Compiled by Sreemayukha Nyayapathi
SOUTH AFRICA
South African court throws Shell a lifeline in exploration dispute
Offshore Technology, June 04, 2024
- “Shell has lost a South African court appeal that was attempting to overturn a previous judgment blocking offshore oil exploration on the Wild Coast, in the country’s eastern region.”
- “However, in a partial victory for the British multinational, the ruling also includes the possibility of a renewal of the exploration rights, according to Bloomberg.”
- “This allows Shell another chance at a public consultation. In fact, the lack of public consultation was among the key reasons a lower court previously ruled against Shell.”
- “In 2021, various environmental groups including Greenpeace managed to stop any exploration activity in the area, a relatively untouched and underdeveloped coastal region.”
- “The groups cited concerns that local communities were not properly consulted and around the impact initial exploration surveys would have on the region’s climate, local residents and marine life.”
Sibanye hit by underground protest at South Africa mine
Mining.com, June 04, 2024
- “Sibanye-Stillwater’s (JSE: SSW, NYSE: SBSW) Kroondal operations in South Africa are the stage of a protest by disgruntled workers who claim they have yet to receive payments under the company’s recently introduced employee share option schemes (ESOPs).”
- “On Monday, more than 200 employees and contractors from the morning shift at Kwezi shaft (Kroondal West) staged an illegal sit-in and have remained underground since, the company said. The night shift at the K6 shaft was also disrupted, with approximately 250 people gathering in a central waiting place on surface.”
- “To the company’s knowledge, the striking employees at Kroondal were aggrieved to not have received the annual ESOP payments made last Friday to Rustenburg and Marikana employees.”
- “The miner noted that under the wage agreement signed in 2023, the Kroondal employees would only be included as beneficiaries of the ESOP following completion of the acquisition of the Kroondal pool and share agreement (PSA) by Sibanye’s Rustenburg unit, which is expected by the end of 2024.”
CNN, June 05, 2024
- “Some of the same parties that sought the ANC’s demise will now have to play a part in governing South Africa.”
- “His (Ex-President Jacob Zuma) MK party, named after the ANC’s former armed wing, appears to have achieved just that – formed just five months ago, it is now the third-largest party in South Africa, receiving almost 15% of the vote.”
- “What we’ve seen with the MK party is the use of a vote to send a signal to the ANC of the level of unhappiness, not only of the country itself but within its ranks who’ve supported it over the last 30 years,”
- “The only way Ramaphosa stays is through a DA-ANC coalition. Outside that, the other parties, MK and EFF (Economic Freedom Fighters), have made it clear the first point of negotiation is he must go,” said TK Pooe, a senior lecturer at Wits School of Governance.
- “This relationship (a DA-ANC alliance) would require both parties to make some major compromises.”
- “Both parties believe in the primacy of South Africa’s constitution and both have promised to crack down on corruption. Awkwardly, the DA is currently pressing corruption charges against the ANC’s deputy president, Paul Mashatile.”
- “If South Africa’s president maintains his grip on the ANC, a coalition with MK is unlikely.”
- “The MK party’s manifesto also demands an overhaul of the country’s constitution to restore more powers to traditional leaders. Zuma “unapologetically focused his campaign around Zulu nationalism and that was a constituency that was easy for him to target,” political analyst and former ANC lawmaker Melanie Verwoerd told CNN.”
A new era: on the South Africa general election
The Hindu, June 06, 2024
- “Under six years of his rule, there has been little progress in addressing the critical problems of Africa’s most advanced economy, which has shrunk over the past two and a half years. Officially, at 32%, the country has one of the highest unemployment rates. Voters also complain about a lack of quality water supply, hours-long power blackouts and rampant violent crimes.”
- “The ANC knew voters were upset, and Mr. Ramaphosa sought votes in the name of the party’s legacy rather than its performance. But voters did not buy into his arguments.”
- “The ANC breakaway parties winning more votes than the right-wing Democratic Alliance suggests that the legacy of anti-apartheid politics remains strong, despite the ANC’s decline.”
- “The MK will join hands with the ANC only if Mr. Ramaphosa steps aside and the EFF has a radical economic agenda, including expropriation of land.”
- “A tie-up with the Democratic Alliance, which is largely seen as a representative of the apartheid era, would not be popular with the ANC’s base.”
- “Mr. Ramaphosa is in an unenviable position. The era of the ANC’s dominance is over. He should form a coalition that would not mar the party’s anti-apartheid legacy and keeps it in good stead so that it can focus on resolving the country’s myriad economic woes.”
Eco Atlantic expands exploration position offshore southern Africa
Offshore Magazine, June 06, 2024
- “Eco (Atlantic) Oil & Gas is farming into one exploration block offshore South Africa and exiting another.”
- “Azinam South Africa, a subsidiary of the company, will take a 75% operated interest from Tosaco Energy of a new exploration right covering Block 1 in the Orange Basin, close to the offshore median line with Namibia.”
- “Tosaco intends to transfer its remaining 25% share to OrangeBasin Oil and Gas, a newly formed South African entity. The terms remain subject to government approvals.”
Eco Atlantic’s South Africa Acreage
Source: www.offshore-mag.com
The Conversation, June 06, 2024
- “The Sapref refinery was commissioned (began operating) in 1964 in the port city of Durban. It contributed 35% of South Africa’s refinery capacity and refined 180,000 barrels of imported crude oil per day. It was South Africa’s biggest refinery, until it was temporarily closed in 2022 after floods damaged the plant.”
- “The shutdown came after decades of pollution incidents and accidents by Sapref. The refinery is connected to underground pipelines which run through South Durban residential areas.”
- “Selling the refinery to the South African government, instead of decommissioning it, suggests that Sapref will not be held accountable for historical environmental liabilities and social injustices.”
- “Decommissioning the refinery would have meant that Sapref was liable for the costs of restoring the site to its original state. Public money may have to be used to clean up and remediate the Sapref site in future. The sale price does not, of course, cover any of these costs.
- “The Mineral and Petroleum Resources Development Act does not provide guidelines and directives on the issuance of closure certificates for refineries as it does for mining. But the National Environmental Management Act says in Section 28 that any person who has caused significant pollution or degradation of the environment has a duty to rectify it.”
