Latest news with #LSM
Zawya
a day ago
- Business
- Zawya
Mining in Motion Highlights Role of Artisanal Small-Scale Miners (ASM)-Large-Scale Miners (LSM) Synergies in Africa
Ghana is making strides towards fostering greater collaboration between Artisanal Small-Scale Miners (ASM) and Large-Scale Miners (LSM), seeking to unlock greater value from the mining industry while creating newfound opportunities for local communities. A discussion at the Mining in Motion 2025 summit highlighted the value of strengthen ASM-LSM synergies, with speakers underscoring the need to promote cooperation among industry stakeholders. The session – titled Fostering Synergies Between ASM and LSM: Maximizing Gold Value through Collaboration – shed light on the role ASMs play, not only in Ghana but across the broader African continent. ASMs make up a large part of Ghana's mining industry, contributing over 35% to the country's total gold output. According to Okyere Yaw Ntrama, General Manager, Ahafo Mine at Newmont Ghana Gold Limited, 'The ASM industry is labor-intensive but they are also the best producers in terms of driving value for the economy. Formalization and synergies are not only about co-existence but about co-creation of knowledge, equal access and prosperity. When we talk about shared value, we also talk about resources that should be optimally mined. If there are areas that cannot be mined by larger companies, they should be given to small-scale miners.' Ntrama further explained that through synergies between the ASM and LSM industry, Ghana can optimize mining operations. Specifically, the country can determine areas which are not commercially viable for LSM players, handing them over to ASMs to develop. Otu Solomon Kwame from the Association of Small-Scale Miners of Ghana, emphasized that, 'Sometimes small-scale miners feel neglected by the larger companies. We need to devise policies to make sure these companies are fixed into lasting cooperation. We need to work with mining companies to determine areas that have been determined as [unfeasible]. Those areas can be given to small-scale miners.' Meanwhile, Edward Bickham, Senior Adviser, World Gold Council, believes that there needs to be greater trust developed between ASM and LSM companies. He stated: 'ASMs need to be treated as other stakeholders are: understood and worked with because they are significant. As an LSM, you need to think of the sustainable development of the communities around you. ASM is an important part of livelihoods. There is also the issue of security and collaboration. You need to think about the dynamics and relationships between the two types of miners. There is a huge trust-building initiative that needs to be taken.' Echoing these remarks, Eduard Cornew, Co-founder&President of Mwamba Mining, emphasized that trust is an imperative part of improving cooperation and accelerating productivity across Ghana's mining sector. Cornew drew attention to the need to create trust between different mining corporations – from small-scale miners to larger corporations. Beyond Ghana, major mining producers in Africa are turning to regulation to facilitate collaboration across industry players. Jean-Paul Kapongo, Director General, SAEMAPE at the Ministry of Mining of the Democratic Republic of Congo (DRC), explained that, ' It all started in our country with the advent of the mining code and the mining regulations. These two documents provide the possibility and the accessibility to access the DRC's mines.' The DRC is one of Africa's biggest mineral producers. By promoting synergies between ASM and LSM players, the country seeks to reaffirm its position as global supplier. Distributed by APO Group on behalf of Energy Capital&Power.
Express Tribune
3 days ago
- Business
- Express Tribune
Buoyed projections?
Listen to article The government's projection of an exalted growth rate of 4.2% for the next fiscal year has made jaws drop. On what premise it is so confident is hard to guess, but the ground realities suggest a dismal picture. The beleaguered dispensation is pinning its hopes on tight monetary control and effective management of the economy – but that is no small task. All the projected targets for the ongoing fiscal year were missed as the economy achieved 2.68% growth as against the projected 3.6%. The agrarian sector merely posted 0.56% growth and the country is now on the verge of importing grains. So are the pathetic statistics with industry and other plum portfolios. The euphoria seems based on the sole achievement that the economy has swelled to $411 billion with a per capita income rise to $1,824. Likewise, the services, transport, storage, construction, information and communication sectors have managed moderate upward trends. All this seems to have encouraged the government to propose new growth targets of 4.4% in commodity-producing sectors; 4.5% in agriculture sector, 3.5% in LSM and 3% in mining. Inflation is being seen at 7.5%. But there is a surprising squeeze too that the government is eyeing: the construction sector which grew by 6.6% this year is targeted at only 3.8%. So is the case with electricity, gas and water supply sectors that are nourished by 29% this year, but are projected to grow by only 3.5% next year. This is untenable and what crosscurrents they will leave behind is another enigma of sorts. On the international front, there is a tight-walking for the government as the IMF is too inquisitive, having almost torpedoed the plans on crypto, and insisting on tax collection to be raised to Rs16 trillion. On the other hand, the Planning Commission says it has only left with Rs880 billion and only high-priority developmental projects will see the light of the day. The rare hope-line is the largesse of the ABD which has doled out $800 million to strengthen fiscal sustainability and improve public financial management programmes.
