Spurred by the recent rise in uranium prices and long-term demand for the ore, mining firms are accelerating their projects worldwide. In January, the price of uranium passed $100, amidst concerns about supply in the medium term. Aura Energy now expects $2.25 billion in revenues from its Tiris uranium mine in Mauritania. The company disclosed the figure in a FEED study released on...

Sonatel Group, a leading telecommunications company operating in Senegal, Mali, Guinea, Guinea-Bissau, and Sierra Leone, has reported a consolidated net profit of CFA331.7 billion ($548.8 million) for FY 2023. This represents an increase of 19% compared to the CFA279 billion recorded in 2022. The company's consolidated revenue rose by 11.4%, reaching CFA1,620.7 billion. The notable financial...

Recent data analysis from the International Telecommunication Union (ITU) reveals that internet connectivity is on the rise across Africa, sparking hope and opening doors for digital inclusion. According to the ITU's "Facts and Figures 2023" report, 37% of the African population had internet access in 2023. Although this represents a slight decrease from the previous year's 40%, analysis by the...

The Fund for Export Development in Africa (FEDA), a subsidiary of the African Export-Import Bank (Afreximbank) dedicated to fostering development impact, is pleased to announce the Arab Republic of Egypt's accession to its Establishment Agreement. With Egypt's longstanding position as a founding shareholder and the host country of Afreximbank's headquarters, this recent development underscores...

Ivorian exports in 2023 were mainly dominated by key products including cocoa and its derivatives, petroleum products, raw gold, and natural rubber, which collectively accounted for 70.1% of total exports. Côte d'Ivoire’s trade balance saw a significant upturn, recording a surplus of CFA850 billion ($1.4 billion), a report from the Ivorian customs authorities showed. This figure reflects a...

In recent months, Gécamines has intensified negotiations with foreign investors operating copper and cobalt mines in the country. The aim is to seek greater control over valuable resources to boost sector revenue. Democratic Republic of Congo's state-owned miner Gécamines is seeking more control over copper and cobalt mines by demanding additional board seats in its joint ventures with foreign...

Canadian miner First Quantum has been grappling with financial challenges since the abrupt closure of its flagship Cobre Panamá copper mine in late 2023. The company is actively exploring options to secure additional liquidity and maintain operations. In Zambia, First Quantum Minerals has secured a copper prepayment agreement with its main shareholder, Jiangxi Copper, which will...

Canadian gold miner Perseus Mining, having produced over 500,000 ounces in 2023 from its three operating mines in West Africa, is actively pursuing portfolio expansion. The company made a takeover bid for the owner of a gold project in Tanzania. Canadian gold miner Perseus Mining announced a cooperation agreement with Saudi Arabia's Ajlan & Bros Mining & Metals Company (ABM) on February 21,...

Canadian miner Lucara Diamond, operating the Karowe mine in Botswana, Africa's top diamond producer, recovered 335,769 carats of rough diamonds in 2022. Lucara Diamond's Karowe mine in Botswana, the world's leading diamond producer, produced 395,134 carats in 2023, an 18% year-on-year increase, the company said on February 20. This meets the lower end of its forecast range of 395,000 to 405,000...

In June 2023, Kinross Gold successfully completed the expansion of its Tasiast gold mine. This expansion, launched in in 2019, has allowed the Canadian mining company to surpass an annual production milestone of 600,000 ounces in 2023, making Tasiast not only the largest gold mine in Mauritania but also a key asset in Kinross Gold's portfolio. On February 14, Kinross Gold unveiled its...