- “Decommissioning oil refineries is an integral part of any country’s just energy transition and move towards green jobs. BP and Shell should still take responsibility for properly decommissioning the facility and rehabilitating the site. This would demonstrate good corporate social responsibility, goodwill to the surrounding communities, and accountability.”
NIGERIA
Dozens of gold miners trapped in Nigeria
BBC, June 05, 2024
- “Dozens of gold miners are trapped underground after a pit collapsed in central Nigeria. The incident happened on Monday after heavy rainfall in Niger state but news was slow to emerge because of the country’s general strike, which was called off on Tuesday.”
- “As at this morning [Wednesday] we believe over 30 people are still trapped, we can’t give you exact figures because even those on site didn’t know,” said Mr Ibrahim. “One person has been confirmed dead and six persons were rescued and rushed to the hospital.” He said that four excavators and rescue workers were at the scene trying to help those trapped.”
- “Nigeria’s Minister of Solid Minerals Dele Alake said that officials of the Mines Inspectorate had been sent to mining site in Galadima Kogo.”
Why are Nigeria’s worker unions up in arms?
Al Jazeera, June 06, 2024
- “On Monday, two of Nigeria’s leading labour unions – the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) – jointly declared nationwide industrial action. Labour officials, for the first time in Nigeria’s long history of strikes, went to substations housing the country’s electricity grids, chased workers home, and cut off power supply nationwide.”
- “All airports, including two international ones, were shuttered. Workplaces and schools were closed and health services were disrupted. Crude oil production – Nigeria’s bread and butter – was also paralysed, likely amounting to a loss of millions of dollars.”
- “The unions want the current minimum monthly wage of 30,000 naira ($20) to be increased to nearly 500,000 naira ($336) – representing a 1,500 percent increase.”
- “In his campaign promises last year, Tinubu promised to stabilise the currency and revitalise the ailing economy.”
- “Reforms initiated by President Bola Ahmed Tinubu last year, including the devaluation of Nigeria’s currency, have caused inflation to skyrocket, worsening a cost of living crisis in Africa’s most populous nation.”
- “Economists say the country’s woes are largely due to the poor performance of the naira against the US dollar.”
- “Because past governments failed to boost local production, Nigeria is import-dependent and particularly vulnerable to external shocks.”
- “Insecurity in the country’s north, where armed groups operate, has also hampered farming there and contributed to rising costs. The central bank under previous President Muhammadu Buhari, in addition, flooded the market with cash, adding to the naira’s problems.”
Nigeria may spend 50% more on fuel subsidies in 2024, draft document shows
Reuters, June 06, 2024
- “Nigeria will likely spend 5.4 trillion naira ($3.7 billion) in 2024 – 50% more than in 2023 – to keep petrol prices fixed, while borrowing an extra 6.6 trillion naira to plug gaps in its budget, a draft document seen by Reuters showed on Thursday.”
- “The “Accelerated Stabilisation and Advancement Plan” (ASAP), drafted by the finance ministry with private sector executives and some economists, aims to address challenges related to reforms aimed at boosting growth.”
- “At current rates, expenditure on fuel subsidy is projected to reach 5.4 trillion naira by the end of 2024. This compares unfavourably with 3.6 trillion naira in 2023 and 2.0 trillion naira in 2022,” the ministry said in the draft document.”
- “Presidential aide Bayo Onanuga said Tinubu had received the draft on Tuesday, adding that it is still only a proposal containing suggestions on how to improve the Nigerian economy.”
NIGERIA: RECORD NUMBERS OF SEVERELY MALNOURISHED CHILDREN OVERWHELM MSF FACILITIES
Doctors Without Borders, June 07, 2024
- “In recent weeks, Médecins Sans Frontières (MSF) inpatient facilities in northern Nigeria have recorded an extraordinary increase in admissions of severely malnourished children with life-threatening complications, with two times more admissions than last year in some locations.”
- “A dramatic increase at this time of year is horrifying: this record-high influx of patients, and the increase in acute malnutrition that accompanies it, is occurring before the usual peak in July, meaning there is likely more to come.”
- “Forced to urgently scale up capacity, by the end of May the centre accommodated 350 patients, far surpassing the 200 beds initially designated for the peak malnutrition season in July and August.”
- “In the northwestern part of the region, in Zamfara state, the inpatient centres in Shinkafi and Zurmi have received up to 30 per cent more admissions in April compared to March. Talata Mafara’s facility saw about 20 per cent increase in the same period. “
- “Crucial therapeutic and supplementary foodsupplies were completely unavailable in Zamfara state for the first four months of this year and are now only available in lower quantities.”
“This reduction has meant that it is only possible to provide treatment for more severe malnutrition cases, compromising an effective response that also addresses malnutrition earlier in its progression and avoids exposing children to a higher risk of mortality.”
Map of Nigeria Showing Solid Mineral Locations
Source: http://www.researchgate.net
Niger mine collapse: Nigerian Govt adopts new policies for mining sector
Daily Post, June 07, 2024
- “President Bola Ahmed Tinubu spoke through the Minister of Solid Minerals, Dr. Dele Alake, who led a delegation on a condolence visit to Niger State Governor Mohammed Umar Bago over the recent collapse of a mining site in Shiroro LGA of the State.”
- “The incident that occurred at the mining site in the state was unfortunate and avoidable. Therefore, there is the need for measures to be taken to avert recurrence, ensure safe operations and secure investments,” he stated.
- “The President explained that henceforth, mining companies must comply with the new policies which include having a concrete plan for local value-addition, remediation plan and insurance policy for mine workers before their licence would be approved by the Ministry.”
- The suggestions (offered by Governor Bago) include:
- The need for all licensed miners in the state to be grouped into cooperatives;
- Mining companies with licences should intimate and relate well with relevant stakeholders from the level of host communities, local government, emirate, and the State Government, about their activities;
- The use of technology in mining activities as against sporadic use of explosives to prevent environmental hazards, and;
- The need for Environmental Impact Assessments before the commencement of mining activities.
