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DRC: Gécamines inaugurates the Deziwa mining site with its Chinese partner

The result of a joint venture between the China Nonferrous Metal Compagny (CNMC, 51%) and the Congolese state-owned mining operator Gécamines (49%), the mining company of Deziwa (Somidez) inaugurated its copper and cobalt refining unit on 15 January, located about 35 km east of the town of Kolwezi. Construction of the plant, which began in…

Nigerian Lekoil victim of a nearly $200 million scam

After welcoming the conclusion of a loan agreement with the Qatari sovereign wealth fund at the beginning of the month, the Nigerian oil company now claims to be the victim of « an attempted fraud ». The listing of Lekoil shares on the London Stock Exchange was suspended on Monday 13 January after the Nigerian company’s management…

Egypt wants its commodity exchange this year

Egypt, a major agricultural and economic power on the continent, is expected to launch its agricultural commodities exchange this year. A project that is constantly being discussed and that could (finally) succeed. The head of the Egyptian Internal Trade Development Authority, Ibrahim Ashmawy, confirmed on Thursday 9 January the creation « within the next 36 to…

As 2019 draws to a close, Ressources looks back at the five highlights of African commodity news over the past twelve months To remember the highlights of a given period is to know how to distinguish the essential from the futile in a history in perpetual motion. This is a delicate – and necessarily subjective…

Cameroon: Castel announces future investments in the agri-food sector

Received by President Paul Biya in Yaounde, French businessman Pierre Castel has announced an investment programme in the Cameroonian agri-food sector. A financial commitment that reflects the desire of the eponymous group to better control the value chain. Having become France’s eighth wealthiest (14 billion euros in assets according to Challenges magazine) thanks to the…

Zambia joins club of African countries permitting cannabis cultivation

By allowing cannabis cultivation, Zambia becomes the fourth country in the region to liberalize the industry, attracted by its promising economic prospects. So, is this new « green gold » a future lever for growth or a mirror to the larks? In the wake of North American countries, pioneers in this field, the legalization of cannabis is…

Why the IPO of Saudi Aramco will not make African emulators

The Saudi authorities have been calling for the mastodon Saudi Aramco – the world’s leading producer of black gold – to be listed on the stock exchange four years ago. What can we give ideas to African states that hold commodities assets? Nothing is less certain…. Announced, in all modesty, as « the greatest in the…

Senegal: Teranga Gold acquires Massawa mining project from Barrick Gold

Already active in Senegal with its Sabodala gold mine, Canadian Teranga Gold announced on Tuesday, December 10 that it has acquired a 90% interest in the Massawa gold project from its compatriot Barrick Gold and its Senegalese partner. A deal that should allow the buyer to realize significant synergies. Discovered ten years ago by mining…

What will be remembered from the 2019 Abidjan Agriculture and Animal Resources Fair

Held from 22 November to 1 December at the initiative of the Ivorian government, the fifth edition of the International Exhibition of Agriculture and Animal Resources (SARA) in Abidjan was full and proved the dynamism of the Ivorian primary sector. According to the first assessment made by the organizers, nearly 600 companies and various structures…

In Congo, the difficult transition to post-oil

After the crisis following the oil counter-shock of 2014-2016, Congo has returned to growth. A favourable economic situation that cannot avoid the need to continue diversifying the economy, which is more essential than ever. On July 10 and 11 in Pointe-Noire, the best of the Congolese oil industry gathered for a meeting organized by the…

Russia promises Angola financing in the energy sector

While in the Angolan capital, a delegation of the Russian government expressed its willingness to finance ten billion dollars worth of projects in the country, particularly in the energy sector. One month after the first Russia-Africa summit, held in Sochi from 22 to 24 October, the Kremlin is continuing its charm offensive towards the continent.…

Liberia obtains funding to strengthen its cocoa sector

The Government of Liberia and the International Fund for Agricultural Development (IFAD) signed two financing agreements on Thursday, November 21, for a total amount of $32 million. This contribution will mainly benefit the country’s cocoa sector. The signing ceremony took place in Monrovia, and brought together Liberia’s Minister of Finance and Development Planning, Samuel Tweah,…

Rwanda is considering the use of methane as a fuel

Already used to produce electricity since 2015, the methane from Lake Kivu could soon also be used as cooking fuel in the homes of the Mille Collines country. This is in any case the wish of the Rwandan authorities who, at a meeting held on Tuesday 19 November in Kigali with donors and development partners,…

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…