The European Bank for Reconstruction and Development (EBRD) injected €500 million in Egypt’s renewable energy sub-sector. This was revealed by Philip Ter Coort, director of the bank’s branch in the country, as he met Saha Nasr, Egypt’s minister for international cooperation. At the meeting, the two parties talked about EBRD’s strategy in the country, for the next four years,...

South African mining company Gold Fields will spend $1.4 billion to extend the lifespan of its Damang gold mine in Ghana to 2024 from 2017, the firm announced while updating output for the third quarter. The extension will help the company produce 1.5 million oz of gold for $950/oz. To this end, it plans to process 32 million tons of ore grading 1.65g/t Au. It should be recalled...

Martin Parfait Aimé Coussoud-Mavoungou, Congo’s minister for land affairs and public domain, while declaring that the government recognizes and protects customary land rights highlighted that holders of such rights would not enjoy the executive’s protection unless conforming to related regulatory procedures. He “urged the right holders to declare their rights to authorities in charge in...

Spanish firm Atunlo just announced the opening of a tuna processing plant in Mindelo, Cape Verde. The factory in which Atunlo owns 51% results from a partnership with the Frescomar and Frigo groups which hold 33% and 16% stakes respectively in the unit. The infrastructure which was commissioned in the presence of Cape Verde’s Prime Minister, José Maria das Neves, has an annual output...

LES-listed firms with assets in Africa mobilized $26.1 billion over 10 years, Oscar Onyema revealed. The chief manager of the Lagos stock market made the announced during a one-day event between his institution and the British stock market. A total of 112 companies operating in Africa are actually listed on the London Stock Exchange. Recent listing operations include that of Egyptian...

The President of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Saleh Abdulla Al Sada, has stressed the need to strengthen interaction between oil producing states. “In the future we will need enhanced interaction to foster mutual understanding between the OPEC and non-OPEC oil producing states, we need to intensify the contacts,” Al Sada said. This according to him is...

A delegation from Scotland is expected to visit East Africa to help the region improve skill shortfalls in the oil and gas industry, and also in the mining and construction sector. The delegation is being led by Scottish Development International on a mission aimed at increase the skills base in East Africa. East Africa has been reported to have the world’s biggest gas fields but in order to...

Chinese demand for Angolan oil, which is cheaper and considered to offer steady supply, is expected to accelerate this month as the refinery preservation period is over. The Southern African nation was China's largest crude oil supplier for the second time in September, overtaking Russia. China imported 4.19 million tonnes of oil from Angola last month, compared to the 45.8% from a year ago....

The French Development Agency (Agence de Développement Français) provided €370 million for soft loans to Nigeria so it develops its power sector. Denys Gauer, France ambassador to Nigeria made the announcement and reaffirmed the commitment of his country to help Nigeria’s energy sector grow. He however highlighted that “Nigerians must give priority to renewable energy, either...

Today, October 24, 2016, MTN Group had its share soar by 4.47% on the Johannesburg Stock Exchange where it is listed. The increase is subsequent to the firm announcing good financial results for the third quarter of 2016, spurred by earnings from data that surged 21% now representing 26.4% of MTN’s turnover. The group also announced it was ready to start recovering earnings from its business...