructure, $490 million for poverty alleviation and $1.6 billion in special loans for China's production capacity export
Ukraine could default on its debt obligations if the situation does not change in the next few months, S&P said on Friday.
Damascus has relied on Tehran to fight its war with drop in oil price affects oil-producing Iran. Syrian traders say Damascus worried about future support
The ruble makes small gain Friday morning, but RTS index continues to contract
Norwegian energy company Statoil, which suspended 5 rigs in the last 2 months, granted $610 million for development of its gas fields
Putin earlier announced pipeline project via Bulgaria would be cancelled.
President Vladimir Putin said that Russia needed to take the opportunity to diversify its economy to protect it from external shocks.
Verdi said in a statement that workers at four of those centres had decided to continue their strike until Saturday and employees at the Graben warehouse would strike until Dec. 24.
Russia suffers as sanctions bite economy; will crisis make Ukraine conflict too costly?
EU to tighten sanctions on Crimea in time for leaders summit to send message to Russia
The Organization of the Petroleum Exporting Countries declined to cut production at a Nov. 27 meeting and, despite slumping prices, major Gulf OPEC members have since shown no sign of reversing course
Iran plans to export petrochemical products to Europe after one year of U.S.-led sanctions on its petchem market
Russia's central bank took drastic action to defend its rouble currency in a surprise midnight raising of interest rates by 650 basis points to 17 percent.
It argues that a major submarine ridge of the Arctic Ocean is an extension of its autonomous Greenland.
Russia is the second biggest exporter of illicit money, India is fourth, Brazil seventh and South Africa is 12th, according to the report.