Ngozi Okonjo-Iweala: Want to help Africa? Do business here

African Ministers of finance discuss the implementation of CAADP

March 30, (FARA) Addis Ababa, Ethiopia. Meeting of the Committee of Experts of the 5th Joint
Annual Meetings of the AU Conference of Ministers of Economy and Finance and ECA Conference of African Ministers of Finance, Planning and Economic Development. About 50 African ministers of Finance met for a two-day conference whose theme is “Unleashing Africa’s potential as a pole of global growth.”

A report on the implementation of the comprehensive Africa Agriculture Development Programme (CAADP), being reviewed by a committee of African economic, finance and planning experts who met ahead of the ministers, said ministers of finance have a key role in facilitating faster and better implementation of national agriculture and food security investment plans.

Key messages to Ministers of Finance
The report calls on ministers of finance to initiate and facilitate effective spending instruments like public expenditure reviews, effective monitoring and evaluation systems and regular sectoral reviews and dialogue mechanisms for agriculture and related sectors for better results. During budget discussions, emphasis needs to be placed on complementarities of different sectors as the only instrument to determine and allocate sector budgets, says the report. The report says “budget process in countries should be used as instruments for better inter-and-intra sectoral coordination and that during budget discussions, emphasis needs to be placed on complementarities of different sectors as the only instrument to determine and allocate sector budgets.'

Venture Capitalists Seek More Investment in Africa

March 30, 2012 (The Day Live) -- The African Venture Capital Association (AVCA) has said it is working assiduously towards improving the level of investment in the continent.

Michelle Essome

Chief Executive Officer, AVCA, Mitchelle Essome, who said at a media briefing  in Lagos on the association’s forthcoming 9th annual African private equity and venture capital conference titled: “Africa, the Rising Giant,”

emphasised that Africa needed sufficient investment that would propel its growth and also to enable it compete favourable with others continents.

Venture capitalists are firms that invest business ventures by providing capital for start-up or expansion. Venture capitalists are professional investors that manage funds and are looking for suitable investments for such funds.

Essome said that the total value of the venture capital industry in Africa was between $60 and $70 billion.

South Africa: CEOs in Confident Mood

March 30 2012 (allAfrica) -- The CEOs of South Africa's top companies are upbeat about the country's economic prospects, according to the latest  Merchantec CEO Confidence Index, which bucked the downward trend of the previous three quarters to surge by 20% in the first quarter of 2012.

Pravin Gordan

The index, which surveys the views of over 100 of South Africa's top CEOs on local market conditions and the economy going forward, registered its highest score - 65.6 - since its inception in the second quarter of 2009.

According to Merchantec Capital - an independent corporate finance and research company - this suggests that the economic fears which dominated 2011 may be dissipating.

"The European Central Bank's liquidity injection into the Eurozone, as well as continued solid economic data coming out of the US of late, seem to be soothing fears relating to the credit crunch and contributing to growing the sentiment towards stability", Merchantec said in a statement on Wednesday.

Mining confidence surges

"The South African Reserve Bank also appears upbeat on the South African economy, with figures reflecting substantial acceleration in government and household spend."

South Africa's basic materials sector, which includes the mining sector, recorded a 19% increase to a score of 68 on the index, the highest score across any sector.

African leaders urged to promote regional integration, investments

March 29, 2012 (Panapress) -- Participants at the NEPAD Congress in Addis Ababa, Ethiopia, Wednesday have called on African countries to accelerate regional integration, technology, economic progress, peace and mobilize local funds to deepen the gains recorded in the past 10 years.

“We need to adopt the most innovative mechanisms and methods to finance our major programmes. In this regard, I commend the joint work of the AU Commission, NEPAD Agency, UNECA and other partners to undertake a study on domestic resource mobilization for Africa’s development,” Prime Minister of Ethiopia Meles Zenawi said at the occasion.

Participants at the Colloquium and Congress include serving and past heads of state, development partners, the civil society groups, organised private sector and the media.  

