Kganyago Sees South Africa CPI Staying in Target Despite Risks
'Our baseline is that we think that over the next 24 months that it will remain within target,' Kganyago said in an interview with Bloomberg Television on Wednesday. 'But we do caution that the outlook is clouded,' he said on the sidelines of a meeting of the Group of 20 finance ministers at a resort on South Africa's east coast.
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Yahoo
14 minutes ago
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Lake Victoria Gold Provides Update on Nyati Plant Construction and Progress Toward Binding Agreement
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to provide an update on the construction progress of the gold processing facility owned by Nyati Resources (T) Limited ("Nyati") in Tanzania, and on the advancement of negotiations toward a binding agreement. David Scott, Managing Director Tanzania & Director of LVG, commented following a recent site visit: "It was impressive to see the scale and quality of construction firsthand. The Nyati team has delivered a well-engineered plant with strong attention to detail across all critical circuits. With commissioning just weeks away, the site is clearly in the final stages of readiness. This facility will play a key role in enabling our development strategy at Tembo and beyond." Background on the Nyati Processing Facility Nyati Resources operates a fully permitted gold processing facility located on one of Tembo's Mining Licenses. The site includes an operating 120 tonne-per-day carbon-in-pulp (CIP) plant and is nearing completion of a second, much larger 500+ tpd unit. Once fully commissioned, total capacity is expected to exceed 600 tpd. The project benefits from existing infrastructure, including grid power, standby generation, a constructed tailings facility, on-site lab, and administrative support. The new plant is designed for scalable toll milling and third-party ore purchases, with features such as dual regrind mills and high-capacity leach tanks aimed at maximizing recoveries and operational flexibility. Construction Progress Nearing Commissioning Construction at the Nyati plant is advancing steadily toward commissioning, which is expected to begin within 4-6 weeks. Final site preparations and equipment testing are currently underway. The run-of-mine (ROM) pad is being filled with low grade base material awaiting delivery of mineralized material to be used for commissioning. The primary crushing circuit — including feed bins, gyratory grizzly, jaw crushers, and conveyors — has been fully installed. The secondary crushers, feed bins, chutes, and double-deck screen systems are nearing completion. Mill feed bins and belt weightometers are installed and connected to twin primary ball mills. Regrind mills, hydrocyclone cluster, and the full leach circuit — including carbon handling, cyanide dosing, pumps, and agitators — are in place. Grid electrical supply is operational; standby generation has been installed to ensure continuity during outages. All motors, pumps, and instrumentation are undergoing final dry testing. For recent images of Nyati Processing facility, please click on following link: Advancing Toward a Binding Agreement Lake Victoria Gold and Nyati Resources are in advanced stages of negotiating a binding agreement that will formalize the strategic partnership initially outlined in the executed Letter of Intent, as announced on May 1st, 2025. The proposed agreement is expected to provide LVG with exclusive rights to mill and process ore through the Nyati facility, support the development of its nearby mining licenses, and outline capital contributions and revenue sharing provisions. Marc Cernovitch, President & CEO of Lake Victoria Gold, stated: "The progress at Nyati represents a key milestone in our broader strategy to unlock the value of our Tanzanian assets through smart, capital-efficient development. Partnering with a facility that's near commissioning allows us to accelerate production timelines while maintaining focus on exploration and growth. As we move toward a definitive agreement, we're laying the groundwork for a scalable platform that can support both near-term cash flow and long-term shareholder value." Cautionary Statement Regarding Preliminary Development Concepts The Company cautions that the assessment of potential development opportunities at the Tembo Project is at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such as a Feasibility Study. As such, there are significant technical and economic uncertainties that remain unresolved, including but not limited to metallurgical recoveries, grade continuity, mineability, permitting, processing capacity, capital and operating costs, and the availability of financing. Any reference to potential development scenarios is conceptual in nature and should not be construed as an indication that an economic or technical case has been established for mining at the Tembo Project. Grant of RSUs The Company also announces that it has granted an aggregate of six million five hundred thousand restricted share units ("RSUs") to certain directors, officers, and consultants pursuant to its Omnibus Equity Incentive Plan. The RSUs will vest in accordance with the terms of the plan and applicable award agreements, and are subject to the approval of the TSX Venture Exchange, as required. The scientific and technical content of this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a Director and Officer of the Company. About Lake Victoria Gold (LVG): Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group. On Behalf of the Board of Directors of the Company, Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316Email: sbenstead@ For more information, please contact: Simon BensteadExecutive Chairman & CFOPhone:+ 1 604-685-9316Email: sbenstead@ Marc CernovitchCEO & DirectorPhone: +1 604-685-9316Email: mcernovitch@ NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. Cautionary Statement Regarding Forward-Looking Information This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including: the completion of transaction and obtaining regulatory approval for the transaction. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: receipt of all regulatory approvals; the state of financing availability; the volatility of metal prices and LVG's common shares; actual exploration or development plans and costs differing materially from the Company's estimates; and other risks disclosed in the Company's public filings. LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
14 minutes ago
