West Africa

The CEO of Dangote Petroleum Refinery said that the planned October IPO could 'become Africa’s largest' and would allow Nigerians to share 'in its growth. Sources familiar with the issue told the Nigerian Securities and Exchange Commission this month that the refinery had submitted a?application'for a $5 billion IPO, but the size of the IPO is still unknown. David Bird, CEO of David Bird, said in an interview that "we really want to drive the participation." "The IPO's mandate was to be a people's IPO." Bird stated that the company wanted to have at least three years' worth of financial...

The local oil refiners association reported that Nigeria was considering changes to its crude allocation rules and pricing to increase 'feedstock' access for its refiners. This includes Dangote Refinery. Dangote said previously that Nigeria's pricing structure added $3 to $4 per bar to feedstock costs because purchases were routed through trading arms of producers. Analysts claim that the pricing of domestic crude oil is more important than availability. This move could boost operations at Africa's largest?refinery of 650,000 barrels per day, Dangote, whose production has been at times constrained by the difficulty in securing enough crude supplies domestically. CORAN, the...

According to documents obtained by, Nigeria's NNPC, the state-owned oil company, issued a further tender?to.sell a cargo.of its newest.crude oil grade Cawthorne.in September. Cawthorne was exported in March along with other grades recently introduced, such as Nembe, and Utapate. Nigeria is looking to diversify and boost its exports after years of underinvestment and disruptions due to oil theft and operational disruptions. The document states that the Cawthorne shipment will be loaded?on September 22-23 and will consist of 950,000 barrels. NNPC also offers a 950,000 barrel 'cargo of Bonny Light' loading between September 30 and October 1. NNPC has not 'immediately...

Nigeria's Dangote Group plans to finance a ?proposed 700,000-barrel-per-day oil refinery in Kenya through ?internal cash flow, bonds and an initial public offering, a ?senior company executive told ?. It is estimated that the refinery will take three years to complete. The project would provide refined petroleum products for Kenya and other neighbouring countries. This would reduce East Africa’s dependency on imported fuels. It would also fulfil Dangote's ?ambition to expand fuel-processing capacity across Africa following the start-up of its 650,000-barrel-per-day refinery ?in Lagos. The site has been chosen, soil testing is underway, and the design?and engineering has begun. Edwin...

Guinea's mines minister said that the country aims to be a regional hub for gold refining. This is part of a wider push by West African producers to 'process bullion locally instead of exporting it into the Middle East. Gold prices are high, and the move aims to preserve more value for consumers at home. Bouna Sylla, Mines Minister Bouna Sylla said over the weekend that there was no problem if each country (in West Africa) had a refinery. "If you are not competitive in the market, your refinery will either fail or succeed due to economics and not politics."...

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

The Nigerian Dangote Petroleum Refinery, which is owned by Dangote Group, has increased its crude processing capacity to 700,000 barrels a day during a test conducted by the process licensors. This exceeds the nameplate capacity, 650,000 bpd, and marks a significant milestone in operations, according to a statement released on Thursday. Devakumar?Edwin, vice-president for oil and?gas at Dangote Industries said that the ramp-up is part of a larger plan to expand the capacity to 1.4 million bpd in 30 months. This level could make the facility among the largest globally. The refinery owned by billionaire Aliko. Dangote began fuel production...

El Nino could cause cocoa prices to rise by several thousand pounds per metric tonne, according to the chief executive of Barry Callebaut, one of 'the world's leading cocoa processors. El Nino, an 'climatic pattern that can increase temperatures and increase risk of extreme weather conditions, could reduce the yields of crops, including cocoa. This would limit supply and push up prices. Hein Schumacher, CEO of Hein Schumacher, said in a press conference that the prices shouldn't jump as much as they did over the past couple of years. London cocoa futures are trading at PS2,944 per ton ($3,964), down...

Bola Ahmed Tinubu, the Nigerian president, said that his economic reforms had stabilised the nation and re-invigorated investor confidence despite a severe cost-of-living pinch on households three years after he assumed office. Tinubu is running for re-election in January and cited the near fivefold increase in stock prices to a record level of 250,000 points. He also cited an increased market capitalisation, as well as a rise in infrastructure spending. This included more than 2,700 km (1.678 miles), worth over $2 billion, on roads that are under construction or rehabilitation. Tinubu’s reforms – scrapping an expensive petrol subsidy, reducing electricity...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Senegal could see its fuel subsidy bill exceed the budget for 2026 by as much as $115 per barrel if oil prices rise during the Iran War, said Finance Minister Cheikh Diba on Friday. Premier Ousmane sonko stated that this level would represent a fifth or less of the budget. Diba said that the prime minister turned down his request to increase fuel prices in order to share the financial burden with him when the Iran Crisis erupted and oil prices soared. Senegal’s $40 billion economy is in turmoil since the end of 2024 when the newly-elected government revealed debts...

S&P, the credit rating agency, upgraded Nigeria's long term sovereign rating from "B-" to "B" on Friday citing improved creditworthiness. The agency stated that higher oil prices and production, an increase in domestic refining capacity, and the decision to liberalize exchange rates by 2023 will boost Nigeria's economy and improve the balance of payments. It also revised Nigeria's outlook from "positive" to "stable". The World Bank said in April that it expected Nigeria's economic growth to be about 4.2% in 2026, despite the Iran War, and encouraged authorities to conserve windfalls from higher oil prices, to maintain a tight monetary...