RAWLINGS: OVER-RELIANCE ON FOREIGN INVESTMENT MAKES AFRICA VULNERABLE

March 29, 2012 (XfmNewsCenter) -- Ghana’s former President and African Union High Representative for Somalia, Flt Lt Jerry John Rawlings, says the over-reliance on foreign investment by Africa had made it vulnerable to the dictates of the international community.

He said such vulnerability is often to the detriment of African unity and development.

Flt Lt John Jerry Rawlings

In an address delivered at the 10th Anniversary colloquium of the New Partnership for Africa’s Development (NEPAD) in Addis Ababa on Tuesday, President Rawlings said: “While the West is boosting regional integration and supporting each other at a time of global financial crisis, we are still grappling with unifying our continent and protecting each other from globaleconomic challenges.”

President Rawlings said a hugely resourced continent such as Africa should be able to give real stimulus to the African Union and its organs such as NEPAD to implement progressive initiatives that pursue a common African agenda of continental development.

The former President said one of the challenges facing the smooth implementation of NEPAD and other African initiatives is the abuse of leadership by elected officers.

Zuma urges Russia, Brazil to invest in SA

March 29, 2012 (South Africa.info) -- President Jacob Zuma met with the presidents of Russia and Brazil on the margins of the BRICS summit in Delhi, India on Wednesday, urging both countries to become involved in realising South Africa's new infrastructure plan.

The plan, announced during Zuma's State of the Nation address in February, includes geographically focused infrastructure projects cutting across rail, road, water, ports and logistics.

The Presidency said in a statement that, during his talks with Russian President Dmitry Medvedev, Zuma expressed interest in co-operating with Russia on engineering, especially in training

South Africans in Russia.  

President Jacob Zuma

Co-operation in mining

Zuma also discussed possible Russia-South African co-operation in mining, especially on the operation of an iron-ore rail line between

Sishen in the Northern Cape and Saldanha Bay in the Western Cape.  "President Zuma reiterated the commitment he made during his state visit to Russia in August 2010 to strengthen co-operation on mining and mineral resource beneficiation in South Africa and Africa," the Presidency said. The South African government adopted a minerals beneficiation strategy in 2011, and the implementation plans are being finalized for key value chains, including steel, energy, jewellery and platinum group metals.

Boom time for Mozambique, once the basket case of Africa

March 28, 2012 (The Guardian by David Smith) -- The wealth of resources in the southern African country could herald a new era for a people still recovering from 15 years of civil war. 

Goran Tomasevic/Reuters

The shells of stylish colonial-era buildings, like shipwrecks on the ocean floor, still give Maputo a distinct character. But the capital of Mozambiqueno longer feels like an urban museum. Amid the crumbling grandeur rumble cranes and mechanical diggers, carving out a different skyline.

A construction boom is under way here, concrete proof of the economic revolution in Mozambique. Growth hit 7.1% last year, accelerating to 8.1% in the final quarter. The country, riven by civil war for 15 years, is poised to become the world's biggest coal exporter within the next decade, while the recent discovery of two massive gas fields in its waters has turned the region into an energy hotspot, promising a £250bn bonanza.

Work on Africa's biggest wind farm in Kenya to begin

March 28, 2012 (Physorg.com) -- A total of 365 wind turbines will be erected near Lake Turkana, where winds blow predictably and regularly, averaging speeds of 11 metres per second.

After seven years of study and funding negotiations, the 585 million euro ($775 million) project is to take off in June once risk guarantees from the Ida and Miga financial institutions, part of the World Bank Group, are finalised, Carlo Van Wageningen, head of Lake Turkana Wind Power, told AFP.

"All the contracts are in place. We're ready to start" the work once we get these garantees, he said.

The first step will be to improve on or build 204 kilometres (126 miles) of road in northern Kenya for the trucks that will make 12,000 trips to bring in all the materials for the project in the remote, neglected region.

Leveraging Zambia to Do Business in Africa

March 27 (Afribiz) -- Zambia is among the top African countries in which it is easier to do business, according to Greg Marchand, CEO of Gizmos Solutions, an IT consulting and engineering firm in Zambia. It is also expected to be one of the fastest growing countries in the world through 2015. For US firms, there is also the bonus of being able to trade in US dollars.

