Category: Africa
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Chamber of Mines complain about foot dragging by government over mining laws
The Chamber of Mines – that represents more than 90% of miners in South Africa the biggest mining nation on the continent – has called for the government to hurry up with amendments to the country’s mining laws and says it could go to court if it is not happy. The South Africa government has been rewriting…
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S.A:De Beers to hold diamond exploration budget steady in 2017
Anglo American’s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a…
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South African mine tries faster drilling technique to cut costs
Engineering services company Master Drilling will next month complete a diamond mine pilot project aimed at roughly doubling the drilling rate and cutting costs, as miners turn to technology to maximise output from depleted reserves. Although they have recovered from a deep downturn in 2015, miners face the challenge of rising exploration expenditure after the…
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Kenya:Motorists pay roads agency Sh19bn more fuel levy
The Kenya Roads Board collected Sh18.9 billion more last year from motorists following an increase in fuel levy by Sh3 per litre, indicating the heavy burden that taxpayers continue to shoulder to maintain roads. Latest data from KRB show that the government collected Sh51 billion fuel levy in the year to June 2016 compared to…
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Nigeria: Lagos Clamps Down On Illegal Abattoirs, Cattle Markets
In a renewed effort to stem the tide of illegal operations, prevent the sale of unwholesome meat and improve hygiene conditions in abattoirs in Lagos State, no fewer than 24 butchers and cattle marketers have been arrested for offences bordering on illegal operations in a weekend clampdown carried out against illegal abattoirs, slaughter slabs and…
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Nigeria: Excess Crude Revenue Up $38 Million Amid Rising Global Prices
Nigeria’s daily excess crude revenue earnings may have increased by about $38 million on Monday as prices reached a $57.01 per barrel at the international crude market. With approved crude oil price benchmark in the 2016 federal budget at $38 per barrel, about $19 is earned as excess revenue per barrel of crude oil exported.…
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Kenya:Treasury to sell 12-year bond at it seeks Sh30bn for roads, energy projects
The Treasury has opened the sale of a 12-year infrastructure bond seeking to raise Sh30 billion to fund roads, water, and energy projects. In a notice published on Tuesday, Central Bank of Kenya said that the bond will be on sale until February 21, offering a tax-free fixed coupon rate of 12.5 percent. Last year,…
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Nigeria: Govt Outlines Economic Recovery Plan, Targets 7 Percent GDP Growth Rate
The federal government has outlined plans to pull the country out of recession and get it on a path of sustainable growth in the shortest possible time. According to the federal government, the medium term plan is expected to drive Nigeria to a minimum GDP growth rate of 7 percent within the planned period. The…
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Zimbabwe: U.S.$ Shortages Give Rise to Cash Discounts
ZIMBABWE’s cash-selling practice is evolving with a growth in cash premiums and discounts offered for goods and services as companies struggle to raise foreign currency to import raw materials. Cash premium is the markup on top of the amount of cash that is transferred in a transaction through the Real Time Gross Settlement (RTGS) system.…
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Botswana: Expectations From Budget Speech
With the Minister of Finance and Economic Development, Mr. Kenneth Matambo, set to deliver the 2017/18 budget speech this afternoon, different constituents of society are expected to listen attentively to find out what the budget has in store for them. The annual speech outlines how funds from the treasury are allocated according to different sectors.…