Finance | - Part 108

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

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….

EIB Plans to Double Kenyan Loans This Year for Infrastructure

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NAIROBI (Capital Markets in Africa) – The European Investment Bank may double its loans to Kenya this year to fund power plants, roads, and other infrastructure projects, the lender’s regional representative said. Financing has been agreed in principle for deals worth about 375 million euros ($465 million), Catherine Collin, EIB regional representative for East Africa, said in an interview Wednesday in the capital, Nairobi. Last year, the lender signed commitments totaling 182 million euros, she said. “Kenya…

Nigeria Can’t Rely on Rising Oil Prices, Minister Says

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer is learning to ignore crude prices, Nigeria’s Finance Minister Kemi Adeosun said. “We’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at…

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