Senate to FG: Deploy security agents to mining communities in Nigeria
Vanguard, June 07, 2024
“The Senate has asked the federal government to as a matter of urgency, deploy security agencies to mining communities across the country as part of moves to maintain vigilance around mining areas and communities.”
“The Senate said this move will help maintain vigilance around mining areas to prevent further incursions and intrusion by informal miners across the country, just as it said that as a country, we need strict safety measures to curb illegal mining.”
“The Senate thereafter mandated its Committee on Solid Mineral to conduct an on the spot assessment of the Site to ascertain the remote and immediate cause of the rockslide and accelerate the passage of the Mine Ranger Bill currently before the Senate.”
ALGERIA
Diamond Line and Tarros link Egypt and Greece with Algeria in new service
World Cargo News, June 06, 2024
- “Diamond Line, Cosco Shipping Europe’s short-sea and feeder carrier, and Tarros Group, a company specialising in containerised and non-containerised door-to-door transport solutions in the Mediterranean Sea, are starting a new fast short-sea service from Alexandria, Egypt and Piraeus, Greece to Algiers, Algeria, and vice versa from June 2024.”
- “The joint weekly service is based on two 1,000 TEU vessels. The companies said that MV Contship Ivy, the first vessel of the new PAE weekly service is expected to depart from Alexandria on June 28 and is scheduled to arrive in Algiers on July 4.”
- “Hamburg-based Diamond Line operates 25 vessels in Europe with Piraeus as its centrepiece. The company operates multiple feeder services in North Europe and the Mediterranean, as well as interregional short-sea services NET and NET2 with vessels of up to 8,500 TEU capacity.”
FirstPost, June 07, 2024
- “Russia and China, which hold veto powers in the U.N. Security Council, raised concerns on Thursday with a U.S. draft resolution that would back a proposal – outlined by President Joe Biden – for a ceasefire between Israel and Palestinian militants Hamas.”
- “The council’s only Arab member, Algeria, also signaled it was not ready to back the text, diplomats said.”
- “The current draft welcomes the ceasefire proposal, describes it as ”acceptable” to Israel, ”calls upon Hamas to also accept it, and urges both parties to fully implement its terms without delay and without condition.”
Israel occupying Palestine echoes France colonising Algeria: Analysts
Al Jazeera, June 09, 2024
- “Several scholars believe Israel’s violent occupation of Palestinian lands has sharp parallels with France’s 132-year colonisation of Algeria, which ended in 1962 after an eight-year war for independence.”
- “France displaced Algerians, confined them to small spaces that could not sustain human life and armed French settlers against them.
- Israel has done the same since the Nakba in 1948 when Zionist militias ethnically cleansed at least 750,000 Palestinians to establish Israel on top of the ruins of their homes and history.”
- “[In both contexts], we can talk about the disregard and dehumanisation of Arab life … either as part of Islamophobia or anti-Arab sentiment,” Davis said.
- Israel’s dehumanisation of Palestinians is essential to justify its occupation and repression— both to its own citizens and to its Western allies…”
- “Israel’s current practice of trying to confine millions of Palestinians to “safe zones” in Gaza also echoes the eviction of hundreds of thousands of Algerians from their villages during the war…”
- “She (Sara Rahnama) believes the Israeli accusations fit into a broader historical pattern whereby Indigenous populations are portrayed as morally and sexually depraved to justify confiscating their land and using violence against them.”
ANGOLA
Amarinth Bags Pump Order for FPSO Bound for Angola
Rigzone, June 05, 2024
- “Pump equipment designer and manufacturer Amarinth has secured an order for the floating storage, production, and offloading (FPSO) unit Agogo, which is currently under construction by Malaysia-based Yinson Production Pte Ltd (YP) and destined for offshore Angola.”
- “The customer is an undisclosed Norwegian company specializing in energy recovery and water treatment solutions for the offshore oil and gas sector, Amarinth said in a news release. The financial details were not disclosed.”
- “In addition to the CCS plant, FPSO Agogo will feature other emissions-lowering technologies such as electrification, advanced automation and digitalization, a combined-cycle power system, a seawater turbine generator, a hydrocarbon cargo tank blanketing scheme, and an integrated closed flare system.”
- “The combined innovations onboard FPSO Agogo will significantly reduce its overall carbon emissions and improve operational efficiency, transforming it into an industry-leading project.”
Aker Solutions secures contract from Azule Energy in Angola
Offshore Technology, June 07, 2024
- “Aker Solutions has secured a long-term frame agreement with Azule Energy to provide engineering, procurement and construction (EPC) services for brownfield projects and modifications for two FPSO units in Angola.”
- “The agreement focuses on the Greater Plutonio and PSVM FPSOs, encompassing EPC for maintenance and modifications.”
- “The three-year contract, which includes the possibility for two additional one-year renewals, is a continuation of the two companies’ present framework agreement.”
Corcel shares rise as it confirms Angola exploration plans
Proactive Investors, June, 07, 2024
- “Corcel PLC (LSE:CRCL) shares moved higher in Friday’s deals after the oil and gas junior told investors that its near-term focus in Angola will be on geological and geophysical (G&G) activities.”
- “The company, in a statement, said it had received all relevant approvals to acquire new G&G data, and, it is planning an ‘enhanced full tensor gradiometry’ survey (eFTG) across three blocks (KON 11, KON 12, and KON 16).”
- “This surveying, supported by other G&G activities, is slated for the third quarter and is expected to provide new geological insights into the Tobias and Galinda fields, as well as other potential leads and prospects.”
LIBYA
Large parts of Libya littered with mines and ordnance posing threat to civilians
The Arab Weekly, June 08, 2024
- “Hundreds of deadly landmines and unexploded ordnance still litter parts of Libya after years of fighting, posing a constant danger to civilians, especially children, long after the conflict.”
- “Although relative calm has returned to the oil-rich country since the battle for Tripoli four years ago, the United Nations says more than 400 people, including 26 children, have been injured or killed since 2019 in incidents linked to left-over explosive devices.”
- “Libya is still struggling to recover from years of war and chaos after the 2011 overthrow of long-time dictator Muammar Gadhafi, with clashes periodically between its myriad of rival armed groups.”
