East Africa

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....

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...

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...

South Sudan's Government urged opposition forces on Tuesday to stop fighting, claiming that a rebel advance in Jonglei State and ongoing clashes which have already caused mass displacement threaten to reignite civil war. According to the United Nations, the scale of clashes between government forces and fighters loyal to 'the Sudan People's Liberation Army-in-Opposition' (SPLA-IO), has not been seen since 2017. The government claimed that its forces had defeated rebel advances in Jonglei. This region stretches from the border of Ethiopia to central South Sudan. Ateny Wek Ateny, the government's spokesperson and minister of information, said that "the ongoing security...

Four executives from refineries in India said that the United States is the main destination for Venezuelan crude oil, and this has slowed down the return of South American supplies to the third largest importer of oil. Trafigura and Vitol, two trading houses, began selling Venezuelan oil in this month following an agreement reached between Caracas Washington to sell the?U.S. After the capture of Venezuelan President?Nicolas Maduro by the U.S. on January 3, Trafigura and Vitol began marketing Venezuelan oil this month. Reliance Industries Ltd, Indian Oil Corp Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd are among the...

By America Hernandez PARIS, December 2 - French oil giant TotalEnergies, along with its other partners in the $20 billion Mozambique Gas Project, have agreed to provide more equity to replace previous contributions from British and Dutch Export Credit Agencies, the company announced on Tuesday. Total reported that the UK and Dutch agencies accounted for about 10% of the initial $15.4 billion external funding obtained by the project. Total's 13 million tons per year liquefied gas project will turn Mozambique into a major exporter of gas when it starts production in 2029, but the project has been bogged down in...

TotalEnergies was accused by a European human rights organization of complicity with war crimes, torture, and enforced disappearances in Mozambique. The complaint was filed to the French prosecutor's office on Tuesday. Four years after an Islamist militant attack that halted construction, the French oil giant, together with its project partners lifted force majeure for their $20 billion Mozambique gas project. The complaint seeks a link between Total and alleged mozambican torture on its evacuated site of the gas project from July to September 2020, after the oil firm exfiltrated their employees and gave the land to government on the basis...

The Ugandan electoral commission announced on Tuesday that the general elections will be held in the country on January 15. At the election, the octogenarian president Yoweri Museeveni will try to extend his reign to almost half a century. Museveni, Africa's fourth-longest-serving leader, has had his government change the constitution twice in order to remove term and age limits. This allows him to stay in office ever since 1986. As in the 2021 election, Museveni's main rival is expected to be 43-year-old pop star-turned-politician Bobi Wine, who has parlayed his singing stardom to amass a large support base among young...

Refining executives in Europe said that European refineries have to invest in energy conversion projects because of the modern, complex competitors from Asia, Middle East, and Africa. Tony Fountain, Essar's managing partner, said at the Argus global markets conference in London: "I guess we're all playing a game of last man standing to ensure we don't shut down." European refineries are under pressure from environmental regulations and modern plants to increase production of cleaner fuels such as biofuels and sustainable aviation fuel to meet the regulatory demand. The regulatory environment does not just tell us what we can do. This...

The Financial Times reported that ExxonMobil CEO Darren Woods asked President Daniel Chapo for assurances last week regarding security at a $30 billion proposed gas terminal in Mozambique before deciding to approve the project. Woods expressed concern about the dangers of a jihadist-led insurgency, which is threatening to disrupt Exxon's plans to build Africa's biggest LNG facility in the north-eastern Cabo Delgado area in Mozambique, according to the report, which cited sources familiar with the talks. The report could not be verified immediately. Exxon didn't immediately respond to an 'ask for comment. The Mozambican Presidency could not be immediately reached....

TotalEnergies hoped to sell the oil assets onshore that were prone to spills last year The deal between Chappal Total and Chappal has not been closed despite multiple deadline extensions Total relied on the cash generated from sales to reduce debt Isaac Anyaogu & America Hernandez LAGOS/PARIS - TotalEnergies has failed to sell a minority stake to a Nigerian oil producer, Nigerian regulators announced on September 23. This is a blow to the French oil giant's strategy of selling mature, polluting oil assets to pay off debt. Total agreed to sell 10% of its Shell Petroleum Development Company of Nigeria...

According to a report by the Italian-American automaker and the government, Chrysler's parent Stellantis was fined $190.6 Million for failing to meet U.S. fuel efficiency requirements. In an annual report, the National Highway Traffic Safety Administration stated that Stellantis had paid $112.3 in June and $78,3 in March as payments for shortfalls in 2019 and 2020 models. Stellantis paid a total of $773.5 Million since 2018. NHTSA informed automakers last month that they would not be fined for failing to meet fuel-efficiency rules going back to 2022, as per a law signed into law by President Donald Trump. Stellantis confirmed...

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...

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...

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...

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...

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...

The cyclone which hit Madagascar last week has stopped production at the cobalt and Nickel miner Ambatovy. Traders said that a prolonged outage could increase prices for battery materials. Ambatovy is owned by the Japanese trading company Sumitomo Corp and the state-owned Korea Mine Rehabilitation and Mineral Resources Corporation. In 2024, it will produce around 28,000 tons of nickel and approximately 2,500 tons cobalt. The storm that hit Madagascar's Toamasina port, the main port for exports, caused a lot of disruption to trade. Ambatovy confirmed its Toamasina processing plant on Madagascar's east coast suffered material damage. It said it was...

Zambia's mining regulator said on Friday that it had suspended operations at Mopani Copper Mines' Mufulira Mine after it failed to?report?for all of its underground personnel. In a press release, the Minerals Regulation Commission (MRC) said that its decision was based on recent accidents at Mopani’s operations. The commission stated that the Mufulira Mine had failed to comply with regulations which require management to maintain a "system to account for all people working underground" at any time. The commission stated that "Operations are suspended until the mine corrects all deficiencies found in its personnel accounting system". It also said that...

Thyssenkrupp CEO says that planned EU measures to protect the bloc's battered?steel industry?have improved investor sentiment, and have strengthened Thyssenkrupp’s position in negotiations to sell its steel business to India's Jindal Steel International. Jindal Steel International has made a nonbinding offer for Thyssenkrupp Steel Europe, Europe's number one steelmaker. In September, Jindal Steel International made a non-binding bid for Thyssenkrupp Steel Europe (TKSE), Europe's No. Thyssenkrupp's CEO Miguel Lopez is focusing his strategy on turning the group into a holding by finding a solution for TKSE. This company has ties to Germany's history of industrial production. Lopez said that the...

South32, an Australian diversified mining company, reaffirmed that it would put its Mozambique aluminum plant on care and maintenance in the next month after a drought affected power supply. It posted a first-half profit higher than analysts' expectations on Thursday. The announcement comes just days after Mozambique Energy Minister Estevao Palae stated that "the government will do everything required to ensure that the (Mozal ) plant does not go into maintenance." South32 took a $372-million impairment last year on its business due to the impact of the drought on Mozambique’s hydroelectric power utility. South32 was unable to reach a deal...

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...

The Mines Ministry announced?on Tuesday that Zambia's copper output last year increased?8% due to higher output from?major mining operations. Africa's second largest copper producer, Africa's Copper, produced 890,346 tons of copper in 2025. This is up from the 825,513 tones that were produced last year, but still falls short of its target 1 million tons. The country plans to increase its copper production to 3 million tonnes by 2031 to meet the growing demand for copper used in electric cars and renewable energy infrastructure. Vedanta’s Konkola?Copper Mines was primarily responsible for the?rise in production last?year, with a fourfold increase, to...