Acacia Says Can’t Pay $300 Million Upfront That Deal with Tanzania Calls For
Acacia Mining said it could not immediately pay the $300 million that its majority shareholder agreed to hand the government of Tanzania to settle a dispute that has crippled the company’s operations in the east African country. Acacia’s majority owner, Barrick Gold, said on Thursday it had agreed with Tanzania for Acacia to hand over […]
IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month
The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to […]
Ivory Coast Starts Alstom Rail Talks After Hyundai Edged Out
Ivory Coast is talking to French train equipment suppliers Alstom SA and Thales SA about taking part in a 1.4 billion euro ($1.6 billion) urban-railway project to be funded by France, pushing out South Korean manufacturers that were part of the deal. The West African nation is about to amend an initial 2015 concession agreement […]
Ghana Orders Security Forces to Clamp Down on Cocoa Smuggling
Ghana’s cocoa regulator said the nation’s security forces will clamp down on the smuggling of beans as a disparity in producer prices are encouraging illegal trade with neighboring Ivory Coast. The world’s second-biggest cocoa producer is trying to stop smuggling from Ivory Coast, where the chocolate ingredient cost a quarter less than in Ghana. The […]
Ghana Produces Biggest Cocoa Crop in Six Years
Ghana has recorded its biggest cocoa harvest in six years, according to two people familiar with the matter, after favorable weather conditions boosted output in the world’s second-biggest grower. Graded and sealed deliveries since the beginning of the season in October reached 909,493 metric tons by July 27, said the people, who asked not to […]
South Africa Withdraws Plan for Moratorium on Mining Rights
South Africa’s Department of Minerals withdrew plans to impose a moratorium on granting and renewing mining rights and will explore other measures to ensure companies are compliant with the industry charter. Views submitted to the department about the potential impact of the freeze, particularly from junior miners, suggested that alternative means must be explored to […]
Diamonds Bring New Life to War-Torn Central African Republic
Rough diamonds enabled Abdoul Raouf to marry three women and put his nine children through school. Now that his town in western Central African Republic can legally export the gems to world markets again, his neighbors are expecting similar fortunes. “Diamonds are my life,” said Raouf, who trades the stones bought from artisanal miners in […]
Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s
Ethiopian Airlines Enterprise plans to buy 10 of Airbus SE’s newest A350 wide-body jets in a transaction worth more than $3 billion at advertised prices, according to people familiar with the plan. The deal is set to be announced this week at the Paris Air Show, according to the people, who asked not to be named […]
Ghana To Tap Stabilization Fund For Cocoa Pay Next Season
Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two […]
Exxon Settles Dispute With Chad, Avoiding $74 Billion Fine
Exxon Mobil Corp. reached a settlement with Chad over tax payments, avoiding a $74 billion fine the Central African country had imposed on the oil major. The deal also means that Exxon will be able to keep its exploration permit in the country through 2050, Chad Petroleum Minister Bechir Madet said after a meeting with Christian Lenoble, […]
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