The first African gold market

The first African gold market
(PresseBox) ( Herisau, )
The United Arab Emirates and Zimbabwe have concluded a pact.

Africa is rich in raw materials of economic interest. Oil, gold, diamonds and ores are available. Especially gold mining is a lucrative business. Often the yield is large, and the costs are low. But often an illegal gold market has to be fought. Now the United Arab Emirates and Zimbabwe have reached an agreement on the first African gold market. The Zimbabwe-based Victoria Falls Stock Exchange (VFEX) and the Dubai Gold & Commodities Exchange (DGCX) have signed on to create the potential for the first gold market in Africa. The aim is to establish an international commodity exchange in Zimbabwe, he said.

According to CEO Justin Bgoni of VFEX, the plan is designed to offer miners more competitive prices through a reference market. It is, Bgoni says, "a holistic approach to the needs of gold miners", in the process they can raise capital, which the exchange makes easy for them to obtain. The illegal gold market is a thorn in the flesh. According to reports, more than US$1.5 billion worth of gold is smuggled out of the country annually. In the process, much of it ends up in Dubai. So now the legality is to be improved.

But Zimbabwe also has gold companies such as Caledonia Mining - -, which in this case has been successfully producing gold for years with the participation of local investors.

South Africa is also the production country of Sibanye-Stillwater - -, whereby it is about platinum and palladium. But the company is also among the big players when it comes to gold, in South Africa and in the USA.

Current corporate information and press releases from Caledonia Mining (- -) and Sibanye-Stillwater (- -).

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