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Lifezone Metals Consolidates Control of the World-Class Kabanga Nickel-Copper-Cobalt Sulfide Project
Acquires BHP's 17% Interest in Kabanga Nickel Ltd. via Deferred Consideration NEW YORK, July 18, 2025--(BUSINESS WIRE)--Lifezone Metals Limited's (NYSE: LZM) Founder and Chair, Keith Liddell, and Chief Executive Officer, Chris Showalter, today announced that Lifezone has completed a definitive agreement with BHP Billiton (UK) DDS Limited (BHP) to acquire BHP's 17% equity interest in Kabanga Nickel Limited (KNL), the majority owner of the Kabanga Nickel Project in northwestern Tanzania. As a result of the transaction, Lifezone owns 100% of KNL, which in turn holds an 84% interest in Tembo Nickel Corporation Limited (TNCL), the Tanzanian operating company for the Kabanga Nickel Project. The remaining 16% of TNCL is held by the Government of Tanzania. All existing agreements with BHP, including the T2 Option Agreement, have been terminated. Lifezone has assumed full control of 100% of the offtake from the Kabanga Nickel Project. Key terms of the transaction: FID Payment: A fixed cash payment of $10 million, payable within 30 days after the earlier of: (i) 12 months after the Final Investment Decision (FID) at Kabanga; or (ii) once Lifezone has raised $250 million in aggregate funding (whether through equity, debt or alternative sources). First Commercial Production Payment: A second deferred cash payment, payable within 30 days after the period of 12 months following the achievement of first commercial production. The amount is indexed to Lifezone's share price performance, with a reference share price of $4.16 per share and a reference amount of $28 million. An index factor of 0.7x applies – meaning that a 10% increase in Lifezone's share price results in a $1.96 million increase in the payment ($28 million x 10% x 0.7). Based on an illustrative price of $4.50 per share, the payment would total $30 million. Total consideration cap: Maximum of $83 million, or reduced to $75 million if the Resettlement Action Plan (RAP) Trigger Event occurs (see below). Lock-Up and Right of First Offer: BHP has agreed not to sell its Lifezone shares for 12 months post-completion. After this period, BHP must first offer any shares it intends to sell to Lifezone before potentially transferring them to third parties, subject to customary terms. Mr. Liddell stated: "This transaction to own 100% of Kabanga Nickel Limited allows Lifezone to fully align our technical, commercial, and ESG strategy as we advance Kabanga toward the Final Investment Decision. We are committed to delivering the project responsibly and to creation of long-term value for all our stakeholders." Mr. Showalter added: "This marks a significant milestone for Lifezone as we consolidate ownership of the Kabanga Nickel Project. BHP has been a supportive and value-adding partner whose investment has contributed to advancing the project, and their exit coincides with the project's transition into its next stage of development. Our focus remains on delivering a world-class, low-cost nickel project that benefits all stakeholders, including the Government of Tanzania and local communities." Ongoing strategic financing initiatives to advance to Final Investment Decision Standard Chartered Bank – Short-term financing and strategic advisory Lifezone has engaged Standard Chartered Bank as financial adviser to support the development of the Kabanga Nickel Project. A short-term development financing package is well advanced, to provide sufficient capital to undertake early works construction and Resettlement Action Plan activities and to progress through to Final Investment Decision, including proceeding to financial close of the multi-source project finance package. Lifezone is also in active discussions with several major, diversified counterparties regarding long-term strategic partnerships. Societe Generale – Project finance progress As announced on September 23, 2024 (refer to Lifezone's news release), Societe Generale is advising Lifezone on the project financing process. This includes potential support from the U.S. International Finance Corporation (DFC) through loans and risk insurance (refer to Lifezone's August 27, 2024 news release). The project financing process, which commenced well ahead of the release of the Kabanga Feasibility Study, is progressing well and meaningful interest has been received from potential lenders, including export credit agencies. These initiatives aim to deliver a capital structure aligned with Lifezone's growth ambitions and Kabanga's development timeline. While BHP's exit marks a transition, it also presents a unique opportunity to reshape the Kabanga ownership and financing strategy to suit Lifezone's aspiration of long-term value creation. The RAP Trigger Event and ESG alignment The RAP Trigger Event is defined as the independent verification that the project's Resettlement Action Plan has been developed and implemented in material alignment with the International Finance Corporation's Performance Standard 5 (IFC PS5). If confirmed within 12 months of completion, the total consideration payable to BHP will be reduced to a maximum of $75 million. If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube About Lifezone Metals Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting. Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation. Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals. Forward-Looking Statements Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" "or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals' hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, our approach to environmental stewardship, social responsibility, safety and governance (ESG), and other statements that are not historical facts. These statements are based on the current expectations of Lifezone Metals' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals' business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals' business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone's ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; events relating to environmental issues, social responsibility, safety and/or governance matters, expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals' business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals' business; Lifezone Metals' ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations, stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity. The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals' expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals' assessments to change. These forward-looking statements should not be relied upon as representing Lifezone Metals' assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. View source version on Contacts Investor Relations – North America Evan YoungSVP: Investor Relations & Capital Investor Relations – EuropeIngo HofmaierChief Financial Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14 minutes ago
