Africa

The majority of Gulf stock exchanges ended lower on Tuesday. Qatar's benchmark index continued to decline as the country suspended liquefied gas production in response to an escalating air war in the area, while Egypt?lost for a third consecutive day. Israel expanded its campaign by launching 'new' strikes on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the vast...

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....

South Africa's Valterra Platinum said that the Zimbabwean government owes it $100 million for 2025 export proceeds. The Zimbabwean government has begun making payments to settle these arrears. Zimbabwe only allows exporters to keep 70% of their foreign currency proceeds, and convert the rest into local currency. According to the Zimbabwean mining chamber, Valterra and other companies in the platinum industry have been delayed payments by the government due to the retention rule. The government has cited cash-flow constraints as the reason for the delays. Zimbabwe's Ministry of Finance and Reserve Bank didn't immediately respond to an inquiry for comment....

Three people with knowledge of the situation said that the Democratic Republic of Congo (DRC) replaced the CEO and Chairperson?of the state miner Gecamines partly because they opposed the U.S.-backed Virtus?Minerals' plan to purchase cobalt and Copper producer Chemaf. In an effort to establish a mineral partnership with Washington in Kinshasa, President Felix Tshisekedi replaced Guy Robert Lukama, the chair of Gecamines, and Placide Nkala Baasadilua, as CEO and Chair respectively. He did this by replacing them with Deogratias Ngele Masudi, and Baraka Kabemba. Congo has compiled a list that includes Chemaf mines in an effort to attract the?U.S. Previous...

Cawthorne crude is similar to Bonny Light and valued for its gasoline and diesel yields Cawthorne export via vessel with a capacity of 2.2 million barrels, increasing production Kpler claims that Nigeria's crude oil and condensate production could reach 1.7 million barrels per day. Seher Dareen and Isaac Anyaogu LONDON, FEB 24 - Nigerian state oil firm NNPC plans to export a new sweet, light crude grade named Cawthorne in March. This will add to the recent increase in production from Africa's largest exporter. This launch is part a broader effort by Nigeria to increase production. It has been hampered...

On Tuesday, Gulf stock markets showed mixed results, with Saudi Arabia losing ground due to fiscal concerns while Dubai extending gains from the previous session. Saudi Arabia's benchmark index fell 0.6% following a'slight' recovery in the previous session, as the kingdom’s budget deficit increased quarter-on-quarter because of higher expenditures. Saudi Telecom Company fell 1.7%, while Saudi Aramco lost 0.6%. According to trade sources, it was reported that Aramco had sold several shipments ultra-light crude oil from its $100 billion Jafurah plant to U.S. refiners and majors in India before its first export this month. Dubai's main stock index rose by...

Oil prices were below a seven-month high as traders weighed the uncertainty surrounding U.S. Trade Policy and the prospects for U.S. Iran nuclear talks in light of heightened Middle East tensions. Brent crude futures fell 9 cents or 0.1 percent to $71.40 per barrel at?0120 GMT. This follows a volatile session on Monday, when it reached its highest level since the 31st of July, $72.50, while alternating between gains and losses exceeding 1%. U.S. crude oil futures fell 11 cents or 0.2% to $66.20 per barrel. This is after the previous session saw a rise to $67.28 - the highest...

The major Gulf stock exchanges rose on 'Monday morning, following global peers. This was after the U.S. supreme court struck down Trump's import taxes. The U.S. Supreme Court?ruled on Friday?to?overturn the tariffs?, which Trump implemented under a national emergency law, a ruling that is seen as having a significant impact on global trade dynamics. Trump announced a temporary increase in tariffs on U.S. imported goods globally from 10% to 15%. The preparations for the third round of nuclear talks between Iran and the United States also helped to ease investor concerns over a possible escalation of tensions in the region....

This week, senior executives from artificial intelligence companies around the world joined world leaders for an AI summit in?India. Here is a list of the major deals that were struck during the India AI Impact Summit in New Delhi. JIO INVESTS $110 BILLION IN INDIA'S RELIANCE INDUSTRIES Mukesh Ambani, the billionaire chairman of Reliance Industries, said that Jio and Reliance Industries will invest $109.8 Billion over the next seven-year period to build artificial intelligence infrastructure and data infrastructure. INDIA'S ADANI GROUP WILL COMMIT $100 BILLION?FOR AI-DATA CENTRES THROUGHOUT 2030 Adani Group, a port-to-power company, announced on Tuesday that it would...

Three trading sources said that global oil firms and traders, including Vitol Trafigura, and TotalEnergies, won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western players greater access, and reducing imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. The country produces 1.4 million barrels of crude oil a day, but does not have the refinery infrastructure necessary to process it. It is therefore dependent on fuel imports. Africa's second largest oil producer has changed the way it buys fuel and sells oil...

The Nigerian Dangote Group announced on Tuesday that it had signed a $400 million equipment deal with China’s Xuzhou?Machinery Group in order to accelerate the expansion of its oil refinery towards a planned 1.4 million barrels per day. The new equipment will support major construction projects in the refining industry, petrochemicals sector, agriculture, and infrastructure. Dangote stated that the XCMG contract would allow the company to purchase a?range of heavy-duty machines to complement the existing assets deployed to the?refinery?build-out which it expects to be completed within three years. Polypropylene production will increase from 900,000.00?tons to 2.4million tons annually as part...

Uganda's central bank left its main lending rate unchanged for the sixth time in a line on Monday, citing an uncertain economic climate as a reason to be cautious. Since October 2024, the Bank of Uganda Central Bank Rate is 9.75%. At a recent press conference, Governor Michael Atingi Ego said that the current policy stance was appropriate to maintain economic activity and ensure?that the inflation stabilizes around the bank’s 5% medium-term target. Inflation increased to 3.2% in January, up from 3.1% in the previous month. Atingi-Ego stated that inflation is projected to be slightly below the target level in...

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...

Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of...

Sumitomo Corp., of Japan, said that the Ambatovy Nickel & Cobalt Project in Madagascar is still closed after Tropical Cyclone Gezani hit the island last week and damaged facilities. The?company's statement said that operations were immediately suspended, safety being the number one priority. The company said that it is currently assessing the extent of the damage, the condition of the equipment and the impact on earnings. Sumitomo said it would work with all parties involved to determine the extent of the damage as quickly as possible and implement the appropriate measures for recovery. A company spokesperson stated that the timing...

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

Zambia's mining regulator announced on Monday that underground operations could resume at Mopani Copper Mines' Mufulira Mine immediately after new safety measures had been implemented. Last week, the Minerals 'Regulation Commission' announced that it had suspended the operation of the mine because it did not comply with safety regulations. This included the requirement to maintain a system accurate to account for all underground workers. Mopani Copper Mines, Africa's 2nd largest producer of the metal essential for clean energy technologies, is one of the biggest copper miner in Zambia. SAFTE WORKING ENVIRONMENT In a statement released on Monday, the regulator stated...

Mali's military leader said in a Friday statement that the government had approved a draft decree renewing Barrick Mining Loulo's gold mining permit for another 10 years. Mali, Africa's largest gold producer, settled a dispute with Barrick in November over profit-sharing, control and ownership of the Loulo-Gounkoto complex of gold mines after two years' negotiations. The dispute was sparked by 2023 mining codes that increased taxes and increased state stakes in projects. Barrick has agreed to withdraw from the World Bank’s dispute tribunal its arbitration case, while Mali said that it would release all employees of the Canadian company, drop...