- “The country is divided between a UN-recognised government based in Tripoli led by Abdulhamid Dbeibah and a rival administration in the country’s east backed by military strongman Khalifa Haftar.”
- “According to a 2023 report by the US State Department, the Russia-backed Wagner Group, which deployed in Libya in support of Haftar’s forces, also placed “landmines and booby traps” in the area “while retreating from the outskirts of Tripoli”. But it acknowledged that the “full extent of landmine contamination … and explosive remnants of war in Libya remains unknown due to the limited control” of the government in Tripoli.”
- “In early May, authorities and the Libyan Mine Action Centre said they were developing a “national anti-mine strategy” to deal with the issue, with the help of the Geneva International Centre for Humanitarian De-mining.”
‘Bloody policies’: MSF recovers 11 bodies from Mediterranean off Libya
Al Jazeera, June 08, 2024
- “The aid group Doctors Without Borders has reported recovering 11 bodies and rescuing dozens of people off the coast of Libya as it criticised the migration policies of the North African country and European countries.”
- “In a statement on Friday, the group, known by its French initials MSF, said its Geo Barents rescue vessel managed to recover the bodies following a search operation lasting more than nine hours after being alerted by German nongovernmental organisation Sea-Watch, which also rescues refugees and migrants.”
- “Thousands of people trying to head from Africa to Europe use Libya as a departing point, with the Italian island of Lampedusa the nearest European destination as they undertake the dangerous journey across the Mediterranean to escape war, poverty and persecution.”
- “Italy, which wants to put a stop to the migration stream, has said Libya and neighbouring Tunisia must do more to stop people from going to sea. It has also clamped down on the operation of the rescue ships, arguing that they encourage people to head to Europe, a charge that is denied by the charities.”
Minister of Industry and Minerals invites businessmen and investors in Morocco to visit Libya
Libya Herald, June 09, 2024
- “Libya’s Tripoli based Ministry of Industry and Minerals announced today that its Minister, Ahmed Abuhisa, invited businessmen and investors in Morocco to visit Libya.”
- “Libya’s promising investment opportunities in the industry and minerals sectors
During the meeting, Minister Abuhisa invited businessmen and investors from Morocco to visit Libya to see the promising investment opportunities in the industry and minerals sectors.”
- “He stressed the importance of cooperation between the two countries to achieve sustainable economic development and exchange experiences and modern technologies.”
- “The Moroccan minister welcomed the invitation and expressed his country’s readiness to enhance cooperation with Libya in various industrial fields, stressing the importance of joint work to open new horizons for development and investment.”
EGYPT
Gold investment funds in Egypt attract 108,808 applicants until end-April
ZAWYA, June 04, 2024
- “The number of Egyptian citizens who applied to invest in the country’s two gold investment funds reached 108,808 at the end of April 2024, according to a report submitted by the Financial Regulatory Authority’s (FRA) Chairman Mohamed Farid to Prime Minister Mostafa Madbouly.”
- “The two funds are the AZ-Gold Fund by Azimut Company, which was launched in May 2023, and the Beltone Evolve Gold Fund (Sabayek), which was launched in last January. Farid pointed out that the government is currently studying the possibility of launching a third gold investment fund affiliated with a subsidiary of the National Bank of Egypt (NBE).”
Gold prices keep going down in Egypt; factors behind decline
ZAWYA, June 05, 2024
- “This recent decline in local gold prices is attributed to the stability of the exchange rate of Egyptian pound against the US dollar, Head of the Jewelry and Gold Division of the Federation of Egyptian Chambers of Commerce Hany Milad told Arab Finance. This stability followed the signing of the Ras El-Hekma agreement with the UAE in March, which pumped more foreign currency inflows into the Egyptian market, Milad explained.”
- “Global gold prices are expected to increase in the upcoming time, particularly in the fourth quarter (Q4) of 2024, according to Milad.”
- “This expectation coincides with predictions that the US Federal Reserve will raise interest rates in its September meeting, Milad said, expecting the Fed to keep interest rates unchanged.”
- “Global and domestic factors that drove down gold prices in Egypt include the duty-free gold import initiative, which increased the supply of gold in the local market and caused prices to drop significantly.”
- “The exchange rate stability and the absence of the parallel market following the Ras El-Hikma deal and the International Monetary Fund’s (IMF) recent loan agreement are also among the key factors that impacted the decline in gold prices, Rizk pointed out.”
First Korea-Africa summit focuses on critical minerals
Africa Business, June 07, 2024
- “The summit had a heavy focus on critical minerals, with South Korea and African leaders agreeing to launch a “critical minerals dialogue.” President Yoon Suk Yeol said the dialogue would aim to “set an example for a stable supply chain through mutually beneficial cooperation and contribute to sustainable development of mineral resources around the world.”
- “Seoul has turned to Africa for resources such as graphite, which is essential for the production of batteries and other electronics, particularly as neighbouring China has tightened export controls for such critical minerals.”
- “The prominence of critical minerals during this summit, for example, combined with an emphasis on boosting Korean business investment on the continent, suggests that economic, resources, and soft power issues are important motivations for this growing attention.”
- “We have seen South Korean companies actively investing in African countries like Egypt and Ghana – and the Korea-Africa summit is another good step forward in this direction.”
GHANA
Mukesh Ambani faces pushback in Ghana over exclusive 5G deal
Economic Times, June 04, 2024
- “The Ghanaian government’s plan to launch a 5G network using a company partnering with Mukesh Ambani is a bad deal for the debt-ridden nation, which needs funds for critical development projects, the National Democratic Congress (NDC) said in a statement on Monday.”
- “The West African nation could have generated between $400 million and $500 million upfront if the government had opted for a formal bidding process, the minority caucus said in the statement.”
- “Instead, the caucus claims, the administration awarded a contract to the company known as Next Gen Infraco for $125 million paid in annual installments over 10 years.”
- “The venture aims to emulate the success of Ambani’s Jio Infocomm Ltd. in India. Jio launched telecom services there in late 2016 with low-cost data and free voice calling, forcing some rivals to shut down and others to consolidate.”
