On Feb. 19, Black Mountain Resources informed its shareholders that it wants to sell its Namekara vermiculite mine in Uganda, to focus on its phosphate and copper assets. This initiative is part of a restructuration plan, agreed with its major lender Richmond Partners, which requires shareholders’ approval. Under the agreement terms, Black Mountain is to sell its interest in Namekara...

At the end of 2017, Moroccans had created 68,259 businesses in Italy, the largest number of companies run by foreigners in the peninsula. This is revealed in a report released by the Italian federation of chambers of commerce (Unioncamere). The Chinese come second with 52,075 businesses created. Other African countries also ranked are Senegal (19,494), Egypt (18,612) and Tunisia...

The Rwandan government is still determined to ban the importation of second-hand clothes from the U.S, despite being pressured by the latter. This measure, adopted in 2015 by the East African Community (EAC), aimed to suspend by 2018, import of cheap used clothes and footwear from Uncle Sam’s country. In response to this decision, the U.S threatened to eject Rwanda as well as Uganda and...

Zimbabwe is about to sign with Botswana an agreement to process and valorize its diamonds through Diamond Trading Company (DTC), a joint venture between Botswana and De Beers. According to The Herald, related talks which started months ago advanced well during the last visit of Zimbabwe’s President, Emmerson Mnangagwa to his botswanian counterpart Ian Khama, last week. Under the...

Côte d’Ivoire will issue CFA35 billion bonds on the regional financial market, a statement from the Dakar-based regional debt planning agency Umoa-Titres revealed. The operation which is set to commence today Feb. 20, will enable the State to mobilize resources needed to finance its 2018 budget which exceeds CFA6,700 billion. Moreover, the bond issued will be repaid in 3 years, that is...

Omexom, a subsidiary of VINCI Energies specialized in the development and maintenance of electrical transmission infrastructures, signed a €197 million contract with the Senegalese national power company Senelec. The agreement covers the installation of five very high-voltage power transformer stations, the construction of 200 km overhead and underground power lines and the installation...

In Rwanda, export revenue from horticultural products stood at $21 million in 2017, up by 75% compared to the previous year. This strong performance confirms the increasing momentum initiated by the subsector some years ago. “From being almost non-existent five years ago, the sector is now a strong contributor to Rwanda’s exports” said Bill Kayonga, managing director...

Senegal expects to produce 150,000 tons of potatoes this year. Compared to the volume produced last year, this represents an increase by 32,000 tons, APS reports. This output should enable the country to meet its local demand (95,000 tons) and increase its exports at the same time. During the launch of the harvests, Macoumba Diouf, the national director of horticulture said that this year,...

Between 2019 and 2023, SEMAFO Inc. plans to produce 413,000 oz of gold yearly at Mana and Boungou mines in Burkina Faso. 209,000 oz will be produced at Mana and 204,000 oz at Boungou. With an estimated cost of $696 per ounce, the company expects $1.25 billion cash flow. SEMAFO explains that its projections are based on the increase of reserves and resources at the two mines. At Mana...

Hummingbird Resources announced in a new operational update that it has produced 10,737 oz of gold since the start of operations (Dec. 19, 2017) on its Yanfolila mine in Mali. It has also shipped 5,483 oz to refineries. According to the company, during the first period of operations, the plant processed lower-grade ore to ensure that its performance and gold recovery were satisfactory...