The President of the African Development Bank Group Dr. Akinwumi Adesina has said the decision by Nigeria’s government to allow massive food importation risks destroying the country’s agriculture. This follows the announcement by Nigeria’s Minister for Agriculture Abubakar Kyari on July 10 that the Federal Government would suspend duties, tariffs, and taxes on the importation of maize,...

EMR Capital recently sold its 80% stake in the Lubambe copper mine. With Zambia looking to increase its copper production, new owner JCHX plans to inject $300 million into Lubambe. Chinese group JCHX plans to invest around $300 million to operate and extend the life of the Lubambe copper mine, in Zambia. This was announced on July 11 by Zambia's state-owned ZCCM-IH, confirming JCHX's...

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...