Ghana to collaborate with LBMA to boost small-scale gold mining sector
My Joy Online, June 06, 2024
- “The government of Ghana is poised to form a strategic partnership with the London Bullion Market Association (LBMA), backed by the UK-Ghana Gold Programme (UKGGP), to expand global market access for small-scale miners.”
- “This collaboration could unlock new opportunities for Ghana’s mining sector, potentially tapping into a market valued at over $1.5 billion.”
- “The release also emphasised the growing momentum for mining regulation reforms.”
- “As the LBMA delegation visits Ghana, there is optimism for a positive transformation in the mining sector. Enhanced access to global markets could not only boost economic prosperity but also drive responsible mining practices, benefiting Ghana’s mining communities in the long term.”
- “Improvements (in the supply chain) would enhance the lives and incomes of miners and mitigate environmental hazards. He also stressed that adhering to these standards would enable Ghanaian producers and aggregators to access formal, global markets.”
Ghana Bondholders Told to Take More Losses to Match UK, China
Bloomberg, June 07, 2024
- “Ghana’s eurobond holders need to take more losses as the nation works to restructure debt to match payment cuts accepted by countries such as the UK and China, social-justice organizations said.”
- “The debt relief currently discussed would lead to bondholders getting 15% more than bilateral creditors, London-based Debt Justice, formerly known as the Jubilee Debt Campaign, said in a statement with the Accra-based Integrated Social Development Centre.”
Ghana’s 2023 Gold Output Rose 8.3%
ZAWYA, June 07, 2023
- “Ghana’s gold production rose 8.3% to 4 million ounces in 2023, data from the Ghana Chamber of Mines showed on Friday.”
- “The growth was driven primarily by expansion in the output of small-scale miners, which was sufficient to offset a decline in large-scale miners’ production.”
- “Output in 2024 is projected to rise to between 4.3 million and 4.5 million ounces, Michael Edem Akafia, the chamber’s president, said in a speech in Accra.”
Ghana to restrict raw bauxite export
African Mining Market, June 07, 2024
- “Ghana is set to introduce a new legislative framework aimed at restricting the export of raw bauxite, according to Samuel Abu Jinapor, Minister of Lands and Natural Resources.”
- “We are in the process of enacting a Legislative Instrument, pursuant to section 28 of the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state.”
- “We are investing in infrastructure to decentralise operations of the Minerals Commission, regulator of the sector, to make it more efficient in regulating and monitoring mining operations,” he added.
- “Additionally, he said government is intent on taking the Minerals Commission’s regulatory mandate to where mining actually takes place, thereby promoting efficiency in service delivery and effective monitoring of mining operations.”
- “To this end, he said efforts continue being made to review and update regulatory frameworks to promote transparency, accountability and good governance within the sector, working actively with industry players including the Ghana Chamber of Mines.”
- “The government is promoting investment in exploration to uncover new mineral reserves and sustain the long-term viability of our mining industry. If properly structured, the minister said, it will reduce the financial burden on exploration companies, making it more attractive to invest in exploration while safeguarding the nation’s interest.”
- “By incentivising exploration, we aim to unlock the full potential of Ghana’s mineral wealth, create employment opportunities and stimulate economic growth in the mining sector and beyond.”
DRC
In a Congolese mining case, Biden can secure a win for US sanctions policy in Africa
Atlantic Council, June 03, 2024
- “The Biden administration has begun considering easing sanctions on Gertler, an Israeli billionaire businessman, with the offer on the table reportedly allowing the mining executive to sell his holdings in copper and cobalt mines in the Democratic Republic of the Congo (DRC). If it follows through on this move, Washington has the opportunity to show that its sanctions policy toward Africa can be effective.”
- “In 2017, the Trump administration imposed sanctions on Gertler, accusing him of “opaque and corrupt mining and oil deals” that cost the DRC more than $1.36 billion in revenues from 2010 to 2012 alone.”
“Types of Sanctions in Select African countries; Source: www.thesentry.org
- Following the easing of sanctions in this case, US firms could gain access to new investment opportunities by investing in mining projects that currently have links to Gertler, leading to economic growth in the United States and the DRC.”
- “In addition, the DRC has an opportunity to showcase the improvements that the country is making in the fight against money laundering and terrorist financing.”
- “Since 80 percent of the DRC’s cobalt output is owned by Chinese companies, US policymakers should be seeking ways to reduce barriers to entry in the DRC’s mining sector and to actively promote investment there.”
- “Building on a potential delisting, the Biden administration should work with Congress to expeditiously pass the bipartisan BRIDGE to DRC Act—which helps the United States secure access to critical-mineral supply chains and sets human-rights and democracy benchmarks for strengthening the US-DRC relationship. ”
(Further Reading: a. https://thesentry.org/reports/beyond-carrots-better-sticks/ , b. https://www.govinfo.gov/content/pkg/CHRG-118jhrg54083/pdf/CHRG-118jhrg54083.pdf)
Engineering for Sustainability as Mining Booms in DRC
African Mining Market, June 05, 2024
- “The copper-cobalt boom is certainly tangible in many regions, and there is growing enthusiasm among investors for the opportunities here, despite the inherent risks.”
- “It is not always clear how certain aspects of legislation should be interpreted and applied, but over time there will be greater certainty about what is expected of investors, mining companies and other stakeholders. SRK Congo chairman Dominique Sambwa noted the positive developments in the Katanga region, where the Lobito Corridor was now open and rail transport trials have been initiated.”
- ”The infrastructure challenge extends beyond the operational needs of mines to the migration of people in the DRC to areas where mines are started. “As settlements mushroom around mining areas, it is important for authorities to adopt an integrated approach to urban infrastructure.”
- “There is wide acceptance that the mining sector, as a pioneer industry, plays a central role in the diversification of the economy. It generates demand for a wide range of services and products, he says, which government wants mines to procure increasingly from the local economy rather than abroad.”
- “Assisting mines in achieving compliance and good international practice, SRK Congo country manager Susa Maleba said the DRC’s growing mining sector had allowed the Lubumbashi office to extend its disciplines to include hydrogeology and geotechnical studies.”