Greg Marchand

Zambia is a land-locked country with around 13 million people. Being land-locked presents challenges for supply chains, as it can be difficult and costly to get freight into the country. Since supply chains are a critical aspect of doing business, Marchand suggests using supply chains that have been developed by others. “Zambia was a colony of England and there’s still a lot of government, as well as economic ties. South Africa is a huge trading partner; China is a big trading partner; India is a big trading partner,” he says. “So, those supply chains have been more established. The more you shift between two locations, the more efficient you’re going to be. America doesn’t have a lot of trade with Africa right now and the majority of commerce between the United States and Africa is in the oil industry.”

The nature of Zambia’s geographic, but land-locked, location also presents a major opportunity, Marchand says, “We (Zambia) are actually surrounded by eight countries and we have a total of twelve borders to eight countries, which provides us with a unique opportunity to be a trade hub – for people to bring their products in and maybe add some value.”

Delta Air Lines: Exploring Africa’s Air Transport Market

March 27, 2012 (This Day Live) -- Africa and Middle East are dubbed the regions with the fastest growing air transport market in the world. This is an incentive for world mega carriers to jostle to become top players in these regions. For US major carrier, Delta Air Lines, which wants to be a top player in the African continent, it is not all about ferrying passengers across the globe, but showing commitment to this growing market.Chinedu Eze reports.

US major carrier Delta Air Lines has operated in Africa for six years. In those  six years,  it has invested in Senegal, Ghana and in Nigeria.  Also  during the period,   it has signed code share agreement with two indigenous airlines.

This is different from what obtains with other world carriers that operate into Africa. Some of them have been operating into the continent for over sixty years without investing a dime in any country in the continent.

As the Director General of the Nigeria Civil Aviation Authority (NCAA), Dr Harold Demuren, said recently that Nigeria is open for exploration but not for exploitation and slammed those airlines which come to rip off Nigerian passengers through inflated illegal fuel surcharge.

Delta Air Lines said that it believes in building partnerships and it has shown that in the countries it is operating in the African continent.

China mine hunt turns to Africa, S.America, Asia

March 27, 2012 (Reuters) -- Chinese firms are on the prowl for mining investments in Africa, South America and central Asia as they look to feed ever expanding domestic demand for key commodities, but are switching away from Australia and Canada, which are getting too expensive.

Iron ore and copper have been the hot targets over the past few years, but more recently, China Guangdong Nuclear Power Corp has gone after uranium in Africa, and firms are now seeking gold, nickel, tin and coking coal, too.

They used to prefer Australia and Canada for their political stability, but state-owned and private Chinese investors say assets in those countries are becoming too expensive.

"Those traditional markets that are developed, while being more stable - the likes of Australia and Canada - the competition to gain good resources is actually very, very intense," said Leong Eng Kiat, Managing Director of CCB International Capital.

"Because of that, the prices tend to be bid up. So Chinese investors are looking outside of these countries and going into emerging markets - the likes of Africa, Latin America, central Asia."

Long project approval processes have also put off some Chinese investors, spurring the search for assets in emerging markets instead.

Africa needs more catalysts

March 27, 2012 (Morocco World News)-- Developing people that are willing to take entrepreneurial risks and become a pole for economic development in Africa is a prerequisite for the continent to unleash its full potential.

In a paper prepared for the African Finance and Economic Development Ministers meeting in Addis Ababa in Ethiopia, taking place from 26 to 27 March 2012, the President of African Monitor, Archbishop Njongonkulu Ndungane, says that much effort and resources have been put into skills development through education and vocational training.

“But that would be worth nothing if the knowledge and skills are not tapped into and the people are not connected to opportunities.”

Building the capacities and capabilities of grassroots communities to be meaningfully involved in the economy, however, was an investment in the future of the continent.       

Africa: Ganzouri - Nation Keen On Offering Its Expertise to All African Oil Producing Countries

March 27, 2012 (allAfrica) Ministers of the African Petroleum Producers Association (APPA) approved in their meeting Thursday 22/03/2012 in Cairo the initiative of Cairo on the establishment of African Petroleum Institute to be based in Cairo and that they endorsed the work plan of the association during the coming five years, and endorsed as well the budget of the association for the fiscal year 2012/2013.

