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Zimbabwe Alloys Hands Over Half Of Its Mining Claims To Mugabe Govt

Zimbabwe Alloys Hands Over Half Of Its Mining Claims To Mugabe Govt

Zimbabwe Alloys, the country’s second largest ferrochrome producer, has ceded half of its mining claims to the government, a state-owned newspaper said on Wednesday, ending more than a year of negotiations. President Robert Mugabe’s government last June threatened to seize half of ZimAlloys 39,175 hectares of mining ground, but the mining company stood firm saying […]

Zambia’s Economy To Grow 4.3 Percent This Year

Zambia’s Economy To Grow 4.3 Percent This Year

Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank said on Monday. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government […]

Average Yields Drop On Egypt’s Three- and Nine-Month T-Bills

Average Yields Drop On Egypt’s Three- and Nine-Month T-Bills

Average yields on Egypt’s three-month and nine-month treasury bills fell at an auction on Sunday, data from the central bank showed. The average yield on the 91-day bill slipped to 18.976 percent, from 19.501 percent at the last similar auction and the yield on the 266-day bill fell to 18.661 percent from 19.356 percent. Demand […]

Bob Diamond Sees Brexit’s Impact More Profound Than Expected

Bob Diamond Sees Brexit’s Impact More Profound Than Expected

Bob Diamond, the architect of Barclays Plc’s investment bank over more than a decade in London, said the British capital will be hurt more than people expect from Brexit, with lawyers likely to join bankers in moving away. “People are beginning to understand Brexit is going to be far more profound and long-lasting than they […]

Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast is considering cutting taxes on buying and and exporting of cocoa to allow for an increase in the minimum price paid to farmers in the upcoming season, according to a person familiar with the matter. The world’s biggest producer of cocoa is unlikely to raise the minimum price that it allows merchants to […]

African Petroleum To Take Gambian Dispute To Court

African Petroleum To Take Gambian Dispute To Court

African Petroleum Corp plans to go to court to resolve its dispute with Gambia, the Norwegian-listed company said on Monday, after the government stripped it of its rights to explore for oil in two offshore areas. “It is a matter of regret that it has come to this; however, we are confident in our legal […]

South Africa’s Petrol, Diesel Pump Prices To Rise In September

South Africa’s Petrol, Diesel Pump Prices To Rise In September

The retail price of petrol and the price of wholesale diesel in South Africa will increase from Sept. 6, the energy department said. The price of petrol will rise by 67 cents to 13.72 rand per litre in the commercial hub of Gauteng province, while diesel will go up by 44 cents to 11.70 rand, […]

IMF Approves One-Year Extension to Ghana’s Credit Program

IMF Approves One-Year Extension to Ghana’s Credit Program

The International Monetary Fund has approved a one-year extension of Ghana’s $918 million credit-facility program after a review of the nation’s progress on monetary and fiscal reforms. The extension will give the West African nation more time to achieve targets such as narrowing the budget shortfall. The IMF approved a payment of $94.2 million to […]

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Brite Star Aviation of Texas has signed an agreement with several Botswanan government agencies to build a 1.4 billion pula ($139 million) manufacturing and assembly plant in Selebi-Phikwe, the north-eastern mining town devastated by the closure of its copper and nickel mine. Brite Star, a closely held company based in Fredericksburg, plans to arrange funding in […]

Steinhoff’s African Listing Overshadowed By Europe Woes

Steinhoff’s African Listing Overshadowed By Europe Woes

A German investigation into alleged accounting fraud by senior managers at Steinhoff’s European operations couldn’t have come at a worse time for its top shareholder Christo Wiese. The South African retail magnate is about to split Steinhoff’s African businesses so investors can better judge the value of its faster-growing ones in the United States, Europe […]