DR Congo seeks to curb dollar dominance by fronting use of local currency
Africa News, June 06, 2024
- “The Central Bank of Congo (BCC) has mandated that all Electronic Payment Terminals (EPTs) in the Democratic Republic of Congo (DRC) only accept Congolese francs.”
- “According to the BCC, this measure aims to strengthen the use of the national currency and encourage the population to prefer it for everyday transactions of goods and services.”
- “This initiative is part of a series of major reforms launched by Nicolas Kazadi, the former Minister of Finance, aimed at combating the dollarization of the economy and promoting financial inclusion.”
- “Currently, only 13% of EPTs accept Congolese francs, favoring foreign currencies in the dollarized economy.”
- “Additionally, a “switch monétique” initiative will integrate all bank cards to streamline transactions, regardless of the issuing bank. This policy aims to make dollar transactions more costly than those in francs, encouraging businesses and individuals to use the national currency.”
- “While these measures are positive, ensuring the franc’s stability is crucial for long-term success in de-dollarizing the economy.”
Society Artisanal partners with Minespider to track conflict-free gold from the DRC
Global Mining Review, June 06, 2024
- “Society Artisanal, an organisation that aims to export conflict-free artisanal gold from the Democratic Republic of Congo (DRC), has announced its partnership with Minespider, a technology company offering a blockchain-based traceability platform and Digital Product Passports to implement traceability and prove provenance and sustainable production of gold.”
- “They are developing professional mine management practices, improving mineral extraction methods and ensuring that all safety and health, environmental and sustainability norms are met in line with international regulation standards such as the OECD Annex II Due Diligence Guidance and in particular guidelines of US and EU law, Dodd-Frank Act and the EU law on Conflict Minerals.”
- “The gold is only sourced from Society Artisanal led mine sites with supervision by third-party due diligence organisations then smelted into branded ingot bars, stamped with a unique number and mine site ID and prepared for export to L’Orfebre gold refinery in Europe.”
- “Minespider’s blockchain-based platform and Digital Product Passports help to collect and communicate provenance data and other critical information about the gold in a transparent and secure way.”
- “Society Artisanal will use the platform and Digital Product Passport to track gold from the mine to its smelting facility with further plans to scale traceability beyond the refineries. The first blockchain-traced shipment will be exported in June 2024.”
Dozens killed by suspected DR Congo rebels in spate of attacks
BBC, June 08, 2024
- “At least 45 civilians have been killed in a spate of attacks over the past week across the Democratic Republic of Congo’s troubled North Kivu province.”
- “Decades of fighting between armed groups over lucrative gold and mineral deposits has devastated the region, forcing millions from their homes.”
- “Reports suggest that the worst-hit district was Mamove, where a number of homes were also torched and motorbikes were stolen.”
GABON
BW Energy confirms “substantial” oil discovery offshore Gabon following Hibiscus drilling campaign
World Oil, June 03, 2024
- “BW Energy has now concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area offshore Gabon.”
- “BW Energy’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 MMbbl of oil to 12 MMbbl of oil. The company plans to complete the well as a development well later in 2024.”
- “The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 m. The target area is located approximately 1.5 km north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig.”
- “Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. This is the first example of a common Gamba-Dentale hydrocarbon accumulation in the Hibiscus field offshore Gabon.”
- “The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised.”
ZIMBABWE
Bravura expects to begin Zimbabwe lithium production in 2025
Mining.com, June 04, 2024
- “Bravura Holdings Ltd. – a firm owned by Nigerian tycoon Benedict Peters (who also operates. The Aiteo Group, which operates a large oil block in Nigeria) – plans to start production at a Zimbabwean lithium project early next year, a company official said.”
- “The miner remains committed to commissioning the Kamativi lithium tailings project in 2025 despite the weak price of the battery metal, Bravura’s group general manager, Gbenga Ojo, told reporters on Tuesday.”
- “Lithium has emerged as a linchpin of the energy transition, but prices have crashed about 80% from the peak of a boom in 2022 amid oversupply.”
- “The plant Bravura is developing will be able to produce an annual 30,000 tons of spodumene concentrate – a lithium-bearing mineral – by reprocessing waste material left behind by a tin mine which closed down three decades ago. The Zimbabwean government is a minority partner in the project, holding a 40% stake.”
Zimbabwe’s ZiG Crackdown Against Street Dealers Is Good News for Bankers
Bloomberg, June. 04, 2024
- “A monthlong-drive by Zimbabwean authorities to stifle the unofficial market in their new gold-backed currency is driving the business off the streets and into the bank. Zimbabwe has imposed fines for not doing transactions at the official exchange rate of the ZiG, which stands for Zimbabwe Gold.”
- “The unit was introduced in April and is the southern African nation’s sixth attempt in 15 years to stand up a stable local currency.”
- “The parallel market is not as loud and visible as it was before the latest blitz,” said Lawrence Nyazema, president of the Banker’s Association of Zimbabwe. Lenders are seeing “an uptick in formal market activity,” he said.”
- “Street dealers across the country have been forced to abandon their regular city-center spots and have switched to using mobile phone messenger platforms to avoid detection.”
- “Zimbabwe’s crackdown mirrors measures by other governments in the region where local currency depreciation has fanned inflation, stoking a cost of living crisis that’s spilled into public unrest.”
- “Speculation in the unofficial market contributed to volatility, with the authorities taking aim at street traders for the demise of the Zimbabwe dollar, which the ZiG replaced on April 5.”
Zimbabwe’s Mnangagwa Hails Russia’s Putin as ‘My Dear Friend’ and Ally
US News, June 07, 2024
- “Zimbabwean President Emmerson Mnangagwa on Friday cast President Vladimir Putin as “my dear brother” and said Russia was a consistent ally of Zimbabwe.”
- “Mnangagwa, speaking at the St Petersburg International Economic Forum, praised Putin for defending the independence and territorial integrity of Russia.”
- “It is regrettable and unacceptable that the collective West continues to peruse hegemonic tendencies that blatantly violate the sovereign equality of nations, justice and fairness,” Mnangagwa told the forum.”
- “Mnangagwa called for an end to sanctions on his own country that he said were imposed for the “crime” of Zimbabwean people claiming their own land.”
