Ncondezi Energy secured a $3 million from the African Finance Corporation (AFC) to develop its Ncondezi coal-powered power station in the Tete province, in Mozambique. The loan will be used to pay charges which are not included in the joint development agreement signed between Ncondezi Energy and Shanghai Electric Power (SEP). Under the agreement, SEP may acquire up to 60% of interests in...

Kinross Gold, mining firm active at the Tasiast gold mine in Mauritania, announced it has cleared a $250 million debt whose deadline was on September 1, 2016. The firm also said that its next two reimbursement deadlines were on August 10, 2010 and August 10, 2021, resulting from an extension agreement it signed with its lenders. Kinross is to pay $500 million and $1.5 billion...

Japan will add 1,200 MW of power to the capacity of Sub-Saharan Africa by the end of 2018. Japan’s commitment aligns with the Power Africa initiative which aims to add 30,000 MW of power to the capacity of the region. The government of japan for its new commitment signed with the United States a memorandum of cooperation (MOC) which includes sharing of strengths, expertise and resources to...

In a statement published on September 1, South African restaurant chain Famous Brands revealed it has bought the British fast-food chain Gourmet Burger Kitchen for R2.1 billion ($143.3 million). Famous Brands which also owns the Debonnairs Pizza and Steers Burger brands, started negotiations with Gourmet Burger Kitchen earlier this year and was able to save R700 million on the deal due to...

South African e-commerce giant Naspers will invest in the Romanian platform eMAG €500,000, before the end of the year, to test new e-commerce technologies. The solutions will be developed by eMAG Labs, eMAG’s research department. To insure the implementation of the solutions, the company will, within the next two years, add to the 600 IT engineers it currently employs 200 more...

Diamond Mining (Diamcor) has successfully closed a private placement through which it raised C$5.82 million ($4,440,197). To achieve this, the firm issued 4.54 million units at C$1.1 per unit thus making a total of C$5 million. In addition, 746,090 units were issued as part of an over-allotment option for a total of C$820,699. While announcing the placement at the end of August, Diamcor said...

Reports have indicated that the amount of West African crude oil to be shipped to the east in September is expected to reach a five-month high, partially caused by trading houses. According to a Reuters’ survey of shipping fixtures and traders, no less than 60 cargoes, carrying the equivalent of 1.9 million barrels per day, are expected to be shipped, compared to the 1.685 million bpd in...

South African Energy department on Friday, announced that the retail price of petrol will reduce by 1.5% while the price of wholesale diesel will go down by 4.4% from September 7. According to the department, the price of petrol will drop by 18 cents to 12.17 rand per litre, while diesel will reduce by 49 cents to 10.49 rand per litre, Reuters reports. July’s pump price for a litre of petrol...

Telecom Egypt, similarly to mobile telecom operators, is now able to provide 4G services to its users. Indeed, the state-owned firm has acquired the licence after signing the related contract at the Ministry of Information, communication and technology on August 31, 2016. The agreement was signed by ANRT’s CEO, Moustafa Abdel Wahed, and its counterpart from Telecom Egypt, Tamer Gad Allah, in...

Algeria’s Prime Minister, Abdelmalek Sellal, addressing the press on August 31, 2016, said the local economy was in no way endangered, despite continued oil price slump. “Some people believe that the Algerian economy will experience turmoil in the coming years but the truth is that we examined the situation and until 2019, Algeria’s foreign exchange reserves won’t fall below $100...