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23 Apr 2019

Africa

Africa’s first minerals trading platform brings transparency to mining

Sawa Minerals has created and launched a platform that will transform how gold is mined and sourced across Africa and the developing world. The platform has been designed in such a way that it is easy to buy ethically mined gold from artisans and small scale miners (ASM) across Africa and the developing world. The name ‘Sawa’ is Swahili for “fine”, “all good” or “no worries”. One of the co-founders Kali Angwa says they settled on the name because it captures the purpose of the platform. Sawa Minerals is a platform where stakeholders in the gold mining industry are not worried about fraud; where gold buyers are assured of ethically mined gold while miners are assured of decent pay.

Source: Mining Review Africa

Burkina Faso

Komet announces sale of its assets in Burkina Faso

Canadian-based gold mining and exploration Komet Resources Inc has entered into an agreement to sell all the issued and outstanding shares that it holds in the share capital of its subsidiaries in Burkina Faso Komet Ressources Afrique SA and Guiro Exploration SARL, to CINI Solutions, a private corporation located in Qatar. CINI will pay the following consideration to Komet for the Share Disposition: the assumption of all the debts of the Subsidiaries and 12 consecutive monthly payments of 100,000 to Komet. CINI also holds the first right of offer on the Dabia South property in Mali until June 7, 2019, in consideration for a single cash payment of USD7-million. The transaction will allow Komet to cease all activities in Burkina Faso.

Source: African Business Communities

Democratic Republic of Congo

Katanga resumes DRC cobalt exports

Katanga Mining has announced that it has resumed the export and sale of cobalt from its Democratic Republic of Congo (DRC) subsidiary, Kamoto Copper Company (KCC). The export and sale is for a limited quantity of cobalt that complies with both international and local Democratic Republic of Congo (DRC) transport regulations with respect to the levels of uranium. In Q4 2018, Katanga announced that KCC had temporarily suspended the export and sale of cobalt due to the presence of uranium detected in the cobalt hydroxide at levels that exceed the acceptable limit allowed for export of the product through main African ports to customers. The low levels of radioactivity detected in the uranium to date do not present a health and safety risk.

Source: Mining Review Africa

Eritrea

Arab Organisation for Industrialisation inks contract to establish USD8-million solar energy station in Eritrea

Chairman of the Arab Organization for Industrialization (AOI) Abdel Monem el Taras has asserted the importance of supporting all development projects in Africa in the light of the strategy of the state to be open to Africa and the directives of President Abdel Fattah El Sisi to open new horizons of cooperation and integration to achieve the aspirations of the African peoples. This came during a ceremony to ink a contract to establish a solar energy station in Eritrea with a total cost of USD8-million in cooperation with the Ministry of Electricity and the New and Renewable Energy Authority (NREA).

Source: African Business Communities

Ethiopia

Ethiopia and Russia sign three-year nuclear power plan

Russia and Ethiopia have signed an agreement setting out a three-year plan to lay the ground for the construction of a centre for nuclear science and technology and a nuclear power plant, Russian State Atomic Energy Corporation said. The agreement was signed by Alexey Likhachev, Rosatom’s chief executive, and Getahun Mecuria, Ethiopia’s minister of technology. Rosatom said in a statement: “The roadmap determines specific steps in strengthening bilateral cooperation in the field of peaceful use of atomic energy. The parties have identified joint actions within the framework of a nuclear power plant construction and centre for nuclear science construction projects.

Source: Global Construction Review

Kenya

South African insurer Sanlam Group finalises partial disinvestment from Sanlam Investment East Africa

Sanlam Emerging Market, subsidiary of South African Salam Group, has finalised the sale of an undisclosed volume of stake in its Kenyan subsidiary Sanlam Investment East Africa. The buyer’s identity has not been revealed but sources claim that it is a local partner. The South African insurer will get USD7.2-million from this operation. Two years ago, Sanlam acquired 75% of asset manager Pinebridge and rebaptised it Sanlam Investment East Africa. Even though this operation is just a partial disinvestment, let’s note that this is the second South African firm realising an exit from the Kenyan asset manager.