Smart mining: Transforming Zim’s mining sector through connectivity
Zimbabwe Independent, June 07, 2024
- “The shift from manual labour to smart mining marks a profound transformation, promising not just efficiency gains but a seismic leap forward in safety, productivity, and sustainability.”
- “At the heart of this transformation lies the evolution of communication networks, which is already redefining how mines operate in Zimbabwe and beyond.”
- “In recent years, Zimbabwe’s economy has witnessed a significant shift, with the mining sector emerging as a key driver of growth, accounting for 80% of the country’s exports, according to the 2024 Chamber of Mines state of mining survey report.”
Clean Technica, June 08, 2024
- ”Sinomine Resources Group Co., Ltd. (Sinomine Resources) has been ramping up operations at its lithium mine in Bikita, Masvingo Province, Zimbabwe. They have invested more than $200 million towards exploration work, mine expansion, and other strategic projects according to data from the Zimbabwe Investment Development Agency.”
- “Some of the investment has gone into the construction of new plants, significantly boosting production capacity.”
- “The Bikita Minerals Mine also got a 12MW solar PV plant as well as a 6MWh lithium battery to help ensure power stability for critical sections of the mine as well as reduce fossil fuel consumption.”
- “With Zimbabwe facing a severe electricity generation deficit, these partnerships between the private sector and the utility company will go a long way in addressing some of these challenges, especially as more private firms ramp up the installation of megawatt-scale distributed solar PV plants coupled with battery storage to complement supply from the grid.”
MOZAMBIQUE
Gemfields unveils early gold estimates for Mozambique project
Mining.com, June. 06, 2024
- “Africa-focused Gemfields (LON: GEM) (JSE: GML), known by its emeralds and rubies, announced on Thursday “noteworthy” drilling results from its Nairoto gold asset in Mozambique.”
- “The maiden mineral resource estimate suggests the presence of 103,000 ounces of gold averaging over two grams per tonne within 80 meters of the surface. The results, the company noted, come from just one of its target areas, called TL5.”
- “The project, located in the resource-rich Cabo Delgado province in northern Mozambique, is being advanced by Nairoto Resources, a joint venture in which Gemfields has a 75% interest. The rest is held by Mwiriti, its local partner in the Montepuez rubies mine.”
- “Gemfields began work on Nairoto in 2020, but had to halt activities due to Covid-19 pandemic. Islamic extremist insurgency has affected progress since, and the company had to evacuate the exploration camp last year, following an attack on a nearby village.
- Violence in the area has claimed more than 4,500 lives and displaced over 1 million people, mostly women and children, since 2017.”
- “It has also affected multibillion-dollar investments, including France’s TotalEnergies $20 billion liquified natural gas project, which the firm halted in 2021.”
Long-term unlocking of vast resources potential gaining ground
Mining Weekly, June 07, 2024
- “Mozambique’s mining industry has been a significant driver of economic growth over the past two decades. With vast mineral resources, including heavy sands, coal, magnetite, graphite, lithium, gold and gemstones, the country offers a promising landscape for mining investments, says mining industry representative organisation Mozambique Chamber of Mines (CMM) chairperson Geert Klok.”
- “Most of Mozambique’s mineral wealth remains unexplored, which offers plenty of opportunities for new players entering the industry.”
- “The CMM advocates taking a long-term view and planning accordingly when it comes to adopting ancillary legislation “so that the rules of the game are not changed to the detriment of the industry”, says Klok.”
- “Mozambique’s mining legislation (which came into effect in 2014) is designed to provide stability and attract long-term investments.”
- “the CMM emphasises the need for a more efficient mining cadastre [at the National Institute of Mines (INAMI)] and the resolution of taxation issues, such as value added tax reimbursements and reference pricing bottlenecks.”
- “While lithium mining in Mozambique is in its infancy, Klok says the mining of the mineral “holds great promise” – evidenced by the recent entry of Bombay Stock Exchange-listed explorer and developer Decan Gold Mines, with its acquisition of a majority stake in five lithium blocks in Mozambique.”
- “Separately, to increase the benefits of its mineral resources, Mozambique is considering policies to promote local beneficiation and industrialisation”
- “One proposed strategy is banning the export of unprocessed minerals, though Klok notes concrete policy and legislative proposals in this regard have yet to be made public.”
- “Klok further highlights the need for supportive infrastructure and human resource.”
- “While Mozambique’s mining sector presents numerous opportunities, realising its full potential requires addressing existing challenges and implementing supportive policies. The collaborative efforts of the government, industry stakeholders and the CMM will be key to fostering a conducive environment for sustained growth and investment in the mining industry,”
China in Africa
Feature: Chinese-built metro rail offers exciting, comfortable ride in Nigeria’s capital
Xinhua, June 05, 2024
- “Tinubu, who took a ride on the train together with other top officials, described the operations on the Abuja metro line as “a symbolic milestone of enduring progress as a country and in the Federal Capital Territory (FCT),” noting it came about as “a fruit of collaboration, dedication, progress, and foresightedness.”
- “The Abuja Metro was inherited by my administration, from my predecessor. It was first commissioned in 2018 for public use,” he said, adding his administration prioritized its revitalization as part of a desire to have a functional and flourishing FCT with efficient public infrastructure and transportation systems that will serve the people who live and work within the city and the surrounding communities.”
Chinese nationals ran cybercrime syndicate from Zambia
BBC, June 05, 2024
- “Twenty-two Chinese nationals have pleaded guilty to committing cyber-related crimes in Zambia. They are among 77 suspects who were arrested in April in connection to what authorities described as a “sophisticated internet fraud syndicate”.
- “The swoop on a Chinese-run company in the capital, Lusaka, followed an alarming rise in internet fraud cases in the country, targeting people in countries around the world.”
- “There have been increasing cases of Zambians losing money from their mobile and bank accounts through money-laundering schemes which extend to other foreign countries, the Drug Enforcement Commission (DEC) said in April.”
- “Among equipment seized were devices allowing callers to disguise their location and thousands of Sim cards. During the raid, 11 Sim boxes were discovered – these are devices that can route calls across genuine phone networks.”
