The Editorial Team |

What to Watch in Commodities: Alcoa, OPEC, Gold, Glencore, IEA

LAGOS (Capital Markets in Africa) — Commodity investors embark on an intriguing earnings season this week amid conflicting signals. Raw materials just hit a two-year high — aided by a weaker dollar, hopes for more U.S. stimulus, and gains in food prices — but signs from around the globe suggest the pandemic is worsening. Aluminum giant Alcoa Corp. is among companies in the vanguard, along with major oil-service player Schlumberger Ltd. Top banks including Goldman Sachs Group Inc. will…

Nigeria Pins Hopes on First Gold Project to Boost Mining Sector

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LAGOS (Capital Markets in Africa) — Nigeria’s first industrial gold project is on course to enter production next year, and its success will be crucial for boosting mining in Africa’s biggest oil producer, the country’s mines minister said. Thor Explorations Ltd. is spending $98 million to develop the project, which will have an annual average output of 80,000 ounces. The Canada-based company’s Segilola mine in the southwest should yield gold by the end of the first…

Nigeria’s Delayed Oil Bill to Get Lawmakers’ Backing, Kyari Says

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LAGOS (Capital Markets in Africa) — The head of Nigeria’s state oil company expressed confidence that the nation’s long-delayed oil and gas industry reforms will be passed by Parliament. The Petroleum Industry Bill, legislation that has been two decades in the making, seeks to overhaul the laws that govern the West African nation’s oil industry, reforming how it’s operated and funded. The legal framework hasn’t kept up with the country’s needs, Mele Kyari, group managing director of…

South Africa Won’t Meet Debt Targets, President’s Council Says

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JOHANNESBURG (Bloomberg) — South Africa won’t be able to meet its finance ministry’s debt targets and it may be undesirable for it to attempt to do so when the economy is being battered by the fallout from the coronavirus, according to an advisory panel appointed by President Cyril Ramaphosa. In a more than 100-page document advising the government on an economic recovery program that Ramaphosa is due to unveil on Oct. 15, the President’s Economic…

Mozambique Outlines Fund Plan for $96 Billion Gas Windfall

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MAPUTO (Capital Markets in Africa) — Mozambique published its proposed model for a sovereign wealth fund as it prepares to reap as much as $96 billion — more than six times the size of its current gross domestic product — from liquefied natural gas projects that companies including Total SE are building. The developments, which are the biggest private investments yet in Africa, could make Mozambique the continent’s second-biggest producer of the fuel. The central…

Online Disinformation Campaigns Undermine African Elections

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LAGOS (Capital Markets in Africa) — In the runup to Guinea’s elections on Oct. 18, voters are grappling with a familiar-sounding problem: disinformation and a lack of transparency over who’s providing the news they’re getting. In the U.S., similar complaints led to a crackdown on campaigns such as those staged by Russia during the 2016 presidential vote, won by Donald Trump. This election cycle, Facebook has banned new political ads in the week before Election Day on…

The Africa Energy Forum October 2020

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The Africa Energy Forum 2020 joins forces with the African Utility Week and POWERGEN Africa and Oil & Gas Council’s Africa Assembly this October to host a ‘Digital Africa Energy Festival’ – the largest ever energy event for the African continent. A month-long digital platform featuring a vast array of content & networking offerings, delivering critical information at a time when the industry needs it most. Learn more: https://bit.ly/3gRSUKk #DEF2020 #aef20 https://youtu.be/c5f_vuwEBak

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