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Business Insider
06-05-2025
- Business
- Business Insider
Canadian mining firm shifts investment focus to Guinea after Burkina Faso exit
Canadian miner Fortuna Mining is shifting its focus to Guinea, marking a strategic realignment in West Africa following its exit from Burkina Faso. Fortuna Mining is shifting its focus to Guinea after exiting Burkina Faso due to security risks and regulatory changes. The company is exploring opportunities in Guinea's gold sector through site visits and engagement with local authorities. West Africa's mining dynamics are changing, with countries like Burkina Faso, Mali, and Niger revising mining codes to increase state control. Canadian miner Fortuna Mining is shifting its focus to Guinea, marking a strategic realignment in West Africa following its exit from Burkina Faso amid rising security risks and regulatory uncertainty. CEO Jorge Ganoza disclosed the development to Reuters, noting that while Fortuna currently has no operations in Guinea, it is actively exploring opportunities in the country's gold sector through site visits and engagement with local authorities. West Africa's shifting mining landscape The move reflects how international miners are adapting to the shifting dynamics in West Africa. Since 2020, Burkina Faso, Mali, and Niger have experienced military coups and are now revising their mining codes to increase state control over foreign-owned industrial mines. In Mali, authorities have detained foreign executives and seized gold inventories amid tense negotiations with mining companies. In one notable case, Canadian miner Barrick Gold halted operations after the government confiscated three metric tons of gold worth approximately $245 million in January. In Niger, the military government took control of a French-run uranium facility in December 2024, while Burkina Faso announced plans last month to tighten its grip on foreign-owned industrial mines in a bid to boost state revenues from natural resources. Fortuna exited Burkina Faso last month by selling its Yaramoko gold mine to a private local firm for $130 million. While the sale reduces its gold output by about 70,000 ounces annually, Ganoza said the offer was compelling, given the mine's declining reserves and rising operational risks. Security costs in Burkina Faso had ballooned to $7 million per year due to the jihadist threat, he added, and reached just $200,000 to $300,000 in other countries. Fortuna's exit follows similar moves by other miners, including Endeavour Mining, which also pulled out of Burkina Faso last year. Despite the risks in the region, Fortuna is increasing its global exploration and project development budget to $51 million in 2025, up from $41 million in 2024.
Straits Times
05-05-2025
- Automotive
- Straits Times
Buy American? No thanks, Europe says, as tariff backlash grows
On a French-run 'Boycott USA!' Facebook channel with 31,000 members, people boast about buying Adidas, a German brand, over Nike. PHOTO: BLOOMBERG Buy American? No thanks, Europe says, as tariff backlash grows PARIS – For motorcycle lovers in Sweden, Harley-Davidson is the hottest brand on the road. Jack Daniel's whiskey beckons from the bar at British pubs. In France, Levi's jeans are all about chic. But in the tumult of US President Donald Trump's trade war with Europe, many European consumers are starting to avoid US products and services in what appears to be a decisive and potentially long-term shift away from buying American, according to a new assessment by the European Central Bank. In April, Mr Trump imposed a 10 per cent blanket tariff on America's trading partners and threatened 'reciprocal tariffs' on many of those, including the European Union. Companies like Tesla and McDonald's are seeing customers in Europe put off by 'Made in America.' 'The newly imposed US trade tariffs on European products are causing European consumers to think twice about what's in their shopping cart,' the ECB wrote in a blog post about its research on consumer behaviour. 'Consumers are very willing to actively move away from US products and services.' Europeans had already begun testing grassroots boycotts on American products, including Heinz ketchup and Lay's potato chips, shortly after Mr Trump took office. His threats to take over Greenland, part of Denmark, energised Danes to organise no-buy campaigns on Facebook. Tesla owners in Sweden slapped 'shame' bumper stickers on their cars to distance themselves from Mr Elon Musk, the Tesla CEO who is one of Mr Trump's top advisers. But Europeans' anguish over Mr Trump's treatment of America's longtime allies has hardened as he has moved to rewire world trade with steep global tariffs, the central bank found. MrTrump took particular aim at the European Union, which he called 'very, very bad to us' for not buying more from the United States, and threatened the bloc with a 20 per cent 'reciprocal' tariff in April. Such talk bewildered many Europeans and rattled EU leaders, who retaliated with a 25 per cent duty on many US goods. Both sides called a temporary truce after Mr Trump abruptly reversed course and delayed tariffs until the summer. But the 10 per cent baseline tariff is still in place, and a trans-Atlantic trade war could easily flare again. And even if a trade deal is reached, Europe's newfound wariness of its longtime ally will not easily be unwound. The ECB study found that even if a mere 5 per cent tax was placed on American products sold in Europe, Europeans would be inclined to shun them. What is new, the central bank said, is a 'preference' among European consumers 'to move away from US products and brands altogether,' no matter what the cost. That was the case even for households that could bear the brunt of higher prices. 