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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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Bahvest Expands Gold Mining Operations with RM22.82m Equipment Purchase

Bahvest Resources Bhd, soon to be known as Aumas Resources Bhd, has announced plans to acquire RM22.82 million worth of mining equipment from Chengdu Mining Maintenance Technology Co Ltd, a China-based firm. The equipment will support the construction of a new gold mining processing plant near its existing facility in Bukit Mantri, Tawau, Sabah.

Key Highlights

  • Plant Capacity Expansion:
    The new facility will have a processing capacity of over 2,000 tonnes per day (tpd), nearly doubling the throughput of the current plant, which operates at 1,200 tpd.
  • Timeline:
    The plant's commissioning is expected within the next 12 months.
  • Operational Benefits:
    • Increased production to meet growing demand.
    • Enhanced operational efficiency and resource utilisation.
    • Improved profitability and cost-effectiveness amidst fluctuating industry conditions.

Market Impact

  • Competitiveness:
    The plant's enhanced capabilities aim to solidify Bahvest's position in the gold mining sector, maintaining market relevance and optimizing profit margins.
  • Name Change:
    Bahvest shareholders recently approved a rebranding to Aumas Resources Bhd, reflecting the company's evolving business strategy.
  • Stock Performance:
    Shares of Bahvest rose 5.81% to close at 82 sen on Friday, giving the company a market capitalisation of RM1.41 billion.

This strategic investment underscores Bahvest's commitment to growth and its competitive stance in the gold mining industry.

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