Latest news with #IvoryCoast
Yahoo
4 hours ago
- Business
- Yahoo
Hershey to increase candy prices by double digits as cocoa costs rise
The Hershey Company on Tuesday confirmed media reports it is raising candy prices as it battles rising cocoa costs. The price change will be a "low double-digit increase" and affect products across the company's confection portfolio, according to a Hershey spokesperson. Founded in 1894, the Pennsylvania-based company owns over 90 brands including Hershey Kisses, KitKat, Reese's and York. "This change is not related to tariffs or trade policies," the spokesperson said in a statement to CBS News. "It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa." Price increases typically take around 90 days to take effect, although the timeframe varies by retailer, the spokesperson added. Global cocoa shortage Cocoa prices have skyrocketed in recent years due to a global cocoa shortage. The cost for the commodity was $8,402 in June, a 73% increase from five years ago, according to data from the Federal Reserve Bank of St. Louis, which tracks food prices. The majority of the world's cocoa supply comes from Ghana and the Ivory Coast, which have faced heatwaves and heavy rain linked to climate change. These unfavorable weather conditions have led to diseases like Black pod rot, which kills cocoa crops. Chronic underinvestment in cocoa farms is another reason behind the spike in cocoa prices, according to an article from J.P. Morgan Global Research. "Cocoa is a market where the grower produces a very high-value good but receives a very low share of the actual value chain. As a result, replanting rates of diseased trees are low and West African yields have been more subject to weather impacts," Tracey Allen, an agricultural commodities strategist at J.P. Morgan, said in the article. In a May earnings call, Michele Buck, president of The Hershey Company, said the candy company would lean into products that are "less Cocoa intensive" as it navigates the inflation of cocoa prices. This is part of the company's vision to become a "snacking powerhouse" Buck said. "We love our chocolate business and we want to continue to grow that," Buck said. "But we also know that if we get into white spaces like sweets, better-for-you and salty, it adds incremental consumers and occasions," she added. Hershey share prices were up 2.8% after the closing bell on Tuesday. Ozzy Osbourne, heavy metal pioneer, dies at age 76 Sneak peek: The Case of the Black Swan (Part 2) Idaho murders victims' families speak out at Brian Kohberger's sentencing hearing
Reuters
4 hours ago
- Business
- Reuters
Exclusive: China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
DAKAR, July 23 (Reuters) - China's Zijin Mining ( opens new tab is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick ( opens new tab had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold ( opens new tab, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's (NEM.N), opens new tab Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%.
France 24
5 hours ago
- Politics
- France 24
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Yahoo
6 hours ago
- Business
- Yahoo
Exclusive-China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
By Maxwell Akalaare Adombila DAKAR (Reuters) -China's Zijin Mining is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
7 hours ago
- Business
- CBS News
Hershey to increase candy prices by double digits as cocoa costs rise
The Hershey Company on Tuesday confirmed media reports it is raising candy prices as it battles rising cocoa costs. The price change will be a "low double-digit increase" and affect products across the company's confection portfolio, according to a Hershey spokesperson. Founded in 1894, the Pennsylvania-based company owns over 90 brands including Hershey Kisses, KitKat, Reese's and York. "This change is not related to tariffs or trade policies," the spokesperson said in a statement to CBS News. "It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa." Price increases typically take around 90 days to take effect, although the timeframe varies by retailer, the spokesperson added. Cocoa prices have skyrocketed in recent years due to a global cocoa shortage. The cost for the commodity was $8,402 in June, a 73% increase from five years ago, according to data from the Federal Reserve Bank of St. Louis, which tracks food prices. The majority of the world's cocoa supply comes from Ghana and the Ivory Coast, which have faced heatwaves and heavy rain linked to climate change. These unfavorable weather conditions have led to diseases like Black pod rot, which kills cocoa crops. Chronic underinvestment in cocoa farms is another reason behind the spike in cocoa prices, according to an article from J.P. Morgan Global Research. "Cocoa is a market where the grower produces a very high-value good but receives a very low share of the actual value chain. As a result, replanting rates of diseased trees are low and West African yields have been more subject to weather impacts," Tracey Allen, an agricultural commodities strategist at J.P. Morgan, said in the article. In a May earnings call, Michele Buck, president of The Hershey Company, said the candy company would lean into products that are "less Cocoa intensive" as it navigates the inflation of cocoa prices. This is part of the company's vision to become a "snacking powerhouse" Buck said. "We love our chocolate business and we want to continue to grow that," Buck said. "But we also know that if we get into white spaces like sweets, better-for-you and salty, it adds incremental consumers and occasions," she added. Hershey share prices were up 2.8% after the closing bell on Tuesday.
