issue: 286 | 18 December 2018

Angola

Bongani Investment group invests EUR3.5-million in ornamental rocks

At least EUR3.5-million have been invested by the Alaturca Pedras Naturais plant, a company belonging to the Bongani Investment group, in the second line of cutting and polishing of ornamental rocks, inaugurated in the town of Cabiri, Funda commune, in Luanda. The new line has cutting capacity of more than 1,200 square meters / day, being 70% in granite and 30% in marble, while the polishing of granite and marble has a capacity of one thousand square meters in eight hours. According to the president of the Bongani group, Luís Kupenela, speaking at the inauguration ceremony presided over by the Secretary of State for Industry, Ivan do Prado, the polishing capacity is multifaceted, because in addition to processing in granite and marble, it also produces softened finishes, non-slip, rustic, brushed and "shrunk" in thicknesses of 2 to 20 centimeters.

Source: Africa Business Communities

Angola

IMF grants USD3.7-billion in funding to Angola
The International Monetary Fund (IMF) has approved a USD3.7-billion financial aid programme to Angola, of which USD990.7-million will be released immediately, according to a statement released in Washington. “The remaining amount will be released throughout the duration of the programme, subject to semi-annual reviews,” said the statement announcing the decision from the Board of the International Monetary Fund. The extended agreement reached with Angola under the Extended Fund Facility (EFF) aims to support the country’s economic reforms and accelerate private sector-led economic growth by improving governance, reducing the risks associated with public enterprises and addressing obstacles to competitiveness.

Source: Macau Hub

Angola

ENI group finds more oil in Angola

Italian group ENI has made a new oil discovery at the Afoxé-1 NFW field in Angola’s 15/06 block, which could lead to an increase in production of 170 million to 200 million barrels, according to a statement released in Milan. The Afoxé-1 NFW field is located in the south-eastern area of block 15/06, approximately 12 miles west of the Kalimba-1 discovery, with expected production of 230 million to 300 million barrels, which the group announced last June. The new discoveries of Kalimba and Afoxé-1 NFW together have a potential to produce 400 million to 500 million barrels of high-quality oil, according to the statement. The ENI group has been in Angola since 1980, where it already produces the equivalent of 150,000 barrels of oil per day and has signed a contract to operate, modernise and expand production at the Luanda Refinery, the only oil refinery in the country.

Source: Macau Hub

Angola/São Tomé and Príncipe

Angola helps Sao Tome and Principe to overcome power production crisis

The Angolan government plans to send generator groups to Sao Tome and Principe soon to help the West African archipelago to overcome its electricity production crisis, Sao Tome minister Osvaldo Abreu announced. The Minister of Public Works, Infrastructures, Natural Resources and Environment also said that Angolan technicians are already working on repairing existing generator sets in the country that are damaged. A four-person Angolan technical team arrived in Sao Tome and began work on repairing damaged generator sets after a meeting with Osvaldo Abreu. The Angolan team also met with technicians from water and electricity company Emae and visited three power stations in the country, namely the one in the capital, Bobo Forro and Santo Amaro.

Source: Macau Hub

Benin

IMF disburses USD22-million in the framework of USD154.2-million extended credit facility to support economic reforms
Benin will be provided USD22-million by the International Monetary Fund (IMF), a release published by the institution indicated. This tranche which is part of the USD154.2-million extended credit facility granted to the country in 2017 should help support the economic and financial reforms initiated by the government to preserve the macroeconomic stability and raise the population’s living standards. Praising the government’s recent efforts to control expenditures, managers of the Bretton Woods institution indicated that it was essential to maintain the budget deficit below 3% to ensure the viability of the debt. Let’s note that this new tranche raises the total volume of funds disbursed in the framework of the extended credit facility to USD88.1-million.

Source: Ecofin Agency

Burkina Faso

Golden Rim’s mineral resource extends into new permits
Golden Rim Resources has entered into a binding Heads of Agreement to acquire all the shares in Lafi Gold which indirectly owns two exploration permits, Goueli and Margou, that adjoin the company’s 100% owned Kouri gold project in Burkina Faso. The Goueli and Margou permits are adjacent to the eastern boundary of the Kouri permit, where Golden Rim has delineated a 1.4 Moz gold mineral resource. The mineralisation at Kouri appears to extend into to the Goueli and Margou permits providing significant potential to further increase the mineral resource. The Goueli and Margou permits remain under explored. The company has identified two priority areas for its initial exploration activity within the permits. They include the direct strike extension area to the northeast of the mineral resource, where follow-up RC drilling is planned. 

