Inspiring Leadership & Sustainable Business Transformation in Africa
SOUTH AFRICA – Pan African Resources PLC, a mid-tier African-focused gold producer, has announced that it has concluded its acquisition of Mogale Gold Pty Ltd and Mintails’ SA Soweto Cluster Pty Ltd. The Rosebank-headquartered gold producer entered into agreements to buy these mines from Mintails Mining SA Pty Ltd for ZAR50.0 million (US$2.8m), in November 2020. Mintails Mining SA, which…
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TANZANIA – The World Bank approved additional financing of US$335 million to support Tanzania’s efforts to scale up grid extension and grid densification, following the country’s achievement as one of the fastest electricity access expansion rates in Sub-Saharan Africa over the past decade. The new International Development Association (IDA) credit to the Tanzania Rural Electrification Expansion Program (TREEP) will facilitate…
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SOUTH AFRICA – Royal Dutch Shell, a multinational oil & gas company is set to purchase African solar provider, Daystar Power, as it expands its global renewables footprint and seeks to work towards its carbon emission reduction policy. Shell is one of the most influential oil producers in Africa, but the Daystar purchase is its first power acquisition on the…
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NAMIBIA – Reconnaissance Energy Africa (ReconAfrica), a Canadian oil and gas company, has announced that it has entered into a definitive purchase and sale agreement with its partner, Namcor Exploration and Production (NAMCOR). The partnership is to acquire half of NAMCOR’s 10% carried participating interest in the approximate 6.3 million acres petroleum exploration licence (PEL 73) in the Kavango basin,…
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AFRICA – ECOWAS, the Federal Republic of Nigeria and the Kingdom of Morocco have signed a Memorandum of Understanding (MoU) for a gas pipeline project. According to a published joint communique, the Memorandum of Understanding attests to the commitment of ECOWAS and all the countries crossed by the gas pipeline, to contribute to the feasibility and technical studies, the mobilisation…
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AFRICA – Diversified miner Anglo American has issued its first sustainability-linked bond, including performance targets to reduce greenhouse gas emissions and freshwater abstraction, and to support job creation in host communities. This €745 million (US$743.77m) bond is the first instrument issued following the publication of Anglo American’s Sustainability Financing Framework and bond investors will be entitled to a higher final…
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KENYA – Kenya Electricity Generating Company (KenGen), the largest producer of geothermal energy in East Africa, has signed a partnership with Japan’s Toshiba Energy Systems & Solutions Corporation (Toshiba ESS). The two companies will exploit geothermal energy in several countries. With 799 MWe in operation, Kenya Electricity Generating Company (KenGen) is the leading producer of geothermal energy in Africa. Although…
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ZIMBABWE – Invictus Energy, an independent upstream oil and gas company, expects to start drilling its first exploration well for oil and gas in the northern part of Zimbabwe. The first well, Mukuyu-1, situated in the Muzarabani-Mbire area, will be 3.5 kilometres (km) deep at a cost of US$16 million, said Paul Chimbodza, managing director of the Australian company’s local…
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GHANA – The Government of Ghana has signed a Memorandum of Understanding (MoU) with the African Trade Insurance Agency (ATI) for the rollout of the Regional Liquidity Support Facility (RLSF) within the country. The MoU is in line with the government’s mission to promote access to reliable, clean, and affordable electricity. RLSF, a joint initiative of ATI, the KfW Development…
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MALAWI – The Government of Malawi (GOM), IFC, Scatec and EDF have signed a binding commercial agreement to undertake the co-development of the Mpatamanga hydropower project. The agreement, signed under Malawi’s Public-Private Partnership framework, concludes the selection process undertaken by the Government of Malawi to competitively select a private sector partner to finance, build, and operate the Mpatamanga hydropower plant.…
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