Africa

The Congo Republic held a presidential election on Sunday, which was expected to extend the reign of Denis Sassou Nguesso - one of Africa's most experienced leaders. A low turnout highlighted the lack of suspense about the result. Sassou is facing a "weak" field of opponents, as two of the most well-known opposition leaders are in prison or exile. Many opposition parties boycotted this election because they felt the process was untrustworthy. Analysts and civil society groups predict that the turnout will be lower than the 68% in 2021 when Sassou was elected to his five-year term with 88.4%. A...

Oil prices spiked due to the war in Iran, and for now this has halted any monetary easing efforts by emerging market central bankers from Poland to Turkey. This is because policymakers are coping with an increase in inflation expectations as well as a rise in risk aversion. After a series of shocks, from the COVID outbreak to Russia's invasion in?Ukraine, that have shook markets, slowed growth, and fueled inflation, central banks are finally becoming more optimistic about global economic resilience?and easing price pressures. The dollar gained ground, and U.S. Treasury Yields rose as a proxy of borrowing costs in...

Nigeria has suspended the issuance?of gasoline import 'licences' for the second consecutive month, as regulators?begin enforcing the provisions of the Petroleum Industry Act PIA that only allows?imports if the African countrys domestic supply is?insufficient. The Crude Oil Refineries Association of Nigeria has confirmed that no import licences have been issued yet in March. This indicates a shift in the focus to local production. This'shift' highlights the stronger intention of the Nigerian authorities to safeguard domestic refining. It is also a victory for the Dangote Refinery which sued last year the regulator and state oil company to stop imports. The PIA...

On Monday, oil prices rose 7% and reached their highest level in months as Iran and Israel intensified attacks?in the Middle East. They damaged tankers?and disrupted shipments?from the key producing area. Brent crude futures soared to $82.37 in the first trading session after U.S., Israel and other countries launched attacks on Iran, killing its Supreme Leader Ali Khamenei, on Saturday. Brent futures at 0054 GMT were $78.24 per barrel, an increase of $5.37 or 7.37%. U.S. West Texas Intermediate Crude rose by $4.66 or 6.95% to $71.68 per barrel, after reaching $75.33 earlier. This was the highest since June 2025....

Ivanhoe Mines is in advanced discussions with Congo's Gecamines state miner and Swiss commodities trader Mercuria about channeling zinc-rich concentrates from its giant Kipushi mining to the United States, under Washington's newly developed strategic stockpiling program Project Vault. The deal is part of a larger agreement between the U.S., and the Democratic Republic of Congo in the area of minerals. Washington is intensifying its battle with China for control of Africa's vast mineral deposits. Project Vault, a $12 billion supply chain security programme launched by the U.S. on Monday and backed by private capital of $1.67 billion and a U.S....

Trafigura, a global energy trading company, has a plan to restore African woodlands. It has selected its first four projects for carbon removal and plans to invest at least $1 billion in each project over. The projects are part of the Miombo Restoration Alliance - a public-private partnership with 11 governments in central and southern Africa. They cover over 675,000 acres and aim to restore forests that will remove more than 50 million tons climate-damaging gasses. The alliance, which will be launched at New York Climate week?2024, aims to restore Miombo Woodlands, an eco-system that supports more than 300 million...

Investors became cautious in anticipation of the U.S. Federal Reserve interest rate announcement, and UK blue-chips index fell on Wednesday. It was weighed down by banks and healthcare companies, as it missed a 'tech-led rally' that had boosted Wall Street's indexes. The FTSE closed down by 0.5% while the domestically focused FTSE 250 ended little changed. Axel Rudolph is a senior financial analyst with IG. He said that there was a shift away from European and U.K. stock to U.S. tech stocks before earnings, which weighed down the FTSE 100. The FTSE 100 is a relatively smaller technology share compared...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

Central African leaders have ordered urgent fiscal measures and monetary policies to stabilize the region's weakening economy. This includes repatriating?state assets abroad and export revenue. According to a communiqué issued following an extraordinary summit held in Brazzaville, the six leaders agreed to implement immediately the return of export revenue, giving priority to companies in the extractive industry. The officials urged governments to "pursue" and "finalize" negotiations with companies to repatriate the funds allocated for environmental restoration in areas affected by oil extraction. This step was deemed crucial for restoring liquidity to the regional banking system. The Central African Economic and...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

SPLA-IO captures Pajut, strategic town The commander orders an advance on the capital Juba UN condemns sabotage 2018 peace agreement JUBA, 19 January - South Sudan’s main opposition faction called on their forces to advance on Juba's?capital on Monday after they had captured a strategically important town last week. The Sudan People's Liberation Army-in-Opposition, which fought forces loyal to Salva Kiir in a civil war from 2013 to 2018, could not be considered a credible threat against Juba. The call was a sign of escalation for the SPLA-IO after months of violent clashes in various parts the country, which the...

South32, an Australian diversified miner, announced on Monday that it had put its Mozal aluminum smelter in Mozambique under a 'care and maintenance' program on March 15. The company claimed that it was unable to secure a sufficient and affordable supply of power for Mozal after March 2026. As a result, it placed the smelter in care and maintenance. The Perth-based company and Mozambique’s government and energy suppliers have been negotiating for years in order to come up with an agreement that would allow the smelter to continue its energy-intensive operations. South32 has been in discussions with Hidroelectrica de Cahora...

