Market News Page No. 455| Africa Business News | Afrotrade

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N e w s

Mauritius vies with larger African neighbors to be continental hub

As Mauritius developed into one of Africa’s wealthiest and advanced nations, the island nation’s focus tended to be far beyond the shores of its home continent. With sugar, textiles and financial services the mainstays of its economy, the country’s traditional trading partners have been Europe, India and the US. In terms of Mauritian exports only two African nations — South Africa and Madagascar — registered.... Read more »

Posted on : Friday , 25th September 2015

New African Development Bank President Adesina looking to mobilize $55B for energy projects on the continent

African Development Bank President Akinwumi Adesina, who took over this month, said he’s aiming to eliminate Africa’s energy deficit by 2025 by mobilizing $55 billion of investment. Termed the “New Deal for Energy in Africa,” the continent’s largest development bank said the plan will significantly raise its support for energy projects and that its partners should also scale up efforts. The proposal also called.... Read more »

Posted on : Friday , 25th September 2015

Sub-Saharan Africa�s first metro is functional

Sub-Saharan Africa’s first light rail system or metro was inaugurated in Addis Ababa last weekend, said the head of the Ethiopian Railways Corporation Getachew Betru metro HernnPiera flickrThe Addis Metro will comprise two lines – one from east to west and the other from south to centre. The Addis Metro runs 17 km from industrial areas south of Addis Ababa to the centre. A second line that will run east to west, is.... Read more »

Posted on : Friday , 25th September 2015

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

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