Finance | - Part 108

Congo Seeks More Cobalt Control as Batteries Drive Boom

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo will seek greater control of the global cobalt market by engaging directly with car and battery manufacturers, according to its largest state-owned mining company. “I find it scandalous that when cobalt is discussed, and the explosion of electric vehicles, only the traders and consumers are referenced and Congo and Gecamines are not cited,” Gecamines Chairman Albert Yuma said in an interview in Cape Town. The market…

Opposition Fortunes Wane as Tanzania President Rules Supreme

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Two years into his rule, Tanzanian President John Magufuli has some unexpected new fans: his political opponents. His chief rival in the 2015 vote, Edward Lowassa, has praised his reforms and urged others to support them. Another challenger became one of his regional commissioners, while two opposition lawmakers recently defected to the ruling party and will run as candidates in February by-elections. These could be signs that Magufuli, who’s nicknamed…

Gas Flaring Law Error Cost Nigeria Billions of Dollars, Says Finance Minister

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigerian Finance Minister Kemi Adeosun said. In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax deductible,” Adeosun said in a January 23 interview. “So, what do the international oil companies do? They flare, they pay the charge…

Emerging Africa Infrastructure Fund leads and closes financing of €78 million 50MW in Akuo Energy’s solar plant in Mali

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BAMAKO (Capital Markets in Africa) – The Emerging Africa Infrastructure Fund (EAIF), which is part of the Private Infrastructure Development Group (PIDG), and Akuo Energy, the leading French green IPP, today announce the signing of financing of the Akuo Kita Solar power plant, to be built at Kita in southern Mali. It will be the first photovoltaic power station in Mali owned and run by a private sector independent power producer. Two other PIDG companies,…

Anglo Continues South Africa Coal Exit With New Largo Sale

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JOHANNESBURG (Capital Markets in Africa) – Anglo American Plc agreed to sell its New Largo coal project in South Africa to a group of black-controlled companies, bringing it closer to an exit from operations designed to supply coal to the country’s power plants. Anglo will sell New Largo to Seriti Resources Pty Ltd., Coalzar Pty Ltd. and South Africa’s Industrial Development Corp. for 850 million rand ($71 million), the company said in a statement Monday. State-owned power…

Deutsche Warns Against Crypto-Currencies, Risk of Total Loss

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LAGOS (Capital Markets in Africa) – Deutsche Bank AG’s Wealth Management currently does not advise to invest in crypto-currencies, according to Markus Mueller, Global Head of Chief Investment Officer. Problematic issues include high volatility, possible price manipulation and data loss or data theft, he told Bloomberg News in an interview. “We do not recommend that. It’s only for investors who invest speculatively,” he said. “There is a realistic risk of total loss.” According to Mueller, recent price increases…

Tharisa’s Pouroulis Meets Zimbabwe Leader, Seeks Opportunities

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HARARE (capital Markets in Africa) – Tharisa Plc Chief Executive Officer Phoevos Pouroulis met Zimbabwe’s new president, Emmerson Mnangagwa, on Jan. 18, as the Cyprus-based platinum and chrome mining company seeks opportunities in the country with the world’s second-biggest reserves of the metals. Pouroulis was accompanied to the meeting in Mnangagwa’s office in Harare, the nation’s capital, by executives including Gregory Taurog, the company’s marketing and sales director, and Hans van Wyk, the operations director of subsidiary Tharisa Minerals….

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