Teranga Gold announced yesterday March 12 that it has received a commitment letter from Taurus Funds for a $200 million loan to finance its gold projects in Burkina Faso. In details, the finance facility, whose terms will be concluded in Q3 2018, includes a $165 million first tranche to develop Wahgnion gold project and repay $15 million bank debt. In addition,...

In Ghana, the 2017-18 cocoa season could be one of the worst in  recent years. Joseph Aidoo, head of Ghana’s cocoa board (Cocobod), said that the country expects 700, 000 tons for the current season, a volume far below the 950, 000 tons produced during the previous season. This is attributed  to poor rainfall during recent times. “We’ve bought the bulk of our cocoa for the...

The Central Bank of Nigeria (CBN) has injected an additional $210 million into the Inter-bank Foreign Exchange Market. A routine transaction that plays a key role in the currency stabilization through the availability of official circuits of foreign exchange for customer needs in various segments. Out of this fund, $100 million is directed towards distributors authorized in...

Yesterday, March 12, the giant Chinese construction group China Railway Construction Corporation (CRCC) signed a strategic cooperation agreement with the Ivorian financial group Phoenix Africa Partners Holding (PAPH) to build affordable and social housing in Côte d’Ivoire. “Phoenix Africa partners Holding and China Railway Construction Corporation aim to jointly develop some low-cost...

Nigeria’s foreign exchange reserves reached about $46 million in March 2018 against $42.8 billion a month earlier, an increase by $3.2 billion just in one month. This was revealed by the country’s central bank. In January 2018, the foreign reserves were $40.56 billion while they stood at $34.53 billion in December 2017. According to the bank’s chairperson Isaac...

The International Solar Alliance (ISA) was officially launched yesterday March 11, in New Delhi, India. Initiated since 2015, the alliance aims to ease the implementation, by 2030, of additional solar plants estimated at 1, 000 GW, five times the current global capacity.  To this end, the project initiators such as US and China will mobilize $1, 000 billion by the same period. They...

Egypt intends to issue new bonds on the financial market via four Europe-based banks, Bloomberg indicated today March 12. According to information from Egyptian authorities, the banks selected to manage this issuance include BNP Paribas, Deutsche Bank, Standard Chartered and Intesa Sanpaolo. This operation to raise between €1 billion and €1.15 billion should be...

Burkina Faso’s president, Roch Marc Christian Kaboré (photo), announced during the celebration of the International Women's Day in Ouagadougou that a quarter of developed land will be granted to women. Le pays reports. Speaking during a forum on “Women’s participation in governance: situational analysis, challenges and prospects”, the president appeased his female...

Sarama Resources, a company active in Burkina Faso’s gold sector, has just announced a C$4 million fundraising through the private placement of 40 million common shares worth C$0.1 each. Originally, the company aimed for C$3 million, however, in view of the shareholders and new investors’ interests in the campaign, Sarama Resources increased the value to C$4 million. With this fund, Sarama...

Last weekend, Platinum Group Metals Ltd. announced that its joint venture partner JOGMEC had signed a MoU with the Japanese trading company Hanwa. Through this memorandum, JOGMEC transfers 9.755% of its 21.95% shares to Hanwa.   In the days to come, both companies will conclude the transfer agreement. Once it is done, Hanwa which is a Tokyo-based leading global trading company, can buy...