Market News Page No. 288| Africa Business News | Afrotrade

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N e w s

Indicated resources at Tanzania gold prospect up 409% to 205 347 oz

East Africa-focused gold producer, developer and explorer Shanta Gold has upgraded its Joint Ore Reserves Committee-compliant resource estimate at the Ilunga satellite deposit at the New Luika Gold Mine (NLGM), in south-west Tanzania, with indicated resources increasing by 409% – from 40 352 oz of gold to 205 347 oz of gold. Ilunga is located in the Lupa goldfields, about 2.5 km north-east of the NLGM central processing facility..... Read more »

Posted on : Friday , 16th September 2016

Kenyan firms� spending up as business confidence rises

Kenyan firms have let loose their purse strings in an apparent show of business confidence as operation bills for last year hit $60 billion, the ninth largest in Africa. A new McKinsey Global Institute report shows that local companies funnelled $60 billion in acquiring capital goods, input materials, financial services, transportation and ICT for expansion. The study does not include salary expenses. The spending is.... Read more »

Posted on : Friday , 16th September 2016

Kilimall eyes Africa market with expansion into Uganda and Nigeria

Kilimall, an online retail platform that launched operations in Kenya two years ago, has spread its presence to neighbouring Uganda and Nigeria. The online retailer has opened a Nigeria office, while its Uganda shop started operations in May. Like their Kenyan counterparts, Ugandan shoppers are increasingly embracing online shopping in tandem with rapid growth of technology. The shift to online is also boosted by the.... Read more »

Posted on : Friday , 16th September 2016

Construction of Ethiopia�s tallest bank edifice undertaken by China progressing well

The state-owned Bank and the Chinese company signed an agreement last year for the construction of the would-be tallest structure in East Africa. Accompanied by members of the management body, Bekalu Zeleke, CBE President, visited the on-going construction of the project on Monday. “The progress is amazing. It is going very well on the satisfaction of the management and the bank,” CBE President said while.... Read more »

Posted on : Thursday , 15th September 2016

Start-up spreads clean energy in Africa

A group of highly-skilled engineering alumni, Master’s and PhD students from Masdar Institute have formed a startup company called the Nigeria Future Energy Group (NiFEG), focused on clean energy development and deployment throughout Nigeria. Fully incorporated in Nigeria, NiFEG is a non-profit organization with the ultimate goal of providing local energy solutions sustainably in Nigeria. The startup has successfully emerged out of.... Read more »

Posted on : Thursday , 15th September 2016

Rwanda innovates to power its economy

A $200m project to convert methane into electricity is poised to change the lives of nearly 2m people in the mineral-rich Central African region—a major relief for the economies of Rwanda, Burundi and Democratic Republic of Congo (DRC). Located on the shores of Lake Kivu, one of Africa’s Great Lakes, lies the gigantic KivuWatt methane-fired power plant. The plant reflects Rwanda’s ambitions to be one of.... Read more »

Posted on : Thursday , 15th September 2016

Rwanda innovates to power its economy

A $200m project to convert methane into electricity is poised to change the lives of nearly 2m people in the mineral-rich Central African region—a major relief for the economies of Rwanda, Burundi and Democratic Republic of Congo (DRC). Located on the shores of Lake Kivu, one of Africa’s Great Lakes, lies the gigantic KivuWatt methane-fired power plant. The plant reflects Rwanda’s ambitions to be one of.... Read more »

Posted on : Thursday , 15th September 2016

Nasal spray to calm kids in dental chair

Adults might baulk at having a tooth pulled but will stoically endure the process. Children are less brave, however, and may not cooperate at all, presenting dentists with a major challenge. With this in mind, two researchers—a senior lecturer from the Faculty of Dentistry at the University of Western Cape, South Africa, and a paediatric dentist from Sudan—have been studying sedatives in the hope of finding a safe,.... Read more »

Posted on : Thursday , 15th September 2016

Nairobi-Naivasha SGR construction to cost Sh2 billion more

The construction of the Nairobi-Naivasha Standard Gauge Railway will cost taxpayers Sh2.02 billion more. The 120km route had been estimated to cost approximately Sh150 billion. Kenya Railways MD Atanas Maina said the cost went up after the original route was modified as demanded by conservationists. "The modification of the route along the savannah of the Nairobi National Park will be more costly since it.... Read more »

Posted on : Thursday , 15th September 2016

Australian business lifts profit at South Africa's top construction firm

Wilson Bayly Holmes-Ovcon (WBHO), South Africa's biggest construction firm by market capitalisation, reported a 23.8 percent rise in full-year profit on Tuesday as a strong performance in Australia offset slow growth at home. WBHO said in a statement that headline earnings per share (HEPS), South Africa's main profit gauge that excludes certain one-off and non-trading items, increased to 1,343 cents in the year to the end of June.... Read more »

Posted on : Thursday , 15th September 2016

Irish energy company opens fourth South African wind farm

Continuing its global growth, Mainstream Renewable Power has opened its fourth wind farm in South Africa: an 80MW facility in the Umsobumvo region of the country. Investing €120m to satisfy the needs of an estimated 70,000 households, Mainstream’s latest international project in South Africa sees the Irish company’s global footprint grow ever stronger. Following what the company claims is a decline in.... Read more »

Posted on : Thursday , 15th September 2016

Welding industry seeks new alternatives

With fewer projects being available in the power generation and petrochemicals sectors, South African Institute of Welding (SAIW) executive director Sean Blake says, for those seeking welding industry opportunities, alternative sectors have to be considered. He notes that, between 2007 and 2015, the Medupi and Kusile power stations supported the fabrication industry to a large extent, as did projects in the petrochemicals industry, which.... Read more »

Posted on : Thursday , 15th September 2016

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