Market News Page No. 463| Africa Business News | Afrotrade

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South African Company Buys Back the Country's Platinum Mines

Mining giant Anglo American announced on Wednesday the sale of three platinum mines in South Africa to Sibanye Gold, the country's largest gold producer. The mines sold for 4.5 billion rand despite the plummeting platinum prices. Amplats, as Anglo American Platinum is known, actually values these assets at 7.7 billion rand. This 3.2-billion-rand loss is a sign of just how desperate the company is to dump these mines from its.... Read more »

Posted on : Wednesday , 16th September 2015

Ethiopia: Trade Authority Distributes Sugar, Oil, Flour

The Ethiopian Trade Competition & Consumer Protection Authority (TCCPA) is distributing 250,000ql of sugar for residents in Addis Ababa to satisfy an expected increase in the demand for sugar in the New Year, and announced that there is enough stock to quickly respond to any shortage that may appear. There is also 350,000ql of sugar already up for sale through bid. The quota for the distribution of flour and edible oils has.... Read more »

Posted on : Wednesday , 16th September 2015

Kenya: Sh33 Billion Write-Off for Sugar Factories

The State will write off Sh33 billion owed by sugar factories, a parastatal head has said. Privatisation Commission Board chairman Henry Obwocha on Sunday said this will enable the factories to pay cane farmers. "Due to the huge debts, the factories have been making losses," Obwocha said. He was raising funds for a priest's house on Sunday at Amasago Catholic Parish, Nyaribari Chache.... Read more »

Posted on : Wednesday , 16th September 2015

Over 10,000 Sacks of Rice Impounded in Idenau

The consignment was destined to a neighbouring country without the payment of custom duties. Within the framework of ensuring that goods exported from Cameroon are not only monitored but must adhere to customs rules and regulations, over 10,000 bags of rice destined for export to a neighbouring country, have been impounded at the Idenau seaport in the West Coast. The operation to impound the rice was carried out over the weekend by the.... Read more »

Posted on : Wednesday , 16th September 2015

Mozambique: Government and Industry Discussing Cost of Plastic Bags

Maputo — Mozambican consumers will have to pay for the plastic bags that used to be distributed free of charge in shops and markets, and the government is now discussing a fixed price with the producers of plastic. At a meeting in Maputo on Wednesday, the Deputy Minister of Land, Environment and Rural Development, Ana Senda, discussed with companies that make plastic bags and with traders the government's recently approved.... Read more »

Posted on : Wednesday , 16th September 2015

Tanzania gets mobile phone-based agricultural service

A new mobile phone-based service has been launched in Tanzania to provide agricultural information to farmers Tanzania Mobile Agriculture DIVatUSAID FlickrM-Kilimo is expected to benefit more than 90,000 livestock keepers, crop farmers and fishermen. The M-Kilimo platform is an innovative service that gives farmers access to markets for agricultural produce. Once registered on the M-Kilimo platform, farmers and buyers can meet.... Read more »

Posted on : Tuesday , 15th September 2015

Africa licenses US$250mn of solar power projects

Five solar power projects, valued at a total of US$250mn, have been licensed by the Zimbabwe Energy Regulatory Authority (ZERA) Solar Panels Lance Cheung FlickrThe five solar power projects are expected to generate about 160MW of power together. Taken together, the five projects are expected to produce 160MW of power. According to ZERA CEO, Gloria Magombo, the licensed projects are at different stages in the project development.... Read more »

Posted on : Tuesday , 15th September 2015

960km Eldoret-Juba road in Kenya to start construction

The 960km Eldoret-Juba road in Kenya is set to start construction after being neglected for 30 years. Kenha chairman Erastus Mwongera said the Kenya and South Sudan governments have coordinated the improvement of the highway to ensure social and economic benefits are met. Turkana County Governor Josphat Nanok confirmed the reports and said that the road will cost US$ 512m and will take six years for the construction to be.... Read more »

Posted on : Tuesday , 15th September 2015

Oil and gas brings socioeconomic progress for Tanzanian citizens.

This month, President Jakaya Kikwete of Tanzania took a major step toward ensuring his country’s fiscal and economic stability by signing legislation that will help ensure revenue from Tanzania’s natural gas discoveries bring socioeconomic progress for Tanzanian citizens. These recent gas discoveries have the potential to bring in as much as $1.4 billion per year to Tanzania — more than 10 per cent of current.... Read more »

Posted on : Tuesday , 15th September 2015

Africa: The National Mining Consultative Forum Digs Deep to Find Mining Solutions

Pretoria — The National Mining Consultative Forum is underway at the Sefako Makgatho Presidential Guesthouse, in Pretoria, to look into ways of saving thousands of jobs in mining and to mitigate challenges facing the sector. On Tuesday, Mineral Resources Minister Ngoako Ramatlhodi briefed media ahead of the meeting convened by President Jacob Zuma. He said the meeting will propose possible solutions to problems facing the sector,.... Read more »

Posted on : Monday , 14th September 2015

Dubai based Metito wins US$29mn African Infrastructure project contracts

UAE water firm Metito has announced its participation in four municipal water projects in Egypt Metito wins US29mn Egyptian water project contracts Metito’s involvement in the four municipal water projects is worth a combined US$29mn. The company, which has its headquarters in Dubai, will take advantage of the recent economic recovery in Egypt to participate to varying degrees in the four projects, in a deal worth around.... Read more »

Posted on : Monday , 14th September 2015

East Africa: Foreign Investors Push USE Growth to $14.1 Million

Active participation of foreign investors in equities propelled a fivefold jump in turnover on the Uganda Securities Exchange in the second quarter of 2015, compared with the same period last year. The USE reported a turnover of Ush52.34 billion ($14.1 million) compared with Ush10 billion ($2.7 million) in quarter 2 of 2014. Power distributor Umeme's counter contributed 86.71 per of the turnover, followed by DFCU at 10.4 per.... Read more »

Posted on : Monday , 14th September 2015

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