Nickel, essential for electric vehicle batteries, is a key metal for the energy transition. With the Kabanga project, Tanzania will soon be able to supply the world market with battery-grade nickel. The U.S. recently expressed interest in the project. Lifezone Metals announced on Aug. 27 that it has signed a letter of commitment with the U.S. Development Bank (DFC). The American firm is thus on...

Zambia, Africa's second-largest copper producer, is facing a severe energy crisis due to a historic drought, and starting September 1, there will be planned power cuts of up to 17 hours per day. This shortage is threatening the performance of the mining industry. Jubilee Metals announced on August 27 that it has signed a three-year renewable electricity purchase agreement with Lunsemfwa Hydro...

As the most industrialized country in Africa, South Africa has a diverse mining sector crucial to its economy. However, in recent years, the industry has faced challenges related to electricity supply and transportation of mining products. Mining contributed 444.2 billion rand ($25 billion) to South Africa’s economy in 2023, down 8.1% YoY. The contribution represents 6.3% of SA’s GDP,...

With Impaxis as the lead manager and its subsidiary BOAD Securitization as the arranger, the West African Development Bank (BOAD) wrapped up a CFA160 billion securitization deal in record time, solidifying its position as a leader in financial innovation in West Africa. After raising CFA150 billion in May 2023 through the securitization of sovereign debt, the West African Development Bank (BOAD)...

The affordability of basic commodities in Nigeria has deteriorated since 2020. With nearly 40% of the population living in poverty, this situation raises the specter of food insecurity on an unprecedented scale. In Nigeria, around 31.8 million people are currently experiencing acute food insecurity, according to a statement from the Ministry of Budget and Economic Planning on August 27. This...

Aliko Dangote, the Nigerian billionaire and head of Dangote Group, has once again lost his title as Africa's richest man to South African luxury goods magnate Johann Rupert. According to the daily rankings by Forbes and Bloomberg, Dangote's fortune has been hit hard by the ongoing devaluation of the Nigerian naira. As of now, Dangote is ranked 186th globally by Forbes, with a net worth...

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...