They also decided to set a fund for APPA and discussed projects to be financed by the fund.

Prime Minister Kamal Al Ganzouri

Prime Minister Kamal Al Ganzouri said in his inaugural speech that Egypt is most keen for supporting cooperation and integration by all African countries producing oil and that Egypt is ready to offer its expertise in carrying out energy and oil projects as well as the manufacture of related equipment.

Egypt is ready to provide training courses for workers of the field. In his speech read out by Minister of Petroleum and Mineral Wealth Eng. Abdullah Ghorab, Ganzouri added that Egypt seeks to broaden the base of cooperation among oil producer countries.

Ghorab who is the present president of the APPA said the conferences discussed Egypt's proposal to set up a joint investment firm by the African states producing oil.

The holding of the conference is coincided with celebrations marking 25 years of the establishment of this association.

A fresh start: fixing the transportation sector in Nigeria

March 23, 2012 (Frontier Market Intelligence) The private sector holds the key to fixing Nigeria’s transportation sector. The federal government has chosen concessions, leases and partnerships between government and operators and outright privatization – as the means to resolve the chronic shortcomings of this most vital sector of the economy.  

Two factors militate against the wholesale privatization of every aspect of the transport system. There are parts of the structure that are simply unattractive to investors and there is a political dimension: resistance to the sale of infrastructure that is seen as a national asset. 

This political dynamic influenced the unbundling of the railways but on the whole the federal government has vigorously pursued the opening up of the transportation sector to private enterprise.

Veep advises West African countries to utilise energy opportunities

March 23, 2012 (SPY Ghana) Accra, - Vice President John Dramani Mahama on Wednesday appealed to West African countries to make judicious use of all power generating activities that could help sustain their industrial pursuit.

He said good management of oil and gas for both domestic and commercial utilisation could also encourage investors to establish industries and other commercial institutions.

Vice Persident Mahama, Ghana

Vice President Mahama said it is difficult for West Africa to step up production levels to create jobs and alleviate poverty without sufficient energy to sustain the business entities.

He made the appeal when he launched a two-day West African Gas Stakeholders Forum in Accra.

The Forum being attended by participants from Togo, Nigeria, Benin, Niger, Burkina Faso, Ivory Coast among other countries would discuss energy needs, existing and projected gas requirement, domestic and gas market and policy development in the West African Sub-Region.

It was organised by the World Bank, West African Gas Pipe-line Company in collaboration with ECOWAS, West African Gas Pipeline Authority and the Volta River Authority.

Vice President Mahama said although the West African Pipe line Gas Company had been erratic and disappointing of late, there was the need to increase the output to ensure regular supply to the sub-region for both domestic and industrialisation consumption.

He said Ghana for the past month had to resort to power rationing due to power shortage at the Asogli Gas Plant leaving a deficit of 200,000 megawatts and gave the assurance that government would put up measures that would curb the perennial power shortages.

Zimbabwe: Peace - Key to Investment

March 23, 2012 (All Africa) -- President Tsvangirai has said that peace in Zimbabwe and Africa is a key factor for investment and it is the reason why policy consistency and stability are vital in luring investment.

President Tsvangirai

The President who is also Zimbabwe's Prime Minister said this while delivering a keynote addressing at the Times CEO Summit Africa in London, the UK. "Only a legitimately elected government, and not an uneasy coalition, can develop and implement a common vision and programmes that will deal with the massive unemployment and poverty that Zimbabwe currently faces," President Tsvangirai said.

He said Zimbabwe required a break from the past and should have a clear programme underpinned by political and economic reforms, a commitment to the rule of law and respect for property rights.

"The immediate challenge for any new government in Zimbabwe would be creating peace and stability and embarking on an aggressive programme of infrastructure rehabilitation, resuscitation of our manufacturing potential and increasing our mining and agricultural productivity," President Tsvangirai.

Who Will Be Africa's Brazil?