Business Recorder
30-05-2025
- Business
- Business Recorder
Fitch upgrades Pakistan's rating: macroeconomic stabilisation acknowledged
ISLAMABAD: Pakistan's economy has been upgraded by Fitch Ratings, acknowledging macroeconomic stabilisation in the outgoing fiscal year, supported by improved fiscal performance, current account surplus and easing inflation, says Monthly Economic Update released by Finance Division on Thursday. Revenue growth outpaced expenditure, reducing the fiscal deficit and further strengthening the primary surplus. The current account posted a $1.9 billion surplus, with a robust growth in exports and remittances. Inflation declined to a record low, paving the way for a more accommodative monetary policy stance. While Large Scale Manufacturing (LSM) activity remained sluggish, the automobile and export-oriented sectors showed encouraging performance. Fitch upgrades Pakistan rating to 'B-' Climate finance initiatives, including the Resilient and Sustainable Facility from the IMF and launching the Green Sukuk, reinforce the path toward inclusive and sustainable growth. POLICY INTERVENTIONS SUPPORTING AGRICULTURE GROWTH During the Rabi season 2024-25, wheat was cultivated on 22.07 million acres with an estimated output of 28.98 million tonnes. Farm input utilisation showed consistent improvement, supported by government efforts to ensure quality seeds, adequate credit, and availability of the machinery and fertilisers. Agricultural credit disbursement increased by 15.0 per cent to Rs1,880.4 billion during Jul-Mar FY2025, moving steadily toward the annual target of Rs2,572.3 billion. Imports of agricultural machinery surged by 10.0 per cent to $69.2 million in Jul-Apr FY2025, reflecting rising mechanization. For the Kharif season 2025, availability of Urea and DAP is estimated at 4,012 and 840,000 tonnes, respectively. Whereas their estimated offtake stands at 3,152 and 796,000 tonnes, which are 14.6 per cent and 24.0 per cent higher than last year, respectively. Large Scale Manufacturing (LSM) Sector Exhibits Uneven Recovery The LSM sector showed a mixed performance in March 2025. It registered year-on-year (YoY) growth of 1.8 per cent; however, this was offset by a month-on-month (MoM) contraction of 4.6 per cent. LSM declined by 1.5 per cent during Jul-Mar FY2025, compared to contraction of 0.2 per cent in the same period last year. Out of 22 sectors, 12 recorded positive growth, including Textile, Wearing Apparel, Coke & Petroleum Products, Beverages, and Pharmaceuticals. During Jul-Apr FY2025, the automobile sector posted robust growth, supported by increased production of cars (38.3 per cent), trucks and buses (95.8 per cent), and jeeps and pick-ups (80.0 per cent). Cement dispatches stood at 37.3 million tonnes during Jul-Apr FY2025, reflecting a slight decline of 0.3 per cent over the last year. Domestic sales dropped by 5.6 per cent to 29.9 million tonnes, while exports increased by 28.8 per cent to 7.4 million tonnes. INFLATION FALLS TO RECORD LOW LEVEL CPI inflation dropped to 0.3 per cent YoY in April 2025, down from 0.7 per cent in March and 17.3 per cent in April 2024. MoM, it declined by 0.8 per cent, following a 0.9 per cent increase in March and a -0.4 per cent decline in April 2024. Major contributing factors of YoY inflation include health (14.1 per cent), education (10.9 per cent), clothing and footwear (9.1 per cent), alcoholic beverages and tobacco (7.9 per cent), restaurants and hotels (6.3 per cent), and household equipment (4.0 per cent). Declines were recorded in perishable food items (-26.7 per cent), transport (-3.9 per cent), housing and utilities (-2.6 per cent), and non-perishable food items (-0.8 per cent). The Sensitive Price Indicator for the week ending May 22, 2025, decreased by 0.29 per cent, with 14 items showing a price decrease. FISCAL INDICATORS DEMONSTRATE ENHANCED MANAGEMENT DISCIPLINE During Jul-Mar FY2025, total revenue grew by 36.7 per cent to Rs13,367.0 billion, compared to Rs9,780.4 billion last year, led by a 68 per cent rise in non-tax revenues which reached Rs4,229.7 billion, mainly driven by SBP profits, petroleum levy, dividends, and surcharges. FBR tax collection also increased outflows of $290.0 million and $285.5 million, respectively. As of May 16, 2025, foreign exchange reserves stood at $16.6 billion, including $11.4 billion held by SBP. The MPC further Cuts the Policy Rate, Credit is Expanding, while PSX felt the geopolitical pressure The Monetary Policy Committee (MPC), on May 5, 2025, reduced the policy rate by 100 basis points to 11 per cent, observing a persistent decline in inflation. During July 1st—May 2nd, FY2025, broad money (M2) grew by 4.7 per cent, compared to 7.0 per cent in the same period last year. Net Foreign Assets increased to Rs1,210.5 billion (up from Rs590.0 billion), while Net Domestic Assets rose by