Africa

Honeywell has been contracted by Nigerian oil refinery Dangote to help double the capacity of its refinery to 1.4million barrels per day in 2028. This is the clearest sign yet that the company's plans to become the largest refinery in the world are taking shape. Honeywell's equipment and catalysts will help Dangote process a wider range of crude grades, which is needed to support their planned expansion of output. Dangote also plans to license Honeywell's Oleflex Technology to increase its polypropylene production - a material used in plastic containers and auto parts. The financial terms of the agreement were not...

The downstream regulator announced on Thursday that Nigeria had abandoned plans to impose an import duty of 15% on petrol and diesel, after assurances were given about adequate supplies during the holidays. A leaked memo revealed the tariff approved by Bola Tinubu in fiscal reforms to increase non-oil revenue. The tariff was to go into effect in December. The Nigerian Midstream and Downstream Petroleum Regulatory Authority said that the implementation of the 15% ad valorem duty on imported premium motor spirits and diesel was no longer in sight. Fuel marketers had lobbied against the measure, warning it could restrict imports...

Aliko Dangote, the founder and CEO of Nigeria's Dangote Group, said that his company will invest at least one billion dollars in a pipeline in Zimbabwe as well as a power plant and cement factory. On Wednesday, Dangote, Africa’s richest man met Zimbabwe President Emmerson Munagwa, and signed an agreement for investment with the government. Dangote, speaking to reporters in Harare, said: "We just signed an agreement with Zimbabwe and the Dangote Group for various investments in different sectors. Some of these are cement production, power generation and pipelines to transport petroleum products." The pipeline will complement plans by the...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

Nigeria's anticorruption agency announced on Monday that a warrant had been issued to arrest former Petroleum Minister Timipre Slva for allegations of conspiracy and dishonestly converting $14.86million. In a press release, the Economic and Financial Crimes Commission stated that the funds were part an investment made by the Nigerian Content Development and Monitoring Board in Atlantic International Refinery and Petrochemical Ltd to fund a refinery. Anyone with information about Sylva’s location is asked to contact the company’s offices across the country or to report to their nearest police station. Sylva was the former Petroleum Minister of Muhammadu Buhari from 2019...

The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control...

According to a Monday statement, the Congo Republic has issued its first eurobond in almost two decades. The central African oil company has been working on easing its debt burden and servicing costs. Proceeds from the bond will be used for refinancing part of the domestic debt maturing between February 2026 and November 2025. In a press release, Finance Minister Christian Yoka stated that "This operation demonstrates the new Congolese energy: that of a nation combining fiscal discipline with exemplary governance and ambition." The bond has a coupon of 9.875% and will mature in November 2032. Yoka said that Brazzaville's...

Issa Bakary, the opposition leader in Cameroon, said that he was escorted by his loyal soldiers to a safe location for his safety. This could be a sign of a division within the army after a disputed vote. Tchiroma has been holed-up in his Garoua house since the presidential election of October 12, in which he declared victory. He did not specify the number of soldiers but his claim that the members of the military are loyal to him may indicate a split in the security forces of the country. Tchiroma posted a Facebook message saying, "I thank the loyalist...

Yoshimichi M. Maruyama, chief financial officer of Japan's Seven & i, said that the company is working on a number of initiatives including potential M&A and partnership deals aimed at achieving substantial growth. 7-Eleven, the Japanese retailer that owns convenience stores in Japan, wants to show investors how it can grow after Canada's Couche-Tard pulled out of a $46 billion bid offer last July. Seven & i said that it would pursue a listing for its North American convenience-store subsidiary in the second half 2026 and buy back shares worth about 2 trillion yen (13 billion dollars) through fiscal year...

On Sunday, hundreds of opposition supporters blocked roads and set fire to tyres as protests intensified in the commercial capital of Cameroon a day ahead of the presidential election results. The police used tear gas and water cannons to disperse the supporters of Issa tchiroma, an opposition candidate. They claim he defeated veteran leader Paul Biya during the vote on October 12, and accuse authorities of rigging the election. After partial results were reported by local media, protests erupted in several cities as Biya (92) was expected to win. The government rejected the opposition's claims of irregularities, and encouraged people...

His campaign reported that authorities in Cameroon have detained 30 people linked to Issa tchiroma's presidential campaign. This has heightened tensions before Monday's results announcement. Anicet Ekane is the leader of the MANIDEM Party and Djeukam tchameni is a prominent member of the Union for Change. Both had supported Tchiroma’s candidacy. In the nation that produces cocoa and oil, there have been increasing clashes between security and Tchiroma supporters. Tchiroma called for more nationwide protests to take place on Sunday at 1400 GMT. Paul Atanga Nji confirmed at a Saturday press conference that arrests were made in connection with an...

Sudan's paramilitary Rapid Support Forces announced on Sunday that they had taken over the army's headquarters in al-Fashir. This was the last stronghold of the Sudanese Army in Darfur, in the western part of the country. The army has not yet made a public statement about its current situation. RSF has been fighting the army, former rebels, and local fighters for 18 months. The RSF has been targeting civilians with frequent artillery and drone strikes. Meanwhile, the siege is spreading starvation in the city of 250,000 residents. Al-Fashir is a major political victory for RSF. It could also hasten the...

