ASX-listed miner Kimberley Diamonds which operates the Lerala diamond mine in Botswana has raised $4 million to pay part of the $13 million it owes China-based auction house, Zhejiang Huitong Auction. To mobilize these funds, the firm issued 40 million ordinary shares at $0.10 per share. It issued another 7 million shares to pay interests associated with the same debt....

By 2018, Chili will become the first country in the world to have a metro system to be powered by solar and wind power. The Metro de Santiago as it is called should derive close to 60% of its energy from renewable sources. The power will come from a photovoltaic solar plant and a wind plant which will be installed in the Atacama Desert for $500 million. The El Pelicana solar plant will...

The Turkish-German cooperation will build in Bobo-Dioulasso, Burkina Faso, a cotton processing unit, reveals Xinhua. The $70 million factory will generate 1,200 jobs. The infrastructure which will process cotton into thread then into fabric and it will produce its own power. If concretized, this project would be an important milestone in Burkina’s cotton processing industry. First...

The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has revealed that the country needs from $40 billion to $50 billion in investment in oil projects as its crude output was increased to about 1.9 Mmbpd two days ago. According to the Minister, Nigeria entered into a potential agreement for $8.5 billion of investment with China North Industries Group...

In Tanzania, Aminex has finalized talks with the Tanzanian Petroleum Development Corporation (TPDC) as regards the one-year extension of the licence term for the Mtwara Licence of the Rovuma Production Sharing Agreement which was expected to expire by the end of this year. According to the company, the extension has now been approved by TPDC and afterwards subjected to Ministerial approval and...

French firm Engie and Moroccan Nareva signed a collaboration contract to develop 5,000 to 6,000 MW of power plants in North and West Africa. “Strong partnerships are at the center of Engie’s strategy in Africa,” said Isabelle Kocher, Engie’s director. “This contract is a significant milestone in our partnership with Engie,” said Nareva’s CEO, Ahmed Nakkouch. The two companies plan...

In its annual report, Ecobank revealed that while reducing wages of its personnel by 9% in 2015, to $525 million from $576 million, it paid its executive directors $7.3 million. This figure which includes salaries and short-term benefits rose by 9% compared to 2014’s $6.6 million. The group explained the increase by the need to draw more talents, as well as protect its...

Cote d’Ivoire’s trade balance, according to data released by Bloomberg, has recorded a $22.4 million deficit in 2015. A first since 1980. Comparing this data with economic outlook readjusted in April 2016 by the International Monetary Fund, it appears that the deficit should pursue in 2016 and 2017, before being reverted at the end of 2018. Starting 2012, Cote d’Ivoire’s commercial...

Shell has announced plans to invest $342 million in the drilling of 33 wells in its concession areas operated by Badr El Din Petroleum Company (BAPETCO).Among these 33 wells, 19 will be for developing gas production, 10 for the injection of water and the remaining 4 wells will be for exploring gas. Between 2015 and 2016, Shell drilled a total of 32 wells in its concession areas also via...

Sonatrach Group is depending on an increase in its hydrocarbon exports to 108 million tons oil equivalent in 2016 compared to the 98.1 million ton oil equivalent in 2015, representing a 10% increase. According to the CEO of the Group, Amine Mazouzi (photo), results recorded in the past five months of this year are perfectly in coordination with the goals set by Sonatrach for 2016, in order to...