Miner Sundance Resources raised $AU80 million (about US$57.8 million) to advance its Mbalam-Nabela iron project, at the border separating Cameroon and DR Congo, and purchase new assets. The fundraising happened through a two-tranche placement of 615.4 million shares, at AU$0.13 per share. Moreover, the firm revealed eligible shareholders in Australia and New Zealand, a share purchase plan...

MTN Rwanda just introduced a new platform for youth, 16 to 24 years old, named Yolo.  Yolo offers customized voice and data bundles that aim to improve the telecom experience of the youth on this segment. A marketing campaign entitled “YOLO, Go Be Great” was in fact launched by the firm. Explaining the need for this new service, Gunter Engling, CEO MTN Rwanda said: “Yolo is our way of...

American firm Archer Daniels Midland (ADM) just announced that it has purchased, in Morocco, a wet-milling unit that produces glucose and native starch. Located in Casablanca, the unit belonged to Tate & Lyle. Chris Cuddy, president of the maize-processing unit at ADM said: “We keep anticipating a growing demand from our customers in the food, animal feed, paper and corrugated cardboard...

The European Bank for Reconstruction and Development (EBRD) plans to invest an additional €700 million to support various development projects in Egypt, a statement from the Egyptian presidency revealed. This announcement was made after a meeting held in Cairo on May 31 between Egypt’s president Abdel Fatah Al-Sissi and EBRD’s president, Suman Chakrabarti. So far, EBRD has invested...

Bangladeshi firm DBL Group has announced on May 27, it will build a $100 million textile plant in Ethiopia, with the support of the Swedish clothing giant Hennes & Mauritz (H&M). “It is a milestone for us to build an integrated textile factory entirely focused on export,” said Mohammed Abdur Rahim, Vice-President DBL Group, cited by yarnsandfibers.com The new plant will be...

Sasol Ltd. is currently increasing output of a fuel that could change Mozambique, at the Temane and Pande gas fields, Bloomberg reports. Massive gas finds has the possibility of increasing the country’s economy. “We’re going to incrementally increase capacity until we’ve reached the limit,” John Sichinga, senior vice president of Sasol’s exploration and production unit said. As...

As part of plans to reorganize the state-run oil company so it runs more efficiently, the President of Angola, Jose Eduardo dos Santos, has appointed Isabel dos Santos (photo), his daughter, as the chairwoman of Sonangol.This is coming after the whole board of the company were dismissed and replaced with new executives by the President. Paulino Fernando de Carvalho Geronimo has been appointed...

The Deputy Prime Minister of the Libyan Government of National Accord, Musa Koni (photo), has said that there is a possibility that oil production in the country will return to the pre-crisis level of 1.6 million bpd in a year. “As soon as the security situation improves, Libya will return to its normal production level. Perhaps that will be in a few months. We expect an opening of several...

After two decades, the Organization of Petroleum Exporting Countries (OPEC) has finally approved Gabon's application to return to the group.This is coming after the meeting of the 13-member cartel on Thursday in Vienna, where the group failed again to arrive at a deal to cut production. Gabon’s request is to take effective from July 1, 2016, increasing the group’s membership to 14 countries,...

The Organization of Petroleum Exporting Countries (OPEC) has at last appointed the former group managing director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo (photo) as the new secretary-general of the group. Barkindo is to replace Abdalla El-Badri, the 27th secretary-general of OPEC, whose term in office kept getting extended since 2013.The former GMD of NNPC, is to...