The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 88th Ordinary Session on July 11, 2024. During this session, the Board approved a total of XOF 117.4 billion and USD 62.7 million for four public sector projects in the areas of commerce, infrastructure and rural development. For the private sector, a credit line for EUR 20 Million was extended to Mansa...

The South African Absa Group has secured 13 guarantees totaling $1.1 billion from the Multilateral Investment Guarantee Agency (MIGA), a World Bank subsidiary, to support its investments in its subsidiaries across sub-Saharan Africa. This initiative underscores the World Bank's commitment to bolstering African banking groups in the wake of multinational withdrawals from the retail banking...

When taking office last April, President Bassirou Diomaye Faye announced a comprehensive audit of the mining, oil, and gas sectors to renegotiate certain "unfavorable" contracts for the country. The government of Senegal announced last July 10 the creation of a committee dedicated to reviewing and renegotiating some key agreements previously signed with foreign companies. "The Prime Minister...

Canada's Orezone operates the Bomboré gold mine in Burkina Faso, which is expected to deliver a maximum of 125,000 ounces in 2024. The company aims to increase annual production to 170,000 ounces by 2026 through an expansion project. To fund the expansion, Orezone has secured $105 million in financing from two partners. Coris Bank, a Burkinabe bank, will provide $58 million in the...

Bisie, comprising the Mpama North and Mpama South operations, is the largest tin mine in the Democratic Republic of the Congo (DRC). In 2023, the mine delivered 12,568 tonnes, representing 4.5% of the world’s production. Alphamin Resources, the Mauritius-based company that owns the Bisie project, recently published its Q2 2024 results. The company produced 4,027 tonnes of tin over the...

According to a 2022 estimate, Mako Gold's Napié project hosts 868,000 ounces of gold in inferred resources. The Australian company has since been active in increasing the mineral resources at this project. Mako Gold announced on July 10 the beginning of a 1,500-meter drilling program at the Tchaga North prospect at its Napié gold project in Cote d’Ivoire. The Australian firm targets three...

Canada's Montage Gold has discovered a large gold deposit in Côte d'Ivoire, capable of producing over 100 tonnes of gold over 16 years. The mine, called Koné, is expected to start operating in 2027. The Ivorian government granted on July 10 two operating permits for the Koné project, a gold deposit spanning the Dianra and Kani departments. Koné will be the country’s biggest gold mine and...

China's control of the rare earth market has raised concerns in the West, prompting a search for alternative suppliers. According to recent forecasts by Benchmark Mineral Intelligence, Africa could be this alternative in the coming years. Currently a minor player in the rare earth market, Africa could provide 9% of the world’s supply by 2029. According to Benchmark Mineral Intelligence who...

Proparco has strengthened its support for Cameroon’s commercial bank, Afriland First Bank, by finalizing a second partnership agreement. Announced on July 10, this €20 million ($21.6 million) guarantee agreement will enable Cameroon’s leading bank in terms of loans and deposits (as of the end of 2023) to enhance its international trade financing capabilities. Import companies that are...

In recent years, Côte d’Ivoire has launched several initiatives to enhance healthcare access and ensure the continuous availability of essential medicines for its population. The Ivorian government approved Wednesday a five-year agreement with the New Public Health Pharmacy (PSP), a national public institution, to improve access to essential medicines. The agreement aims to ensure...