Finance

LUANDA (Capital Markets in Africa) – Hamilton, Bermuda, February 6, 2019 – Seadrill Limited (“Seadrill”) announces today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P. (“Sonangol”). The new joint venture, Sonadrill, will operate four drillships, focusing on opportunities in Angolan waters. Each of the joint venture parties will bareboat two drillships into Sonadrill. The Seadrill drillships will be from our existing…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest gold producer would consider buying more assets in the country after paying off debt from previous acquisitions. Sibanye Gold Ltd. hasn’t discussed deals, but AngloGold Ashanti Ltd.’s Mponeng mine and Gold Fields Ltd.’s troubled South Deep operation would both fit into the company’s portfolio, Chief Executive Officer Neal Froneman said in an interview in Cape Town. Still, for the next 18 months at least, the CEO — nick-named “Mr Fix-It” for…

TRIPOLI (Capital Markets in Africa) – Libya’s internationally backed government tapped a rival to eastern leader Khalifa Haftar to command a strategic city his army controls, the latest salvo in their struggle for power in the war-ravaged North African nation. The Presidency Council announced the appointment of Ali Kana, a member of the Tuareg tribe, as military chief in the southwestern city of Sebha on its Facebook page on Wednesday. Haftar’s Libyan National Army, the country’s largest…

JOHANNESBURGH (Capital Markets in Africa) – Politics is tying the hands of South African President Cyril Ramaphosa as he weighs policy trade-offs needed to rejuvenate a moribund economy. The labor union leader-turned businessman took office a year ago, shortly after winning control of the ruling African National Congress by a razor-thin margin. With a large party faction remaining loosely aligned to his predecessor Jacob Zuma, Ramaphosa’s political control remains tenuous. He is due to announce the government’s policy…

LONDON (Capital Markets in Africa) – The new year was meant to be a time for final preparations for Brexit, officially slated for March 29. Instead, the U.K. Parliament has yet to approve the divorce accord that Prime Minister Theresa May brought back from Brussels. That’s caused fears of a no-deal exit to ripple dangerously through the real economy, according to the Bloomberg Brexit Barometer. The gauge’s monthly reading fell to a “rainy” minus 7.1 last…

KINSHASA (Capital Markets in Africa) – Billionaire investor Robert Friedland said the copper deposit Ivanhoe Mines Ltd. is developing in the Democratic Republic of Congo has the potential to become the world’s No. 2 mine for the metal. “Kamoa-Kakula will become the world’s second-largest copper mine with peak annual production of more than 700,000 tons of copper metal,” Ivanhoe founder Friedland said Wednesday at a mining conference in Cape Town. Friedland announced the findings of an independent…

LUSAKA (Capital Markets in Africa) – Zambia, Africa’s second-largest copper producer, sees recent changes to its mining royalties regime as fair and won’t consider a review despite warnings from the industry that it could deter investment and result in job losses, Finance Minister Margaret Mwanakatwe said. “There is no renegotiation taking place because a law has been passed in parliament to change the tax regime,” Mwanakatwe said Tuesday in an interview in Cape Town. “We don’t want…