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Fed's rate-cut delay intact as inflation fears override Trump pressure
By Howard Schneider WASHINGTON (Reuters) -The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data showing fresh signs of higher inflation and President Donald Trump intensifying his demands for lower borrowing costs. Trump appeared near the point of trying to fire Fed Chair Jerome Powell this week, but backed off with a nod to the market disruption that would likely follow, and the U.S. central bank's policy rate outlook remains virtually unchanged despite the drama. Fed officials haven't mentioned raising rates, but headlines about an imminent Powell firing caused U.S. Treasury yields to jump, not exactly what Trump wants as he yearns for cheaper financing for massive federal deficits. The Fed, though, is tasked with keeping inflation stable, not lowering government financing costs, and it is expected to hold its benchmark rate steady in the 4.25%-4.50% range at its July 29-30 meeting. The Fed last cut rates in December, after which it began factoring in the possible impact on prices from import tariffs that Trump quickly began imposing after returning to the White House in January. Rate cuts are expected to resume later this year, with investors anticipating a quarter-percentage-point reduction in September. But those odds slipped to nearly 50-50 this week after the Consumer Price Index showed inflation rose to 2.7% in June from 2.4% in the prior month. A trend that saw declining prices for goods is beginning to shift, adding to overall inflation, in a sign businesses may have begun passing some of the tariffs along to consumers. Powell and other Fed officials said they expected price increases to quicken this summer. They have been reluctant to cut rates until it is clear how much inflation is in train, how long it persists, and whether the economy begins to slow enough to ease the pressure on prices. Fed policymakers will receive two more months of jobs and inflation data before their meeting in September, and investors - and Trump administration officials - will be listening closely to Powell's post-meeting press conference on July 30 for language that leans towards a rate cut then or not. In the final comments before policymakers begin a "blackout" period on public statements before the next meeting, the focus remained largely on inflation and how June's uptick showed prices rising across an array of largely imported goods. Trade and tariff issues are now "the key drivers of the U.S. economic outlook," Fed Governor Adriana Kugler said on Thursday, adding that with price pressures building, the central bank needed to keep rates steady "for some time" to hold inflation and inflationary psychology in check. "I see upward pressure on inflation from trade policies, and I expect additional price increases later in the year," she said. Maintaining tight monetary policy for now "is important to keep longer-run inflation expectations anchored." Fed Governor Christopher Waller, mentioned as a possible replacement for Powell, in comments later on Thursday disagreed, repeating his call for a rate cut at the meeting in two weeks to account for what he sees as a coming economic slowdown and the likelihood that the impact of tariffs on inflation won't last. "With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate," Waller said in prepared remarks for a speech to the Money Marketeers of New York University. 'INFLECTION POINT' The Fed used a historically rapid escalation of interest rates in 2022 to help contain a surge of inflation in the aftermath of the COVID-19 pandemic. By last fall, Fed officials were confident enough that inflation was receding towards the central bank's 2% target that they began to lower rates, delivering three cuts in the final four months of the year. Trump made criticism of high inflation a centerpiece of his 2024 presidential campaign, pledging that prices would actually fall on his watch while also promising to raise tariffs. As Trump's inauguration arrived, the economy was still growing above trend and the labor market remained tight. Fed officials and staff worried that while tariffs, like any tax, should in theory have only a one-time price impact, those conditions coupled with the recent bout of high inflation could lead to a more persistent problem. The focus on tariffs as a source of inflation and a reason for delaying rate cuts has been central to Trump's ire at Powell, but U.S. central bankers this week said the CPI data for June showed why they are concerned, with inflation still above target and possibly poised to move higher. Kugler estimated that coming data will show the Personal Consumption Expenditures Price Index the Fed uses for its inflation target increased 2.5% in June, while the "core" measure excluding food and energy items rose 2.8%, higher than in May. "We may be at an inflection point," as far as inflation is concerned, Atlanta Fed President Raphael Bostic told Fox Business a day after the CPI release. Nearly half of goods saw price increases that annualize to 5% or more, he said, a ratio he uses to monitor inflation's breadth during the pandemic surge. That was double the share in January. "The headline number moved away from our target, not towards it ... We've seen the highest increase in prices that we've seen all year," Bostic said. "We are seeing things underlying in the economy that suggest inflation pressures are up ... The price pressures are real." In economic projections issued in June, Fed officials expected PCE inflation to hit 3% by the end of this year but still anticipated being able to cut rates by half a percentage point - far short of the massive reduction Trump wants with his call for a 1% Fed rate. No Fed official has endorsed that Trump idea, with caution still the favored approach. "It's important to note that it's still early days for the effects of tariffs, which take time to come into full force," New York Fed President John Williams said this week. "Though we are only seeing relatively modest effects of tariffs in the hard aggregate data so far, I expect those effects to increase in coming months." 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