Alecto Minerals signed with Ashanti Gold a binding option agreement which grants the latter exclusive right to a 65% interest in the Kossanto East project in Mali. The binding agreement concludes the proposals originally set out in the non-binding letter of intent signed by the two firms in August this year. To acquire the 65% stake, Ashanti Gold has to complete a preliminary feasibility study...

The board of directors of the Central African States Development Bank (BDEAC) met on November 29, 2016, in Brazzaville (Congo), with Abbas Mahamat Tolli presiding the session. In regards to new loans to grant, the board approved additional loan of FCFA 7 billion to Chad for the Djemarya ruminants industrial operating complex. The board also said it would issue a CFA 10 billion letter of...

Data released by the National Bureau of Statistics of Mauritius reveals that the nation’s trade deficit grew 15.7% in Q3 2016, compared to Q3 2015. Compared to the previous quarter of 2016, it soared 11.7% to 21.7 billion Mauritian rupees ($590 million). The gap should widen more before the year ends, according to the institution. “Based on quarterly trends and the various sources...

Vodafone Egypt is all set to launch 4G in the country, its CEO Stefano Gastaut told Menafn. The head of the Egyptian subsidiary of British Vodafone said only the approval of the National Telecommunications Regulatory Authority (ANRT), is left for the firm to launch 4G. With the arrival of mobile operator Telecom Egypt, Stefano Gastaut promised a continuous investment in his company’s network,...

Problems keep raining down on Bolloré, the French transportation and logistics group. After the train derailment in Cameroon involving its subsidiary, the group received multiple complaints in the French media industry, lawsuits in the Conakry port case, amid protests from employees in Cameroon and a slumping turnover. On December 1, 2016, the Versailles Court will study the Conakry port case...

In Benin, the radio station Soleil FM and studios of Idéal production, firm that provides images to Pan-African channel Sikka Television have been closed. The measure falls under a decision of the High Authority for Broadcasting and Communication (HAAC) to close various media, including TV channels E-Télé and Chrétienne TV. The HAAC has suspended Soleil FM’s activity until further notice...

FINACTU Group is pleased to announce that it has won the RFP tender launched by the CIPRES (Conférence Interafricaine de la Prévoyance Sociale) for the creation of the African Investment Fund. CIPRES is a transnational supervisory institution that encompasses 25 social security institutions located in 16 African States. AIF is a recent initiative of CIPRES, widely supported by the General...

Nipco Investments Limited has filed an application with the Securities and Exchange Commission for approval to progress with the acquisition of a 60% equity ownership in Mobil Oil Nigeria Plc. According to Mobil Oil Nigeria, a notice on Nipco’s communication to the Securities and Exchange Commission (SEC) was received from ExxonMobil Oil Corporation. “Further to our communication of October...

Nigeria has lost 130 million barrels of oil since the resurgence of attacks by groups of militants in the Niger Delta region on oil installations in Q1 of 2016. This is coming after the Minister of State for Petroleum Resources, Emmanuel Kachikwu, said the President’s petroleum industry roadmap would assist in stabilizing the region for the oil and gas sector. According to Energy Voice, this...

The Organization of Petroleum Exporting Countries (OPEC) on Wednesday commenced debates on a deal to cut oil production and bolster the crude oil price as Iran and Iraq resists pressure from Saudi Arabia to take part in any action. The members of OPEC began an informal meeting on Wednesday morning and are expected to start a formal gathering at OPEC headquarters later. While an Iraqi delegate...