Market News Page No. 423| Africa Business News | Afrotrade

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Sunridge Gold Agrees US$65mln Sale of Eritrea Gold Mine

Sunridge Gold shot up around 50% after it struck a US$65mln (C$85mln) cash deal to sell its majority stake in Asmara Mining, the joint venture company that owns the Asmara mine, in Eritrea. Michael Hopley, Sunridge chief executive, highlighted that the proposed deal is at a premium valuation. He added: “(it) equates to a significant premium to the present market value of Sunridge and under the continuing challenging market conditions.... Read more »

Posted on : Monday , 9th November 2015

Completion of light rail construction project in Africa set for 2016

The completion of a light rail construction project in Nigeria has been set for December 2016, Lagos State Governor Akinwunmi Ambode has announced. The governor said that once complete the light rail construction project in Nigeria will start operation immediately. The aim of the project is to ease the traffic situation in Lagos state that has been a thorn in the flesh for motorists and other road users. Ambode said.... Read more »

Posted on : Monday , 9th November 2015

Lekela Power signs MoU for construction of wind power plant in Africa

Lekeka Power has signed a memorandum of Understanding for the construction of a wind power plant in Egypt. Actis Fund and Lekela Power signed the MoU in the presence of President Abdel Fattah Al-Sisi. Actis Fund also discussed future investment activities with the Egyptian Electricity Transmission Company (EETC). Lekela Power signed a Memorandum of Understanding (MoU) for a $350m wind-power station in Egypt.... Read more »

Posted on : Monday , 9th November 2015

SIEMENS TO BUILD 1000KM KENYA-ETHIOPIA POWER LINE

A consortium led by the German engineering group Siemens has won a contract to build a 1,000 kilometres high voltage power line linking Kenya and Ethiopia. The firm will partner with Spain’s Isolux Corsan to put up the line that will transmit 2,000 megawatts (Mw) hydropower from Ethiopia. The high-voltage direct current (HVDC) transmission link is scheduled to go into operation by end 2018.“Development of energy.... Read more »

Posted on : Saturday , 7th November 2015

Automobile Companies paving way to big business in East Africa

Muscling its way into the market is China’s Beiqi Foton Motor, which last year delivered over 10,000 vehicles to Africa and in March established a sales division in Kenya. It is busy finishing construction of a US$50-million assembly plant in Nairobi that it claims will have capacity for delivering 10,000 vehicles a year to the region. Foton designs and manufactures trucks, buses, tippers, prime movers, and pick-ups. It has.... Read more »

Posted on : Saturday , 7th November 2015

PREDICTIONS FORCAST IMPROVED INVESTMENT INFLOWS INTO THE EAST AFRICAN REGION

East Africa’s economic powerhouse Kenya is expected to see economic growth and improved foreign direct inflows, a leading analyst has predicted. “We are expecting increased business in the country and region due to improved business confidence and growth potential in the east African and sub-Saharan region,” Eric Munywoki, Research Analyst at Old Mutual Securities told CNBC Africa. “We expect this.... Read more »

Posted on : Saturday , 7th November 2015

Tanzania: Kibo Mining Focused on Finance for Mbeya

Kibo Mining‘s (LON:KIBO) focus is now to complete the financing for its Mbeya coal to power project in Tanzania, it said today. The group has signed a joint development agreement with Chinese firm SEPCO and during the quarter completed a pre-feasibility study on the mining component. “With the most important strategic elements now in place for the MCCP, Kibo is now focusing its entire effort on achieving financial closure for.... Read more »

Posted on : Saturday , 7th November 2015

Eritrea: Sunridge Gold Plans Commercial Production at Debarwa by End 2016

“We’ve had a tremendous amount of success,” says Davis. “We’ve drilled 400,000 metres. We’ve completed a full bankable feasibility study, and we did a full environmental impact assessment in 2013. Since that time it’s been all about the permitting.” In some respect that’s been a slow process, but with the government on board as a participating equity partner, the ultimate outcome was.... Read more »

Posted on : Saturday , 7th November 2015

South Africa: NUM Signed an Esop Agreement With Two Rivers Platinum Mine

The National Union of Mineworkers (NUM) today signed a collective agreement with Two Rivers Platinum Mine that will result in the speedy implementation of an Employee Share Ownership Plan (ESOP) aimed at attracting and retaining employees, and fulfil the employer's employment obligations to its employees in terms of the Mining Charter. The agreement was signed at the African Rainbow Minerals (ARM) Head Office in Johannesburg. NUM and.... Read more »

Posted on : Saturday , 7th November 2015

Telcos Seal Nigeria, Benin Partnership

Abuja — Mobile networks are poised to benefit from a new non-equity partnership two operators have established to cover Nigeria and Benin. Vodafone and Globacom Limited have sealed the partnership. Under the Partner Market agreement, Vodafone and Globacom will work together to boost significantly the experience for consumer and business customers, utilising a wide range of their world-beating mobile, voice and data.... Read more »

Posted on : Saturday , 7th November 2015

Kenya: Eastern Bypass, Kangundo Road Link to Be Tarmacked

Nairobi Governor Evans Kidero yesterday announced City Hall will complete tarmacking the road linking Kangundo road to the Eastern bypass in a few months. The road runs from the Administration Police Training College gate in Embakasi and joins Kangundo Road near Njiru market. The road is tarmacked halfway as the contractor pulled out due to nonpayment by the now-defunct City Council of Nairobi. Speaking to residents of.... Read more »

Posted on : Saturday , 7th November 2015

Kenya: ARM Invests in New Cement Technology

Cement maker ARM Group has rolled out a new a technology in a bid to reduce the cost of construction. Chief executive Pradeep Paunrana blamed high cost of housing on expensive technologies in the construction industry. "We need to build more economically to keep prices of finished houses within reach of final users, something that will not cost an arm and a leg for a house or office owner," he said in a statement..... Read more »

Posted on : Saturday , 7th November 2015

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