Source: Ecofin Agency

Kenya

Rendeavour rolls out 30 MW solar strategy in Kenya

Rendeavour has installed its first solar power plant in Kenya, as part of a 30 MW strategy for Tatu City, the company's new city development in Nairobi. The installation is in line with Rendeavour's long-term commitment to environmental conservation through harnessing renewable energy sources. The solar power plant – installed on the roof of Dormans Coffee's global headquarters at Tatu Industrial Park – provides 1 MW of electricity. Installation of the entire plant, including 15 kilometers of cables, took only six days. Tatu City's strategy is to install solar panels on all rooftops at the industrial park, the largest in East Africa, said Nick Langford, Kenya Country Head for Rendeavour, Tatu City's owner and developer.

Source: African Business Communities

Kenya

NIC Group approves merger with CBA

NIC Group has announced that during the Annual General Meeting held its shareholders overwhelmingly approved the merger with Commercial Bank of Africa Limited (CBA). The approval allows NIC and CBA to merge their operations and amalgamate the shareholding through which the shareholders of CBA will become 53% shareholders of NIC. The transaction is still subject to the approval of the relevant regulatory authorities including Central Bank of Kenya, Capital Markets Authority and Competition Authority. Additional approvals will be required from the regulators in other countries where NIC and CBA operate. It is expected that the process will be concluded in the third quarter of 2019.

Source: Africa Business Communities

Kenya

KCB Group offers to acquire National Bank of Kenya

The KCB Group has made an offer to acquire 100% of the ordinary shares of National Bank of Kenya (NBK). Both KCB and NBK are listed on the Nairobi Securities Exchange (NSE). The offer is subject to shareholder and regulatory approvals and has been served on NBK. KCB proposes to make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB. KCB Group, which has a presence in six countries and a representative office in Ethiopia, has been keen to tap into new growth opportunities while reinforcing existing market capabilities. KCB will provide further details in due course as required.

Source: Africa Business Communities

Malawi

JDA signed for hydropower plant

IFC InfraVentures has signed a Joint Development Agreement (JDA) with the Government of Malawi to develop a hydropower plant on the Shire River. The agreement signed is in coordination with the World Bank and with the support of SN Power AS and Power Africa. According to a news announcement, the Mpatamanga hydropower project will be competitively tendered by the Government of Malawi. Once construction is complete, the plant will provide up to 258MW of clean energy for Malawi. IFC InfraVentures is a USD150-million global infrastructure project development fund that has been created as part of World Bank Group’s efforts to increase the pipeline of bankable projects in developing countries.

Source: ESI Africa

Mauritius

Maaden acquires Meridian Fertilizer Group

Saudi Arabia’s largest mining company, Ma’aden, will make its first international acquisition with the purchase of an African Fertilizer distribution company. The publicly-listed Saudi Arabian Mining Company will acquire an 85% stake in the Mauritius-based Meridian Group in an all-cash deal that will provide one of the Middle East’s largest phosphate producers with 3,000 staff and a network of operations across southern Africa, from Malawi to Mozambique, Zimbabwe and Zambia. Phosphate is used to produce fertilizer that is essential in replacing the phosphorous mineral that is removed from the soil when agricultural plants are harvested. The deal is expected to be completed by September for an undisclosed fee, according to parties linked to the deal.

Source: Africa Business Communities

Mauritius

Mauritian insurer to acquire Kenyan insurance firms in Ksh.3-billion investment

Mauritius United Assurance (MUA) has set its sights on Kenyan insurers in a fresh Ksh.3 billion investment. The new facility follows the firm’s first entry into the country through the acquisition of a Ksh.2.2-billion stake in Uganda’s owned Phoenix Group in 2014. Speaking during the pronouncement of the new round of investing, MUA Chief Executive Officer for Kenya and East Africa Ashraf Musbally said the insurer is keen on leveraging on its solid position on the continent to drive-up expansion through acquisitions. The MUA Group makes up Mauritius largest insurer whose market cap was valued at Ksh.9-billion as of March 2019 to solidify its all-time top 10 listing on the Stock Exchange of Mauritius.

