Platinum miners in Zimbabwe plan to jointly develop a base-metal refinery in the country, Mines Minister Winston Chitando said. The processing plant has been under consideration since at least 2014. The project may cost $134 million, the state-owned Zimbabwe Broadcasting Corp. reported in September. Zimplats Holdings Ltd., Unki PGM Mine and Mimosa Mine have “come… Read More
JOHANNESBURG, Oct 31 – South Africa’s Impala Platinum (Implats) said on Wednesday it was in talks to sell its 1 Shaft operation in Rustenburg in a move to make its struggling mines profitable, sending its shares higher. Implats plans to trim staff by about a third — more than 13,000 jobs — over two years… Read More
In an interview on CNBC on Oct. 11, economist Carl Weinberg told the business network that China is going to compel Saudi Arabia to sell them their oil in the Yuan currency, which will have a serious consequence to the dollar and the Petrodollar system.
Beijing is likely to “compel” Saudi Arabia to sell crude oil in yuan, and others will follow, according to the chief economist and managing director at High Frequency Economics Carl Weinberg. This will hit the US dollar, he says. In an interview with CNBC Weinberg said China has become a key player in the oil market since overtaking the US to become the world's largest importer. Saudi Arabia has “to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf US demand,”Weinberg told the media.
“I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them,” he added. A..