Moody's ?on Friday revised Nigeria's outlook ?to "positive" from "stable", citing the country's improved ability ?to withstand ?external shocks ?due to ?its increased foreign exchange reserves and stronger-than-expected economic growth. Africa's third largest economy, which is also a major oil exporter, has benefited from the rise in crude prices caused by the Middle East conflict, as well as the increase in refined petroleum products exported, boosting its current account surplus. Moody's expects that the West African nation's excess "will?remain substantial even with materially lower oil prices." The World Bank projected Nigeria's economy to grow by 4.2% in 2026. They also...

EGC, the state-backed cobalt buyer in Congo, is looking to increase the market for traceable cobalt. This includes establishing closer ties with electric vehicle battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo implemented the system in October last year, Entreprise Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its...

A senior executive at Congo's EGC, the state-backed cobalt buyer, said that it was aiming to expand the market of traceable artisanal artisanal. This includes e-car battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo introduced the system in October last year, Entreprise 'Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent...

Gold Fields CEO says uncertainty over the renewals of its mining leases in Ghana weighs on the 'valuation' of the company. The 'South African miner' posted an 81% increase in profit for the first half year, driven by increased gold prices and production. Gold Fields' Tarkwa mining leases in Ghana expire on April 2027. The company has yet to receive formal replies to its renewal request submitted in November 2025. The statement said that "there is still uncertainty about the timing, outcome and terms of any negotiated agreement to extend the Tarkwa Leases." Mike Fraser, CEO of Gold Fields said...

Five industry sources have confirmed that Ghana's artisanal marketing agency for gold,?GoldBod, has been unable to provide funds to its "gold suppliers" in the last three weeks. This forced some operators to stop purchases or borrow money to remain in business, despite a surge of bullion prices. The last two weeks have been terrible. Last week, a gold dealer in Ghana's Ashanti Region stated that you could wait for a day and still not receive funds. A buyer from Ghana's Western Region who was funded by GoldBod said that funds hadn't been received in about three weeks. Sources requested anonymity...

Five industry sources report that companies licensed to buy gold for Ghana's GoldBod artisanal marketing agency haven't been paid in up to three weeks. This has forced some operators to stop purchases or borrow money to stay in business, despite the surging gold prices. Ghana, Africa's largest gold producer, created GoldBod 2025, with exclusive rights to purchase, sell, and export artisanal artisanal gold. This was part of Ghana's efforts to curb the smuggling of gold and increase foreign currency inflows. GoldBod was initially funded by the Bank of Ghana, which helped boost Ghana's economy. However, the IMF demanded that central...

The government announced on Sunday that 30 people were killed in a landslide near a landfill?in Guinea's capitol after heavy rains caused a mound of?waste to collapse, engulfing nearby tents and shelters. The incident happened less than one week after the government announced its plans to relocate waste and close the landfill site. This was due to the danger it posed. According to a government statement, the landslide occurred?at 2 a.m. (0200 GMT), in the Gbessia community of Conakry. According to the government statement, 30 people were killed and six others seriously injured. Another 16 people suffered only minor injuries....

Two senior DFC executives said that the U.S. International Development Finance Corporation (DFC), is supporting a pipeline of African projects involving rare-earth elements, as private investors are reluctant to fund this sector. The DFC announced on Wednesday that it had committed $62.8 to rare-earth project in Malawi, Angola and Madagascar, but none of them has yet reached production. The majority of this funding, about $50 million, was allocated to the Phalaborwa Project in South Africa. It is backed by Dublin-based mining investors TechMet. One of the executives, who asked to remain anonymous because they weren't authorised for public discussion on...

Mali's industrial gold production rose by?about 30 percent in the first half of 2026. This exceeded government expectations and signals a rebound after a challenging 2025, marked by tensions with the state. Mali is one of Africa’s top gold producers. To boost revenue, it has tightened the grip on its mining sector. Reforms have sometimes upset miners. The impact of the fallout was felt in production, which dropped to 42.2 metric tonnes?in 2025. This is a drop from 66.5 metric tons produced at a record level in 2023. The latest data from the Mines Ministry shows that industrial gold production...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines operations to Huaxin Building Materials of China in a deal worth at least $807,000,000. Holcim is selling an initial 68% stake at $527 million. The remainder will be sold in the following three to five year period for a price minimum of $280million. Holcim stated that this would result in an overall valuation $807 million. However, the figure may rise "based upon incremental value creation over?this time period". This sale is Holcim's largest divestment, since the $1 billion deal it made with Huaxin...

AngloGold Ashanti reported a 58% rise in its second-quarter profits?on?Friday, as higher 'bullion prices' offset the impact of lower production. The miner reported that its headline earnings for the three-month period ending June 30 were $1.01billion, up from $639mil a year ago. AngloGold's gold production in the second quarter of 2025 fell by 7% compared to last year, to 744,000 ounces. This was due to the sale of Brazil's Serra Grande Mine. The output was also affected?by the 32% decline in gold production in Ghana at the Obuasi Mine?due?to operational and equipment issues as well as?as interruptions related?to an April...

The?U.S. The?U.S. State Department said that Washington is supporting the Ampasindava?rare earths 'project in Madagascar in order to?loosen the dominance of competitors in critical minerals supply chain, as part of its?strategies?to loosen rivals' dominance, and this underscores Washington’s push for alternative sources of minerals, which are now largely controlled primarily by China. The project reveals a shift in the African critical minerals sector where Chinese companies had long been dominant in investment in copper cobalt lithium. The U.S., and other Western countries are supporting some of Africa's most important rare earth projects. Harena Rare Earths of London, the owner and...