Côte d'Ivoire aims to produce 55 tonnes of gold this year. Two of the companies that should significantly contribute to this goal, with over 16 tonnes coming from four gold mines, faced power cuts in the past quarter. Allied Gold’s Q2 2024 output in Côte d’Ivoire was below its expectations. The firm recently reported that it failed to produce an additional 8,625 ounces of gold during...

Société Générale is facing significant hurdles in selling its Ivorian subsidiary, Société Générale Côte d'Ivoire (SGCI), as part of its divesting strategy in Africa. The French banking group’s exit from the region involves navigating complex political and economic factors, compounded by SGCI's substantial market presence in the West African Economic and Monetary Union (WAEMU). Unlike...

The United States has committed nearly $424 million in humanitarian assistance to the Democratic Republic of Congo (DRC), responding to the severe crisis gripping the country. The announcement was made by the U.S. Agency for International Development (USAID) on August 7, 2024. The aid package includes $414 million for urgent needs stemming from ongoing conflicts and mass displacements....

Two years ago, Glencore agreed it was involved in several corruption cases related to oil contracts in Cameroon, Nigeria, and Côte d'Ivoire. However, the Swiss company was still facing prosecution in Switzerland for corruption in the mining sector in the Democratic Republic of Congo (DRC). After a four-year investigation, Swiss authorities have decided to drop the corruption charges against...

Two years ago, Glencore agreed it was involved in several corruption cases related to oil contracts in Cameroon, Nigeria, and Côte d'Ivoire. However, the Swiss company was still facing prosecution in Switzerland for corruption in the mining sector in the Democratic Republic of Congo (DRC). After a four-year investigation, Swiss authorities have decided to drop the corruption charges against...

Endeavour Mining has started production at its second gold mine in Côte d'Ivoire, Lafigué, which opened at the end of June. Together with its first mine in the country, Ity, these mines are expected to help the company produce between 1.13 and 1.27 million ounces in 2024 from its West African operations. On July 30, Endeavour released its operating and financial results for the first half of...

The Democratic Republic of Congo (DRC) produced 33,558 tonnes of cassiterite or tin ore in 20233. Alphamin is the country's main industrial tin producer, but other companies are also looking for new viable deposits. Rome Resources has started drilling at its Kalayi prospect in the DRC. Kalayi is part of the company’s Bisie project in North Kivu. Rome Resources announced the drilling on August...

Nigerian banking leaders are split over a new 50% tax (70% according to recent reports) on superprofits from foreign exchange gains, passed by Parliament on July 23, 2024. The measure, supported by some influential figures, has created a rift in the country’s financial industry. According to local media, Tony Elumelu, chairman of United Bank for Africa (UBA), expressed support for the...

The governments of Côte d'Ivoire and Senegal have strengthened their economic ties with the signing of twelve new cooperation agreements. The deals were inked during the 10th session of their joint commission held in Abidjan on Monday, August 1, 2024. According to a statement from the Ivorian government, these agreements cover various strategic sectors such as agriculture, trade, mining,...

Fortis Green Renewables Investment Management, a renewable energy investment firm currently investing out of its Green Fund I, and AXIAN Energy, a division of the Pan-African Group AXIAN, are pleased to announce the acquisition of stakes in Gigawatt Global Rwanda Ltd (Gigawatt Rwanda), a solar power plant located in Rwanda, on the grounds of the Agahozo-Shalom Youth Village in Rwamagana. As part...