'Even though they could afford more expensive US products and services, they consciously choose alternatives,' the bank said. 'This suggests that consumers' reactions may not just be a temporary response to tariff increases, but instead signal a possible long-term structural shift in consumer preferences away from US products and brands.' In Germany and Italy, developers have created apps that scan grocery and clothing items for people who want to make sure they are not buying American. The top app, BrandSnap, even suggests European alternatives. On a French-run 'Boycott USA!' Facebook channel with 31,000 members, people boast about buying Adidas, a German brand, over Nike and New Balance, and post stories about avoiding travel to the United States. In a Danish Facebook group with 95,000 members, people try to help each other figure out if products like Gillette Mach 3 razor blades or Schweppes soda are from the United States. One run from Sweden promotes alternatives to Airbnb and is calling for a European boycott on Meta platforms for a week in May. Europeans have also posted online to say they have begun cancelling subscriptions to US streaming giants, including Netflix, Disney+ and Amazon Prime Video. Some consumers who have boycotted Amazon have gone online to lament that delivery from alternate e-commerce platforms in their countries is slower or less reliable but say that they are staying the course. Millions of people still buy American goods and services worldwide, but US companies and investors are keeping a close eye on international markets for signs of anti-American sentiment related to Mr Trump's policies. In Europe, Tesla sales continued a sharp decline in April, data showed, including an 81 per cent plunge in Sweden from a year earlier, as protests against Mr Musk's political views held steady. And McDonald's said it was observing growing negative attitudes abroad toward US brands, especially in Northern Europe and Canada. International consumers are 'going to be cutting back their purchase of American brands, and we've seen an uptick in anti-American sentiment,' the burger chain's CEO, Mr Chris Kempczinski, said in a call with analysts last week. The McDonald's brand does not seem to have been damaged yet – same-store sales in Canada and Europe were down only 1 per cent in the first quarter from a year earlier. But there is an '8- to a 10-point increase in anti-American sentiment,' he said. NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Zawya
05-05-2025
- Business
- Zawya
Canada: Fortuna eyes Guinea investments after Burkina Faso exit, CEO says
DAKAR: Canada's Fortuna Mining is eyeing expansion into Guinea after exiting Burkina Faso, where it faced regulatory instability and high security costs because of jihadist threats, its CEO told Reuters. Fortuna, which is not currently established in Guinea, is looking for gold mining opportunities there, conducting site visits and meeting with authorities, Ganoza said. "We find Guinea to be a place we would invest today," Jorge Ganoza said by video call. A portion of the mining company's growing exploration budget will go to Guinea where "there is a lot of room for discovery", he said. The comments highlight how mining companies are responding to the changing landscape in West Africa, where military-run governments are revising mining codes while struggling to mitigate the threat posed by jihadists. Burkina Faso and its neighbours Mali and Niger have all seen military officers seize power in coups since 2020. The new leaders have introduced new mining codes to increase local control over the sector while sometimes deploying hardball tactics. Malian authorities have arrested foreign executives and seized gold stocks amid negotiations with mining companies in recent months. Niger in December seized a French-run uranium site, while Burkina Faso's junta last month vowed to take control of more foreign-owned industrial mines. Guinea, which borders Mali to the southwest, is also led by a military government - coup leader Mamady Doumbouya seized power in 2021 - but does not face the same jihadist threats. Its government has not revised its mining code, but has put pressure on foreign firms including by threatening their licences if they fail to meet a tight construction deadline for the giant Simandou iron ore deposit. "We don't see the same situations as we see today in Mali or Burkina Faso or Niger," Ganoza said. BURKINA EXIT Fortuna announced last month it was exiting Burkina Faso with the sale of the Yaramoko gold mine to a private local company for $130 million. Though Fortuna expects to lose approximately 70,000 ounces of gold from the sale, according to Ganoza, he said the deal was "a very compelling offer" given the mine's low reserves. Insecurity from jihadist attacks had driven the company's annual security costs to as much as $7 million, Ganoza said. In other jurisdictions he said such costs are between $200,000 and $300,000. Fortuna had been forced to operate on "a complete fly-in, fly-out basis for all personnel", with ground transportation too dangerous, Ganoza said. He added that Burkina Faso's government was "pricing themselves out of the market" by demanding state participation in mining firms as high as 30% in the revised mining code adopted in July 2024. Fortuna's retreat from Burkina Faso follows competitor Endeavour's exit last year. Globally, Fortuna is investing $51 million in exploration and project development this year, up from $41 million in 2024, Ganoza said. In addition to Guinea, he said there will be a heavy focus on Senegal's Diamba Sud gold project and expanding operations in Ivory Coast, where Fortuna's flagship Seguela gold mine is located. (Reporting by Maxwell Akalaare Adombila; Editing by Portia Crowe, Robbie Corey-Boulet and Jan Harvey)