The UK stock market rose on Wednesday as financials and mining stocks gained, after Finance Minister Rachel Reeves unveiled a large tax-raising budget. The blue-chip FTSE 100 posted its best day for two weeks, closing 0.9% higher. The domestically-focused FTSE 250 rose 1.2%. It was its best day for more than a week. Reeves' budget will increase the tax burden on workers, pensioners and investors in order to meet her borrowing target. Release First reported by The Office for Budget Responsibility reported that the remaining headroom in five years would be approximately 22 billion pounds (28,9 billion dollars). UK 30-year...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington. The lawsuit accuses Apple of using minerals that are linked to human rights violations and conflict in the Democratic Republic of Congo (DRC) and Rwanda. International Rights Advocates, a group based in the United States, has sued Apple, Tesla and other tech companies over cobalt sourcing. However, U.S. court dismissed this case last year. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue....

Barrick Mining, a Canadian mining company, has signed an agreement with the Mali government to settle all disputes relating to the Loulo-Gounkoto Gold Mining Complex until 2023. The dispute centered on the implementation of the new Mali mining codes that increases taxes and gives a larger share of gold mines to the government. The miner - formerly known as Barrick Gold - said that it would drop its arbitration case with Mali before the World Bank dispute tribunal. Mali, in return, will drop all charges and release employees against Barrick, its affiliates and the Canadian miner. The following is a...

Barrick Mining announced on Monday that it had reached a settlement with the Mali government regarding all their disputes regarding the Loulo-Gounkoto Gold Mining Complex. Shares of the Toronto-listed firm rose by nearly 3%. The Friday report stated that Barrick had agreed in principle to settle the dispute with Mali. In a press release, the Canadian miner announced that it would drop its arbitration case against Mali before the World Bank dispute tribunal. Mali, in turn, will drop all charges and free four employees who are currently in jail and will return operational control to Barrick. Mali's miner ministry didn't...

Harmony Gold announced on Monday that its board of directors has approved an investment between $1.55 and $1.75 billion for the development of its Australian copper project, following completion of a new feasibility study. South Africa's largest gold producer is now diversifying into the copper industry as gold mining becomes more expensive and difficult geologically in its own country. Copper's appeal is also boosted by its use in electric vehicles and grid infrastructure. Harmony acquired the Eva Copper Project in Queensland in 2022. Harmony said that the mine will produce 65,000 tons of copper concentrate per year in its first...

BHP Group announced on Monday that it has decided to abandon its pursuit of a possible merger with Anglo American following preliminary discussions with Anglo American's board. The company stated that it believes a tie up would have created value for its stakeholders and offered "strong strategic benefits". However, it added that the strength of their own organic growth strategy remains strong. BHP tried to take over Anglo for $49 billion last year. However, the target refused multiple offers and BHP withdrew. BHP should assess the possibility of selling such assets. It does seem a bit messy on the BHP's...

South Africa hosts the first African G20 Trade talks focus on valuable minerals Experts: Local processing is key to creating jobs By Kim Harrisberg Mineral experts and African leaders are in agreement with the protesters. The G20 summit of global leaders is an opportunity for the minerals, such as lithium and cobalt, to be used to the benefit of the continents where they can be found. On the sidelines of the protest, Lazola Kathi, campaign manager for Fossil Free South Africa's Fossil Ban initiative, said: "It is important that the G20 includes communities, so that proper conversations about the development...

Bitcoin and ether fell to multi-month-lows on Friday. cryptocurrencies were swept up as part of a wider flight from riskier investments, as investors became worried about high tech valuations. They also lost bets that the U.S. would soon cut interest rates. Bitcoin, the largest cryptocurrency in the world, dropped 5.5% to $81,668, its lowest level in seven months. Ether fell more than 6%, to $2,661.37. This is its lowest level in four months. Both tokens have fallen by about 12% this week. Cryptocurrencies can be a good indicator of the risk appetite in the market. Their recent slide shows how...

The crypto currencies were caught up in the broad flight away from risk assets, which sent bitcoin and ether down to their lowest levels for several months as concerns about high tech valuations persisted and bets made on Federal Reserve policy easing near-term faded. Bitcoin, the largest cryptocurrency in the world, dropped 2.1% and broke below $86,000, hitting a seven-month low of $85,350.75 during Asian trading. Ether fell more than 2%, to $2,777.39 its lowest level in four months. Both tokens faced weekly losses of approximately 8%. Investors often use cryptocurrency as a barometer to gauge their risk appetite. The...

The Chinese embassy in Central African Republic (CAR), has warned that its citizens could become "mining slaves", in the gold trade of the politically insecure nation. Chinese workers are now looking to sub-Saharan Africa for work as gig economies in Asia dry up. The embassy released a statement Thursday stating that Chinese nationals were killed or kidnapped, and some even scammed of large sums and deported because they illegally mined. China has sent workers to resource-rich sub Saharan Africa in search of fortune. Gold prices have soared amid massive Chinese state purchases, while factory and construction jobs are disappearing as...

The mines ministry announced that the Democratic Republic of Congo extended for another six months the ban on trading minerals from dozens of sites of artisanal gold mining in the conflict-hit provinces of North and South Kivu. The extension increases compliance pressure on global supply chain for tin tantalum and titanium, which are key inputs to the electronic, automotive, and aerospace industries. According to an order signed by Mines Minister Louis Watum Kabamba on November 3, the ban introduced in February is still in effect because there is evidence that the illegal supply of mines funds armed groups in eastern...

The Australian miner Syrah said Monday it had reached an agreement with Tesla to extend a deadline for addressing alleged non-compliance of their graphite contract, the second in two months. Elon Musk's automaker, Tesla, issued a default notification in July because Syrah had allegedly failed deliver active anode samples that were conforming from its Louisiana facility processing Tesla's batteries. Syrah stated that the original deadline of September 16, which was originally extended to November 15, has been further pushed back to January 16, 2020. The company stated that "Syrah has not accepted it is in breach of the offtake contract,...