Market News Page No. 442| Africa Business News | Afrotrade

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East Africa: Construction of Muvumbe Hydro-power Dam kicks off

The construction of the US$ 18m Muvumbe Hydro-power Dam in Uganda has kicked off. Located in Kabale District, Kigarama village in Nyanja parish, Maziba Sub-county, The mega project will be constructed by Vidullanka PLC from Sri Lanka. The ground breaking of this important project was presided over by the Prime Minister, Dr. Ruhakana Rugunda who hailed the Sri Lankan Ambassador to Uganda, Mr. Kana Kananathan for thinking of.... Read more »

Posted on : Friday , 25th September 2015

Newly constructed light rail system in East Africa starts operation

The mega electrified light rail system in Ethiopia which cost US$ 475m during construction has finally commenced operation, head of Ethiopia Railways Corporation Getachew Betru has confirmed. The rail construction project was largely supported by China’s Export-Import Bank. The 32km light rail system in Ethiopia which is Africa’s first light rail is expected to carry a capacity of up to 15,000 people per hour in one.... Read more »

Posted on : Friday , 25th September 2015

Major cement plant in Kenya to be constructed

Cemtech Limited is set to commence in January the construction of a US$ 95m cement plant in Kenya in West Pokot County. The feasibility study for the project which was commissioned in 2010 by the Kerio Valley Development Authority (KVDA) shows that the area has large limestone deposits with the possibility of producing 1.2 million tons of cement annually. Cemtech’s General Manager, Diptish Nandha confirmed the news.... Read more »

Posted on : Friday , 25th September 2015

Uganda, China Sign Deal to Boost Mining Sector

Kampala — The Uganda Chamber of Minerals and Petroleum (UCMP) has signed a cooperation agreement with a Chinese province to help boost the budding mining sector. According to the UCMP vice chairman, Mr Richard Kaijuka, the chamber inked the deal with Shandong Provincial Bureau of Geology & Mineral Resources to invest in different areas of the mining sector in Uganda. He said as a result, a national central mineral.... Read more »

Posted on : Friday , 25th September 2015

Tanzania: Small Miners for Loan, Tool Support

Bukombe — CCM Union presidential flag bearer, Dr John Magufuli, said that if elected the fifth president, small-scale miners will be provided with loans and modern equipment to boost production. He noted that the government would allocate adequate sites for small-scale miners and ensure that they significantly benefit from the resource which is abundantly found in their area. Speaking to Bukombe residents, the candidate.... Read more »

Posted on : Friday , 25th September 2015

Zimbabwe: Metallon's Revenue Up Seven Percent

Metallon Corporation's revenue for the first half of the year went up 7 percent to $58 million from around $54 million recorded in the first half of last year spurred by an increase in production during the period under review. Gold production for the period increased to 48,143 ounces from 45,524 ounces for the first half 2014 despite lower prices recorded during the period. Average mineral price recorded during the period was.... Read more »

Posted on : Friday , 25th September 2015

GE Healthcare Commits $300 Million to Emerging Market Health

E Healthcare, the $18 billion healthcare technology division of GE (NYSE: GE), announced the creation of a new business unit, Sustainable Healthcare Solutions (SHS), that will develop high-value, low-cost technologies and healthcare delivery solutions across multiple care settings. The new organization will invest $300 million as part of a multi-phase effort to develop a more robust affordable healthcare portfolio for customers. The unit.... Read more »

Posted on : Friday , 25th September 2015

Gemfields mine in Zambia richer than initially thought

Emeralds and rubies miner Gemfields (LON:GEM) said Wednesday an independent report by consultancy firm SRK shows the Kagem mine in Zambia is set to produce 1.10 billion carats over a 25 year mine life, which is more than initially anticipated. The company said the total amount of indicated and inferred mineral resource at the emerald mine, 75% owned by Gemfields, is now estimated at 1.8bn carats worth of the green gemstone and.... Read more »

Posted on : Friday , 25th September 2015

Tanzania: Chauma to Turn Mwanza Into Industrial Hub

Chama cha Ukombozi wa Umma (CHAUMA) presidential candidate Mr Hashim Rungwe has assured Mwanza residents that his new government will transform the region into an industrial hub where unemployment will become history. He said during a campaign meeting held at Buswelu in Ilemela district on Sunday that Mwanza had many industries which were privatized and others that remained inoperative and left to collapse. If CHAUMMA were voted into.... Read more »

Posted on : Thursday , 24th September 2015

NHC launches sale of new Mtwara houses

Officials of the state-owned real estate developer say the project is part of the NHC ten-year strategic plan spanning 2015 and 2025. Speaking at the launching ceremony in Dar es Salaam, the NHC's Acting Director of Sales and Marketing, Mr Tuntufye Mwambusi, said the Bank of Tanzania (BoT) has already booked 10 of the 30 residential houses. "The Shangani residential apartments are located on the outskirts of Mtwara town which is.... Read more »

Posted on : Thursday , 24th September 2015

Envoy touts Turkish investment

Ambassador Eralp said that working with stakeholders in the tourism sector was among her top priorities and insisted that she would work hard to ensure the sector grows and attracts a good number of visitors from Turkey. She also offered TANAPA an opportunity to advertise with Turkish Airline Magazine, Skyline Magazine and said the move would assist the national parks authority to attract tourists from over 60 destinations worldwide.... Read more »

Posted on : Thursday , 24th September 2015

Tanzania: Zanzibar Free to Develop Its Oil, Gas Industry, Says Minister

The Minister for Natural Resources, Mr Ramadhan Abdalla Shaaban, has said that Zanzibar is free to develop its oil and gas industry after the Union Parliament endorsed 'Petroleum Act 2015' last year. "I am the Minister responsible for oil and gas. If one wants to get proper information then it's from me..." Mr Shaaban said in Pemba Island, while responding to claims that Zanzibar has no legal powers to utilise its natural resources,.... Read more »

Posted on : Thursday , 24th September 2015

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