Devils Below

🇨🇩 DRC Reveals Underpayments 🌏 Mining companies operating in the DRC underreported $16.8 billion in revenue in 2018-2025, leading to $50.4 million in lost contributions to local community development funds. "The mind of man is capable of anything - because…

🇨🇩DRC Reveals Underpayments 🌏Mining companies operating in the DRC underreported $16.8 billion in revenue in 2018-2025, leading to $50.4 million in lost contributions to local community development funds. "The mind of man is capable of anything - because everything is in it, all the past as well as the future" wrote J.Conrad in "Heart of Darkness" in 1899 Very meaningful 👐, but what he probably didn't mean is that in 2025 mining management's minds would be occupied with number juggling in an attempt to save a needy multibillion-dollar corporation another dozen million dollars on local development. The video shows a recent BBC capture of work conditions at a coltan mine in the Eastern DRC. Devils Below

❤️Goldman Sachs Proposes, COMEX Disposes In our observation of African mining developments we cannot leave unattended today’s trading ⚡️BREAKING ⚡️ (though mostly symbolic) news - a spot ounce of gold has decisively took the long-besieged fortress of $4000. Once upon a time (a week ago) there was an affordable (not to say miserable) $3800, with heavy-weight analytics (like Goldman Sachs, J.P. Morgan Research and others) foreseeing $4000 somewhere in the middle 2026. While the consensus now is further consistent growth, for our cause there are 2 significant trends to observe: 👉 How governments will strengthen mining-related regulations in pursuit of higher public revenues 👉 How states bestowed with golden wealth will dispose of their newfound incomes and where they'll funnel it After all, the paradox of plenty was coined for a reason. Devils Below

🤔 Senegal’s Vicious Oil Circulation 🛢In the twisted world of supply chains no one would be surprised to learn that Senegal, having its own large crude oil deposits, imports refined fuel products from abroad. After all, there is only one modest refinery. However, the Senegalese love oil SO MUCH that they also import crude oil from Nigeria. It turns out, not only the Senegalese unique refinery produces very humble output (30,000 barrels/day), but it also fails to process local sorts of oil. So they found Nigeria’s crude more suitable. 💵 As a result, Senegal is deprived of foreign currency twice. I wouldn’t even dare to imagine what a horror is unfolding on the pages of their balance of payments. However, despair thou shalt not. There is also a hope for deliverancefor Senegal’s oil sector. Devils Below

📍Who Really Digs It Up? As news slows a little, we've decided to speak about the real power players behind Africa’s resources. First up gold. Africa now accounts for roughly a quarter of global mine supply—about 1000 tonnes in 2024—though the majority of large-scale output comes from FOREIGN operators. In Africa 10 biggest gold miners are: 👉Barrick Gold (Canada): operating in DRC (Kibali - 45%), Mali (Loulo-Gounkoto), Tanzania (North Mara, Bulyanhulu). 👉AngloGold Ashanti (United Kingdom): operating in Egypt (Sukari), Ghana (Obuasi, Iduapriem), Guinea (Siguiri), Tanzania (Geita), DRC (Kibali - another 45%). 👉Newmont (United States): operating in Ghana (Ahafo). 👉Gold Fields (South Africa): operating in Ghana (Tarkwa), South Africa (South Deep). 👉Harmony Gold (South Africa): operating in South Africa (multiple underground operations). 👉Endeavour Mining (United Kingdom): operating in Senegal (Sabodala-Massawa), Ivory Coast (Ity, Lafigué), Burkina Faso (Houndé, Mana). 👉B2Gold (Canada): in Mali (Fekola Complex). 👉IAMGOLD (Canada): Burkina Faso (Essakane). 👉Perseus Mining (Australia): operating in Ghana (Edikan), Ivory Coast (Yaouré, Sissingué); advancing Tanzania (Nyanzaga) and holds Sudan (Meyas Sand) project. 👉Resolute Mining (Australia): operating in Mali (Syama), Senegal (Mako); advancing Ivory Coast (Doropo project). How many genuinely African companies are there in African gold mining? We'll speak of it next time. Devils Below

