Market News Page No. 501| Africa Business News | Afrotrade

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Boost in Kenya's mining revenue

Kenya's mining revenues stood at Sh600 million in the first half of the 2014/2015 financial year, boosted by royalties from increased mineral exploration, Cabinet Secretary Najib Balala said yesterday. "We are hopeful that the Sh1.2 billion target for the current year will be achieved by end of this financial year," Balala said. According to the Economic Survey 2104, the total value of mineral output declined by.... Read more »

Posted on : Saturday , 24th January 2015

Solar to grab bigger slice of Kenya's clean energy pie

NAIROBI (Thomson Reuters Foundation) - Kenya is moving to boost its solar energy capacity, with a new plant now under construction aiming to start producing electricity for the national grid by January 2016. This heralds a shift in the balance of the country's efforts to embrace renewable energy, which have so far focused on hydropower, geothermal and a small amount of wind. Independent power producer Greenmillenia Energy Limited .... Read more »

Posted on : Friday , 23rd January 2015

Norwegian company to invest Shs250m in Kenya

Norwegian paint maker, Jotun, has announced a Shs250million investment in Kenya as it strives to increase its market presence and grow its business in the country and East Africa region. The funds are already being invested in setting up regional offices in Nairobi, a warehouse and recruiting and development of its workforce. The paint makers is also currently employing staff in sales, marketing, financial control and supply chain. The.... Read more »

Posted on : Friday , 23rd January 2015

China to boost investment through 'industrialisation partnership� in Kenya

China and Kenya have agreed to extend their ‘industrialisation partnership’ with a new focus on technology transfer and more Chinese involvement in infrastructure development.21 Jan 2015 The agreement came as China’s foreign minister Wang Yi visited Kenya’s capital Nairobi as part of a tour of African nations aimed at bolstering commercial ties with the region. A statement released by the office of Kenyan.... Read more »

Posted on : Friday , 23rd January 2015

Why and How Trade and Investment Can Transform Kenya

Today Kenya is ranked as a middle income country with a Gross Domestic Product in excess of US$50 billion becoming the fourth largest economy in Sub-Saharan Africa behind Nigeria, South Africa and Angola. These three countries have massive natural resources. Kenya is joining this league with several oil and natural gas drills yielding fruits. Kenya is on the global map as a favourable investment destination in Africa. The just concluded.... Read more »

Posted on : Friday , 23rd January 2015

Chinese firm lands major mining deal

Project in Uganda also involves steel production, plants making fertiliser and acid, a power plant and more A mining development deal in Uganda, one of the largest foreign-invested projects in the East African country that incorporates mining, fertilizer manufacturing, steel production and a melting plant, will generate annual net profit of $81 million, says the Guangzhou Dongsong Energy Group Co. The company signed the mining.... Read more »

Posted on : Friday , 23rd January 2015

Kenya's raw sugar production expected to rebound in 2015

Kenya’s raw sugar production is expected to rise 4% to 617,039 tonnes in 2015, buoyed by extra factory capacity and improved supply of cane, the industry regulator said on Wednesday. East Africa's biggest economy has an annual sugar deficit of around 200 000 tonnes, which is usually filled by imports from other producers in the region. The country is struggling to improve output due to relatively high production costs and.... Read more »

Posted on : Friday , 23rd January 2015

Kenya's new car sales jump 18pc in 2014

The number of new cars sold in Kenya jumped 18 percent last year and is expected to grow further this year, reflecting middle-class demand and growth in sectors such as construction, the industry association said on Wednesday. The east African nation's car market is dominated by low-priced second-hand imports from countries such as Japan, but investors monitor new car sales to gauge the health of the economy. New car sales rose to 17,179 in.... Read more »

Posted on : Friday , 23rd January 2015

AFC announces $25m loan for Kenyan energy expansion

Multilateral development finance institution, the Africa Finance Corporation (AFC), would provide a $25-million loan, as part of a $150-million senior unsecured syndicated loan facility, to the Kenya Power and Lighting Company Limited (KPLC) to fund the rehabilitation and expansion of Kenya’s power transmission and distribution network. In line with the Kenyan government’s power sector policy, KPLC, which owned and operated most of.... Read more »

Posted on : Friday , 23rd January 2015

Miner Seeks Second Joint Venture Project in Tanzania

KIBO Mining and fellow Londonlisted miner Metal Tiger are set to deepen their relationship through a joint venture at gold prospect Morogoro in Tanzania. Metal Tiger recently became a shareholder in Kibo when it acquired half of shares of its Pinewood uranium deposit in Tanzania. The two companies are now closing on a deal that will see Metal Tiger take 50 per cent of the Morogoro South gold exploration portfolio of 18 licences and.... Read more »

Posted on : Friday , 23rd January 2015

Rwanda: Canadian Firm Acquires Licence, to Grow Stevia Plant On 1,000 Hectares

The Ministry of Trade and Industry (Minicom) has signed an agreement with SteviaLife, a Canadian firm, that will see the latter promote the production and export of stevia plant. Stevia is a sweetener that comes from a plant and has no calories. During the signing ceremony, yesterday, officials said at least 25,000 people will be employed on every 100 hectares of stevia plantation. The MoU aims at promoting the new.... Read more »

Posted on : Friday , 23rd January 2015

Rwanda: New Smelting Plant to Boost Mining Sector

Phoenix Metals LTD, a local factory, yesterday began smelting cassiterite into tin, a move set to boost Rwanda's revenue collections from mineral exports. Rwanda's mineral ores produced in the country are exported as 100 per cent mineral concentrates. With the smelting plant taking shape, it will be possible to export semi-processed tin, whose market value is higher than the unprocessed cassiterite. Speaking to journalists.... Read more »

Posted on : Thursday , 22nd January 2015

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