The Editorial Team |

World’s Biggest Tax Bill Is Latest Woe for Africa Gold Miner

DAR ES SALAAM (Capital Markets in Africa) – It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold Plc would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever. Acacia Mining Plc, renamed after a local tree with pom-pom blossoms and…

Copper Trumps Politics as Investors Take Shine to Zambian Assets

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LUSAKA (Capital Markets in Africa) Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1 billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55 percent on Wednesday. The southern African nation’s currency has appreciated 12 percent against the dollar in 2017, making the kwacha the continent’s best performer after Mozambique’s metical. Copper prices are at…

South African Miners Apply to Block Minister’s Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines, which represents the industry, made a court application to block a proposal by the mines minister to freeze granting and renewing mining rights, intensifying a legal clash between the two sides. The lobby group applied to the Pretoria High Court “to review and set aside the notice and to interdict the minister from taking any decision or issuing any directive contemplated in the notice,” it said…

Tanzania President Urges Increased Control of Mineral Wealth

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DAR ES SALAAM (Capital Markets in Africa) Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday. “We are surrounded by wealth; we have…

Hennessy Sees Kenya as Growth Frontier as Cognac Sales Start

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NAIROBI (Capital Markets in Africa) Hennessy, the world’s largest maker of cognac, has started distributing its products in Kenya to tap Africa’s second-largest luxury-goods market. The company, a unit of Paris-based LVMH, began distributing its products in the Kenyan capital in May and plans to use the city as a hub for regional distribution, Chief Executive Officer Bernard Peillon said in an interview in Nairobi. A bottle of Hennessy cognac retails for as much as 117,000…

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

Cell C Is Said to Sell $464 Million of Bonds Amid Reorganization

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalization that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured bonds and $280 million of five-year securities, according to the people, who asked…

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