East Africa

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...

Winston Chitando, the mines minister of Zimbabwe, said that Zimbabwe will ban exports of lithium concentrates in 2027. This is part of its efforts to increase local processing. Africa's leading producer of lithium (used in batteries that power renewable energy technologies) has banned the exportation of ore by 2022, and is pushing its miners to increase their domestic processing. Most of the lithium miners in Zimbabwe are from China. They export concentrates back to their country. Chitando stated that lithium sulphate plant are currently being developed in two Zimbabwean mines: Bikita Minerals owned by Sinomine, and Prospect Lithium Zimbabwe owned...

South Sudan stated on Monday that the U.S. decided to revoke visas for South Sudanese nationals because Juba refused to accept a deportee of another nationality. The U.S. announced on Saturday that it will cancel all visas for South Sudanese passport-holders because South Sudan has refused to accept its repatriated citizen's return. Juba's Foreign Ministry said that the deportee from the Democratic Republic of Congo was denied entry to South Sudan by South Sudanese officials. He claimed in an interview with immigration at the Juba Airport that he had been forced there. "Comprehensive Verification Processes confirmed that this individual was...

The Ugandan President Yoweri Mueveni arrived on South Sudan's border on Thursday. This was the highest-level mission to the country since the clashes in the region and the arrest of the vice president raised fears that civil war could return. Salva Kiir of South Sudan met Museveni at the airport. His administration accused First Vice-President Riek Makar of igniting rebellion and placed him under house arrest. In public remarks made at Juba Airport, the Ugandan leader did not directly refer to the crisis. His military had been invited to South Sudan to assist in securing the capital last month. This...

When South Sudan declared independence from Sudan in 2011 to a chorus of worldwide congratulations and celebrations, rebel-leader-turned-president Salva Kiir promised his people freedom and democracy. He fired his vice president, Riek Makar, two years later. This sparked a civil conflict that splintered his young nation on ethnic lines. The international and regional powers demanded a resolution. Kiir has now detained Machar for a decade, and his administration is threatening to ignite conflict once more in an impoverished nation in the middle of a fragile region. The scandal has highlighted the depth of ethnic and social rifts in the country...

Copperbelt Energy Corp. in Zambia will invest $500m over the next 2 years to double its capacity of an electricity transmission line into the Democratic Republic of Congo and increase the output of solar power, according to a senior official of the company. Copperbelt Energy Corporation owns the only power transmission line connecting Congo with the Southern African Power Pool. CEC's Chief Financial Officer Mutale Mukuka stated that CEC was looking to attract investors in order to finance projects, as the country is emerging from a four-year default on its sovereign debt. Mukuka said that he was looking to invest...

The United States Development lender announced on Friday plans to take a stake to market Congo minerals, which could give U.S. users of copper and cobalt the right to first refusal. The U.S. and China are in a heated competition to gain access to minerals that are crucial to the manufacture of everything from cars to iPhones. Congo has 72% of the world's cobalt reserves, and supplies 74% of that amount. Many of these mines are artisanal. The plans for investment were revealed a day after U.S. president Donald Trump hosted leaders of Rwanda and the Democratic Republic of Congo...

Fighting broke out in the eastern Democratic Republic of Congo Friday, just a day after U.S. president Donald Trump met with Congolese leaders and Rwandans in Washington for the signing of new agreements aimed at ending decades of conflict in this mineral-rich region. On Thursday, Congo's Felix Tshisekedi reaffirmed his commitment to the U.S.-brokered agreement reached in June. The deal aims to stabilize the vast country by allowing more Western mining investments. "We are settling a long-running war," said Trump. His administration intervened in many conflicts around the globe to burnish Trump's credentials as a world peacemaker, and advance U.S....

Bitcoin dropped below $90,000. This was the steepest monthly drop since 2021's crypto crash. Investors were once again avoiding risk, and they pulled out of stocks, digital assets, and other digital assets. At one point, the world's biggest cryptocurrency dropped by up to 6.1%. By 0942 GMT it had fallen nearly 5% to $86,754, its largest one-day drop in a year and was hovering around last month's 8-month low of $71,553. Bitcoin lost more than $18,000 during November. This is its biggest dollar loss since the collapse of several cryptocurrencies in May 2021. RISK INDICATOR Bitcoin's relatively short life span...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington claiming that the iPhone maker uses minerals from the Democratic Republic of Congo or Rwanda. International Rights Advocates, a group based in the United States, filed a lawsuit last year against Apple, Tesla and other tech companies for cobalt sourcing. However, U.S. court dismissed it. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue. Apple has denied any wrongdoing as a response to...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington. The lawsuit accuses Apple of using minerals that are linked to human rights violations and conflict in the Democratic Republic of Congo (DRC) and Rwanda. International Rights Advocates, a group based in the United States, has sued Apple, Tesla and other tech companies over cobalt sourcing. However, U.S. court dismissed this case last year. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue....

