BUSINESS - The African Mirror

Sep

07

2021

Guinea bauxite prices rise after coup, mines report no immediate impact

BUSINESS

HELEN REID PRICES for aluminium ore bauxite from Guinea hit their highest in almost 18 months in top metals consumer China on Monday as buyers fretted about supply after a coup in the West African country, though no mines reported any disruption. Guinea is the world's second-biggest producer of the raw material that is refined into alumina, a substance used to make aluminium metal, and is the top supplier to China. Guinean bauxite for delivery to China was last assessed by Asian MetaL at $50.50 a tonne, up 1% from Friday and the highest since March 16 last year. Prices…

Sep

07

2021

By The African Mirror

Standard Chartered arranges $1.1 bln financing for Angola water project

BUSINESS

STANDARD Chartered has arranged $1.1 billion of financing to the Angolan government for a water supply project that will serve its capital Luanda. The funding is made up of two loans - a $910 million facility supported by a partial World Bank guarantee, and $165 million backed by France's export credit agency. The project aims to improve access to drinking water for the capital's over 2 million residents. The financing will be used for investments in water production, transmission and distribution facilities, including a water treatment plant, storage facilities and new networks, Standard Chartered said in a statement.

Jan

22

2021

By The African Mirror

Nigeria approves release of $16.9 mln to set up oxygen plants amid COVID-19 surge

BUSINESS

Nigeria's president has approved the release of 6.45 billion naira ($16.94 million) to set up oxygen production plants in 38 sites to help treat COVID-19 patients as authorities contend with a sharp rise in cases, the government said on Thursday. Africa's most-populous country, where officials recorded low coronavirus numbers through much of last year, is in the grip of a second wave of infections. The presidency said the release of funds to address the provision of oxygen was announced at a meeting of the National Economic Council (NEC) advisory body. "President Muhammadu Buhari has approved 6.45 billion naira for the…

Sep

06

2021

By The African Mirror

The marula-preneurs of Katutura

BUSINESS

VITALIO ANGULA, BIRD WHEN Matty Neengola retired from his job at the Khomas Directorate of Education in Central Namibia, he knew exactly what he wanted to do. He could finally commit himself full-time to the family business and support his wife Napa whose traditional knowledge of a local fruit had given rise to a flourishing small business - processing and exporting marula oil. “It is this transfer of knowledge from when I was a little girl that inspired me to take a leap of faith and embark on this entrepreneurial journey of attempting to commercialize marula and bring it on…

Jan

20

2021

By The African Mirror

Vedanta Resources settles Zambia copper mine pollution claim

BUSINESS

VEDANTA Resources has agreed to settle all claims brought against it by Zambian villagers following pollution by a copper mine run by Konkola Copper Mines Plc (KCM), Vedanta and law firm Leigh Day said on Tuesday. The claim, centring on pollution from the Nchanga Copper Mine, was brought by more than 2,500 Zambian villagers against KCM - Zambia's biggest private employer - and its UK-based parent company Vedanta Resources. "Without admission of liability, Vedanta Resources Limited and Konkola Copper Mines Plc confirm that they have agreed, for the benefit of local communities, the settlement of all claims brought against them…

Jan

20

2021

By The African Mirror

Sudan gives final approval to 2021 budget – finance ministry

BUSINESS

A joint meeting of Sudan's ruling council and cabinet has given final approval to the country's 2021 budget, a finance ministry statement said. The budget is the first to be passed since the removal of Sudan from the U.S. state sponsors of terrorism list and a peace deal involving some rebel groups last year. Sudan is going through a deepening economic crisis, with inflation in December at 269% and periodic shortages of fuel, bread, and electricity. International Monetary Fund Managing Director Kristalina Georgieva said on Monday the IMF was working "very intensively" with Sudan to build the preconditions for broad…

Feb

04

2021

By The African Mirror

Bulk of loans in S.Africa’s COVID crisis scheme to stay untapped, say banks

BUSINESS

A credit scheme central to South Africa's efforts to counter the economic impact of the coronavirus is on course to pay out less than a tenth of the loans it is offering, the country's banking association said yesterday. President Cyril Ramaphosa announced the scheme, worth up to 200 billion rand ($13.4 billion) in bank loans partly guaranteed by the government, in April. It aims to encourage banks to lend more, on more favourable terms, to businesses whose operations have been affected by the pandemic, which has hit South Africa far harder than any other African nation. But so far it…

Feb

04

2021

By The African Mirror

Libyan liquidity crisis eases after exchange rate shift

BUSINESS

LIBYA’S currency adjustment last month has helped ease a liquidity crisis across the country but the continued scarcity of cash dollars means the black market still thrives. Libya has been split since 2014 between warring western and eastern administrations with rival factions seizing control of key economic institutions. As the eastern banking system was cut off from the Central Bank of Libya (CBL) in Tripoli, different black market exchange rates emerged across front lines, both very different to the official rate, and making dollars unaffordable to most Libyans. As part of an economic track of a U.N.-led peace process that…

Sep

03

2021

By The African Mirror

Malawi expects bountiful GM cotton crop as the African Union hones GM policies

BUSINESS

SETH ONYANGO, BIRD COTTON farmers in Malawi are reaping bountiful yields following the introduction of a genetically modified cotton variety, BollGard II in the 2019-2020 planting season. This follows more than a decade of back and forth in the formulation of policy regulation on genetically modified (GM) crops in the south-eastern African state. The African Union this week revealed that it was in the process of developing guidelines on the use of biotech crops across the continent, to ensure greater safety. The AU faces tough choices as it attempts to balance a growing need for food security and also meets…

Sep

02

2021

By The African Mirror

Equatorial Guinea gives AfCFTA new impetus with gas shipment

BUSINESS

SETH ONYANGO, BIRD EQUATORIAL Guinea has made its first shipment of goods to Gabon under the African Continental Free Trade Agreement (AfCFTA), giving fresh impetus to the trade pact. Guinea shipped 2,000MT methanol to Gabon, illustrating that countries are keen to take advantage of the free trade pathway to boost their export receipts. It further shows that African states can leverage the free trade outfit to trade with each other as the COVID-19 pandemic continue to disrupt international supply chains. Africa Energy Chamber said in a statement that the upcoming Africa Energy Week in November would build on this momentum…