Latest news with #African-focused
Yahoo
21-05-2025
- Business
- Yahoo
VAALCO Energy (EGY) is Among the Energy Stocks that Lost the Most This Week
The share price of VAALCO Energy, Inc. (NYSE:EGY) fell by 12.01% between May 13 and May 20, 2025, putting it among the . Let's shed some light on the development. A busy oil & gas rig on the horizon, revealing the depths of the Etame Marin block's activity. VAALCO Energy, Inc. (NYSE:EGY) is a leading African-focused oil and gas operating company with a strong production and reserve base and a diverse portfolio of assets in Côte d'Ivoire, Egypt, Equatorial Guinea, Gabon, and Canada. The stock of VAALCO Energy, Inc. (NYSE:EGY) surged earlier this month after the company posted results for its Q1 2025. EGY's adjusted EPS of $0.06 was in-line with market expectations, while its revenue of $110.33 million beat expectations by over $5 million. The company also declared a cash dividend of $0.0625 per share. So the recent decline in share price could be due to profit-taking by investors, as well as the slight decrease in the price of crude oil over the last week. While we acknowledge the potential of EGY to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EGY but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks to Buy According to Hedge Funds Disclosure: None.
Yahoo
20-05-2025
- Business
- Yahoo
Posts falsely claim South Africa has imposed new rules for reporting cash withdrawals
'The war on cash,' begins a Facebook post published on May 5, 2025. 'From 10 May 2025, all major SA banks will implement a new regulatory rule re card withdrawals.' Shared more than 240 times, the post further claims that 'if you withdraw more than a specified amount using your bank card, your transaction details will be automatically reported to SARS'. SARS stands for the South African Revenue Service. The post includes a screenshot of a table purportedly showing the various withdrawal amounts that automatically trigger notification to SARS for each of South Africa's banks, ranging from R3,000 to R10,000 a day (approximately $166 to $553). The same claim was shared on other platforms, including Facebook, Instagram, and LinkedIn. Other posts and blogs claimed the new rules would take effect on June 15, 2025. But the claims are false. A keyword search found no credible reporting of the claim, but it appears to be linked to this blog article from May 2, 2025: 'SARS Big Bank Alert! Withdraw Over This Limit After 10 May and SARS Will Be Notified Instantly'. The article comes from a website designed to look like an African-focused news blog, the domain of which – ' – appears in the false Facebook post. AFP Fact Check used Whois and ICANN domain lookups and found the blog's URL was registered on May 2, 2025 – the same date as the article – with a listed address and phone number based in Iceland. A Google search of the address shows it was the subject of a 2024 New York Times report about Withheld for Privacy, an internet privacy service established by Namecheap, which hosts some of the internet's 'sketchiest websites' (archived here). The NYT report stated Iceland has emerged as a global hub for dubious websites, largely due to its strong privacy laws. Other stories published on the website also appear questionable, most with clickbait headlines about South Africa. The South African Reserve Bank, the country's central bank, refuted the claim on Facebook (archived here). 'The article claiming that a 'New Card Withdrawal Rule' will take effect on 10 May 2025 — requiring banks to report card withdrawals over R10,000 to SARS — is false,' it said. The SARB statement added that 'no such rule' had been issued, nor was there 'a new directive' announcing a requirement for 'automatic SARS reporting for large card withdrawals'. The bank urged the public to verify financial news on official SARB or SARS platforms. Contacted by AFP Fact Check, South Africa's Financial Intelligence Centre (FIC) reiterated this in an email on May 14, 2025, saying it has not made any recent 'announcements or regulatory changes on this subject'. The FIC said, in this instance, the Prudential Authority of the South African Reserve Bank (SARB) would have communicated such a change. The FIC said by law, 'cash received or paid out to a client above the threshold of R49,999.99 (approximately $2,800) must be reported by the accountable institution to the FIC'. The FIC's primary role is to protect the integrity of the country's financial system; it was established to identify proceeds of crime, to track the financing of terrorism, and to combat money laundering.
AFP
20-05-2025
- Business
- AFP
Posts falsely claim South Africa has imposed new rules for reporting cash withdrawals
'The war on cash,' begins a Facebook post published on May 5, 2025. 'From 10 May 2025, all major SA banks will implement a new regulatory rule re card withdrawals.' Shared more than 240 times, the post further claims that 'if you withdraw more than a specified amount using your bank card, your transaction details will be automatically reported to SARS'. SARS stands for the South African Revenue Service. The post includes a screenshot of a table purportedly showing the various withdrawal amounts that automatically trigger notification to SARS for each of South Africa's banks, ranging from R3,000 to R10,000 a day (approximately $166 to $553). Image Screenshot of the false Facebook post, published on May 5, 2025 The same claim was shared on other platforms, including Facebook, Instagram, and LinkedIn. Other posts and blogs claimed the new rules would take effect on June 15, 2025. But the claims are false. Dodgy web domain A keyword search found no credible reporting of the claim, but it appears to be linked to this blog article from May 2, 2025: 'SARS Big Bank Alert! Withdraw Over This Limit After 10 May and SARS Will Be Notified Instantly'. The article comes from a website designed to look like an African-focused news blog, the domain of which – ' – appears in the false Facebook post. AFP Fact Check used Whois and ICANN domain lookups and found the blog's URL was registered on May 2, 2025 – the same date as the article – with a listed address and phone number based in Iceland. Image Screenshot of the domain registration information A Google search of the address shows it was the subject of a 2024 New York Times report about Withheld for Privacy, an internet privacy service established by Namecheap, which hosts some of the internet's 'sketchiest websites' (archived here). The NYT report stated Iceland has emerged as a global hub for dubious websites, largely due to its strong privacy laws. Other stories published on the website also appear questionable, most with clickbait headlines about South Africa. Image Headlines taken from the website registered in Iceland 'No new directive' The South African Reserve Bank, the country's central bank, refuted the claim on Facebook (archived here). 'The article claiming that a 'New Card Withdrawal Rule' will take effect on 10 May 2025 — requiring banks to report card withdrawals over R10,000 to SARS — is false,' it said. The SARB statement added that 'no such rule' had been issued, nor was there 'a new directive' announcing a requirement for 'automatic SARS reporting for large card withdrawals'. The bank urged the public to verify financial news on official SARB or SARS platforms. Contacted by AFP Fact Check, South Africa's Financial Intelligence Centre (FIC) reiterated this in an email on May 14, 2025, saying it has not made any recent 'announcements or regulatory changes on this subject'. The FIC said, in this instance, the Prudential Authority of the South African Reserve Bank (SARB) would have communicated such a change. The FIC said by law, 'cash received or paid out to a client above the threshold of R49,999.99 (approximately $2,800) must be reported by the accountable institution to the FIC'. Image Screenshot of the FIC reporting obligations The FIC's primary role is to protect the integrity of the country's financial system; it was established to identify proceeds of crime, to track the financing of terrorism, and to combat money laundering.