Bitcoin and ether fell to multi-month-lows on Friday. cryptocurrencies were swept up as part of a wider flight from riskier investments, as investors became worried about high tech valuations. They also lost bets that the U.S. would soon cut interest rates. Bitcoin, the largest cryptocurrency in the world, dropped 5.5% to $81,668, its lowest level in seven months. Ether fell more than 6%, to $2,661.37. This is its lowest level in four months. Both tokens have fallen by about 12% this week. Cryptocurrencies can be a good indicator of the risk appetite in the market. Their recent slide shows how...

The crypto currencies were caught up in the broad flight away from risk assets, which sent bitcoin and ether down to their lowest levels for several months as concerns about high tech valuations persisted and bets made on Federal Reserve policy easing near-term faded. Bitcoin, the largest cryptocurrency in the world, dropped 2.1% and broke below $86,000, hitting a seven-month low of $85,350.75 during Asian trading. Ether fell more than 2%, to $2,777.39 its lowest level in four months. Both tokens faced weekly losses of approximately 8%. Investors often use cryptocurrency as a barometer to gauge their risk appetite. The...

The Chinese embassy in Central African Republic (CAR), has warned that its citizens could become "mining slaves", in the gold trade of the politically insecure nation. Chinese workers are now looking to sub-Saharan Africa for work as gig economies in Asia dry up. The embassy released a statement Thursday stating that Chinese nationals were killed or kidnapped, and some even scammed of large sums and deported because they illegally mined. China has sent workers to resource-rich sub Saharan Africa in search of fortune. Gold prices have soared amid massive Chinese state purchases, while factory and construction jobs are disappearing as...

The Australian miner Syrah said Monday it had reached an agreement with Tesla to extend a deadline for addressing alleged non-compliance of their graphite contract, the second in two months. Elon Musk's automaker, Tesla, issued a default notification in July because Syrah had allegedly failed deliver active anode samples that were conforming from its Louisiana facility processing Tesla's batteries. Syrah stated that the original deadline of September 16, which was originally extended to November 15, has been further pushed back to January 16, 2020. The company stated that "Syrah has not accepted it is in breach of the offtake contract,...

Ethiopian Investment Holdings announced on Friday that it had signed a preliminary contract with Rusal for the establishment of a large-scale aluminum smelter in Ethiopia. This is the latest major investment in Ethiopia. Ethiopian Investment Holdings announced in a press release on its X Account that the proposed facility will have a production capacity of 500,000 metric tonnes per year. The first phase is estimated to cost $1 billion. The investment firm stated that the project covered by this memorandum will be completed in three to four year and will operate for up to fifty years. Ethiopian Investment Holdings stated...

Dennis Grimm has left Thyssenkrupp’s steel division, according to two sources familiar with the situation. The unit is now without its leader, as the talks about a possible sale to India’s Jindal Steel International are still ongoing. Grimm is the spokesperson of Thyssenkrupp Steel Europe (TKSE), or its defacto CEO, as of August 30, 2024. This was after former CEO Bernhard Osburg resigned following a conflict with Thyssenkrupp leadership regarding strategy. TKSE declined to comment. Sources say that Grimm's departure coincides with Thyssenkrupp deepening its talks with Jindal Steel International about a possible sale of TKSE. A delegation from the...

Two people familiar with this matter have confirmed that Germany's Thyssenkrupp is going to start giving India's Jindal Steel International greater access to the financial details of their Thyssenkrupp Steel Europa (TKSE), business, starting next week. Last month, Jindal Steel submitted an indicative offer for TKSE. TKSE is Europe's second largest steelmaker, after ArcelorMittal. Thyssenkrupp CEO Miguel Lopez said on Monday that the talks were intense. People said that the deepening due diligence coincides the visit by a Jindal Steel delegation to TKSE headquarters in Duisburg in advance of the crunch negotiations planned for later this year. Thyssenkrupp declined to...