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Mining Delivers US$385M To Ivorian, Ghanaian Economy In 2020

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Perseus Mining Limited (TSX & ASX: PRU) (www.PerseusMining.com) has released its CY20 Sustainable Development Report. The report details the company’s progress over the past 12 months in delivering on its commitment to responsible mining operations in Côte d’Ivoire and Ghana, including an overall economic benefit to host countries totalling about USD$385M.

As part of its longstanding commitment to the communities in which it operates, Perseus reported increasing community investment by 71% to around US$1.9M in CY20, funding critical health and education infrastructure projects for local communities. Additionally, Perseus announced it had increased its proportion of local procurement from 66% in CY19 to 78% in CY20, totalling US$287M, and further expanded its employment of local populations, with 96% of its current workforce local to Ghana and Côte d’Ivoire.

Jeff Quartermaine, Managing Director & CEO of Perseus said:

“Sustainability is deeply rooted in Perseus’s culture and operations and has had a large part to play in our resilience during this challenging year. We believe that responsible gold mining can play a key role in sustainable development, and that investing in our employees and our communities to create enduring social value will remain a guiding force in our growth path and future business operations. I am proud of my team’s effective response to the pandemic which successfully safeguarded our operations as well as our people, enabling us to deliver our Yaouré mine in Côte d’Ivoire this year ahead of schedule. Our approach to sustainability has continued to mature as our business has grown, and in the coming years we look forward to expanding our ESG offering and delivering greater impact across Côte d’Ivoire and Ghana.”

Jessica Volich, Group Sustainability Manager at Perseus said:

“Despite the challenges the past year has brought, Perseus’s sustainability agenda has continued to strengthen and evolve alongside its expanding operations. Our wide-ranging efforts and engagement with our local communities and host governments has enabled us to create shared sustainable value for all our stakeholders. We are committed to strengthening these relationships in the coming years as we endeavour to generate socio-economic value for our people, communities and host countries.”

In CY20, Perseus has enhanced its disclosure on sustainability-related risks and opportunities by aligning with the key reporting frameworks used by our stakeholders. These include the World Gold Council Responsible Gold Mining Principles, Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate Related Financial Disclosures (TCFD).

Highlights of the report include:

Economic and Social Contribution

  • Total economic contribution of US$385M in CY20 to Ghana and Côte d’Ivoire
  • Increased community investment by 71% (from CY19) to around US$1.9M in CY20, funding critical health and education infrastructure projects for local communities and providing COVID-19 support
  • Creation of new health clinics near Sissingué to improve health outcomes for the ~27,000 residents of the local communities
  • Increased in-country employment, with over 96% of total employees from host countries
  • Local procurement spend of $287M, an increase from 66% in CY19 to 78% in CY20
  • Held 587 consultations with local communities
  • Paid >US$69M in taxes, royalties, and duties to Government

Health & Safety performance:

  • Maintained record of zero workplace fatalities and reduced injuries
  • Implementation of comprehensive measures and protocols to prevent introduction and spread of COVID-19 and maintain business continuity

Environmental stewardship:

  • Re-use of 12,495,163 KL of water
  • Water intensity of 7.46M3/oz gold produced, benchmarked ahead of peers
  • Enhanced tailings disclosures in line with the Investor Mining and Tailings Safety Initiative, and completed independent audits of all our Tailings Storage Facilities (TSFs)

Governance

  • Worked with independent sustainability risk experts, KPMG, to refresh sustainability materiality analysis and conduct deeper analysis of sustainability risks and opportunities, and start development of a 3-year sustainability roadmap
  • Announced appointment of a new Director by the end of FY21 to enhance sustainability skills of the Board
  • Release of the first Modern Slavery Statement to address potential human rights risks in Perseus’ global supply chain

Future ambitions

  • Establish a 3-year sustainability roadmap, and enhance social value and sustainability risk management through updates to the Risk Management Framework and policy standards
  • Establish the Yaouré Community Development Fund in FY21
  • During FY21 and FY22, Perseus will complete and commence implementation of our biodiversity plan at Yaouré in Côte d’Ivoire mine site in and establish our site nursery, to be staffed by local community members
  • Explore strategic opportunities for community partnerships in Côte d’Ivoire and Ghana
  • Achieve full alignment with the World Gold Council Responsible Gold Mining Principles by FY23
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Mozambique Scandal: Credit Suisse & U.S. Conclude Deal

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Credit Suisse Group AG is nearing an agreement with the U.S. government that would resolve a criminal probe regarding its role in a U$2 billion Mozambique bond scandal, according to people familiar with the matter.

The discussions with the U.S. Justice Department involve a deferred prosecution agreement that would include a fine, according to the people, who asked not to be identified because the talks are confidential. An agreement is expected to be announced Tuesday.