Reuters
05-05-2025
- Business
- Reuters
Fortuna eyes Guinea investments after Burkina Faso exit, CEO says
Summary Companies Canadian mining firm looking for gold opportunities in Guinea Fortuna faced security, regulatory challenges in Burkina Faso Exploration budget raised, with a portion allocated to Guinea DAKAR, May 5 (Reuters) - Canada's Fortuna Mining ( opens new tab is eyeing expansion into Guinea after exiting Burkina Faso, where it faced regulatory instability and high security costs because of jihadist threats, its CEO told Reuters. Fortuna, which is not currently established in Guinea, is looking for gold mining opportunities there, conducting site visits and meeting with authorities, Ganoza said. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. "We find Guinea to be a place we would invest today," Jorge Ganoza said by video call. A portion of the mining company's growing exploration budget will go to Guinea where "there is a lot of room for discovery", he said. The comments highlight how mining companies are responding to the changing landscape in West Africa, where military-run governments are revising mining codes while struggling to mitigate the threat posed by jihadists. Burkina Faso and its neighbours Mali and Niger have all seen military officers seize power in coups since 2020. The new leaders have introduced new mining codes to increase local control over the sector while sometimes deploying hardball tactics. Malian authorities have arrested foreign executives and seized gold stocks amid negotiations with mining companies in recent months. Niger in December seized a French-run uranium site, while Burkina Faso's junta last month vowed to take control of more foreign-owned industrial mines. Guinea, which borders Mali to the southwest, is also led by a military government - coup leader Mamady Doumbouya seized power in 2021 - but does not face the same jihadist threats. Its government has not revised its mining code, but has put pressure on foreign firms including by threatening their licences if they fail to meet a tight construction deadline for the giant Simandou iron ore deposit. "We don't see the same situations as we see today in Mali or Burkina Faso or Niger," Ganoza said. BURKINA EXIT Fortuna announced last month it was exiting Burkina Faso with the sale of the Yaramoko gold mine to a private local company for $130 million. Though Fortuna expects to lose approximately 70,000 ounces of gold from the sale, according to Ganoza, he said the deal was "a very compelling offer" given the mine's low reserves. Insecurity from jihadist attacks had driven the company's annual security costs to as much as $7 million, Ganoza said. In other jurisdictions he said such costs are between $200,000 and $300,000. Fortuna had been forced to operate on "a complete fly-in, fly-out basis for all personnel", with ground transportation too dangerous, Ganoza said. He added that Burkina Faso's government was "pricing themselves out of the market" by demanding state participation in mining firms as high as 30% in the revised mining code adopted in July 2024. Fortuna's retreat from Burkina Faso follows competitor Endeavour's (EDV.L), opens new tab exit last year. Globally, Fortuna is investing $51 million in exploration and project development this year, up from $41 million in 2024, Ganoza said. In addition to Guinea, he said there will be a heavy focus on Senegal's Diamba Sud gold project and expanding operations in Ivory Coast, where Fortuna's flagship Seguela gold mine is located.
Yahoo
30-03-2025
- Business
- Yahoo
Orbital rocket crashes seconds after take-off in rare European spaceport launch
A German start-up's orbital rocket spun out and crashed seconds after take-off Sunday, in a rare European test flight that the makers said 'met its set goals.' The flight, from a spaceport in northern Norway, marked the first time a rocket capable of reaching orbit was launched from continental Europe, manufacturer Isar Aerospace said. The rocket, called Spectrum, was airborne for only around half a minute before dramatically falling into the chilly Norwegian Sea. Isar Aerospace and other European start-ups are scrambling to seize a segment of a rapidly expanding space race, currently dominated by companies and government-owned entities in the United States and China. And the company framed Sunday's launch as a step toward that goal, saying in a statement: 'Isar Aerospace met its set goals: After ignition of its first stage, Spectrum successfully lifted off … for its first test flight lasting approximately 30 seconds. This allowed the company to gather a substantial amount of flight data and experience to apply on future missions.' 'As a company with European roots, we are proud to have shown that Europe has an enduring capacity for bold thinking and grand achievements,' Daniel Metzler, the company's CEO and co-founder, said in the statement. 'We will be able to serve customers from around the world to bring their satellites into space and to help Europe solve a major blind spot in its security architecture: access to space.' The European Space Agency, which is made up of 23 member nations, has already launched rockets into orbit, as have companies such as the French-run ArianeGroup. But both have launched flights from outside Europe, mainly at spaceports in the Americas. Leaders in the space industry include Elon Musk's SpaceX, which has launched hundreds of rockets into orbit. Europe has historically lagged behind, both in the initial space race of the 1960s and 1970s and the subsequent rush by commercial companies to reach orbit.