- “More than 13,000 Sim cards, both local and foreign, were also confiscated, demonstrating “the extent of the operation’s reach,” according to the DEC.
- Two firearms and about 78 rounds of ammunition were confiscated and two vehicles, belonging to a Chinese national linked to the business, were also impounded during the raid.”
Nigeria Partners with China to Enhance Satellite Development Efforts
Geospatial World, June 06, 2024
- The National Space Research & Development Agency (NASRDA) has announced a collaboration with the Chinese Academy of Sciences Aerospace Information Research Institute (AIR/CAS) to enhance Nigeria’s satellite development efforts according to Space in Africa.
- Nigeria has maintained a strategic partnership with China in space exploration. This ongoing collaboration is crucial for Nigeria to rapidly develop its space capabilities without reinventing the wheel. Nigeria can expedite its development by leveraging China’s advances, particularly in space manufacturing capabilities and data analysis.
- “The collaboration will focus on three main thematic areas:
- Access to Satellite Data: A key collaboration aspect is ensuring Nigeria has continuous access to crucial satellite data for various developmental processes. This is exemplified by earlier projects like CropWatch, where space-based data has been utilised in a bottom-up approach—from local government to the federal government level—to monitor agricultural progress.
- Constructing a Secure Ground Station: Establishing a secure Ground Station within Nigeria is anticipated to revolutionise the country’s space research capabilities.
- Exchange of Technical Expertise and Equipment: The collaboration will facilitate the exchange of technical expertise and equipment. This knowledge transfer is vital for building local capacity and expertise, ensuring sustainable development in the space sector.”
Zimbabwean energy regulator praises Chinese investments in renewable energy
Xinhua, June 06, 2024
- “Zimbabwe’s energy regulator on Thursday commended the increasing number of Chinese-funded renewable energy projects in the country, saying these have helped stabilize and relieve pressure on the country’s power grid.”
- “Cooperation between China and Zimbabwe in the energy sector is growing, with several Chinese mining companies setting up renewable power plants to guarantee energy supplies to their mining operations.”
- “Noting that there were no obstacles to investing in renewable energy in Zimbabwe, Mazambani said the Chinese investors should take advantage of the country’s renewable energy policy that was launched in 2020 to boost their investments in the sector.”
China envoys deliver Xi’s invite to African leaders for September FOCAC summit
SCMP, June 07, 2024
- “Chinese diplomats are delivering invitation letters to leaders across Africa for the next key diplomatic event between Beijing and the continent, which will take place in September against a backdrop of economic uncertainty.”
- “In a departure from tradition – which dictates that details of major summits are released a few weeks or days in advance – Uganda’s foreign ministry said the ninth Forum on China-Africa Cooperation (FOCAC) will open in Beijing on September 3.”
- “The summit, from September 3-8, will include four simultaneous high-level meetings on different themes as well as a business forum.”
- “Libya, Burundi, the Republic of the Congo and the Democratic Republic of the Congo have also made public their invitations, which were delivered to officials in the latter two countries by Liu Yuxi, China’s special representative on African Affairs.”
- “While Chinese investments might be lower again this year, they are expected to focus on agriculture, industrialisation and adding processing capacity to the continent’s vast minerals extraction sector, observers said.”
Kenya committed to balanced foreign policy amid US-China rivalry — president Ruto
North Africa Post, June 07, 2024
- “We’re neither facing East nor facing West; we’re facing forward,” Kenya’s President William Ruto said during an interview with Al Jazeera, to emphasize Kenya’s strategic approach of maintaining a balanced foreign policy amid escalating geopolitical tensions between Washington and Beijing.”
- “With China trying to gain a foothold in Africa, and with the US looking to reassert itself as a partner of choice, observers say that African countries will have to pick the right partners that will benefit them not only in the short term, but also in the long run.”
- “James Kimonyo, Rwanda’s ambassador to China, said in an interview with South China Morning Post that both Washington and Beijing were important partners for the East African country. “We can’t be bullied, we can’t be forced. We think China is a very good friend of ours and nobody can tell us otherwise,” the diplomat said.”
- “China’s domestic economic problems have opened the door for the United States to change the influence dynamics in Africa if the government is willing to step up to the plate.”
China Hopes U.S. Will Do Something Concrete For Africa’s Development: Spokesperson
Xinhua, June 09, 2024
- “China hopes the United States will contribute real money to and do something concrete for the development and revitalization of Africa, a Chinese foreign ministry spokesperson said on Friday.”
- “Spokesperson Mao Ning made the remarks at a regular press briefing when asked to comment on U.S. President Joe Biden’s negative comments on the Belt and Road Initiative (BRI).”
- “She noted that Belt and Road cooperation has brought tangible benefits to the people of participating countries and has been widely welcomed by the international community.”
- “Thanks to the Belt and Road, many African countries have built their first highways, first sea bridges and first industrial parks, and Africa has seen the construction of its first disease control center with complete facilities, covering the whole continent, she added.”
- “It is easy to criticize others in doing something, but the hard part is doing it better than others,” Mao said.”
El-Sisi at Beijing forum calls for Gaza ceasefire
ARAB NEWS, June 09, 2024
- “President El-Sisi was speaking at the opening session of the 10th ministerial meeting of the China-Arab States Cooperation Forum in Beijing, along with Chinese President Xi Jinping and a number of Arab leaders.”
- “El-Sisi delivered a speech focusing on forging closer cooperation between China and Arab states in light of international developments.”
- “He also highlighted the regional situation, primarily the war in Gaza, calling for an immediate and urgent ceasefire, and the delivery of humanitarian aid and relief to the enclave.”
- “Arab-Chinese political relations “are rooted in a solid foundation of shared values, primarily a mutual commitment to safeguarding the security, stability and interests of their peoples, and firmly rejecting aggression that undermines sovereignty,” he added.
- Close relations between Arab states and China is crucial in promoting international stability and justice, the Egyptian leader said.”
- “The Arab world “appreciates China’s approach and policies on the Palestinian issue, as well as its consistent support for an immediate ceasefire in Gaza and the Palestinians’ legitimate right to establish an independent state,” he added.”
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