Perseus Mining, an Australian company, entered the Tanzanian mining sector this year by acquiring OreCorp and its Nyanzaga project. The project is expected to produce 234,000 ounces of gold annually for over 10 years, making it the fourth gold mine in Africa for Perseus. Perseus Mining said it will commence production at the Nyanzaga mine in Q1 2027, its first gold mine in Tanzania. In a...

Kenyan President William Ruto announced on May 29 that Kenya will invest $120 million in the African Development Bank (AfDB) and the African Development Fund (ADF) over the coming years. Speaking at the AfDB Annual Meetings in Nairobi, Ruto detailed that Kenya will invest $100 million over the next three years to increase its stake in the pan-African financial institution. This follows...

Zimbabwe has asked its creditors for significant debt reductions on its $19.2 billion internal and external debt, Bloomberg reported on May 30, citing Finance Minister Mthuli Ncube. “We will be looking for lots of haircuts, the removal of penalties,” Ncube said at the African Development Bank (AfDB) Annual Meetings in Nairobi. He did not specify the extent of the reductions Zimbabwe is...

Nigeria's Dangote Oil Refinery is considering a dual listing on the Lagos and London Stock Exchanges. This decision aims to address concerns about the Lagos Stock Exchange's capacity to handle the exclusive listing of the refinery, which aspires to become a key hub for petroleum products in West, Central, and East Africa. "We have listed all our businesses. The NSE (Nigerian Stock Exchange) will...

NSIA Banque CI held its Annual General Meeting, attended by Chairman Jean Kacou Diagou and CEO Léonce Yacé. The meeting, held on May 23, 2024, at the CRRAE-UMOA amphitheater in Abidjan-Plateau, reviewed the bank’s financial performance for the year ending December 31, 2023. During the AGM, the Board of Directors presented a highly positive report, which shareholders unanimously approved. The...

Senegalese President Bassirou Diomaye Faye will embark on a friendship and working visit to Mali and Burkina Faso on Thursday, May 30, 2024. This visit is part of his mission to strengthen historical and fraternal ties within the West African sub-region. According to a statement from the Senegalese presidency released on Wednesday, May 29, these visits aim to promote solidarity and multifaceted...

Fishing contributes 3% to Senegal’s GDP. However, illegal catches off its coast threaten both local fish markets and exports. On May 27, the European Commission (EC) issued a "yellow card" to Senegal, citing insufficient efforts to combat illegal, unreported, and unregulated (IUU) fishing. EC highlighted flaws in tracking, control, and surveillance systems for Senegalese-flagged vessels...

The Asian Infrastructure Investment Bank (AIIB), a multilateral financial institution established by China in 2015, plans to invest $1 billion in Africa to enhance connectivity and growth. The information was reported today by Bloomberg, which cited a senior executive from the bank. "Only 4% of the $52 billion in financing disbursed by the bank since its inception has gone to Africa,...

Three oil distribution companies listed on the Abidjan-based Regional Stock Exchange (BRVM) ended 2023 with high debt levels, putting pressure on investor returns. Vivo Energy saw the most significant rise in net debt. By the end of 2023, this company’s net debt stood at 172% of its equity, up from 42% the previous year, marking its highest level since 2019, according to financial reports....

Experts attending an African Development Bank High-level dialogue in Kenya have urged African nations to intensify efforts to attract private-sector financing to enhance tertiary education and equip the continent’s youth with competitive skills. During a panel discussion at the Bank’s 2024 Annual Meetings in Nairobi, the experts stressed the importance of political commitment to guarantee...