Africa

Oil prices fell by nearly 1% Monday, after the Kurdistan region of Iraq resumed crude exports through Turkey at the weekend. OPEC+ also plans to increase oil production in November. Brent crude futures dropped 63 cents or 0.90% to $69.50 per barrel at 0023 GMT, after Friday's settlement, which was the highest since July 31, had been reached. U.S. West Texas Intermediate Crude was trading at $65.07 per barrel, down 65c or 0.99%. This is a significant reversal of Friday's gains. Michael McCarthy, CEO Moomoo Australia & New Zealand, said that "ongoing fears of increased production are limiting gains but...

The Nigerian oil workers' union ordered its members on Monday to stop gas supplies to the Dangote Petroleum Refinery. This escalated a labour dispute that had been sparked by the dismissal hundreds of Nigerian workers. The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed all its branches in major oil companies to stop crude and natural gas deliveries at the refinery immediately. According to a letter from September 26, the union accused Dangote of "misinformation" and "propaganda" rather than addressing the alleged wrong disengagement of unionised workers. "The crude oil supply valves should be closed." In...

A copy of the letter sent by the company to the PENGASSAN oil workers union, seen on Friday, shows that some employees of the Nigerian Dangote oil refining plant have been fired. This refinery, Africa's largest by far, has a crude processing capacity per day of 650,000 barrels. It could reshape the global fuel trade dynamics by creating a swing supplier within the Atlantic Basin. The number of workers who lost their jobs and whether or not the layoffs will affect production could not be confirmed immediately. In the letter, it was stated that the dismissals will be made by...

Gulf stocks fell in the early trading on Tuesday, as investors digested the regional interest rate reductions following U.S. Federal Reserve’s moves. However, lingering uncertainties about its policy outlook kept sentiment cautious. The Fed cut its benchmark rate on Wednesday by a quarter of a percentage point in response to an improving labour market. However, it signaled a cautious approach to future monetary policy ease, leaving investors uncertain about the pace at which further moves will be made. Saudi Arabia, United Arab Emirates and Qatar have all cut their rates by 25 basis point each. Dubai's main stock index fell...

Nigeria's economy grew by 4.23% on an annual basis in the second quarter. This was its fastest pace in four years. The increase in oil production and improved performance in industry and agriculture were major factors. The statistics agency released the data on Monday, the second time that it has rebased the Gross Domestic Product (GDP), in order to capture structural changes in the economy of Africa’s most populous nation. Nigeria's average daily oil output increased to 1.68 million barrels (bpd), up from the 1.41 million bpd recorded in the same quarter in 2024. The oil sector grew by 20.46%...

The Nigerian oil regulator announced that African oil regulators, led by Nigeria, have launched a forum to harmonise oil regulation. This is in an effort to attract investment in the rapidly growing energy sector in the region. African oil regulators, due to the decline in investment dollars, are betting on a more transparent and consistent energy market that is integrated across all jurisdictions. Sixteen countries gathered at Accra for the signing of the charter establishing African Petroleum Regulators Forum. Gbenga Kmolafe was the chairperson of the Nigerian Upstream Petroleum Regulatory Commission, which is the upstream regulator of Nigeria. Eight countries,...

Bola Tinubu, the Nigerian president, lifted an emergency rule of six months in Rivers State on Wednesday, reinstating Governor Siminalayi Fubara, and other officials. He had said that a crisis constitutional that had paralysed government had been resolved. The emergency rule was imposed on 18 March following a standoff that occurred between Fubara, the governor of the state and the legislature. This conflict disrupted the budget approvals leaving the government in limbo. Tinubu claimed that the emergency rule was necessary to avoid anarchy. Rivers State is located in Nigeria's oil-producing Niger Delta and is a major hub for crude exports....

South Sudan's Opposition has accused the Government of trying to enforce a "authoritarian Control and One-Tribe Rule" after First Vice president Riek Machar, who was suspended for orchestrating militia attacks, was charged. Machar's SPLM -IO party has rejected the charges brought against him, along with 20 other individuals. These included murder, treason, and crimes against humanity. They were accused of participating in raids in the northeast by the White Army militia. Machar’s house arrest under the order of March has sparked international concerns about a possible resurgence of the devastating civil war that raged between his Nuer ethnic forces and...

The Finance Ministry said that Uganda's economy will grow at an average of 8% per year over the next five-year period, mainly due to investments in the petroleum sector and other sectors, such as transportation. The Ministry of Finance, citing Finance minister Matia Kasaija, said that the start-up of crude oil production is expected around mid-2026. This will push the growth to double digits for the fiscal year 2026/27. Last year, the International Monetary Fund predicted that Uganda's economic growth would reach double digits due to oil production. It is the first forecast of this kind by the government. Kasaija...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and conducted it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and took full responsibility." "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and orchestrated it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

The Czech billionaire Daniel Kretinsky agreed to sell his 20 percent stake in Thyssenkrupp’s steel business and scrap plans for joint ventures, according to a statement released by both parties. This could pave the way for an agreement with Jindal Steel. The sale of the stake ends long-running discussions about what could have been a German and Czech steel and energy giant. Discussions that have made no measurable progress since Kretinsky purchased a fifth in Thyssenkrupp Europe (TKSE) late last year. Thyssenkrupp shares, which had earlier reached a high of six years, briefly fell on the news, before recovering and...

