Africa

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...

Trade data revealed that India's Russian imports in December fell to the lowest level since?two? years, as Western sanctions pushed refining companies to look for alternatives. This boosted OPEC?s?share?of imports?to an 11-month peak. The lower imports of Russian crude oil at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. The data shows that tighter U.S. sanctions and European Union sanctions have slowed Russian oil exports to India. Imports dropped by...

By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

Oil analysts say that the?crude production?in Venezuela will increase in time, following a 'dramatic U.S. attack and the capture of its President. This is likely to raise?global supplies?and weigh on prices long-term. American forces captured Venezuelan President Nicolas Maduro in Caracas on the weekend. U.S. president Donald Trump announced that Washington would seize control of the oil producing nation, and that the U.S. oil embargo remained fully effective. According to the London-based Energy Institute, the Organization?of Petroleum Exporting countries (OPEC) member has about 17% global oil reserves or 303 billion barils, ahead of OPEC leader Saudi Arabia. Venezuela produced a...

Mark Learmonth, CEO of Caledonia Mining, said on Wednesday that the successful international capital raise?for its flagship Bilboes Gold Mine highlighted Zimbabwe's renewed potential as an investment destination. Caledonia raised $150 million in a convertible bond last month to fund the Bilboes Project, which will, when operational, be the largest mine of gold in Zimbabwe. It already operates Zimbabwe's 80,000-ounce-per-year Blanket mine. Learmonth said on the sidelines a mining conference held in Cape Town, "It is not only a game?changer" for Zimbabwe. "With a project that large and of such high quality, it is not possible to continue believing that...

Botswana is projected to grow in this year's economic forecast after two consecutive years of contraction. However, debt will likely rise above 'the' government's statutory limit due to another large budget deficit. Ndaba Gaolathe, in a speech on the budget, said that economic growth was expected to be 3.1% this year, compared with estimated contractions of?2.8% last year and 0.4% last. Southern Africa's economy has suffered a severe downturn, largely due to the economic uncertainty and growing popularity of lab-grown diamonds. About one-third of Botswana’s revenue is generated by diamonds, and about three-quarters comes from its foreign exchange earnings. Gaolathe...

The South African rand started the week on Monday?stronger, thanks mainly to the?renewed rise in its core export gold. At 1508 GMT the rand was trading at 15.9150 per dollar, up roughly 0.8% from Friday's closing price. ETM Analytics stated in a research note that "gold and platinum prices are recovering from their lows. This gives some comfort that the ZAR will enjoy renewed commodity price benefits through the coming week." The U.S. Dollar last traded 0.7% lower against a basket?of currencies. Investors awaited the upcoming?jobs data and inflation data to gauge the direction of U.S. rates. In Cape Town,...

TechMet, a U.S. investment vehicle backed by the United States, is seeking to raise an additional $200 million to finance vital minerals projects. CEO Brian Menell said on Monday. TechMet, a privately-held company that owns stakes of ten companies, including Brazilian Nickel, South Africa's Rainbow Rare Earths and Qatar Investment Authority, raised $300 million last year, including $180 from the Qatar Investment Authority. TechMet has reopened its fundraising. The company, valued at over $1 billion, focuses on developing businesses along the entire critical minerals value chain. Menell said on the sidelines an African mining conference in Cape Town: "We kept...

A statement issued by the Council of Ministers said that Mali would create a state owned company to manage its holdings in mining companies. Other resource-producing countries in West Africa, such as Niger or Guinea, have managed their assets using similar state-owned management mechanisms. According to a statement issued late Friday, the company Sopamim will manage and acquire Mali's holdings. Its capital is owned by the government. West Africa is Africa's biggest gold producer, with mining companies such as Barrick Gold, B2GOLD and Endeavour Mining active in gold-rich regions of the western and southern regions. Mali will create a new...

It's been difficult to find thermal coal exporters in recent years, given the soft prices and lower demand from China and India. For Indonesian miners, it was also difficult because of the uncertainty surrounding government policy. One group of coal exporters seems to be quite optimistic. South Africa's coal miners look forward to increased demand from India, their biggest buyer. They also anticipate improvements in rail infrastructure which will enable them to increase volumes. The coal that South African producers are seeing a high demand for, however, is not the coal used for electricity generation. Instead, it's for industrial processes...

ArcelorMittal South Africa announced?on?Thursday that it had narrowed its loss for the full year by 34% due to lower raw material prices and after closing down its money-losing, long steel business. Sub-Saharan Africa’s largest steelmaker reported a headline loss in the year ending December 2025 of 3.355 billion Rand ($207.86million), compared to a loss of 5.1 billion Rand the previous year. South Africa's unit of global steelmaker ArcelorMittal is struggling with a weak local market, high electricity prices and competition from mini-mills for recycling scrap metals in the country as well as imports from China. ArcelorMittal South Africa's Luxembourg-headquartered parent...

The head of the mining lobby in Ghana has said that Ghana's finance minister offered to reduce a mining tax by two percentage points to help push a new gold royalties regime through. Africa's leading gold producer is looking to replace the flat rate of royalty with a sliding scale between 5% and 12% in order to maximize value at a time when prices are surging. The new gold royalties regime will come into effect in 21 days if parliament does not amend it. It adds one percentage point to every $500 increase in gold prices, similar to Burkina Faso's...

Mamady Doumbouya is the president of Guinea. He was elected in a coup and sworn into office for seven years last month. His'mines minister' has been retained, but he appointed new ministers to finance, justice, and security. Since 2021, the former Special Forces commander has led?the West African country. Guinea has the world's biggest bauxite reserve and richest iron ore deposit, both of which are untapped. A massive mining project at Simandou was launched in November. Doumbouya's victory in the presidential elections that followed completed the return to civilian rule. Doumbouya said last week that Amadou Youry Bah will remain...

Investors shifted their focus to?corporate profits, while also weighing U.S. - Iran tensions. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear talks in Turkey on Friday. Trump warned that if the sides failed to reach a deal, bad things could happen with U.S. warships advancing toward?Iran. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.9% increase in ACWA Power, and a 0.6% rise in Saudi Arabian Mining Company. According to estimates by the government, the economy of Saudi Arabia grew 4.9% on an annual basis in its fourth quarter. This was...

Eramet fell on the Paris Stock Exchange on Monday after the sudden firing of its CEO, just months into his term, caught investors off guard and raised concerns about governance at the nickel-manganese-lithium miner owned in part by the French state. Eramet announced on Sunday that it had fired Paulo Castellari because of disagreements over "operating methods". It temporarily reappointed Christel Bories as Chairwoman, a role she had handed to Castellari in May last year. Analysts were stunned by the decision, and credited Castellari for his early efforts in restructuring the group. The group had?faced declining profits and rising debt...

Three Dangote Group subsidiary companies announced on Monday that they have bolstered 'gas supply contracts' with NNPC units to support expansion plans. This is in line with a shift by Nigeria towards cleaner energy and industrial development. Dangote Petroleum Refinery and Dangote Fertiliser plant, as well as Dangote Cement Plc announced on Monday that contracts had been signed with NNPC Gas Infrastructure Company and Nigerian Gas?Master Plan?Limited at the Nigeria Gas 'Master Plan 2026 event in Abuja. The companies did not reveal the contracted volumes. Nigeria launched its master plan for the 'gas sector' on Friday. It aims to fix...