March 23, 2012 (Huff Post World Blog by Marcelo Giugale, World Bank ) -- Travel around Africa these days and you'll feel a sense of expectation, a sense that prosperity is just around the corner. High prices for -- and new discoveries of -- oil, gas and minerals are turning much of the continent into one giant boom town. Investors are snapping up assets with gusto, from exploration rights to real estate. Financiers are rushing to open offices in cities where their Blackberries do not work yet. The Diasporas worry about their savings -- their dollars and Euros are losing buying power back home. And old colonial masters like Britain and France vie for strategic space with new entrants like China and India. Behind the euphoria, sensible government officials look for ways to turn the bonanza into lasting development. They scan the world for a country that could serve as a "model" of success, as a user's manual for their own decisions. In that search, nobody commands more respect than Brazil -- a vast country that, in about one generation, harnessed its natural wealth into a diversified economy with growing social inclusion and a role in global leadership.

Will there ever be an "African Brazil"? Who will that be? Angola? Congo? Ethiopia? Nigeria? South Africa? Flip that question: what will it take for an African country to become a new Brazil? A lot. First, it will take governments that do not spend or borrow too much, and independent central banks that keep inflation low. That is, the first order of business is a stable "macroeconomic framework." Brazil managed to do that, but only after decades of rampant inflation and financial crises. Many African countries are making progress in that direction, but none is quite there.

Kinshasa Conference Calls for Strengthening Management of Resource Wealth To Promote Inclusive Growth and Higher Living Standards

March 22, 2012/African Press Organization (APO) KINSHASA, Dem. Rep. of Congo (DRC) -- A conference on the “Management of Natural Resources in Sub-Saharan Africa,” co-hosted by the Government of the Democratic Republic of Congo and the International Monetary Fund (IMF) in Kinshasa on March 21–22, 2012, underlined the importance of strengthening the management of natural resource wealth to promote more rapid, sustainable, and inclusive economic growth in the continent.

At the conclusion of the conference, Mr. Matata Ponyo Mapon, Minister of Finance of the Democratic Republic of Congo stated: “Good management of natural resources in Africa is of vital importance for ensuring that this endowment benefits all Africans. The government of the Democratic of Congo is strongly committed to improving the management of its natural resources.”

In turn, Ms. Antoinette M. Sayeh, Director of the IMF’s African Department, said “The Kinshasa Conference marked an important step toward strengthening the capacity of countries in Sub-Saharan Africa to harness their natural resource wealth for sustained and more inclusive economic growth.”

Participants in the conference, including government officials from over 20 African countries, leading academic experts, the private sector, and CSOs, shared their experience and combined knowledge on ways to turn the substantial revenue generated by natural resources wealth into greater economic welfare.

Africa: Better Resource Allocation With Customised Computer Models

March 22, 2012 (All Africa) -- Mathematical models developed in the United States could help developing countries better allocate their limited health resources and improve the provision of life-saving technologies and disaster relief.

Julie Swan 

Case studies of the computer models, which were designed at the Georgia Institute of Technology, were presented at the annual meeting of the American Association for the Advancement of Science (AAAS) in Vancouver, Canada last month (19 February).

Julie Swann, associate professor at the institute's H. Milton Stewart School of Industrial and Systems Engineering, said the models were intended for decision-makers - including local governments, non-governmental organisations (NGOs) and agencies such as the World Health Organisation (WHO).

Zambia: Indian Direct Investments Hit U.S.$3 Billion

March 22, 2012 (All Africa) -- INDIAN foreign direct investment (FDI) into Zambia has reached more than US$3 billion in the last two years due to sound macro-economic policies in the southern African country.

Indian Business Council of Zambia (IBCZ) executive secretary Sanjai Chaturvedi said various Indian investors had invested into Zambia more than $3 billion in the last two years.

Mr Chaturvedi said most of the investments were drawn mainly from the mining sector with Vedanta singly investing more than $2.6 billion.

Taurian Manganese Limited invested $10 million in 2010 and plans to invest another $250 million in the construction of a manganese processing plant in Serenje District.

