Finance | - Part 118

Mining Lobby in Court Over South African Black-Ownership Rules

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines starts the first of its two-pronged legal fight over the country’s black-empowerment rules Thursday. The case will be heard in Pretoria over two days and pits the chamber, which represents producers including Anglo American Plc and AngloGold Ashanti Ltd., against the Department of Mineral Resources. At stake is whether mining companies can claim to have met black-ownership requirements even after beneficiaries have sold their stakes in…

Egypt Qalaa’s $3.7 Billion Oil Refinery to Start Up in September

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CAIRO (Capital Markets in Africa) – Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo…

India Exim Bank’s $100 Million Funds Nigeria Power Projects

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LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

City of Lights Takes Up Green-Bond Mantle as Acceptance Widens

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LAGOS (Capital Markets in Africa) – Paris, where 195 countries reached an international climate accord, is lending its name to a bond market that touts sustainable development, cleaner air and even affordable housing. The City of Lights is the latest entrant to a market HSBC Bank Plc forecasts will expand by $180 billion in 2018, representing a 44 percent increase over this year’s sales and bringing the amount outstanding to $463 billion. France’s capital wants to use…

Angola Sovereign Wealth Fund Denies Claims Investments Illegal

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LUANDA (Capital Markets in Africa) – Angola’s Sovereign Wealth Fund said all its operations are legitimate and denied allegations based on the so-called Paradise Papers about how its $5 billion of capital is invested. “A series of articles have been published in a certain section of the media with unfounded allegations and incorrect information about Fundo Soberano de Angola,” the fund said in a statement on its website on Tuesday. “We would like to reiterate that…

Tanzanian Helium Discovery May Be Double Initial Estimate

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DAR ES SALAAM (Capital Markets in Africa) – Helium resources discovered in Tanzania last year may be almost twice as large as first thought, helping address possible future shortages of the gas used in medical scanners and nuclear energy when production begins, possibly as early as 2020, the exploration company said. Researchers working with Lisbon-based Helium One Ltd. calculated the Rukwa gas field in southwestern Tanzania could contain as much as 98.9 billion cubic feet of the resource, Chief Executive…

South African Airways Seeks Investor to Revive Its Fortunes

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will revive a plan to seek an equity partner that’s able to provide cash and operational savings to help turn around the state airline, according to its new chief executive officer. A strategic investor would ideally come from within the aviation industry, CEO Vuyani Jarana, 47, said in an interview at Bloomberg’s Johannesburg office on Monday. That will enable unprofitable SAA to share costs, improve customer service…

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