AfricInvest and Proparco have approved investments in Lapaire, a fast-growing eyewear company, to support its expansion across Africa. AfricInvest committed €2.5 million ($2.72 million), while Proparco contributed €450,000 ($489,946) on October 16. This financial boost will help Lapaire strengthen its presence in Côte d'Ivoire, Benin, Togo, Burkina Faso, Mali, and Uganda. The...

exploration in Côte d'Ivoire. Aurum is set to release its first resource estimate for the Boundiali project by the end of 2024, while Mako has a project with 868,000 ounces of gold. The two companies have agreed to merge in a deal worth A$90 million (about US$60 million). This merger will result in a new entity with A$20 million (US$13 million) in cash for gold exploration in northern Côte...

Gécamines has started exporting germanium concentrate from its new hydrometallurgical plant in the DR Congo. Commissioned in October 2023, the plant should enable the DRC to supply up to 30% of the world's germanium demand. Gécamines is set to export its first shipment of germanium concentrate this week from a new hydrometallurgical plant operated by its subsidiary, STL. This plant, which...

Kamoa Copper recently disclosed its results for the third quarter of 2024. Over the period, it milled 3.3 million tonnes of ore and produced a record 116,313 tonnes of copper concentrate. In September alone, the company produced 40,025 tonnes from its Stage 3 concentrator, which is currently ramping up production. By the end of the quarter, both throughput and recovery rates at the Phase 3...

The private sector arm of the AFD group has extended a third loan to Microfinance Solidaire since 2016. This funding will support the lending activities of the French institution to microfinance organizations in Senegal, Sierra Leone, Togo, Guinea, and Liberia. Proparco announced yesterday a new €2 million ($2.1 million) loan to Microfinance Solidaire (MFS). This funding will support...

The World Bank now expects Sub-Saharan Africa's economy to grow by 3% in 2024, down from the 3.4% projected in April. In a report released on October 14, the institution points to the collapse of Sudan's economy as a major factor behind this downgrade.    However, the World Bank remains optimistic about a potential rebound, citing a recovery in private consumption and easing inflation...

Fiber optic internet for businesses and homes was launched in Algeria in 2018. By November 2023, the service exceeded one million subscribers. Algeria’s Ministry of Post and Telecommunications announced last week that 1.5 million households are now connected to fiber-to-the-home (FTTH) internet. This marks a remarkable growth of 2730% since November 2020, when only 53,000 homes were...

Niger will not export any uranium in 2024 due to several factors. Uranium typically makes up 15 to 20% of Niger's exports, significantly more than other products. Following the coup in July 2023, the country faced economic sanctions, including border closures with neighboring countries. Orano, Niger's only uranium producer, plans to operate at just 40% capacity next year. CEO Nicolas Maes said...

Canadian firm Dynacor plans to invest in artisanal gold mining in Senegal. The sector employs tens of thousands of people and produces 7 tonnes of gold annually. Dynacor announced on October 11 that it will build a pilot plant to process gold ore sourced from artisanal miners. This facility will help Dynacor evaluate the potential for larger operations in the country. The plant will be located...

JP Morgan Chase & Co, the largest U.S. bank with assets totaling $3.875 trillion, will open a representative office in Kenya under the name JP Morgan Chase Bank N.A. Representative Office Kenya. The Central Bank of Kenya (CBK) announced on Monday, October 14, 2024, that it has approved the bank's setup. The office will not engage in banking activities in Kenya. It will serve as a liaison...