Potential Energy: Tapping Africa's Renewable Resources

March 21, 2012 ( Think Africa Press by Lord Aikins Adusei ) -- Historically oil, gas and coal have been the mainstay of the economies of Europe, the US, Japan and other members of Organisation of Economic Cooperation and Development (OECD). These energy resources, particularly oil, enabled them to reach and maintain their current levels of development and lifestyle. Many countries wishing to transform their economies and societies have tended to follow the line of fossil fuels.

Victoria Falls

However, many energy economists agree that the current oil-driven development is unsustainable due to several factors including dwindling global reserves, the impact of fossil fuel consumption on the planet, and the costs and security associated with the production and transportation of fossil energy.

Is East Africa the ‘New Frontier’ for Oil and Gas Exploration?

March 21, 2012 (AfriBiz by Katharine Dennys ) -- One conclusion drawn from the annual ‘Africa Oil Week’, held in Cape Town, South Africa, between 31 October and 4 November 2011, was that the East African region holds great potential for investment opportunities within the oil and gas sector. The beleaguered East African region has been plagued by on-going political unrest and widespread violence, which have hindered the development of a productive oil and gas sector. This has resulted in a decreased risk appetite amongst foreign investors.

This discussion paper will address the evidence that has surfaced which suggests that this trend is reversing, and that the East African region is experiencing significant growth in investment from foreign companies keen to profit from the area’s potential. This shift has led to the portrayal of the region as the ‘new frontier’ of oil and gas opportunities.(2) The question remains, however, whether the East African region, in spite of its volatile security environment, has the potential to live up to this image in 2012. If it can surmount certain obstacles, East Africa could become a major global focus for the oil and gas sector, with major consequences for the region.

The risks and obstacles of investing in East Africa

The idea that East Africa presents itself as the ‘new frontier’ for oil and gas opportunities stems from the fact that currently little is known about the geography of the area, with a lack of seismic data and geological knowledge, compared to the much greater explored West Africa. Executive Chairman of Britain’s Cove group, Michael Blaha, has stated that there have only been 500 oil wells drilled in East Africa, compared with 15,000 in the established hydrocarbon province of West Africa, and 20,000 in North and Central Africa.(3) Due to this current under-exploration, the East African region accounts for a mere 1.5% of oil wells drilled on the African continent as a whole.(4)

Nigeria: Trade with Brazil Hits U.S.$6 Billion

March 21, 2012 (All Africa) Lagos -- Trade between Nigeria and Brazil has reached $6 billion, according to the Ambassador of Nigeria to Brazil, Mr. Vincent Okoedion Okoedion.

Ambassador Okoedion

He said this during an investment forum in Sao Paulo, Brazil yesterday. Although the trade was in favour of Nigeria, it was basically from oil export as Nigeria remained the biggest exporter of oil to Brazil, a statement from the ministry of Trade and investment said.

"We want to see the trade diversified to non-oil products and that is why the government is doing all it can in that regard," he said.

The envoy said in Africa, Nigeria is the biggest exporter to Brazil. We are Brazil's most important trading partner. "And we can be Brazil's most important destination of investment in Africa," the ambassador said.

Tanzania Plans State-Run Board to Handle Mining-Permit Requests

March 21, 2012 (Bloomberg news by David Malingha Doya) -- Tanzania may “soon” appoint a state-run board to handle mining permits including a backlog of applications from companies including African Eagle Resources Plc (AFE) and Uranium One Inc. (UUU), said a senior government official.

Tanzanian lawmakers changed the way the mining industry is managed in 2010 by passing a law that raised the royalty paid on minerals to 4 percent, from 3 percent, and gave the government shareholding rights in future projects. Tanzania vies with Mali to be Africa’s third-largest gold producer, after South Africa and Ghana. It also has the world’s only known tanzanite deposit at the foot of Mount Kilimanjaro, Africa’s tallest peak.

Former British Prime Minister, Tony Blair speaks exclusively to CNN atThe Times CEO Africa Summit

March 20, 2012, (CNN)

Q: What does the Arab Spring mean to the continent of Africa?