🇳🇬 US Aims For Nigeria's Minerals? Yesterday US' republican congressman Riley M. Moore publicly called for the recognition of Nigeria as a country of particular concern citing an alleged persecution of Christians. Nigeria is the deadliest country in the world for Christians and the world stands by silently. That's why I'm urging Secretary Rubio to designate Nigeria as a Country of Particular Concern to unlock diplomatic levers to protect our brothers and sisters in Christ. 👁 If there's more to it than a mere cry for attention, the US may be aiming to strike another Best and Beautiful Deal of The Century(imminently leading to a Nobel Peace Prize) regarding Nigeria's solid minerals. Just a reminder - China has already opened at least 2 lithium processing facilities in Nigeria, with up to 3 enterprises on various stages of development. Devils Below

🇨🇮Barrick Sells Mine To An Ivory Coaster Canadian Barrick has announced it sells its 89.7% stake in Tongon gold mine to the Atlantic Group, a major ivorian multisector investor. 📈For Ivory Coast the deal marks the 1ST time a local company takes control over a major gold mine; 📈For the Atlantic Group it's a viable and still (after many years of exploitation) profitable asset, that will supposedly generate revenue up to at least 2027; 📉For Barrick it's another step in assets optimization, and not the most profitable one (China's Zijin allegedly offered $500 million for the same mine, which is now being sold for $300 million) Devils Below

🇳🇬 Nigeria's Oil Stealers 🌏 The Nigerian Army has reportedlydestroyed 41 illegal refineries and recovered about 49,300 litres of stolen crude oil in September-October. ❓ Oil theft-related losses in Nigeria peaked at 102,000 barrels (11,970,000 litres) in 2021. Since then daily stolen volumes had contracted tenfold (officially) as of July, 2025. Devils Below

🇨🇩The DRC Will Punish Lawless Miners 🌏 According to a Reuter'sinsider, the DRC is going to pointedly permanently and ban cobalt exporters that violate its new quota system. The desire to uphold prices is easy to understand. Though the DRC'd better increase its revenue by harnessing illegal artisan cobalt mining. The video shows the consequences of an illegal mine collapse in the DRC in 2023. Devils Below

🇲🇱The Most Timely Coincidence On Friday 70 fuel trucks were reported to be prevented from setting off to Allied Gold's Sadiola mining site in Western Mali due to a threat of the convoys being ambushed by Jama'at Nusrat al-Islam wal-Muslimin (JNIM). A more nuanced consideration of this event led me to 2 unevident discoveries: 👉 Just 2 days earlier (1 October) Allied Gold announced it was going to overhaul its energy system, bringing in more efficient diesel generators and moving towards deploying a solar power plant 👉All the time hitherto that HUGE mining complex near Sadiola has been relying SOLELY on diesel power generation (especially given its remote location) Not sure it was exactly Jama'at Nusrat al-Islam wal-Muslimin that pushedAllied Gold's green transition, but actually it's a shame they still have to send fuel trucks to generate electricity on the site. Allied Gold has been running the gold mine for almost 6 years, with the mine being in exploitation for almost 30 years in total Devils Below

🇧🇼Botswana And US To Strike A Deal 🌏 The country's president claims Botswana and the US will soon conclude an agreement reducing the US import tariff on Botswana's diamonds. The negotiations are in an advanced stage. We are on the verge of reaching an agreement. The African country, in return, will grant the US heavenly business conditions - priority access to its critical minerals, reduction of non-tariff barriers, plus self-imposed committment to accept certain US standards. ❓ In August Trump introduced additional duties on Botswana-originating products. While some countries can afford a go-f*ck-yourself response to such actions by the US, Botswana has no choice but a sign contract with the devil as its diamond-reliant economy is still suffering from a plunge in diamond prices. Devils Below

🇬🇭What's Wrong With Ghana's Gold On Friday Ghana's president held a meeting with civil society representatives intended to discuss solutions to Ghana's "galamsey" problem - massive illegal gold mining that poisons rivers and causes deforestation. "I don’t gain anything from galamsey. I’m not personally involved in galamsey. I have no interest in galamsey continuing", said the president. Over the past decade Ghana tried: 👉 Teprorarily banning small-scale mining 👉 Vice-versa expanding legal small-scale mining by massive license distribution 👉 Deporting foreign nationals involved + restricting visa granting rules 👉 Transferring the monopoly to buy gold from small-scale miners to the Gold Board, created in April 2025 What's interesting is that none of this had really had any significant impact yet. Partly this is the reason why some in Ghana are calling on the president to declare a state of emergency. How exactly the latter can help fix the "galamsey" problem is once again unclear. Devils Below