Africa

Nigeria's Dangote Group announced on Saturday that David Bird, an ex-Shell executive and former CEO of the 0Q8 Refinery in Oman was appointed as chief executive officer of its refinery division and petrochemicals. The company is accelerating its pan-African expansion strategy. Bird's appointment, which took effect on 1 August, brings with it over 30 years of experience in the industry, including 14 years at Shell, where he was responsible for the $12 billion Prelude project. His appointment coincides with the expansion of Dangote's $20-billion refinery complex, which is the largest single-train facility in the world, in Lagos after its commissioning...

On Friday, Prime Minister Ousmane sonko unveiled a plan to revive the economy of Senegal. He pledged to finance 90% through domestic resources in order to avoid further debt. Senegal is facing financial difficulties and criticism over misreporting of debt. The plan aims to stabilize the finances of this West African nation, which began producing oil and natural gas last year. The IMF has frozen its loan program because the country is struggling with hidden debts worth billions of dollars from the previous administration. Sonko, during a presentation at the capital Dakar, said: "We have identified over 4.6 trillion CFA...

Anglo American, a global miner, reported on Thursday a $1.9billion loss for the first half of this year, cut its dividend and continued its restructuring efforts, which included divesting its coal and diamond units. Since BHP failed to acquire it last year, the London-listed company has sold or spun off non-core assets in order to concentrate on its core copper and ore. Anglo demerged their platinum business in May, and announced on Thursday that they had sold off their nickel and coking-coal assets but have not yet finalized the sale. The company declared a $0.07 interim dividend per share. This...

Angola’s government announced on Wednesday that violent protests against an increase in fuel prices had resulted in 22 deaths, up from four the day before. Minibus taxi associations began a three-day walkout on Monday to protest the government's decision to raise diesel prices by one-third as part of its efforts to reduce costly subsidies and stabilize public finances. The looting, vandalism, and clashes between police began in Luanda's capital, then spread into other provinces. On Wednesday, the President Joao Lurenco's Cabinet met and received an updated on security and police response. In a statement, the presidency said that 22 people...

Investors were watching global trade developments and the looming U.S. deadline for tariffs as they watched major Gulf stock markets in early trading on Wednesday. Investors have become more cautious since trade talks between China and the U.S. ended without a substantive agreement. The tariff policies of U.S. president Donald Trump continue to cause concern about global growth. Potential slowdowns in consumption and trade could threaten energy demand, and the fiscal security of Gulf economies that are dependent on oil. Saudi Arabia's benchmark stock index fell 0.1% due to a series of unbalanced earnings in key sectors. Halwani Brothers dropped...

Valterra Platinum CEO Craig Miller stated on Monday that the platinum price rally in the first half 2025 helped most mines to recover from losses, but the industry was still far away from adding new production. South African miners, who account for 70% of the world’s platinum supply cut unprofitable production in the last two years, after metal prices crashed, amid warnings about the terminal decline of the industry. The price of metal used in catalytic converters to reduce vehicle emissions soared by 36% during the second quarter. This was due to the increase of Chinese imports as well as...

Three industry sources who are familiar with the plans said on Thursday that Russia will introduce a stricter gasoline export prohibition, including for fuel manufacturers, in the next few days to combat rising prices. At the moment, only a small percentage of gasoline exported by resellers is restricted, but oil companies can still sell fuel overseas. "The ban has been decided." "For now, the ban is only for August and September," said one source. According to another source, the ban may be announced as early as Monday. Sources said that the restrictions would not apply to supplies to the Moscow...

Gulf stocks dipped in choppy trade on Thursday, as investors assessed a range of corporate earnings while monitoring U.S. negotiations before a deadline for tariffs. Market participants remain cautious as they await clarity regarding the direction of global policy. Recent developments such as Washington's agreement with Tokyo on lowering tariffs on Japanese imports, and signs of a potential agreement with the European Union appeared positive. Saudi Arabia's benchmark Index fell 0.2%. Index heavyweight Al Rajhi Bank lost 0.5% while Alinma Bank dropped 1.6% despite reporting an increase in earnings for the second quarter. The Abu Dhabi Index fell by 0.1%...

