Ressources Magazine. African commodity economics news

Ressources Magazine,
the magazine of natural resources in Africa

Hilaire Kouakou: « With medicinal plants, Africa has the potential to develop a useful activity that creates wealth and jobs.

Stake: to show how Africa’s natural heritage can play a role in the welfare and health sector and thus be a remarkable generator of employment and wealth. Knowledge of the medicinal virtues of plants is part of the African cultural heritage. It is estimated that at least 50% of the

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Coronavirus: Sibanye-Stillwater announces 51 new positive cases among its employees

The South African gold group Sibanye-Stillwater announced on Thursday May 28 that it detected 51 new positive Covid-19 cases at its operations in Rustenburg, South Africa. In its press release, the company said it had carried out this series of new tests after two of its employees working at the

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Sardine to the rescue of the Rwandan fishery

The stake: to increase fishing catches, thanks to the successful introduction of sardines in two lakes in the country. Now one of the lowest in sub-Saharan Africa, Rwandan fish production could increase significantly with the introduction of sardines in the twin lakes of Burera and Ruhondo, located in the north

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Burkina Faso produced 464,000 tonnes of seed cotton for the 2019/20 season.

Unveiled in the Council of Ministers on 27 May, the first estimates of national seedcotton production for the 2019/20 campaign were put at 464,000 tonnes, an overall volume up 6.7% on the 434,717 tonnes of the previous campaign. The National Union of Cotton Producers of Burkina Faso (UNPCB) had, for its part, forecast production at the end of April at around 500 000 tonnes (including organic cotton). However, not all production areas benefited from the same upward trend. While the Faso Coton and Sofitex zones recorded increases in production of 4% and 16% respectively compared to the 2018/19 season, the Socoma zone saw its production contract by 31%.

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Uganda: China’s CNOOC will not oppose Total’s takeover of Tullow’s assets

Announced at the end of April, the sale by Tullow Oil of its entire interest in the Lake Albert project in Uganda to French company Total is nearing completion. On Thursday, May 28, the Chinese CNOOC, the third partner in this project, announced that it will not exercise its right of first refusal to acquire Tullow’s assets, a clause that would have allowed the Chinese state-owned company to buy out the British company’s stake in the event that the British company withdraws from the project. By doing so, CNOOC thus validates the transaction concluded in April between Tullow and Total. Now it remains to obtain the approval of Tullow’s shareholders and the final approval of the Ugandan authorities.

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Nigeria: Bonga oil terminal under maintenance

The Bonga offshore oil terminal in Nigeria is currently undergoing maintenance operations, it was learned on Tuesday 26 May. Contacted by the Reuters agency, the Anglo-Dutch major Shell, which manages the installation, has thus confirmed that work on the floating production, storage and unloading unit of the terminal began on 21 May and will continue « until July, during which there will be a few days of total shutdown ». The Bonga terminal was scheduled to load four shipments in June, equivalent to 127,000 barrels per day.

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Côte d’Ivoire disburses 150 billion CFA francs to help its agricultural sectors

The challenge: to support the country’s leading job-creating sector, which has been hard hit by the Covid-19 crisis. Announced at the end of March by Prime Minister Amadou Gon Coulibaly as part of his response plan to the Covid-19 pandemic, the measures to support the country’s agricultural sectors are beginning

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Tanzania : Barrick Gold keeps his word

In a press release issued on May 25, Canadian gold giant Barrick Gold announced that the first tranche of the $300 million payment it had committed to the Tanzanian authorities to settle a previous tax dispute had been settled. At the end of October, an agreement was reached between the mining operator and the Tanzanian government to restart operations at the three mines owned by Barrick in the country (Bulyanhulu, North Mara and Buzwagi) and previously owned by its subsidiary Acacia Mining. Acacia Mining had been accused of not paying sufficient taxes and royalties to the country and had been forced to halt its operations, pending an amicable settlement with the Tanzanian government. Barrick’s management also confirmed that its first containers of gold concentrate were approved for export in April.

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Guinea: BSGR wants to reopen arbitration proceedings against its former partner Vale

Sentenced in April 2019 to pay 1.25 billion dollars to its former Brazilian partner Vale for « fraud and breach of warranty » in the case of the exploitation of the Simandou iron deposit, the mining company Benny Steinmetz Group Resources (BSGR) would seek to reopen an arbitration procedure in a U.S. court, the Reuters news agency reported on Monday, May 25. According to the Israeli businessman Benny Steinmetz’s group, Vale was aware of the possibility of corruption or « red flags » when companies teamed up in 2010 to develop the Simandou project, Africa’s largest undeveloped iron ore deposit. A line of accusation that Vale rejects, with the Brazilian group’s management saying it is confident, in a statement issued on Friday 22 May, that « this new [indictment] procedure will continue to be rejected by any court or tribunal, given all of Vale’s due diligence efforts and the extraordinary means that Steinmetz has undertaken to conceal its fraud ».

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Telcar Cocoa and Cargill join forces to ensure full traceability of Cameroonian cocoa

The trading company Telcar Cocoa, Cameroon’s leading cocoa exporter with nearly 30% of the market, will soon implement a complete traceability system for its supply chain. This is made possible thanks to the help of its partner, the American giant Cargill, which, in its latest annual report, confirmed its intention to « establish partnerships with third-party certification bodies in Cameroon. An approach that applies to our direct supply chain, […] as well as our indirect supply chain, » says the firm, which also says it is aiming for 100 per cent traceability of cocoa beans by 2030.

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Oil: DRC ordered to pay $620 million to Dig Oil

Stake: for the junior Dig OIl, to force Kinshasa to pay the compensation awarded to it by the International Court of Arbitration in Paris. In its battle with the South African junior Dig Oil, the vice tightens around the Congolese state. Forced by the International Court of Arbitration in Paris

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The Banque Nationale de Développement Agricole du Mali publishes solid 2019 results

As the leading financial partner of the rural world in Mali, the National Agricultural Development Bank of Mali (BNDA) achieved a pre-tax profit of CFAF 12.3 billion (18 million euros) and a net profit of nearly CFAF 10 billion (15 million euros) in 2019, a figure up 11% on the previous year, announced the institution’s management this week, which also noted that this good performance was achieved « despite a difficult context marked by the scarcity and increasing cost of financial resources and the security crisis accentuating the insolvency of clients ». As for the financing granted to the national agricultural sector, BNDA indicates that it has injected 267 billion CFA francs in 2019, including 80 billion CFA francs specifically dedicated to the financing of equipment and housing for individuals.

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