China’s African mining deals raise ethical concerns
A US$7 billion mining deal between Guinea’s repressive military regime and a little-known Chinese company underscores China’s full-throttle rush into Africa and its willingness to deal with brutal and corrupt governments.
The deal announced last week by the West African country’s military junta offers the company, China International Fund, access to Guinea’s bauxite and other minerals and could provide major revenues to a government facing international isolation. Guinea’s soldiers opened fire on demonstrators late last month, killing up to 157, and raped women in public. Read more
Asec of Egypt soon to sign Sudan gold concession deal
Asec Co. for Mining, Egypt’s biggest publicly traded mining company, is set to sign an agreement with the Sudanese government for a gold concession in Africa’s largest country, Chairman Fayez Gress said.
“We are now preparing the contract between us and the ministry of mining and energy in Sudan,” Gress said in a phone interview today from Cairo, where the unit of private equity firm Citadel Capital is based. Read more
Agenda For Vladimir Putin visit to China
Among the agreements expected during Putin’s visit this week is a possible gas-for-loans deal similar to a $25 billion oil-for-loans deal that was finalized earlier this year. Russian Prime Minister Vladimir Putin landed in China Monday in an effort to bolster energy, political and military ties between the former rival nations turned strategic partners.
In exchange, China was guaranteed a 20-year supply of crude oil , only part of the $100 billion in China-Russia energy-related deals agreed to this year. Putin was met by Chinese Foreign Minister Yang Jiechi Monday evening when he arrived in Beijing for the start of his three-day trip, his first visit to China since becoming prime minister last May. Read more
Goldcorp CEO ‘will not argue’ with $1 200 – $1 500/oz gold in next few years
In one of the first interviews he gave after replacing Kevin McArthur (CEO of Canadian gold miner Goldcorp) in January, Chuck Jeannes went on record with a prediction that bullion prices would beat the all time record before the year was out.
he said :“Thankfully, I managed to stay on the right side of that,” .
“I was pretty glad to see that happen, for sure.”
Jeannes said he expects that concern about inflation, and reaction to the weakening dollar will keep gold strong. Read more
The price of gold to break through $1 050/oz this week.
The price of gold “looks likely” to break through $1 050/oz this week, with $1 070/oz in the short term “possible”, Fairfax analyst John Meyer said on Wednesday, as the precious metal hit a new spot price record of $1 045,85/oz.
The price of gold is up by about 18percen since the beginning of the year, as markets reacted to the weaker dollar.
Meyer reported that the record level of government debt in the US had been driving down the dollar, while the US economy pulling out of the recession was likely to drive down inflation. Read more
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