Market News Page No. 428| Africa Business News | Afrotrade

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Magnis Resources signs mineral development agreement with Tanzanian government

Tanzania - ASX-listed junior Magnis Resources has reached a 10 year agreement with the Tanzanian government on the terms of the mineral development agreement (MDA) for the Nachu Graphite project in Tanzania. An MDA is a mechanism within the Tanzania Mining Act of 2010 for the holders of a special mining licence (SML) to ensure the rights of both parties are fully defined and protected. While there are a number of commercial matters covered.... Read more »

Posted on : Friday , 30th October 2015

AAMIG calls for increased Australian government focus on mining in Africa

The Australian government has been called on to take more notice of the nation’s important economic footprint in mining in Africa as well as in oil and gas. “Australia has a key role to play in helping Africa realise its mineral potential and contributing to the African Union’s Africa Mining Vision,” Australia Africa Mining Industry Group (AAMIG) Chairman, Bill Turner, said in Perth on Monday. “Over the past.... Read more »

Posted on : Friday , 30th October 2015

20 new Rwanda mining licences granted

20 new Rwanda mining licences grantedRwanda’s Ministry of Natural Resources has granted 20 mining licences to qualified companies and cooperatives, among 29 approved by the cabinet. The remaining nine companies which did not make it to new ministerial orders will be awarded their Rwanda mining licences after complying with all the requirements. The minister of state in charge of mining, Honorable Evode Imena urged the mining.... Read more »

Posted on : Friday , 30th October 2015

Tanzania: Zanzibar Sugar Factory to Resume

Zanzibar Sugar Factory Limited (ZSFL) at Mahonda, which has been out of production for the past four years is expected to resume operations writes ANDREW ZABLON Company officials said last week operations will start up again early next year. "We are doing the rehabilitation work and by January next year we will in tourism income flowing to local economies, travel companies and airlines start production,"P. K. Nigam,.... Read more »

Posted on : Friday , 30th October 2015

Africa: Chinese Company Launches Joint Cement Venture With Local Company

The Chinese company, Asian and African Business Management, has teamed up with a Namibian company, Whale Rock Cement, to set up a 350 million U.S. dollar cement plant. A memorandum of understanding was signed in Windhoek Thursday between the two companies to kick start the project that will see the creation of 400 jobs. The Chinese Ambassador to Namibia Xin Shunkang and the chairperson of the Asian and African Business.... Read more »

Posted on : Friday , 30th October 2015

Amu Power confirms construction of coal fired power plant in Kenya

A consortium that is tasked with the construction of a coal fired power plant in Kenya Amu power, has confirmed that the building of the plant in Lamu will commence next year in January. Amu Power is a company formed by a consortium of Centum and Gulf Energy. The community liaison officer for Amu power Aboud Sheikhalifa confirmed the reports and said that all plans are set and ready for construction to.... Read more »

Posted on : Friday , 30th October 2015

Peugeot car manufacturing plant in Africa nears completion

The construction of Peugeot car manufacturing plant in Algeria is almost complete and is set to be commissioned, minister for Industry and Mines Abdessalem Bouchouareb has announced. Speaking in French capital Paris, Abdessalem said that once completed the shareholders pact will be signed. “It is nearly finalized as there are only two points to address,” the minister said in reply to a question by.... Read more »

Posted on : Friday , 30th October 2015

TIB Bank gives energy sector big boost

SUBSTANTIAL investment in the energy sector is set to increase electricity generation to make history the long overdue power blues that have been contributing to cost of doing business. TIB Development Bank entered into a deal with the state owned Power Company (TANESCO) to release and arrange a syndicated loan aimed at putting new infrastructure, the transmission line from Somanga in Kilwa to Kinyerezi in Dar es Salaam. In the lucrative deal,.... Read more »

Posted on : Thursday , 29th October 2015

Production at Mwadui diamond mine up

WILLIAMSON Diamond Mine, the subsidiary of Petra Diamonds, production rose by 7 per cent in the year 2015 to 202,265 carats compared to 188,465 carats in 2014, mainly due to the increase in Run of Mine (ROM) tonnes treated. According to the Petra Diamonds Annual Reports and Accounts, revenue increased 15 per cent to 62.1 million US dollars in the year under review compared to 53.9 million US dollars posted in 2014 due to the higher proportion.... Read more »

Posted on : Thursday , 29th October 2015

JKT, Polish firm to build tractor assembly plant

THE National Service economic wing (SUMA-JKT) and a Polish firm Ursus S.A signed a US $55 million deal for tractor supply and construction of an assembling plant. The signing held at National Service (JKT) Headquarters was witnessed by Prime Minister Mizengo Pinda and former Polish president Lech Walesa, who is also a Nobel Laureate. Premier Pinda said the deal was the outcome of his last year's visit to Poland where the east Europen country.... Read more »

Posted on : Thursday , 29th October 2015

Korean firm to build graphite plant

SOUTH Korean engineering firm, POSCO, may build and help arrange financing for a graphite project in Tanzania being developed by Magnis Resources, as the Australian explorer races to start production from the east African site by 2017. Demand for graphite is expected to soar as it is a major ingredient in lithium-ion batteries for hybrid vehicles and wind and solar energy storage, with appetite for greener transport and energy booming. Magnis,.... Read more »

Posted on : Thursday , 29th October 2015

Gold exports reach $3 billion per year

Sudan is one of Africa’s largest gold producers; and a vast resevoir of untapped resources provide further golden opportunities for investors in mining The secession of South Sudan has proven to be the catalyst Sudan needed to revitalize its economy, the country’s State Minister for Investment Osama Faisal Elsayed Ali states. Since 2011, the country has embarked on a bold strategy of diversification away from oil, and towards.... Read more »

Posted on : Thursday , 29th October 2015

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