The Editorial Team |

Obscure Cypriot Plots $10 Billion Bet on East Mediterranean Gas

LAGOS (Capital Markets in Afrioca) – A little-known investor group is planning a major shakeup of the Eastern Mediterranean natural gas industry in a bid to unlock hundreds of billions of dollars of sales stymied by the political and industrial complexities of the region. Cynergy Group, an investment firm based in Cyprus, is looking to spend between $5 billion and $10 billion in the coming years buying under-utilized natural gas assets in the region, according…

Ghana Seeks Investors to Mine Bauxite to Fund Infrastructure

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ACCRA (Capital Markets in Africa) – Ghana is inviting investors to submit plans on how to tap the nation’s bauxite deposits as the government seeks to leverage more of its mineral resources to fund infrastructure. The government will receive proposals from interested parties until the end of the year on how to expand production and build refining and smelting capacity for the manufacturing of alumina and aluminum, said Michael Ansah, chief executive officer of Ghana Integrated…

Nigeria Urges Banks to Lend or Lose Access to Yields of 14%

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LAGOS (Capital Markets in Africa) – Nigerian policy makers urged banks to turn on the taps and increase lending to stimulate the economy, or have access to a near-risk free way of making money choked off. The West African nation’s Monetary Policy Committee is using persuasion to get banks away from parking their cash in high-yielding government securities to divert these funds to the private sector. Lenders in the continent’s top oil producer were burnt after sliding…

To Borrow $500 Million, Zimbabwe Pledges Mine That Doesn’t Exist

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HARARE (Capital Markets in Africa) – The collateral for African Export-Import Bank’s $500 million loan to Zimbabwe is a mine that hasn’t been dug yet, people familiar with the matter said. The loan, which will be paid over four years when production starts, is backed by a mine that Great Dyke Investments, a venture between Russian investors and the Zimbabwean military, plans to build at a cost of $4 billion, the people said. The mine,…

Oil Extends Losses on Rising U.S. Inventories and Trade Tension

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LAGOS (Capital Markets in Africa) – Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch, while fears of a full-blown trade war between the U.S. and China weighed on the outlook for demand. Futures fell as much as 1% in New York after tumbling 2.7% on Wednesday, the biggest drop in almost three weeks. American stockpiles rose by 4.7 million barrels last week to the highest level since mid-2017, despite expectations for…

World’s Top Carry Trade Here to Stay as Egypt Seen Holding Rates

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CAIRO (Capital Markets in Africa) – Foreign investors came to Egypt for what Renaissance Capital said could be the “best reform story” in emerging markets and stayed for this year’s biggest carry-trade return. Just one cut in interest rates by Egypt in over a year, coupled with a dovish shift by global central banks, has powered gains in the pound that are second only to Russia’s ruble among all currencies tracked by Bloomberg in 2019. With the…

A Copper Mining Lesson From Zambia: History Repeats Itself

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HARARE (Capital Markets in Africa) – Vedanta Resources Ltd. is learning the hard way that when it comes to Zambia’s copper-mining industry, history tends to repeat itself. Fifty years ago, Zambia’s first post-independence leader Kenneth Kaundanationalized mines owned by Anglo American Plc and Roan Selection Trust to rally his political supporters. Now populist President Edgar Lungu is taking legal steps to take over the operations of Vedanta’s Konkola Copper Mines, alleging the unit lied about expansion plans and cheated on taxes. With…

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