Source: Mining Review Africa

Burkina Faso

Roxgold announces completion of Bagassi South Project

Gold mining company Roxgold Inc.has announced completion of the Bagassi South Project in Burkina Faso under budget and on schedule and a practical completion of its process plant expansion. "We have marked yet another significant milestone in providing growth and value to our shareholders with the successful completion of our internally funded Bagassi South project, which has been completed on schedule and under budget," said John Dorward, President and Chief Executive Officer of Roxgold. "We are now looking forward to increasing production at Yaramoko and ramping up to full capacity at both the process plant and Bagassi South where we expect to deliver approximately 150,000 ounces of gold from our Yaramoko operations in 2019." 

Source: Africa Business Communities

Ghana

IronRidge Resources multitasking at lithium project in Ghana
IronRidge Resources is advancing on multiple fronts including exploration and resource drilling, implementing metallurgical sampling and test-work programmes at the Cape Coast lithium portfolio in Ghana, West Africa. Commenting on the company’s latest progress, Vincent Mascolo, CEO & MD of IronRidge, says: “We are pleased with the progress of field activities at the Cape Coast Lithium portfolio. “We are advancing on multiple fronts including exploration and resource drilling, implementing metallurgical sampling and test-work programmes, and advancing regional exploration programmes. “Ongoing pitting has confirmed significant strike extensions at Ewoyaa which has the potential to deliver additional pegmatite volumes and will be drill tested as part of this programme.

Source: Mining Review Africa

Ivory Coast

Endeavour Mining breathes new life into historic mine
Endeavour Mining’s Ity Carbon-In-Leach project in Côte d’Ivoire is slated to pour first gold in early Q2, 2019 rather than mid-2019 as previously planned. The project, which will not only extend the life of the historic Ity asset, which has already been in operation for more than 20 years, but will also see the operation become the second flagship low cost mine (after the Houndé mine) in the company’s impressive gold portfolio. The Ity CIL project commenced construction in September 2017, with the rapid mobilisation to site of Endeavour's in-house construction team, which had just successful completed the construction of the Houndé mine in Burkina Faso, which poured first gold in October 2017.

Source: Mining Review Africa

Kenya

Kenya eyes investment in aviation infrastructure to grow trade

President Uhuru Kenyatta has affirmed Kenya’s commitment to improving the civil aviation infrastructure, saying the industry plays a vital role in economic growth and national development. The President pointed out that air transport, together with support services, contributed 0.4% of Kenya’s Gross Domestic Product (GDP), translating into a turnover of USD232.79-million last year. “On the whole spectrum our airports handled over 10.1 million passengers and over 290,000 tonnes of international cargo in 2017, an increase of 3.5% compared to the previous year. This positive growth has been as a result of sound and resilient management and investment,” President Kenyatta.

Source: Africa Business Communities

Lesotho

Lucapa recovers 78 carat diamond in Lesotho
Lucapa Diamond Company and the Government of the Kingdom of Lesotho has recovered a 78 carat white diamond from the high-quality Mothae kimberlite mine in Lesotho. The 78 carat white diamond is the largest special recovered through the new 1.1 Mtpa Mothae treatment plant following the commencement of commissioning and recovery of commercial diamonds, again highlighting Mothae’s potential to regularly recover large diamonds. A second operating shift has now also commenced at the Mothae plant as part of the progressive ramp up to the 1.1Mtpa nameplate capacity. Lucapa has a 70% interest in the Mothae kimberlite mine in diamond-rich Lesotho.

Source: Mining Review Africa

Malawi

Mkango renews license for Songwe Hill Rare Earths project
Rare earths exploration and development company focused on Malawi Mkango Resources Ltd., has announced that the Government of Malawi has granted a further two-year renewal from 21st January 2019 to 21st January 2021 for Exclusive Prospecting Licence ("EPL") 0284 ("the Phalombe Licence"), in southeast Malawi. Mkango's flagship project, the Songwe Hill Rare Earths Project is located in the Phalombe Licence. Mkango's primary business is exploration for rare earth elements and associated minerals in the Republic of Malawi, a country whose hospitable people have earned it a reputation as “the warm heart of Africa”. The Company holds interests in three exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence and the Chimimbe Hill licence.

