Mining | - Part 2

Nigeria Offers Three-Year Tax Holiday to Mining Investors

LAGOS, Capital Markets in Africa: Nigeria offered a three-year tax holiday to mining investors as the West African nation seeks to raise as much as $7 billion to develop its minerals and steel industries. The tax incentive will start “from the date the investor commences mining operations in the country,” Mines and Steel Development Minister Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to a statement posted on the ministry’s website. He confirmed deposits…

Nigeria Aims to Resuscitate Ajaokuta Steel Mill in 2016 — Dr. Fayemi

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigeria is aiming to hand over the US$4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Dr. Kayode Fayemi, Nigerian Minister of Solid Minerals Development, stated. The Minister explained that construction of Ajaokuta, which lies on the Niger River and was supposed to have an installed capacity of 5 million metric tons of steel a year,…

Gem Diamonds’ revenue rises on Letseng’s high-grade diamonds

Posted on by The Editorial Team

Lesotho (Capital Markets in Africa): – Gem Diamonds Ltd said its sales increased in the year to date as it sold more high-grade diamonds from its flagship Letseng mine in Lesotho despite a weaker diamond market. Gem Diamonds said it earned an average of $2,146 per carat in the first three tenders of 2015, compared with $2,140 in the fourth quarter of 2014. The miner, which expects production at its Ghaghoo mine in Botswana to…

AngloGold says wage, power hikes threaten South African gold sector

Posted on by The Editorial Team

By Peroshni Govender and Zandi Shabalala JOHANNESBURG (Reuters) – AngloGold Ashanti Ltd, Africa’s top bullion producer, said on Monday steep wage demands and rising power costs could turn South Africa’s once thriving gold sector into a “sunset” industry. AngloGold, which reported that it had swung to a quarterly profit on robust performance in its international operations sending its shares 5 percent higher, said looming wage and electricity tariff rises were a concern. “We cannot have…

Mining for liquidity in Africa’s stock exchanges

Posted on by The Editorial Team

Improvements in political and macroeconomic stability, policy certainty and legal systems in many African countries, as well as Africa’s growing middle class and rise in consumption, continue to raise the bar on foreign interest in Africa as an investment destination – as GDP growth (as a whole) averages at six percent for three consecutive years*. Yet, Africa hasn’t reached its potential share of investment in extractive service. In fact, the UNCTAD has revealed that although…

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