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Reuters

Struggling miner Avocet plans to voluntarily liquidate

28th June 2019 Gold miner Avocet Mining, which has been plagued by a shortage of cash and feeble production, on Friday said its board has proposed voluntary liquidation and that remaining cash should be used to pay creditors. The company had warned in October that it could be broken up as it continued talks... 

Accident at Glencore mine kills at least 41 in Congo

27th June 2019 At least 41 artisanal miners were killed on Thursday when part of a copper and cobalt mine owned by Glencore collapsed in southeast Congo, the provincial governor said. The accident occurred in the KOV open-pit mine at the Kamoto Copper Company (KCC) concession, in which Glencore subsidiary... 

Peru native groups use new legal strategy to push back on oil, mining plans

27th June 2019 Indigenous groups in Peru are turning to the courts with a new legal strategy for keeping mining and oil projects off their land, racking up victories that could make it harder for companies to secure permits in the major minerals producer. Native communities from the Peruvian Amazon and the... 

Fastjet's hope for profit pinned on Zimbabwe currency – CEO

27th June 2019 Low-cost African airline Fastjet Plc expects to be profitable on an underlying basis in 2019, Chief Executive Officer Nico Bezuidenhout said on Thursday, a year after a cash crunch nearly drove the carrier into administration, The airline, which operates in South Africa, Mozambique and Zimbabwe,... 

Zimbabwe allays fears over gold sales, remittances after currency reform

27th June 2019 Zimbabwe's central bank has reassured gold companies and people receiving money transfers that they will still be able to receive foreign currency in their bank accounts after a ban takes effect in shops. On Monday, Zimbabwe declared its interim RTGS dollar the only legal tender, ending the... 

Airtel Africa to price London listing at bottom of range – bookrunner

27th June 2019 Airtel Africa's planned initial public offering (IPO) on the LSE is expected to price at 80p, the bottom end of its indicated price range, one of the bookrunners handling the sale said. Airtel Africa, a unit of India's Bharti Airtel, last week set a price range of 80p to 100p a share for its IPO,... 

Zambia directs State power firm to take cost-cutting measures

27th June 2019 Zambia's Zesco should freeze staff hiring, merge some of its departments and take other steps to cut costs and make the State power utility more efficient, a government body said. The government said in November it had started implementing measures to transform Zesco, which does not have enough... 

Morocco's Tangier port to become Mediterranean's largest

27th June 2019 Morocco will open new terminals at Tanger Med port on Thursday, allowing it to surpass the Mediterranean's largest ports Algeciras and Valencia in terms of container capacity, and drive more investment and manufacturing to the country. Tanger Med, the biggest port in Africa with an annual volume... 

South Africa records FDI inflows of R11.7bn rand in first quarter

27th June 2019 South Africa's foreign direct investment swung to inflows in the first quarter from outflows in the final quarter of last year as domestic private firms received equity and debt funding from foreign parent companies, the central bank said on Thursday. Foreign direct investment inflows totalled... 

African nations join majority in opposing US blockage at WTO

26th June 2019 African countries have joined the list of nations wanting an end to a US veto on judicial appointments at the World Trade Organization (WTO), a statement showed on Wednesday, meaning a large majority of WTO member States now openly oppose the US position. The US is blocking new appointments... 

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