Source: Africa Business Communities

Mali

European Union mobilises EUR50-million for structural reforms in Mali

The European Union is stepping up cooperation with Mali and the implementation of structural reforms to improve security, governance and access to basic services in the country. This additional support of EUR50-million was formally agreed by Neven Mimica, the European Commissioner for International Cooperation and Development, and Kamissa Camara, Mali's Minister for Foreign Affairs and International Cooperation, in Nouakchott (Mauritania), on the fringes of the Partner-Donor Coordination Conference organised by the G5 Sahel. Commissioner Mimica said: “These extra EUR50-million reaffirm the EU's continuing commitment to peace and development in Mali and to its people. The purpose of these additional funds is to support the progress that the Malian authorities have undertaken to deliver to the people of Mali, in implementing structural reforms.”

Source: Africa Business Communities

Mozambique

Kibo Energy and Electricidade de Moçambique renew memorandum of understanding

Kibo Energy, formerly Kibo Mining, has renewed and expanded the memorandum of understanding signed with Mozambican state-owned power company Electricidade de Moçambique (EdM) to finance and build the Benga project, the company said in a statement released. The company listed on the London and Johannesburg stock exchanges also reported that EdM is committed to providing the necessary assistance for the development of the Benga project, whose feasibility study (economic and operational) is progressing rapidly. The Benga project, in which Kibo Energy partners Mozambican company, Termoeléctrica de Benga, aims to build a thermal power plant with an estimated capacity of 150-300 megawatts in the province of Tete.

Source: Macau Hub

Mozambique

Credit risk company Compuscan authorised to operate in Mozambique

South African credit risk information company Compuscan has been authorised by the Bank of Mozambique to operate in the country, according to a statement released in Maputo. Its subsidiary Compuscan Mozambique – Sistema de Informação de Crédito will receive information from banks and microfinance institutions, creating conditions for an increase in the number and amount of loans, “by improving access to finance with lower credit risk.” The service provided by the company will be subject to the supervision of the Bank of Mozambique and, according to the statement quoted by the Mozambican press, “will allow creditors to evaluate and improve risk management, in addition to contributing to the reduction of over-indebtedness.”

Source: Macau Hub

Mozambique

Qatar Petroleum enters oil prospecting in Mozambique
Qatar Petroleum has signed an agreement with US group Exxon Mobil to acquire a 10% stake in three maritime exploration blocks in Mozambique, the company said in a statement. The consortium involved in the three blocks in the Angoche and Zambezi basins is now made up of ExxonMobil, as operator with a 50% stake, the Mozambican state-owned Empresa Nacional de Hidrocarbonetos with 20%, Russian group Rosneft, also with 20% and state-owned Qatar Petroleum with the remaining 10%. Block A5-B in the Angoche basin covers an area of 6,450 square metres with a depth between 1,800 and 2,500 metres and blocks Z5-C and Z5-D in the Zambezi basin cover an area of 10,200 square kilometres with a depth of between 200 and 2,000 metres.

Source: Macau Hub

Mozambique

Concession on the Cahora Bassa Hydroelectric Plant in Mozambique extended for another 15 years
The concession contract for the Hidroeléctrica de Cahora Bassa (HCB) hydroelectric facility was extended for another 15 years under a government-approved decree, the spokeswoman for the Mozambican Council of Ministers announced. Ana Comoana also said that the extension of the term of the concession was intended to make the public offering of HCB’s shares feasible, in addition to allowing the project to renew hydroelectric power over the next 10 years to continue, and which is estimated to cost around USD500-million. Mozambican President Filipe Nyusi announced in November 2017 that the State would sell off, through the Mozambican Stock Exchange, 7.5% of HCB shares in an offer reserved for Mozambican citizens and companies.

Source: Macau Hub

Nigeria

Kaduna State to develop 30MW solar PV plant
Nigeria’s Kaduna State Governor, Nasir Ahmad el-Rufai, has signed a Memorandum of Understanding (MoU) to build lower-cost, utility-scale solar-electric generating facilities. The MoU was signed with DLO Energy Resources Group, a South African clean energy development company. “We are very excited to work on this opportunity with our partners and the Kaduna state government. This project is a resounding opportunity for not only providing power in Kaduna but also fostering inter-African collaboration,” said DLO managing director and founder Linda Mabhena-Olagunju. “This transaction is a good example of what African solution for African problems and more importantly it provides a real opportunity or infra African collaboration between South Africa and Nigeria.

