Market News Page No. 558| Africa Business News | Afrotrade

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CAMAC announces fivefold increase in recoverable prospective resources offshore Nigeria

CAMAC Energy Inc. (“CAMAC Energy” or the “Company”) (NYSE MKT: CAK) has announced that an updated independent assessment of the Company’s prospective resources for four offshore Nigeria prospects located within Oil Mining Leases (“OMLs”) 120 and 121 by DeGolyer and MacNaughton (“D&M”) has increased the Company’s unrisked P50 recoverable resources from 537 million barrels of.... Read more »

Posted on : Monday , 6th October 2014

Mineral beneficiation, industrialisation key to development�

JOHANNESBURG (miningweekly.com) – The key to the development of South Africa lay in mineral beneficiation and industrialisation in joint development with its regional neighbours, South Africa’s new Finance Minister Nhlanhla Nenetold the Centre for Education In Economics and Finance (CEEF). Resource-endowed countries that had failed to move up the value chain had registered short bursts of growth, but never the kind of.... Read more »

Posted on : Monday , 6th October 2014

Massingir dam in Mozambique to be rehabilitated to improve safety

The National Directorate of Water (DNA) through the Regional Administration of Water South (ARA-Sul) has awarded a contract for the rehabilitation of the damaged bottom outlets and related works on the 48 metre high Massingir dam in the Gaza Province of Mozambique. Aurecon has been appointed to supervise the construction of these rehabilitation works. Following the raising of the full supply level of the dam by the installation of six large.... Read more »

Posted on : Monday , 6th October 2014

Construction of $31.8b Tanzania China Logistics Centre to start soon

Construction of $31.8b Tanzania China Logistics Centre in Kurasini is on the offing following the release of $0.6b to compensate residents where the project will be based. Speaking to journalists, Dr Abdallah Kigoda, the Minister for Industry and Trade said that the Export Processing Zones Authority (EPZA) has already received the money for the compensation. He said that the development was critical in relation to construction of $0.6b Tanzania.... Read more »

Posted on : Monday , 6th October 2014

African chemicals industry has growth potential

Despite South Africa having the largest and most sophisticated chemicals industry in Africa, estimated at $30-billion, it only contributes about 1% to the global market, says global growth consulting firm Frost & Sullivan chemicals, materials and food industry analyst Dilshaad Booley. However, Booley notes that the South African chemicals industry is expected to have moderate growth of between 3% and 4% over the next five years,.... Read more »

Posted on : Monday , 6th October 2014

3000 km of roads to be constructed in Kenya

The government of Kenya will construct 3,000 Km of roads during the initial phase of planned construction of 10,000 Km of road networks launched earlier this August. An updated report from the Ministry of Transport and Infrastructure indicates that the 3000km is an upgrade from the initial 2000km earlier planned for the Phase I construction. The 3000 kilometers of roads will either be built or rehabilitated in 45 lots during the first phase of.... Read more »

Posted on : Monday , 6th October 2014

Asian Geely Car Brand Eyes Tanzania Market

China’s top auto dealer and a listed member of Fortune 500 Company, Geely holding Group has indicated an interest in penetrating the Tanzanian automobile market with the overall intention of deepening its African footprint. “Africa is the best market that our company have interest in introducing our ranges of cars,” said Ash Sutcliffe, Geely’s Global Public Relations officer. The Chinese company – which started as.... Read more »

Posted on : Saturday , 4th October 2014

Safcol aims at exports to China, India to counter rising costs

THE state-run South African Forestry Company (Safcol) aims to start exporting to high-growth countries such as India and China to counteract rising costs and the renewed land claims threat in South Africa. Despite an 11% rise in timber sales in the year to March, Safcol reported a R24.5m operating loss before fair value adjustments and tax. Net profit was R511m, from R74m previously, though the difference was largely due to.... Read more »

Posted on : Saturday , 4th October 2014

Over 1 450 houses in South Africa to get electricity connection

More than 1 450 houses will be provided with permanent and reliable access to electricity, as part of the R20-million Mogalakwena Electrification Project that is currently taking place in Limpopo. The Mogalakwena Municipality is currently facing a backlog of electricity infrastructure to several of the villages within the municipal area, and has appointed global engineering consultancy firm SMEC to handle the design and implementation.... Read more »

Posted on : Saturday , 4th October 2014

A mini-hydropower plant proposed in Chimanimani, Zimbabwe

A new 1.7 MW hydropower plant is set to be built in Zimbabwe at Chimanimani rural district of Zimbabwe. The plant will boost electricity output in the country and see reduced price of electricity which have constantly growing up in the county. According to Zimbabwe Energy Regulatory Authority (ZERA, through a statement, the Chimanimani-based power plant will be called Nyahode hydropower plant and will use water from the Nyahode.... Read more »

Posted on : Saturday , 4th October 2014

Power Africa Off-Grid Energy Challenge to implement renewable energy projects

22 winners of the second round of Power Africa Off-Grid Energy Challenge have been announced by General Electric Africa, the United States African Development Foundation (USADF) and the U.S. Agency for International Development (USAID). The winners, who include 4 from Nigeria – Topstep Nigeria Ltd, Ginphed Nigeria, Quintas Renewable Energy, Sky Resources – will now undertake renewable energy generation projects all over.... Read more »

Posted on : Saturday , 4th October 2014

Eni Finds 300M Barrels Offshore Angola

Italy's Eni reported Wednesday that it has made a new oil discovery at the Ochigufu exploration prospect, located in deep water off Angola. Ochigufu is the 10th commercial oil discovery in the country's Block 15/06 and is estimated to contain 300 million barrels in place. Eni also reported that the Ochigufu 1 NFW well, which led to the discovery, will be brought into production "in record time". The well, located approximately 90 miles.... Read more »

Posted on : Friday , 3rd October 2014

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