TONY BLAIR, FORMER BRITISH PRIME MINISTER: I think Sub-Saharan Africa, in a curious way, has been ahead of North Africa. In other words, Sub-Saharan Africa has been experiencing a big uplift in number of democracies and proper democratic elections, and so this is one situation in which, although North Africa has always been thought of as far wealthier than Sub-Saharan Africa, actually, I think North Africa could learn something from the democratic experiments in Sub-Saharan Africa.

Tony Blair, Former British Prme Minister

Q: What can be done to improve infrastructure projects in Africa?

 BLAIR:  Foreign direct investment is now bigger than aid in Africa, and it’s risen six-fold in the last ten years.  But, you’re absolutely right: you still need a huge amount to be done on infrastructure and on governments.  On governments what you need is predictable rules, for the investment.  And on infrastructure, I would focus on power, electricity and roads.

And I think it is possible to put together the right package of outside and inside investment in order to get this done.  And you know, you see infrastructure happening across Africa today in a way it really wasn’t ten years ago.  But we need to – again, to move it far faster.

South African banks engaged to fund Liberia’s first commercial gold mine

March 20, 2012 ( mining Weekly) -- South African banks are being engaged for the raising of $113-million to fund Liberia’s first commercial gold mine.

Financing for construction is expected to be completed by October and civil construction is expected to begin in the fourth quarter of this year, Aureus Mining CEO David Reading tells Mining Weekly Online.

Aureus’ New Liberty project has good grade and short payback, which is why banks are reportedly showing interest.

“Our focus is to fund the mine build with debt and other instruments,” says Reading, who co-discovered Randgold Resources’ company-making Morila gold mine in Mali in the Nineties with Randgold Resources' high-flier Dr Mark Bristow.

Sudan eyes up to $1.5bn with pipeline-backed sukuk

March 20, 2012 (TradeArabia News Service ) -- Sudan aims to raise $1 billion to $1.5 billion this year with Islamic "sukuk" bonds that offer stakes in an oil pipeline, a move the African country hopes will draw more Gulf Arab investment to its debt market, a senior official said on Monday.     

Sudan Financial Services Company, which issues Islamic bonds on behalf of the government, wants to offer the dollar-denominated sukuk within two months, General Manager Azhari Eltayeb Elfaki told Reuters.     

The debt agency is also preparing to issue sukuk that will be repaid with profits from gold exports and which investors will be able to buy in foreign or local currency, he said.     

Sudan lost about three quarters of its oil output when South Sudan seceded in July, aggravating a foreign currency shortage, budget gap and high inflation in the north.     

Depreciation of the Sudanese pound on the black market has dampened demand for debt denominated in local currency, raising the appeal of debt issued in foreign currencies.     

Zimbabwe Invites Indian Firms for Investment

March 19, 2012 ( RAPAPOR) -- Zimbabwe invited Indian companies to explore new business opportunities in the country’s diverse sectors such as mining, diamond cutting and polishing, power generation, telecom and tourism.

Zimbabwe has adopted what it calls a competitive business environment in the country through the ''Medium Term Plan'' launched in 2011 and now as the country aims for double-digit gross domestic product (GDP) growth by 2015, many business sectors will offer attractive investment opportunities, Joice Mujuru, the vice president of Zimbabwe, said in her address at the eighth CII-EXIM Bank Conclave on India-Africa Project Partnership in New Delhi on Sunday.

Africa: Congo's Legislators Should Enact Sweeping Reforms to the Country's Natural Resources Sector

March 19, 2012 (All Africa) -- The recently-elected parliament of the Democratic Republic of Congo, and the new government, should make wide-ranging changes to how mineral, oil and forest resources are managed, said Global Witness in a new briefing published today.

The briefing, Agenda for Reform 2012, highlights concerns over how Congo's mining, hydrocarbons and logging sectors are managed and provides recommendations that would help ensure the resources are used for the benefit of the people, rather than being lost to corruption or mismanagement.

"Congo's political leaders have enormous resources at their disposal that could improve the country's living standards in a way that preserves the environment for future generations," said Gavin Hayman, Global Witness Campaigns Director. "The constitutional right of Congolese to fairly benefit from this natural wealth should be the priority for the returning President, Joseph Kabila, his government and the country's parliamentarians."