Any deal with U.S. prosecutors would be the latest action in a multi-year, international legal saga arising out of the 2013-14 deals that were supposed to fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries.

In a 2018 indictment, the U.S. Justice Department alleged the contracts were a front for government officials and bankers to enrich themselves.

Three former Credit Suisse bankers have pleaded guilty to U.S. charges stemming from the scheme.

Credit Suisse declined to comment on any agreement, as did the U.S. Justice Department.

A deal could help put to bed one scandal, even as the bank has been punished this year by investors for its stumbles with Archegos Capital Management and Greensill Capital, which have spurred broad management shakeups.

Mozambique has filed suit against Credit Suisse and shipbuilder Privinvest, one of several cases in U.K. courts that involve the bond deal.

Unlawful Conduct’

In defending its London lawsuit, Credit Suisse has insisted that it was deceived by rogue bankers and couldn’t be held responsible for their “unlawful conduct” when it arranged the loans in early 2013.

The Swiss bank has said it carried out its usual due diligence before the transactions and was aware of the risk of bribery and corruption.

Andrew Pearse, who led the global financing group in the bank’s London office, testified at a federal trial in Brooklyn, New York that he’d pocketed at least U$45 million in illicit payments for his role in the arrangement of the loans.

The Credit Suisse loans were for three separate maritime projects including a tuna fishing fleet, the building of a shipyard and surveillance operation to protect Mozambique’s coastline and protect against pirates, according to Pearse.

Mozambican government officials, corporate executives and investment bankers stole about U$200 million, prosecutors said.

Both Pearse and his successor at the bank, Surjan Singh, who also pleaded guilty, testified at the 2019 trial of Jean Boustani, a Privinvest Group executive accused by the U.S. of being behind the plan to get Mozambique to borrow billions of dollars and overpay for dubious maritime projects.

A third banker, Datelina Subeva, Pearse’s subordinate, also pleaded guilty but didn’t testify.

All three bankers await sentencing. After a six-week trial in late 2019, a federal jury cleared Boustani of all charges.

Bloomberg

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DRC Opposition Protests Against Phone Tax

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Martin Fayulu, DRCs leader of opposition coalition LAMUKA has called upon all citizens to take to the streets and demand for the abolition of a controversial mobile phone tax.

In June 2020, the DRC government set up – through the ICT, Post and Telecoms Ministry – a CEIR system (Central Equipment Identification Register), with the aim to fight fake devices and the theft of mobile devices.

However, Telephony mobile users claim the Mobile Device Registry (RAM), a controversial new tax is robbing them of their units and making them poorer.

In terms of RAM, mobile operators are cutting a big chunk of units monthly from their customers’ mobile devices, which many users believe is too high and unnecessary.

“We are calling for the immediate withdrawal of RAM. Because it’s theft, a scam. That no one is demobilized. Let’s march and denounce it because it is outright  theft. Once withdrawn, all money collected must be returned, ”said Martin Fayulu.

During a meeting this Saturday, October 16, 2021 in Kinshasa, Martin Fayulu called for the outright abolition of this fee.

During the rally, the leader of Lamuka pinpointed other topical issues, including the issue of appointing the leaders of the Independent National Electoral Commission (CENI).

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Tanzania’s Economy Records 4.3% Expansion in 2nd Quarter

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Tanzania’s economic outlook seems very impressive as the country registered a 4.3% expansion between April and June according to the country’s National Bureau of Statistics (NBS).

Compared to the country’s economic performance in the same period last year, there has been a 0.3% upward expansion.

Briefing the media on Friday, Daniel Masolwa NBS Director of Economics Statistics, said, “Real GDP increased to Shs 33.4trillion from Shs 32trillion in the corresponding period in 2020, an equivalent to a 4.3% growth,” he said.

During the second Quarter of 2020, Tanzania’s economy registered the lowest growth rate of 4.0% since 2017 mainly due to the devastating effects of Covid-19 pandemic following the introduction of lockdowns and many countries to mitigate spread of this pandemic.

However, Masolwa tried to cool down any skepticism saying, the annual economic growth in 2021 is projected at a 5.0% rate. In terms of economic activities, he  said, during the period under review, information and communication attained the highest growth of 12.3%, followed by electricity generation at 12.1%.

Meanwhile, other services include arts and entertainment and households as employers (10.8%), accommodation and food services (10.1%), water (8.4%), and mining and quarrying (7.3%).

According to Masolwa, the expansion of economy by 4.3% during the second Quarter of 2021 was spearheaded by key drivers of growth which include Agriculture (13%), transport and storage (8.4%), trade and maintenance (8.1%), manufacturing (7.6%) and construction (7.1%).

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