South African President Jacob Zuma on Saturday launched a state-owned mining company in a move to ensure greater state involvement in the economically vital sector. Mr. Zuma said the African Exploration Mining and Finance Corporation, currently a subsidiary of the Central Energy Fund, would serve as the state-run mining firm, under which all state interests in mining would be consolidated.…
Mozambique will solicit bids for oil and gas exploration from international firms within the next two years, a senior government official said at the weekend. "Once every two years, we float international tenders to invite foreign firms to come and search for hydrocarbons in Mozambique," Mario Marques, an adviser to the southern African nation's minister of mineral resources told Reuters.…
Trading activities at the Nigerian Stock Exchange (NSE) last week witnessed more negative sentiments as against the mixed outlook recorded in the previous week, as market recorded 1.72 percent decline during the week. The NSE market capitalisation in the week depreciated by N146 billion to close at N8.368 trillion from N8.514 trillion. The All-Share Index also declined by 1.72 percent…
Still smarting from their losses in the wake of the stock market crash in 2008, many local investors are yet to regain confidence in the Nigerian capital market. As a result, foreign investors now account for a larger share of transactions on the Nigerian Stock Exchange (NSE). Interim administrator of the NSE, Emmanuel Ikhazobor, who confirmed this, said the major challenge facing the Nigerian…
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As much as a quarter of Libyan oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil companies to warn of production cuts in Africa's third-largest producer. Austria's OMV said on Wednesday it might be heading for a full production shutdown in Libya. Total, Repsol, Eni, and BASF have also said they are either slowing…
Junior oil and gas explorer, Exile Resources Inc., said it received a formal exploration licence for its project in northeastern Zambia. Exile Resources, which has an investment licence for Block 26, is currently reviewing data and undertaking geochemical surveys to study the potential for oil and gas in Zambia. The Toronto-based company, which is focused on the acquisition and development…
Kenyan agricultural producer, Sasini, faces an uncertain future because of drought and rising oil prices, but plans to diversify its revenue streams to buffer its main business, its head said on Wednesday. Meteorologists have warned the East African nation is likely to have a drought, causing jitters in the agricultural sector. "We have a drought, we do not know how…
The people of the Amazonian region of Ecuador could not have wished for a better Valentine Day's gift as a court there slammed an $8 billion fine on Chevron for heavily polluting the area through serial oil spills. Texaco spewed the spills into the fragile ecosystem between 1964 and 1990. You may be wondering why Chevron should be caught in…
Shell Petroleum Development Company (SPDC) has declined to speak on the progress of the bidding process of its oil blocks that have been offered for sale. Although names of interested companies have already been mentioned in newspapers, local and foreign, the bidding process for the sale of its oil blocks have started, and the planned sale of some oil blocks…
The management of the Nigerian Stock Exchange (NSE), yesterday, reiterated that its current trading platform is functional, against insinuations that it is outdated following the Exchange's move to replace it. Emmanuel Ikazoboh, interim administrator of the NSE, had announced last month that the Exchange's council approved the acquisition of a new trading platform. "An ad-hoc committee of management and council…
South Africa’s economic growth came in higher than expected in the fourth quarter, boosted by stronger growth in the mining and agricultural sectors, according to data released on Tuesday. Statistics South Africa said the economy grew by 4.4 per cent in the fourth quarter on a seasonally adjusted and annualised basis, compared with an upwardly revised 2.7 per cent expansion…
The number of Egyptians with mobile telephones grew to 66.87 million as of November, 25 per cent up from a year earlier, according to figures published on a government website. Egypt is the Arab world’s most populous country, with about 79 million people. In November 2009, Egypt’s three mobile operators - Etisalat Egypt, Mobinil, and Vodafone Egypt - had 53.682…