The world’s top steel producer and Chinese giant BaoWu is among the actors financing the development of Guinea's Simandou project, the world’s largest unexploited iron ore deposit. North of this deposit, Australia’s Arrow explores another project. On October 21, Arrow Minerals, an Australian firm, announced a memorandum of understanding (MoU) with Baosteel, a subsidiary of Chinese giant...

Côte d'Ivoire could increase its gold production to 100 tonnes a year by 2029, up from 51 tonnes in 2023. The country aims to achieve this goal with new mines like Lafigué. Operated by Endeavour Mining, Lafigué produced its first gold in June 2024. Lafigué, which began operations at the end of June 2024, is expected to yield 200,000 ounces (5.6 tonnes) of gold annually by 2025. Endeavour...

Morocco is Africa's top silver producer. This year, one of its silver mining companies expanded the Zgounder mine to boost production by at least 36% by 2023. On October 21, during overnight trading on the CME futures market, silver prices hit $34.25 an ounce, the highest since 2012. This surge offers producers greater revenue opportunities. Morocco stands to gain the most from these...

Gide’s Casablanca, Tunis, Brussels and Shanghai offices are assisting Votorantim Cimentos on the sale of its subsidiaries in both Morocco and Tunisia. Votorantim Cimentos signed an agreement with Heidelberg Materials in September 2024 to sell all of its assets in Morocco to Ciments du Maroc (a subsidiary of Heidelberg Materials), including a 63% share in cement and ready-mix concrete producer...

Ethio Telecom aims to be a key player in Ethiopia's digital transformation. The incumbent operator signed a smart city agreement with the administration of Addis Ababa in June 2023. Ethio Telecom is set to launch a smart city project in Bahir Dar following the deployment of commercial 5G services. Yesterday, the state-owned company announced that it signed a memorandum of understanding with the...

Intelsat has been facing multiple issues with its satellites in recent years. These recurring failures affect millions of customers. Luxembourg-based satellite telecom provider Intelsat announced yesterday that its IS-33e satellite has ceased functioning following a power failure. This high-throughput satellite (HTS), designed by Boeing and positioned in geostationary orbit (GEO), experienced a...

British investment firm Helios continues to expand its commitment to the food sector in North Africa. It is seeking a substantial minority stake in Egypt's second-largest exporter of frozen products. Helios Investment Partners, an Africa-focused private equity firm managing over $3 billion in assets, has offered to acquire a 49% stake in Raya Foods, Egypt’s second-largest exporter of...

Morocco plans to focus more on public investment in 2025, emphasizing boosting social projects to drive development and improve living conditions for its people. The Moroccan government plans to invest MAD340 billion ($34.4 billion) in public projects in 2025. The announcement was made by Nadia Fettah Alaoui, the Minister of Economy and Finance, during the presentation of the 2025 draft finance...

Since July 2022, Benin has been receiving support from the IMF through a combined agreement under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), along with funding from the Resilience and Sustainability Facility. An IMF team visited Cotonou from October 8 to 17, 2024, to check on the progress of these reforms. Benin is set to receive around $95 million from the...

Creative and cultural industries have the potential to be a key driver of economic growth in Africa. According to UNCTAD, this sector generated $4 billion on the continent in 2022, showcasing its significant impact. The opportunities for further development in this area are immense. The African Export-Import Bank (Afreximbank) announced on October 18 that it will double funding for its...