Rs476.2 billion, significantly lower than the Rs1,588.3 billion recorded last year. Private sector credit expanded to Rs751.5 billion, higher than Rs239.9 billion in the corresponding period last year. In April 2025, the KSE-100 index remained under pressure amid geopolitical tensions with India, closing at 111,327 points after losing 6,480 points over the month which has been recovered in May 2025. Market capitalization declined by Rs853 billion and closed at Rs13,521 billion. In April 2025, the Bureau of Emigration and Overseas Employment registered 53,231 workers, a 9.0 per cent decrease from 58,555 in March. The Pakistan Poverty Alleviation Fund, in partnership with 24 organisations, disbursed 20,705 interest-free loans worth Rs960 million during the month. Since 2019, a total of 3.0 million loans amounting to Rs116.71 billion have been provided. During Jul-Mar FY2025, Rs409.4 billion was spent under the BISP, representing a 28.7 per cent increase compared to last year, against an allocation of Rs592.5 billion. To channel investments into environmentally-sustainable projects, the government has launched the first-ever Green Sukuk. This initiative indicates the country's efforts toward a green and resilient economy. Copyright Business Recorder, 2025
Business Recorder
30-05-2025
- Business
- Business Recorder
Fitch upgrades country's rating: Macroeconomic stabilisation acknowledged
ISLAMABAD: Pakistan's economy has been upgraded by Fitch Ratings, acknowledging macroeconomic stabilisation in the outgoing fiscal year, supported by improved fiscal performance, current account surplus and easing inflation, says Monthly Economic Update released by Finance Division on Thursday. Revenue growth outpaced expenditure, reducing the fiscal deficit and further strengthening the primary surplus. The current account posted a $1.9 billion surplus, with a robust growth in exports and remittances. Inflation declined to a record low, paving the way for a more accommodative monetary policy stance. While Large Scale Manufacturing (LSM) activity remained sluggish, the automobile and export-oriented sectors showed encouraging performance. Fitch upgrades Pakistan rating to 'B-' Climate finance initiatives, including the Resilient and Sustainable Facility from the IMF and launching the Green Sukuk, reinforce the path toward inclusive and sustainable growth. POLICY INTERVENTIONS SUPPORTING AGRICULTURE GROWTH During the Rabi season 2024-25, wheat was cultivated on 22.07 million acres with an estimated output of 28.98 million tonnes. Farm input utilisation showed consistent improvement, supported by government efforts to ensure quality seeds, adequate credit, and availability of the machinery and fertilisers. Agricultural credit disbursement increased by 15.0 per cent to Rs1,880.4 billion during Jul-Mar FY2025, moving steadily toward the annual target of Rs2,572.3 billion. Imports of agricultural machinery surged by 10.0 per cent to $69.2 million in Jul-Apr FY2025, reflecting rising mechanization. For the Kharif season 2025, availability of Urea and DAP is estimated at 4,012 and 840,000 tonnes, respectively. Whereas their estimated offtake stands at 3,152 and 796,000 tonnes, which are 14.6 per cent and 24.0 per cent higher than last year, respectively. Large Scale Manufacturing (LSM) Sector Exhibits Uneven Recovery The LSM sector showed a mixed performance in March 2025. It registered year-on-year (YoY) growth of 1.8 per cent; however, this was offset by a month-on-month (MoM) contraction of 4.6 per cent. LSM declined by 1.5 per cent during Jul-Mar FY2025, compared to contraction of 0.2 per cent in the same period last year. Out of 22 sectors, 12 recorded positive growth, including Textile, Wearing Apparel, Coke & Petroleum Products, Beverages, and Pharmaceuticals. During Jul-Apr FY2025, the automobile sector posted robust growth, supported by increased production of cars (38.3 per cent), trucks and buses (95.8 per cent), and jeeps and pick-ups (80.0 per cent). Cement dispatches stood at 37.3 million tonnes during Jul-Apr FY2025, reflecting a slight decline of 0.3 per cent over the last year. Domestic sales dropped by 5.6 per cent to 29.9 million tonnes, while exports increased by 28.8 per cent to 7.4 million tonnes. INFLATION FALLS TO RECORD LOW LEVEL CPI inflation dropped to 0.3 per cent YoY in April 2025, down from 0.7 per cent in March and 17.3 per cent in April 2024. MoM, it declined by 0.8 per cent, following a 0.9 per cent increase in March and a -0.4 per cent decline in April 2024. Major contributing factors of YoY inflation include health (14.1 per cent), education (10.9 per cent), clothing and footwear (9.1 per cent), alcoholic beverages and tobacco (7.9 per cent), restaurants and hotels (6.3 per cent), and household equipment (4.0 per cent). Declines were recorded in perishable food items (-26.7 per cent), transport (-3.9 per cent), housing and utilities (-2.6 per cent), and non-perishable food items (-0.8 per cent). The Sensitive Price Indicator for the week ending May 22, 2025, decreased by 0.29 per cent, with 14 items showing a price decrease. FISCAL INDICATORS DEMONSTRATE ENHANCED MANAGEMENT DISCIPLINE During Jul-Mar FY2025, total revenue grew by 36.7 per cent to Rs13,367.0 billion, compared to Rs9,780.4 billion last year, led by a 68 per cent rise in non-tax revenues which reached Rs4,229.7 billion, mainly driven by SBP profits, petroleum levy, dividends, and surcharges. FBR tax collection also increased outflows of $290.0 million and $285.5 million, respectively. As of May 16, 2025, foreign exchange reserves stood at $16.6 billion, including $11.4 billion held by SBP. The MPC further Cuts the Policy Rate, Credit is Expanding, while PSX felt the geopolitical pressure The Monetary Policy Committee (MPC), on May 5, 2025, reduced the policy rate by 100 basis points to 11 per cent, observing a persistent decline in inflation. During July 1st—May 2nd, FY2025, broad money (M2) grew by 4.7 per cent, compared to 7.0 per cent in the same period last year. Net Foreign Assets increased to Rs1,210.5 billion (up from Rs590.0 billion), while Net Domestic Assets rose by Rs476.2 billion, significantly lower than the Rs1,588.3 billion recorded last year. Private sector credit expanded to Rs751.5 billion, higher than Rs239.9 billion in the corresponding period last year. In April 2025, the KSE-100 index remained under pressure amid geopolitical tensions with India, closing at 111,327 points after losing 6,480 points over the month which has been recovered in May 2025. Market capitalization declined by Rs853 billion and closed at Rs13,521 billion. In April 2025, the Bureau of Emigration and Overseas Employment registered 53,231 workers, a 9.0 per cent decrease from 58,555 in March. The Pakistan Poverty Alleviation Fund, in partnership with 24 organisations, disbursed 20,705 interest-free loans worth Rs960 million during the month. Since 2019, a total of 3.0 million loans amounting to Rs116.71 billion have been provided. During Jul-Mar FY2025, Rs409.4 billion was spent under the BISP, representing a 28.7 per cent increase compared to last year, against an allocation of Rs592.5 billion. To channel investments into environmentally-sustainable projects, the government has launched the first-ever Green Sukuk. This initiative indicates the country's efforts toward a green and resilient economy. Copyright Business Recorder, 2025
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Business Standard
28-05-2025
- Entertainment
- Business Standard
Suarez, Messi partner up off field to launch new Division 4 team in Uruguay
Luis Suarez and Lionel Messi, renowned for their on-field chemistry, are now combining forces off the pitch to shape the future of football in Uruguay. Suarez announced the rebranding and professional launch of a new football club named LSM, previously known as Deportivo LS, which will compete in Uruguay's fourth division. This bold step into football ownership highlights Suarez's commitment to youth development in his homeland. With Messi joining the project as a key partner, the club is set to draw international attention. In a heartfelt message, Suarez shared that this dream began in 2018 as a family initiative and has now grown into a platform to empower local talent through better infrastructure and opportunities. A dream rooted in development Suarez, Uruguay's all-time leading scorer, emphasised the significance of LSM in a video shared on social media. He said that the aim of the project is to provide tools and guidance for young players across the country. With over 3,000 members already part of the club's growing ecosystem, LSM is more than just a team — it's a community movement. Located in Ciudad de la Costa near Montevideo, the club's 20-acre sports complex features multiple facilities, including a synthetic turf stadium that can accommodate up to 1,400 fans. Un sueño más que se hace realidad, hoy nace @DeportivoLSM???? — Luis Suárez (@LuisSuarez9) May 27, 2025 Messi joins as partner and supporter While Messi's exact role hasn't been officially confirmed, reports suggest he is joining as a business partner. Sitting beside Suarez in the launch video, Messi expressed pride in being chosen to support the venture and shared his enthusiasm for contributing to the club's growth. He called it an opportunity to stand beside Suarez in a shared passion project. A growing club with big ambitions The announcement sparked immediate buzz, with the club's new Instagram account gaining over 40,000 followers within two hours. LSM also confirmed former Uruguay and Inter Milan star Álvaro Recoba as the head coach. With global icons backing the club, LSM is poised to become a powerful new presence in South American football.