The joint statement from both parties revealed that the Czech billionaire Daniel Kretinsky sold his 20% stake in Thyssenkrupp’s steel unit, and scrapped plans to create a 50/50 joint venture. This could pave the way for an agreement with Jindal Steel. The sale of the stake ends long-running discussions about what could have been a German and Czech steel and energy giant. Discussions that have made no measurable progress since Kretinsky purchased a fifth in Thyssenkrupp Europe (TKSE) late last year. Thyssenkrupp can now move forward with its talks with India's Jindal Steel International. Jindal Steel International last month made...

Orano, a French nuclear company, has announced that 1,500 metric tonnes of uranium is stored at the SOMAIR mine it expropriated in northern Niger. It will pursue compensation and criminal charges if this material is taken or sold without authorization. Sources at the mine confirmed that Niger has not sold any uranium yet, despite "potential customers including Iranians Russians and Turkey". Orano initiated arbitration at the World Bank’s International Center for the Settlement of International Disputes (ICSID) in January, after Niger’s military government had blocked operations at SOMAIR and then nationalised it. INTERNATIONAL COURT BANS NIGER URANIUM TRANSFERS Niger was...

Local media reported that Namibia is considering whether to buy a stake in De Beers due to the continued decline of diamond prices, according the deputy prime minister. Anglo American has put the diamond giant up for sale as it restructures to focus its portfolio on iron ore and copper. Anglo announced on September 9th that it is pursuing a merger to create a heavyweight in copper. De Beers attracted at least six investors by June, and Angola’s state diamond company Endiama revealed on September 24 that it had bid to acquire a minority share in the company. Angola wants...

According to a document from the Mines Ministry, Mali's industrial production of gold fell by 32% on an annual basis to 26.2 tonnes by the end August. This was due to the long-term suspension of Barrick Mining operations. A mines ministry official reported that the industrial output in Mali was 22.5% lower than the government's prediction of 33.8 tonnes for the same time period. The source did not say if the country's target for this year would be revised. The source, who spoke under condition of anonymity, was not authorized to brief the media. Mali's industrial output of gold fell...

The mining minister of the Democratic Republic of Congo said that the country will adhere to the recently announced cobalt export quotas. Any revisions in the future would only be possible if the government deems it necessary. In an interview conducted on the sidelines a New York seminar, the mining minister of Zambia, Louis Watum Kabamba said that his country was more interested in investing in cobalt processing locally to increase its export value. "We can't let others decide for us. It is not important whether there will be or won't be a cobalt stockpile. "The most important thing is...

According to partial results announced late Monday, voters in Guinea overwhelmingly supported a new Constitution that would allow Mamady doumbouya, the coup leader to run for President if he so chose. Djenabou toure, the head of Guinea's general directorate of elections, told reporters that 90.6% of votes were in favor of the constitution and 9.4% were against. These figures are based on approximately 91% of the votes cast during the referendum. Officials did not have an overall number for voter turnout, but they had counted over 4.8 million votes from more than 6 million registered voters. This means that turnout...

Guinea will hold a long-awaited vote on Sunday to approve a new constitution, which could allow coup leader Mamady doumbouya the opportunity to run for President if he so chooses. He had vowed to not run when he took power in 2021. Guinea's military-led government, which controls the largest bauxite reserves in the world, has already missed its December 31, 2024 deadline for returning to civilian rule. The presidential elections are expected to be held in December. Critics are concerned that the constitutional referendum will be the latest attempt to legitimize a military government's rule in West and Central Africa....

Valterra Platinum CEO Craig Miller stated on Thursday that global primary platinum group metals production could drop by up to 20% by the decade's end, causing a growing supply deficit. Miller stated that the demand for platinum, palladium, and rhodium from automakers who use them in catalytic convertors has remained strong, due to higher sales both of conventional and hybrid cars, and because energy transition is taking longer than expected. He also said that the demand for jewellery was strong. South African mining firms, which supply more than 70% the world's total platinum, have reduced unprofitable production in the last...

Robert Friedland, co-chairman of Ivanhoe Mines, said on Wednesday that the company is constantly in contact with sovereign wealth funds to discuss potential investments. These are meant to support Ivanhoe Mines' efforts to increase production of copper and critical minerals. Vancouver-based Ivanhoe announced earlier on Wednesday that Qatar’s sovereign wealth fund will invest $500 million in order to achieve what Qatari officials described as a goal: "finding and developing critical minerals essential for global energy transition and advanced technologies applications." Ivanhoe operates in South Africa and the Democratic Republic of Congo, while exploration projects are underway in Angola. Friedland, Ivanhoe’s...

The Globe and Mail, citing sources familiar with this matter, reported that Canadian Prime Minister Mark Carney had told Anglo American it would have to move its headquarters from the United States to Canada if its proposed acquisition by Teck Resources was to be approved. Anglo American, based in London, and Teck, based in Canada, announced last week a merger worth $53 billion. This is the second largest M&A transaction in the mining sector. The merged entity will be headquartered in Canada, with a primary listing in London. The Globe and Mail reported that Carney had made it clear in...

Namibia will increase its production of sulphuric acids in response to the critical rise in mineral output. Vedanta and Green Metals Refining announced plans to establish and revive plants on Thursday. The extraction of metals such as uranium and copper is a common process. Namibia, which is the third largest producer of uranium in the world, has eight critical minerals projects that are set to place it at the forefront for global green energy initiatives. Green Metals Refining, based in London, plans to invest $59 million for the first phase of an acid plant that will be able to produce...