Yahoo
28-04-2025
- Business
- Yahoo
Perseus commits $523m to develop Nyanzaga Gold Project in Tanzania
African-focused gold company Perseus Mining has made a final investment decision (FID) to develop the Nyanzaga Gold Project (NGP) in Tanzania with an investment of approximately $523m (A$817.08m). The updated feasibility study for the NGP, which includes insights and recommendations derived from technical assessments conducted by Perseus' technical team, has led to the FID. Perseus holds an 80% contributing interest in the NGP alongside the Government of Tanzania, which holds a 20% non-contributing interest. The NGP will be a large-scale, open-pit mining operation with estimated total gold production of 2.01 million ounces (moz) over an 11-year phase one mine life. The average all-in site cost is projected to be $1,211/oz. The mine is slated to begin gold production in the first quarter of 2027 (Q1 2027). The development will be financed through interest-free loans from Perseus' existing cash reserves, which stood at $801m as of 31 March 2025. Perseus has invested around $27.5m so far to strengthen the project team and initiate early works. These efforts include site establishment, setting up temporary construction accommodations, conducting bulk earthworks, and executing the relocation action plan to build new homes for those affected by upcoming construction and operational activities. Perseus' investment in the NGP is underpinned by strong financial metrics, including an estimated pre-tax net present value (NPV 10%) of $404m and an internal rate of return of 26%. These figures are based on a long-term assumed gold price of $2,100/oz. The NGP's capital costs are estimated at $472m, inclusive of a $49m contingency, with an additional $51m in pre-production capital. Perseus has a track record of successfully developing and operating gold mines in Africa, including the Edikan, Sissingué and Yaouré mines. Perseus managing director and CEO Jeff Quartermaine said: 'Perseus is very excited by its decision to proceed with the development of the Nyanzaga Gold Project and is looking forward to working alongside the Government of Tanzania to deliver a world class mining operation. 'Acquired in May 2024 through the successful takeover of OreCorp Limited, the Nyanzaga Gold Project will be the first major gold mine development in Tanzania in 17 years and represents a major step forward in terms of enhancing Tanzania's reputation as a favourable destination for foreign investment.' In January, Perseus Mining took an FID on the development of the CMA underground project at the Yaoure Gold Mine in Côte d'Ivoire. "Perseus commits $523m to develop Nyanzaga Gold Project in Tanzania" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
07-04-2025
- Business
- Yahoo
Neo Performance, Globe Metals & Mining sign MOU for niobium pentoxide supply
Canada-based Neo Performance Materials has signed a non-binding memorandum of understanding (MOU) with Globe Metals & Mining for the offtake of up to 150 tonnes (t) per year of niobium pentoxide from phase one of the Kanyika Niobium Project in Malawi. This MOU lays the groundwork for a binding commercial offtake agreement, ensuring a steady supply of niobium pentoxide for Neo's rare metals production facility, NPM Silmet, in Sillamäe, Estonia. The project is scheduled to commence production in the first quarter of 2027 (Q1 2027). African-focused resources company Globe Metals & Mining CEO Paul Smith said: 'The Neo MOU represents a watershed moment for the Kanyika Project. It means Globe has now signed multiple MOUs and a letter of intent that, as a package, cover offtake for 100% of Kanyika's Phase 1 production of both niobium pentoxide and tantalum pentoxide. 'We look forward to a long and lasting relationship with Neo and are very pleased to be associated with such a highly regarded group, which enjoys a pre-eminent position in the global market for strategic and critical metals.' Once the initial purchase quantities are met, the parties expect the offtake agreement to be renewed on an annual basis. In addition to niobium pentoxide, Neo has also secured a limited right of first refusal to acquire other critical metals produced at the Kanyika Project, including tantalum and zircon concentrates. Neo Performance Materials CEO Rahim Suleman said: 'We are laser-focused on diversifying and de-risking our supply chain, including our long-term access to critical metals, and expanding into increasingly more downstream value-added applications across all our business lines, including niobium and tantalum. The feedstock agreement with Globe provides an opportunity to engage in multi-year planning to optimise Neo's supply chain.' Last month, Globe Metals & Mining entered a non-binding MOU with Myst Trading for offtake of phase one output from the Kanyika Niobium Project in Malawi. "Neo Performance, Globe Metals & Mining sign MOU for niobium pentoxide supply" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
