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Australian Fortescue interested to invest in Afghanistan mining sector

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(Last Updated On: August 21, 2020)

An Australian iron ore company, Fortescue Metals Group Ltd., has held talks with President Ashraf Ghani on potential mining sector opportunities in Afghanistan, the Bloomberg reported.

According to the report, the company which is the fourth-biggest iron ore exporter in the world has struggled to accelerate the development of an estimated $1 trillion worth of mineral deposits.

President Ghani and the company’s chairman Andrew Forrest held an Aug. 6 video conference over a potential investment in iron ore and copper resources, and the billionaire miner is scheduled to visit Kabul in October for further talks, said Qadeer Khan Mutfi, a spokesman for Afghanistan’s Ministry of Mines and Petroleum quoted by Bloomberg.

The fourth-biggest iron ore exporter, “showed interest in our mining sector, saying Afghanistan is rich in having natural resources,” Mutfi said. “Companies like this definitely have financial abilities and the capacity to develop the country’s mining sector.”

“Fortescue has an active business development program,” the Perth-based company said in a statement, adding that its founder Forrest regularly engages with global leaders. The firm declined to comment on “speculation regarding specific assets or opportunities.”

According to reports, Afghanistan is rich in various types of valuable minerals such as copper, gold, talc, lithium, marble, uranium, and others, and the country’s vast mineral wealth is estimated to exceed one trillion dollars. 

Poor security, corruption, exploitation of minerals by warlords, and the lack of a proper legal framework have prevented any development in the country’s mining sector.

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Ronaldo’s bottle removal gesture costs Coca-Cola $4 billion

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(Last Updated On: June 16, 2021)

Global soft drink giant Coca-Cola Company lost $4 billion value in Market after all-time soccer superstar Cristiano Ronaldo removed two Coca-Cola bottles during a press conference at the Euro 2020 on Monday, the Business Insider reported.

Ronaldo, the Portugal Football Team captain, moved the cola bottles aside as he sat down to speak to the media before Tuesday’s Group F opener against Hungary.

The 36-year-old followed it by holding a bottle of water before shouting in Portuguese: ‘Agua!’ – the Portuguese word for water.

According to the Insider, Coca-Cola’s shares were trading around $56.17 when the market opened on Monday, but fell 1.6% to $55.22 by the end of the press conference.

“That led to a sharp drop in market value from $242 billion to $238 billion. The soft-drink manufacturer’s shares closed at $55.41 per share on Tuesday,” the report said.

Coca-Cola, one of the official sponsors of Euro 2020, has not officially commented about the incident so far.

 

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MDHI secures $43.9m in contracts to support Afghan Air Force

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(Last Updated On: June 16, 2021)

American MD Helicopters, Inc. (MDHI) has confirmed it has been awarded two separate contracts worth $43.9 million from Army Contracting Command-Redstone supporting the Afghan Air Force’s MD 530F Cayuse Warrior light attack helicopters.

In a statement issued by the company, MDHI stated the first contract, a six-month extension worth $14.5 million, continues MDHI’s longstanding efforts to provide program management, and contractor logistics support services, material, and remote operations to support the Afghan fleet.

Work will take place in Mesa, Arizona in the US; Kabul, Afghanistan; and Al-Ain, United Arab Emirates. The contract was awarded on May 28, 2021, MDHI stated.

The second contract, worth $29.4 million, modifies MDHI’s original maintenance capabilities support contract.

Under this six-month contract, MD Helicopters will provide continued maintenance, repairs, updates, and overhauls of the Afghan Air Force’s MD 530F Cayuse Warrior helicopters in Mesa, Kabul, and Al-Ain. The contract was awarded on June 10, 2021.

“While U.S. forces begin the drawdown process in Afghanistan, these contracts allow us to help Afghanistan’s Air Force maintain stability on their own through the continued support of their aircraft,” said Nick Nenadovic, MD Helicopters Vice President, Aftermarket and Customer Support.

“This further highlights the value our government and the Afghan Air Force put on the MD 530F. It is with tremendous pride we can continue providing the highest level of support for both our government and allies.”

The enhanced MD 530F Cayuse Warrior is a light armed attack helicopter respected for its power, safety, speed, agility, and unparalleled confined area capabilities.

The aircraft supports a wide range of training and operational missions, providing safe, efficient multi-mission support with an increased performance profile.

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Afghanistan and Turkmenistan to sign marble export agreement

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(Last Updated On: June 6, 2021)

Minister of Foreign Affairs Mohammad Haneef Atmar and Foreign Minister of Turkmenistan Rashid Meredov, have discussed Afghanistan exporting marble to Turkmenistan.

In a statement issued by the Afghan foreign ministry, MoFA said the Afghan delegation provided comprehensive information to their Turkmen counterparts on the various natural resources and rare stones available in Afghanistan.

The Afghan delegation said the export of the resources would be significant in strengthening and expanding trade between Kabul and Ashgabat.

Highlighting development taking place and the construction around building new cities in Turkmenistan, the Turkmen delegation discussed their requirement for marble and expressed Turkmenistan’s full readiness to procure marble from Afghanistan.

The two sides agreed to sign an agreement on Afghanistan’s marble export to Turkmenistan.

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