South Africa's Harmony Gold reported a 13% increase in its half-year profits on Wednesday as higher gold prices offset lower production and grades. This allowed the miner more than double their dividend. Harmony's headline earning per share, a measure of profit, was 14.31 rand ($0.8827) for the six-month period ending December 31. It had previously been 12.70 rand. The largest gold producer in South Africa announced an interim dividend at 5.30 rands per share. This is up from the previous?2.27, which made a record payment. Gold prices are expected to rise by?60% by 2025 due to geopolitical uncertainty and economic...

The state-owned gold trading house of the Democratic Republic of Congo plans to increase the amount of metal it sells from the artisanal mining industry of the country this year. The central bank could be a major buyer. Congo, which is the top gold producer in the world and has vast reserves of untapped gold, established DRC Gold Trading as a joint venture between the United Arab Emirates and Congo on December 20, 2022. It has only bought 10 tons of gold in the last three years. In 2024, the government will take full responsibility for converting artisanal gold into...

Guinea's main opposition leader said "direct resistance" to the ?country's coup leader-turned-president was now the only ?way to bring about change after the government consolidated its ?position by dissolving 40 political ?parties. Mamady Doumbouya is a former special forces commander who seized power from his rivals in December 2021. In the West African country, rich in bauxite ore and iron, legislative elections are scheduled for May. The Ministry of Territorial Administration and Decentralization in Guinea announced late Friday night that the headquarters and local offices of 40 political parties would be closed and that use of their logos, acronyms and...

Two people who are familiar with the discussions say that Japan and India are in talks to explore rare earth deposits together in Rajasthan's arid state. Tokyo is looking to reduce its reliance on China as a source of magnet manufacturing supplies. India's Mines minister G. Kishan Reddy announced last month that three hard rock deposits of rare earth oxides containing 1,29 million metric tonnes had been identified in Rajasthan state and Gujarat in western India. Sources directly involved in decision-making said that Tokyo expressed interest in the Rajasthan deposits, and planned to send experts there. The sources declined to...

The war between the U.S. & Iran is likely to cause a prolonged disruption in Middle East aluminium imports, which will hit European and U.S. consumers the hardest. This is because they are heavily reliant on this region for supply. The U.S.,?Israel and other countries attacked Iran on Saturday in a move which could result in the closure of Strait of Hormuz. This important trade route was disrupted due to Iranian attacks against U.S. military base. The impact of sustained disarray will be significant According to BNP Paribas commodities analyst David Wilson, the Arabian Gulf has around 7 million tons...

Uganda's central?bank will begin its domestic gold purchase?programme in this month, the?bank said on Monday. It joins other?policymakers?around the globe who are building up their gold stock after the surge in gold's price. Two years ago, the East African nation announced that the plan would boost reserves and cushion its economy from international financial market risks. Adam Mugume is the executive director of research and economics at?the?bank. He said that if all goes according to plan, we will be able?to purchase at least 100kg of gold between March and June 2026. We are working with gold refineries to finalise the...

Botswana’s central bank left its monetary policy rate?unchanged?on Thursday.?Saying that inflation was projected to remain within its target range, as a depressed diamond market continues to wreak havoc on the economy. The Bank of Botswana kept the rate at 3.5% for the second time in a row. In January, the annual inflation rate was 4.1%. This is near the middle of the 3-6% target range set by the central bank. According to the latest forecasts of the bank, inflation will average 4.5% in 2026 and 4.7% in 2027. Governor Lesego Moseki has, however, warned of inflationary risks, including the proposed...

Zimbabwe has suspended exports of raw minerals and lithium concentrates, its mines ministry announced in a Wednesday statement. The government had accused the country of malpractices and leakages. The Ministry said that the export ban would continue until further notice, and apply to all minerals in transit. The statement stated that the government expects the mining industry to cooperate on this measure, which was taken in the interest of the nation. The government said it was committed to "...in-country beneficiation and value addition, compliance?and accountability" in the export of Zimbabwe's minerals resources. The mines ministry, in a letter sent to...

China's dominance in critical mineral supply chain is not as absolute it might appear. Cobalt is a good example. According to the International Energy Agency, China will account for 78% global refined production of battery metal by 2024. It lacks significant mining capacity and is therefore highly dependent on imported raw materials. The export controls of the Democratic Republic of Congo have exposed this vulnerability. This is the biggest source of cobalt products for Chinese processors. Congo suspended exports of cobalt in February and implemented a quota-based system in October. The fourth quarter of the year saw a near-standstill in...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

Richard Stewart, CEO of Sibanye Stillwater, said that the company is committed to its 'battery metals' business. This comes after an impairment of another 2.46 billion rand (about $152.6 million) on its Keliber Lithium project in Finland. In recent years, the South African miner has acquired zinc, nickel, and lithium assets as part of a shift to metals that are used in renewable energy technologies. Sibanye recorded a total impairment of 7,8 billion rands at Keliber by 2025. The company cited a "dim outlook for long-term prices of lithium hydroxide". The asset is currently valued at around 9 billion rand...