Anglo American, a global miner, reported on Thursday a 13% drop in copper production for the first half of this year, to 342,200 tons. It also reported a 26% decline in rough diamonds as the demand remains weak. The London-listed company still expects 690,000-750,000 tonnes of copper to be mined this year. This is down from 773,00 tons in 2024. Metal is used for electrical wiring, and demand will increase as electric vehicles and renewable infrastructure are developed. After BHP failed to acquire the miner last year, it is now restructuring its business, focusing mainly on iron ore and copper....

Documents show that during an intergovernmental gathering in Rome, Italy and Algeria signed agreements on energy, telecommunications, and fighting terrorism. After a visit to Algiers in March by Antonio Tajani, the Italian Foreign Minister Giorgia Melons met with Algerian President Abdelmadjid Tebboune. Italy reported that Algeria was Rome's top trading partner in Africa with trade valued at almost 14 billion euro ($16,4 billion), while Rome's investment there amounts to 8.5 billion. A document that was seen by us states that a memorandum on combating terrorism and financing will be signed between Italy, Algeria and Tunisia. The document didn't specify which...

Aliko Dangote, a Nigerian billionaire, has warned that discounted Russian petroleum products pour into African markets. This could undermine the continent's new refining industry. Dangote has struggled with securing crude oil locally, despite his plans to increase the refinery's capacity to 700,000. Dangote, at an Abuja oil conference, said: "We're increasingly faced with the dumping and blending of cheap, toxic petroleum products. Some of these are blended in substandard levels, which would never be permitted in Europe or North America." He attributed the trend to Western sanctions against Russian oil which have led Moscow to offer steep discounts on alternative...

Nigeria's downstream regulator announced on Tuesday that it has partnered with S&P Global Commodity Insights in order to create a regional benchmark price for refined petroleum products across West Africa. The initiative was launched in Nigeria's capital Abuja at the West African Refined Fuel Conference. It aims to create locally-specific indices for petrol, diesel and aviation fuel. West Africa is an important oil and gas producing region, as well as a refining center that's growing. Farouk Ahmad, the head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority, explained that it depends on posted prices from global benchmark markets. Ahmed stated...

Gold Fields South Africa expects to see its half-year profits rise by up to 236% on Monday. This is due to higher gold production as well as record high bullion price. Gold Fields, in a trading update said that its headline earnings per common share will be between $1.09 to $1.21 for the six-month period ending June 30 compared to $0.36 last year. The spot gold rate is up by more than 30% on a year-on-year basis. It peaked at $3,500 an ounce in April before dropping to its current level of around $3,356.91. Prices of bullion are expected to...

Mthuli Ncube, Zimbabwe's Finance Minister, said that the country is on course to achieve its 6% forecasted economic growth by 2025. This will be aided by a good agricultural production and high commodity prices. In the first half of this year, the economy of Southern Africa has begun to show signs of recovery following a severe currency crisis and drought in 2024 which pushed the GDP growth down below 2%. Ncube, in his mid-year review of the budget, told the parliament that "given the positive developments in the economy during the period from January to June we are confident the...

Sumitomo Corp, a Japanese trading company, reported Thursday that the Ambatovy nickel project in Madagascar had experienced a 13% drop in production during the first quarter. The firm's full-year forecast remained unchanged. In the first quarter of this year, the company produced 7,000 tons of nickel. This is down from 8,000 tonnes last year. In February, production at the Ambatovy Project was halted for inspections of a pipeline which had ruptured in September last year. The company reported that operations gradually increased from April, and stabilised fully in early May. Sumitomo expects to produce nickel at the project between mid-30,000...

