Day: October 4, 2024

The credit rating agency Standard and Poor’s (SandP) has upgraded Mongolia’s long-term foreign and local currency sovereign credit ratings from B to B+ and assigned a positive outlook, as reported by local media on Friday, citing the agency’s statement.

SandP noted, “Mongolia has experienced a remarkable turnaround over the past 18 months, spurred by strong commodities exports. The country has significantly lifted its growth prospects. In our view, this indicates economic strength more compatible with a higher rating,” the agency said.

The agency projects that Mongolia’s economy will expand robustly by 6 percent in 2024, driven primarily by coal and copper exports, which are expected to boost government revenues.

Furthermore, SandP anticipates sustained export growth, which will enhance current account receipts and improve external metrics.

This upgrade follows a similar move by Fitch Ratings, which, in late September, raised Mongolia’s long-term foreign-currency issuer default rating from ‘B’ to ‘B+’, w
hile maintaining a stable outlook.

Source: The Namibia News Agency

Minister of Mineral and Petroleum Resources, Gwede Mantashe, has told an indaba that there is evidence to suggest that mining is ‘the bedrock of our economy’ and that the country is an attractive investment destination for mining.

According to the Minerals Council of South Africa, the industry contributed some 6.3% to South Africa’s nominal Gross Domestic Product (GDP) last year.

‘There is a strong case emerging out of the study on ‘The State of Mining’ that the South African mining industry not only remains the bedrock of our economy, but an attractive investment destination for mining.

‘Coupled with the draft South Africa’s ‘Critical Minerals Strategy’, the study points to the reality that the South African mining industry is diversifying from the gold mining era to an industry with wide-ranging mineral resources, including the world’s largest known deposits of platinum group metals (PGMs), manganese, chrome, coal, gold, copper, vanadium, and other natural resources that are considered critical for the
just transition,’ the Minister said at the Annual Joburg Indaba in Sandton on Thursday.

He added that with the diversification of the industry, its potential to continue growing remains high.

‘Notwithstanding the challenges faced by the gold mining sector, including deep level mines and heightened safety concerns, the 2023 gold production statistics positioned South Africa as the world’s thirteenth and Africa’s fourth largest gold producer.

‘Despite the fluctuating prices of palladium and rhodium, of which South Africa supplies 38% and 81%, respectively, to the global commodities market, the PGMs sector is poised to play a catalytic role in sustaining the South African mining industry, and in the growth of our economy.

‘Considering South Africa’s reserves of known manganese and chrome deposits, as well as being the largest producer and exporter of manganese and chrome ore, the South African manganese and chrome sectors are poised to continue playing a significant role globally driven by their use in the a
utomotive and construction industries,’ Mantashe said.

Addressing challenges

He acknowledged that during last year’s Joburg Indaba, industry players raised issues that ‘we needed to resolve for the sector to thrive, including the need to ensure the necessary policy and regulatory certainty for investment’.

‘Although the South African mining industry’s regulatory framework is stable and predictable, the Department of Mineral and Petroleum Resources is drafting amendments to the Mineral and Petroleum Resources Development Act (MPRDA).

‘This is so as to address its shortcomings and ensure that areas that have been challenged legally are strengthened against international best practice. The amendments will further improve the business environment while keeping in sync with our socioeconomic fabric.

‘The completion of the migration process to the new efficient and transparent mining licensing system, in June next year, is poised to modernise our licensing system, ensure regulatory certainty, and the sustainab
ility of the South African mining industry.

‘Having completed the first phase of the project, which included the assessment of the current environment to establish the baseline and its readiness, and the requirements with respect to system hosting, software integration, and the enhancement of cybersecurity, the development of the new system is therefore progressing very well,’ the Minister explained.

READ | Presidency transfers Department of Mineral Resources and Energy legislation

Furthermore, the Minister told the industry leaders that between April 2023 and March this year, the department has processed and finalised 127 mining rights, 1 527 prospecting rights, and 2 313 mining permits and ancillaries.

There are no backlogs in the Western Cape and the Free State while backlogs in the Northern Cape, Limpopo, North West, Eastern Cape and KwaZulu-Natal have been significantly reduced. Mpumalanga is the only province with a significant backlog.

‘As we come to the end of this year’s Indaba, we wish to encou
rage the South African mining industry to continue sharing insights about the realities of this industry, advance beneficiation at source, and support our exploration initiatives.

