De News

Lagos soon to be endowed with a commodity exchange

Lagos, the continent’s fourth-largest financial centre by market capitalization ($40 billion), is in the process of establishing a commodity exchange. This initiative is likely to further undermine its Abuja counterpart. After conducting a simulation exercise on November 15, the Association of Securities Dealing Houses of Nigeria (ASHON), which brings together the country’s brokerage firms, confirmed…

African cashew nuts increasingly in demand by Europeans

Published on 14 November, the latest cashew nut market newsletter from the agri-food consulting firm N’kalô confirms that the success of African cashew nuts with European consumers continues unabated. Over the first three quarters of 2019, the European Union’s cumulative imports from Africa increased by 63% compared to the same period last year, from 4,063…

Guinea: SMB-Winning gains a foothold in the Simandou iron orebody

The Guinean-Chinese consortium Société minière de Boké (SMB-Winning) obtained on Wednesday 13 November the reallocation of Blocks 1 and 2 of the largest iron ore deposit on the African continent, Mount Simandou. Previously controlled by the Israeli mining operator Beny Steinmetz Resources Group (BSGR) – which settled years of disputes with the Guinean government in…

Ghana reaps first results of new cocoa price agreement

Following the agreement to establish a subsistence income differential of $400 per tonne, Ghana confirmed that it had sold nearly 200,000 tonnes of cocoa for the 2020/21 season. After several months of wrestling with the world’s major cocoa traders and the agreement reached at the end of October to establish a subsistence income differential (SIR)…

Algerian NCA Rouiba in a difficult period

In an open letter, the management of the Nouvelles canneries algériennes de Rouiba (NCA-Rouiba), the Algerian leader in fruit-based drinks, reported the company’s serious financial difficulties. In this letter of 5 November addressed to its shareholders, consumers, suppliers and partners, Slim Othmani, the company’s Chairman of the Board of Directors, explains that « the good governance…

Sesame and sorghum join the Ghanaian agricultural commodity exchange

Launched just over a year ago, the Ghana Commodity Exchange (GCX) started trading sorghum and sesame this week. The Ghanaian agricultural commodity exchange thus brings the number of agricultural products traded on its platform to five, alongside soya and white and yellow corn. « Just as it has done with the maize and soybean value chain…

African coffee now has its institutional support fund

The Inter-African Coffee Organisation (IACO), the International Coffee Organisation (ICO) and the Centre for Agriculture and International Biosciences (CABI) jointly launched the African Coffee Fund on Tuesday 5 November in Nairobi, at a donor conference. First raised in February 2018 by the OPCW during the 57th Annual Assembly of African Coffee, the fund, known as…

Nigeria: President Buhari signs new oil law, tougher on majors

Engaged in a fierce battle with the sector’s majors, the Nigerian presidency confirmed on Monday 4 November that it had signed the draft amendment to the oil law, which will significantly increase the country’s share of revenues… to the detriment of foreign companies. Nigerian President Muhammadu Buhari announced the signing of the new law in…

Fertilizer: Ethiopia ready for joint venture to complete Yayu complex

Tired of the limited progress of the Yayu fertilizer plant project, entrusted to the military-industrial public conglomerate Metals & Engineering Corporation (Metec), the Ethiopian government has decided to open an international tender to establish a joint venture to complete this industrial complex. The country’s authorities have confirmed that they have received several proposals from European…

Mauritania: Kosmos discovers a new offshore gas field

Mauritania is definitely doing quite well at the junior Kosmos Energy! After revealing the mega-tortuous Grand-Tortue deposit in 2015, the American company announced on Monday 28 October that it had again made a major natural gas discovery off the Mauritanian coast, drilling the Orca-1 well. « Orca-1, which we believe is the largest deep-sea hydrocarbon discovery…

Kenya: start-up Twiga Foods raises $30 million

Twiga Foods, the Kenyan platform specializing in connecting smallholder farmers with traders and delivering fruit and vegetables, has just completed a $30 million fundraising campaign. In detail, the start-up says that $23.75 million was raised in Series B1 through the participation of investors such as the International Finance Corporation, TLcom Capital and Creadev. An additional…

Oil: Somalia settles dispute with Shell and Exxon Mobil

The resolution of the dispute between the Mogadishu authorities and the joint venture between Royal Dutch Shell and Exxon Mobil over the payment of exploration licence fees, announced in late June by the Somali Ministry of Petroleum, has found its epilogue. In a statement issued on Friday, October 25, SONNA, the Somali national news agency,…

Russia-Africa Summit: A diplomatic success combined with a trade offensive

African heads of state, who came in large numbers to Sochi for the first Russia-Africa Summit, responded to President Putin’s call and, beyond the renewed promise of a relationship « on an equal footing », made himself his country’s sales representative on the continent. The first Russia-Africa summit was held on 23 and 24 October in Sochi.…

Tanzania: the thorny Acacia Mining case finally settled!

Present Sunday, October 20 in Dar es Salaam, Mark Bristow, CEO of Barrick Gold Mining Group, announced that « Barrick[was] definitely back in Tanzania », after reaching an agreement to settle a long-standing tax dispute between the country and the gold mining company Acacia Mining, recently acquired by Barrick. In its press release, published on the same…

Egypt : Shell will start operating its concessions in 2020

After being granted five exploration permits last February – three oil and two gas concessions – the Anglo-Dutch major Shell is expected to start operating in Egypt in the second half of 2020. It was an internal source, quoted on Friday, October 18 by Reuters, who disclosed the information without it having yet been confirmed…

Olam completes the acquisition of Nigerian Dangote Flour Mills

Initiated in April, the takeover bid of the agro-industrial group Olam for Nigerian Dangote Flour Mills (DFM) was finally successfully concluded. After the green light given by the regulatory authority and the Federal High Court of Nigeria, the shareholders of the flour and pasta producer overwhelmingly approved the terms proposed by Crown Flour Mills, the…

On the lookout, Trafigura would seek to invest in the Congolese cobalt sector

Unlike many other operators, who have been hit hard by low cobalt prices, raw material specialist Trafigura may soon strengthen its commitments in the Congolese sector. For the Swiss giant, you have to know how to invest on the counter-cycle. According to indiscretions leaked on Monday, October 14 by the financial daily Financial Times, the…

Algeria adopts a new hydrocarbon law that is controversial

In the making since 2017, the new Algerian draft law on hydrocarbons was adopted on Sunday 13 October by the Council of Ministers. A legislative system that is more favourable to foreign interests and that does not go well with public opinion. The new text, which, in the words of Petroleum Minister Mohamed Arkab, is…

Zambia: Minister of Finance acknowledges debts to mining companies

In open conflict with mining operators since it introduced a new tax to replace VAT in July, the Zambian government owes more than $200 million in arrears to mining companies. When questioned in Parliament on Thursday, October 10, on the issue of the state’s debts, Finance Minister Bwalya Ng’andu explained that as of June 30,…

Libya: the national oil company gets (finally) a breath of financial oxygen

Following a recent statement by the Libyan national oil company, which warned that the country’s production « could drop sharply over the next nine months if the government continues to block already approved budgets », the Libyan authorities confirmed on Saturday 5 October that they had allocated 1.5 billion Libyan dinars ($1.06 billion) to the NOC to…

Gas: ExxonMobil relies heavily on Mozambican LNG

After the launch in June of the gigantic Dolphin Tuna liquefied natural gas (LNG) project, led by the French Total, it is now the turn of the American Exxon Mobil to invest massively in the Mozambican gas sector. In a statement relayed on Sunday by the public TVM, the country’s authorities announced that the American…