Source: ESI Africa

Sahel Region

EU announces EUR125-million funding for the Sahel region

The European Union has announced new funding totalling EUR125-million for the Sahel countries. The fresh injection of EUR125-million will be used for the swift launch of new initiatives, which are in line with the priorities set by the G5 Sahel to enhance development and security. European Commissioner for International Cooperation and Development, Neven Mimica, said: ‘Ten months after the Brussels Conference on the Sahel, which mobilised the international community around the G5 Joint Force, we are now focusing on the incontrovertible need to complement our security initiatives with development projects. The additional EUR125-million announced by the European Union will focus on development projects in the most vulnerable areas, with an immediate impact on the living conditions of local communities.'

Source: Africa Business Communities

Tanzania

FMO backs USD32.5-million electrification facility
In Tanzania, an estimated 145,500 households will soon have access to reliable and affordable power through the recent signing of a USD32.5-million finance facility. FMO the Dutch development bank and lead financier, signed with Zola Electric and Symbiotics, an investment firm specialised in emerging, sustainable and inclusive finance. Bill Lenihan, Co-CEO, Zola Electric: “We are excited to announce this new investment from FMO and Symbiotics. It will allow us to connect more people in Tanzania, support the communities in which we operate and continue the development of our industry-leading power systems.” Chris Wurdemann, Vice President of Corporate Finance, Zola Electric continued: “Zola’s technologically advanced product offering and innovative business model have attracted an incredible group of strategic and capital partners.

Source: ESI Africa

Togo

Togo becomes Africa Finance Corporation’s 20th member state
The Togolese Republic has become the twentieth member state of the Africa Finance Corporation (AFC) – Africa's leading infrastructure development finance institution. Togo's membership of AFC also makes it the 12th West African member of AFC after Nigeria, Guinea Bissau, Ghana, Sierra Leone, Gambia, Liberia, Guinea, Chad, Cape Verde, Benin and Côte d'Ivoire. Togo has in recent years delivered one of the highest growth rates across the continent, averaging over 5% since the beginning of the commodity downturn in 2011, against a continental average of less than 4% during the same time period, as well as impressively low inflation rate, projected to come in at just 0.5% in 2018. As the World Bank notes, this has been a result of Togo's fiscal disciple and prudent monetary policy.

Source: Mining Review Africa

Uganda

IFAD invests USD210-million to support 30,000 Ugandan households who rely on palm oil

Over 30,800 vulnerable rural households in Uganda will benefit from a USD210.4-million project that aims to sustainably increase rural livelihoods by supporting an efficient oil palm industry that complies with modern environmental and social standards. The financing agreement for the National Oil Palm Project (NOPP) was signed by correspondence by Gilbert F. Houngbo, President of the International Fund for Agricultural Development (IFAD), and Matia Kasaija, Minister of Finance, Planning and Economic Development, of Uganda. Financing for the project includes a USD75.8-million loan and USD1.2-million grant from IFAD. It will be co-financed by direct investment from private sector partners (USD90.6-million), the Government of Uganda (USD25.6-million), and the beneficiaries themselves (USD17.2-million). The partnership with the private sector will ensure that smallholder farmers have access to quality inputs, technical know-how and investment credit.

Source: Africa Business Communities

Zimbabwe

Zimbabwe JV to set sustainable diamond mining benchmark

Botswana Diamonds and its joint venture partner in Zimbabwe, Vast Resources, have entered into an agreement which aims to unlock the diamond value within Zimbabwe’s Marange Diamond Fields. In doing so, it will also establish a new benchmark for sustainable and mutually-beneficial mining development in the southern African country, MD James Campbell tells Chantelle Kotze. Campbell, an exploration geologist by trade, has spent more than 31 years of his career actively exploring and developing projects all over the world. He is currently focused on the Kaapvaal Craton which covers a large portion of South Africa, Botswana, Zimbabwe, Lesotho and Eswatini (formerly Swaziland). Campbell believes that the sub-continent is one of the most prospective areas in the world from a geological perspective. As such, it is central to Botswana Diamonds’ exploration strategy.

Source: Mining Review Africa



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