The copper demand is growing faster than expected, due to the billions of dollars invested in modernising and expanding power grids worldwide for the digital and renewable energy revolutions which require vast amounts of electricity. A lack of investment into new mines is limiting the supply of major producers, including Chile and Democratic Republic of Congo, which will lead to a long period of high prices. Analysts predict that copper prices will reach record levels above $12,000 per ton by the end of this decade. This is a 23% increase from the current level of $9,700 per ton. Copper's superior...

The French mining group Eramet announced a sharp drop in its first-half earnings on Wednesday. It warned that macroeconomic conditions would remain difficult throughout the rest of this year. This led to a revision downwards of Eramet's production targets for 2025. Eramet reported adjusted earnings prior to interest, taxes and depreciation (EBITDA), of 191 millions euros ($219.12million) for the first half of this year, a drop of 45% compared to a year ago. Earnings exclude Eramet’s New Caledonian Nickel subsidiary SLN which is supported by French government loans. Eramet's Chief Executive Paulo Castellari said to reporters that "our first-half results...

South Africa may need to find alternative markets for its vital minerals exports if tariffs are imposed by the United States, said the Mines Minister of Africa's largest economy on Tuesday. South Africa is the world's largest producer of platinum group minerals (PGM), used in automotive catalytic convertors. They are also amongst critical minerals that are subject to a U.S. investigation, which could lead to new import duties. Washington initiated that investigation in part to put pressure on Beijing. China is the top producer in the world of 30 minerals deemed critical by the U.S. Geological Survey, and has curtailed...

Mpumi zikalala, the chief executive of Kumba Iron Ore, stated on Tuesday that there has been a "fundamental change in speed" from the South African government's opening up of state-owned logistics company Transnet for private investment. Transnet struggles to deliver reliable rail freight and port services due to equipment shortages and maintenance delays after years of underinvestment. The widespread theft of cables and vandalism has further restricted its capacity. In March, Transnet, which operates three corridors to transport coal, chrome, iron ore, manganese, containers, and automobiles to ports, sought information from interested parties. It is expected that the move will...

Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is...

Two sources familiar with the matter said that China's Zijin Mining was the frontrunner for Barrick Mining to purchase the Tongon gold mine located in northern Ivory Coast. The deal could be worth up to $500m. Barrick, third-largest gold producer in the world, has shifted its focus to high-margin assets with long-term life, and is focusing more on copper, as well as strategic operations in Africa, and the Middle East. The company suspended operations at its Loulo-Gounkoto mining complex in Mali, after the military government of that country blocked exports, arrested staff and seized 3 tons of gold over a...

The Financial Times reported Wednesday that Botswana was seeking to acquire a controlling interest in De Beers, as Anglo American prepared to divest itself from the diamond company. Citing the country's minister of mining, this report was based on information provided by the Minister. Bogolo Kenewendo, the Mining Minister of Botswana, told the Financial Times President Duma "remains resolute" in his pursuit to increase Botswana’s stake in De Beers in order to guarantee Botswana’s complete control over this national strategic asset and its entire value chain. This includes marketing. The report stated that Kenewendo said any De Beers sale "without...

Judge Samba Sarr announced that a court in Mali rejected Barrick Mining's appeal to release four employees who were arrested in November. This is the latest development in an ongoing dispute between the Canadian company and the Mali Government over taxes and ownership rights of mining operations. Alifa Habib Kone is an attorney for Barrick. She said that the judge ruled the appeal of the company which dismissed the allegations made against the local employees as "unfounded". Kone stated that the employees are facing charges of money laundering and other violations. Barrick says it denies the allegations against its employees....

The Zambian government announced on Monday that it had signed an agreement paving the way for a crude oil refinery complex and energy facility worth $1.1 billion to be built in Ndola, in the copperbelt region of the country. A government statement stated that the planned facility would process around 60,000 barrels of crude oil per day, supplying enough refined products to meet all of Southern Africa's current fuel needs and possibly allowing future exports to neighboring countries. The statement also added that the project will save millions of dollars in fuel imports annually once it is completed. Construction is...