‘We further encourage junior miners to take up the opportunities presented to them in order to transform the industry and ensure that the people of South Africa derive value from their country’s mineral endowment,’ Mantashe concluded.

Source: South African Government News Agency

Over the past 75 years, China has overcome historical challenges on its development path to become one of the world’s major powers today, an Uzbek scholar has said.

The Chinese model of progress is a unique combination of socialism and market principles, which allows China to remain an economic power, said Azamat Seitov, a scholar at Uzbekistan’s University of World Economy and Diplomacy, in an interview with Xinhua.

“China’s great achievements are not only in economic growth but also in advances in social policy, infrastructure, and technology,” he said.

China, he said, has managed to find a model that ensures both growth and stability.

“The two main ‘miracles’ are rapid economic growth and lasting stability, which are unique for a country with such a large population and in the face of global challenges,” Seitov said.

“This experience has a global impact, offering developing countries an alternative to the Western approach to development. The global significance of China’s political model lies in its
ability to influence world economic and political processes, shift the balance of power, and open new avenues for international cooperation,” he said.

Seitov pointed out that China’s contribution to global governance amid the world’s challenges is multifaceted.

“It includes not only economic and financial influence but also intellectual contributions, as well as the initiation of several major projects aimed at addressing many issues in the global community, particularly in Central Asian countries, including Uzbekistan,” he added.

Source: The Namibia News Agency

Basic Education Minister Siviwe Gwarube and Deputy Minister Dr Reginah Mhaule will today visit Gauteng as part of the ongoing National Listening and Learning Tour.

This tour aims to directly engage with provincial education stakeholders, school leadership and the broader community to address challenges in the province’s education sector.

‘This provincial visit will focus on critical issues such as the annual influx of learners to the province, school safety, literacy and numeracy levels, teacher training, as well as budget constraints…

‘The purpose of these engagements is to identify areas for improvement, share best practices, and collaboratively develop solutions to the unique challenges within the province’s educational landscape,’ the Department of Basic Education said in a statement.

Gwarube and Mhaule will address the media following their engagements with provincial education stakeholders, providing updates on the outcomes of the visit and plans to strengthen the education system in Gauteng.

S
ource: South African Government News Agency

Uncapped midfielder Nelson Deossa has been named in Colombia’s squad for World Cup qualifiers against Bolivia and Chile, the Colombian Football Federation (FCF) said on Thursday.

Deossa, 24, has impressed Cafeteros manager Nestor Lorenzo with his performances for Pachuca in Mexico’s Liga MX this year.

As expected, the 29-man squad is headed by Rayo Vallecano midfielder James Rodriguez and also includes Liverpool winger Luis Diaz and Aston Villa striker Jhon Duran.

There was no place, however, for Carlos Cuesta, Yerson Mosquera and Rafael Borre due to injury.

Colombia will play Bolivia in El Alto on October 10 and Chile in Barranquilla five days later.

The Cafeteros are currently second in the 10-team South American World Cup qualifying group with 16 points from eight games, two points shy of leaders Argentina.

Following is the Colombia squad:

Goalkeepers: Alvaro Montero, Camilo Vargas and Kevin Mier.

Defenders: Cristian Borja, Daniel Munoz, Davinson Sanchez, John Lucumi, Johan Mojica, Juan David Caba
l, Santiago Arias, Willer Ditta and Yerry Mina.

Midfielders: James Rodriguez, Jefferson Lerma, Jhon Arias, Jorge Carrascal, Juan Camilo Portilo, Juan Fernando Quintero, Kevin Castano, Matheus Uribe, Nelson Deossa, Richard Rios and Yaser Asprilla.

Forwards: Jhon Cordoba, Jhon Jader Duran, Juan Camilo Hernandez, Luis Diaz, Luis Sinisterra and Roger Martinez.

Source: The Namibia News Agency

Finance Minister Enoch Godongwana is set to table the Medium-Term Budget Policy Statement (MTBPS) in Parliament on 30 October 2024, his department has announced.

‘The MTBPS sets government policy goals and priorities, forecasts the macroeconomy trajectory, and projects the fiscal framework over the next three years by outlining spending and revenue estimates, amongst others,’ Godongwana said on Thursday.

An engagement session on the MTBPS logistics will be held and an invitation will be shared with media and economists in due course.

The MTBPS will take place on Wednesday, 30 October 2024 in Parliament at 14h00. – SAnews.gov.za

Source: South African Government News Agency