Source: Citizen Digital

Nigeria

TCN implements power transmission project

The managing director of the Transmission Company of Nigeria (TCN), Usman Mohammed, has revealed that the company has begun the execution of a USD170-million power transmission project called the Abuja Feeding Scheme. Mohammed said TCN targets to build five new transmission substations under this programme, which will be built over a period of 24 months. He explained that the scheme comprises two 330kV substations and three 132kV substations, and will take care of power supply challenges in the city.

Source: ESI Africa

Nigeria

Thor signs USD78-million financing package with Africa Finance Corporation for construction of Segilola Gold Project

Mineral exploration company Thor Explorations Ltd. has received investment committee approval from and executed an agreed term sheet with the Africa Finance Corporation for a USD78-million financing package for the construction and ramp-up of its 100% owned Segilola Gold Project in Nigeria. This follows the completion of the Project Definitive Feasibility Study. The financing is subject to mutually satisfactory documentation, AFC Board approval, completion of due diligence and other customary conditions precedent which is expected to be completed in May 2019. For the company to be fully funded the company will also be seeking to raise an additional of USD18-million from debt or equity sources.

Source: Africa Business Communities

Tanzania

EABL to increase stake in Serengeti

East African Breweries Limited (EABL) wants to acquire an additional 4% stake from Serengeti Breweries Limited (SBL). The deal, whose value is yet to be established, awaits the approval of Tanzania’s Fair Competition Commission (FCC). FCC said in a public notice that it had received merger notification to the effect that EABL, a company incorporated in Kenya, intends to acquire additional 4% of the shares of SBL, which is incorporated in Tanzania. If the transaction is approved, EABL’s shareholding will increase to 55%.

Source: The Citizen

Uganda

Vivo Energy Uganda commissions Fuel and Lubes Management Systems

Vivo Energy Uganda has officially handed over a Fuel and Lubricants Management System to its commercial customers Markh Investments in Ntinda and Q3 Holdings in Bweyogerere. The Fuel and Lubricants solution is a customised solution designed to help customers with big fleets reduce their operating costs, save time and improve productivity. Shell products are of a high-quality standard to keep your fleet on the road with fewer breakdowns to keep your business running. Vivo Energy Uganda distributes its Shell products (fuels, lubricants and LPG or Bulk Gas) mainly through retail and commercial channels.

Source: Africa Business Communities

Uganda/Kenya

Kenya, Uganda to demarcate sea borders to end decade-long conflict

In a bid to end the decade-long border conflict between Kenya and Uganda, the two neighbours will begin a boundary demarcation soon, sources said. The conflict is over a one-acre Migingo island that is rich in fish and closest to Kenya. Foreign Affairs Cabinet Secretary Monica Juma said that the new move follows a deal reached between Nairobi and Kampala during President Yoweri Museveni’s recent tour of Kenya. “That is not what it means. Our commitment is to respect the boundaries inherited at independence. That is an immutable starting point,” Dr Juma told a press conference in Nairobi during the Ministry’s quarterly briefing.

Source: African Daily Voice

Zambia

Mining operations resume at Munali nickel mine

Mabiza Resources and its major investor Consolidated Nickel Mines has announced the resumption of mining operations at the Munali nickel mine in Southern Zambia. “It is with great pride that we celebrate the official opening of Munali mine. This marks a new beginning for the mine with a bright future ahead, backed by an experienced investor CNM," says Matthew Banda, General Manager of the Munali nickel mine and Mabiza Resources. “We are committed to being a responsible miner and ensuring the socio-economic benefits created by the mine are lasting and shared with our local communities and the host government.”

Source: Mining Review Africa

Zambia

Zambia commences construction of 13 milling plants across the country

Zambian President Edgar Lungu recently unveiled the construction of 13 milling plants in various districts across the country under the presidential milling plants initiative, Lusaka Times reported. “This is a great milestone in the actualisation of the Patriotic Front government’s pro-poor policy aimed at ensuring that the lives of the majority of Zambians in the rural areas are bearable,” said Lungu speaking at the ground breaking ceremony for the construction of milling plants at the University of Zambia Agricultural technology demonstration center in Chongwe. He said transport costs will ultimately reduce making mealie meal and other maize products affordable to the communities within the vicinity of milling plants.

Source: African Daily Voice