South Africa’s Port of Ngqura to quadruple its capacity in 10 years

March 19, 2012 (Port technology International) -- Transnet to provide R10bn of funding to increase Ngqura's capacity to 2 million TEU

Port of Nggura, South Africa

Transnet, South Africa’s state-owned freight and logistics company, will invest up to R10bn in Ngqura Port over the next decade to increase its capacity from 500,000 TEU to 2 million TEU, in a bid to provide a solution to Africa's long-time shortage of container capacity.

The port, a green fields project, has been in construction for the past 12 years, with Transnet already investing over R10 billion in the development of the facility.

The additional R10bn of investment will help in the build of two more berths at the port's container terminal, a Liquefied Natural Gas (LNG) facility as well as a bulk and break-bulk berth. In addition, Transnet will also relocate its manganese export facility to the port from its current location in the Port Elizabeth harbor.

The first two container berths at the Ngqura Container Terminal have been in operation for the last two years.

Dr Jacob Zuma, the President of South Africa, officially opened the new deep water Port of Ngqura just outside Port Elizabeth, in the Eastern Cape, on Friday.

Speaking at Friday's opening, President Zuma said the Ngqura Trade Port would boost South Africa's trade with other countries in the region while supporting the government's long-term economic development plan.

“The planning of the Ngqura has been integrated with that of the Coega Industrial Development Zone, and this will ensure increased benefits for the province and business,” said Zuma.

“It has also made it possible for the province to participate in the country's minerals sector.”

The port currently employs 600 people and this number is expected to grow to just under 1000 during the next financial year.

Zimbabwe gov’t poised to nationalize platinum mine

Saviour Kasukuwere 

March 16, 2012 ( Associated Press by Gillian Gotora)  -- Zimbabwe - Zimbabwe’s Minister of Youth Development, Indigenisation and Empowerment said he will proceed with a takeover of the country’s biggest platinum mine if the South African owners don’t comply with orders to hand over more stakes in the company to Blacks.

Minister Saviour Kasukuwere said Feb. 28 there is “no compromise” over the eventual handover of 51 percent of the company’s stock as is required by “indigenization” laws.

Last year, Zimplats became the first foreign-owned company to cede 10 percent of its holdings to a local community trust. Zimbabwe has ordered the company to hand over another 30 percent by mid-March. South African-based Implats owns 87 percent of existing shares in Zimplats.

Zimbabwe and South Africa are the world’s largest suppliers of platinum, a corrosion-resistant metal with a wide range of industrial uses that is priced higher than gold.

Mr. Kasukuwere told The Associated Press that a proposed visit by Implats’ chief executive to discuss the matter would not change the government’s decision.

Sino-African cooperation to grow

March 16, 2011 (China Daily by Wang Xiaotian) Standard Bank predicts relationship will become closer over this decade

Standard Bank Group Ltd, Africa's biggest lender by assets, said on Thursday that China and Africa will experience a "honeymoon" period during the next 10 years in terms of investment,and their areas of cooperation will be extended.

"From my perspective I see Sino-African cooperation moving beyond political expediency to apoint where it will be driven by 'Africa needing China and China needing Africa' - a good basison which to build trust and expand cooperation," said Craig Bond, chief executive of the bank's operations in China.

Environment report calls for better management of natural resources

March 16, 2012 (African Young Voices by Bampia Bundu ) -- A scoping report on strategic environmental impact assessment has urged government to initiate measures for the better management of our natural resources as Sierra Leone looks forward to produce oil.

President, Dr. Ernest Bai Koroma

The report, which was launched at the British Council Auditorium, Freetown, on 13th March 2012, is in response to recommendations made at the recently concluded national Conference on Development and Transformation held in Freetown.

His Excellency the President, Dr. Ernest Bai Koroma, who officially launched the report, described it as a document that would help stakeholders to know the essence of the environmental impact assessment in the mining areas. He assured that his government was committed to ensuring that the process came out successfully, and he urged all relevant stakeholders to come on board to guarantee that the report was adequately discussed.