Côte d'Ivoire’s gold output has been increasing in recent years and is expected to reach 55 tonnes by 2024. This growth is driven by new gold discoveries and rising investment in the sector. On August 27, Turaco Gold released an initial mineral resource estimate for its Afema project, located 120 km east of Abidjan. The project contains 2.52 million ounces (71.4 tonnes) of gold across three...

In Burkina Faso, Lilium Mining, a company indirectly owned by Simon Tiemtoré, acquired two gold mines from Endeavour Mining in 2023. This year, Endeavour transferred control of the mines to the Burkina Faso government after a dispute with Lilium. Lilium Mining and Endeavour Mining reached a settlement agreement regarding their legal dispute over the Boungou and Wahgnion gold mines. Endeavour...

Since its discovery in 1905, the Cullinan diamond has held the title of the largest diamond in mining history. However, in recent years, the biggest diamonds have been found in Botswana, specifically at a mine owned by Canada's Lucara Diamond. This week, Lucara announced the discovery of a 2,492-carat diamond from its Karowe mine in Botswana, making it the second-largest diamond ever found. The...

Ecobank Nigeria is navigating financial challenges due to non-compliance with its capital adequacy ratio. The bank is seeking an extension to raise $200 million and strengthen its capital base. A new risk has surfaced for Ecobank Transnational Incorporated, the pan-African banking group, according to a recent analysis by Moody's. Ecobank Nigeria has requested a six-month extension from...

NSIA Banque Côte d’Ivoire saw solid results in the first half of 2024, strengthening its position in the Ivorian financial market. A key highlight was the reduction in non-performing loans, which dropped by 39%, from CFA9 billion in December 2023 to CFA5.5 billion as of June 30, 2024. This decrease reflects proactive risk management and effective debt recovery, improving asset quality and...

5G subscriptions in Sub-Saharan Africa are expected to reach 320 million by 2029 from 11 million in 2023, according to a June report released by Swedish telecommunications giant -Ericsson. The “Ericsson Mobility Report June 2024” highlights that the rapid growth of 5G in the region will primarily be driven by the release of spectrum in low and mid bands and the decreasing prices of devices...

Nigeria's real GDP growth reached 3.19% year-on-year in the second quarter of 2024, up from 2.98% in the previous quarter. The figures were reported yesterday by the National Bureau of Statistics (NBS). According to the document, this uptick is largely attributed to strong performances in the services sector and increased crude oil production. The services sector grew by 3.79% year-on-year in...

Spanish Prime Minister Pedro Sanchez will embark on a tour of West Africa this week, according to multiple sources. His visit, scheduled from August 27 to 29, 2024, will take him to Mauritania, Gambia, and Senegal. Discussions will primarily focus on bilateral cooperation, with a particular emphasis on migration—a pressing issue in both Spain and Europe. Sanchez aims to strengthen cooperation...

Denmark announced yesterday that it is closing its embassies in Mali and Burkina Faso, citing the series of military coups that have occurred in recent years. The decision was revealed as the country unveiled a new cooperation strategy with Africa. While cutting ties with these nations, Denmark also plans to open new embassies in Rwanda, Senegal, and Tunisia, and strengthen its diplomatic...

Shanghai, China, August 26, 2024 – CMOC, a global leader in the exploration, mining, and marketing of rare metals, today announced exceptional half-yearly results, with a net profit attributable to the parent company of $762 million USD, marking an astounding increase of 670.43% compared to the previous year. This record performance is driven by sustained production growth, rigorous cost...