Africa Brief: Barclays in Egypt, Africa oil and gas, Anglo American, Impala Platinum and more
Barclays to add branches in Egypt
BARCLAYS plans to add branches in Egypt this year as it seeks to expand in that country after rivals from France sold local units. Barclays Bank Egypt will boost its branch network by 10% this year and is preparing to offer Islamic banking services. Barclays Egypt, which started operations in the mid-1800s when the country was under Ottoman rule, controls about 1.2% of the assets of Egypt’s 39 banks, data show. Barclays Egypt makes up about 0.1% of the British bank’s asset base of £1.63-trillion of assets as of June last year, according to calculations based on financial statements. The bank is not planning to issue debt to fund expansion. It also has no plans to sell shares to the public, as the British lender’s units in Kenya and Botswana have done.
For the full story, read Barclays to add branches in Egypt, by Ahmed Namatalla, originally published by Business Day on 02/04/13
Lonrho is excited by Africa’s oil, gas sector
LONRHO was pursuing its plans to grow its footprint in African markets after it completed the restructuring of its core business in 2012. The diversified industrial group, which specialises in agribusiness, infrastructure, hotels and support services among other operations, said it spent the past year aligning its operations with growth opportunities occurring in Africa. Africa’s macro-level growth was widespread, far beyond the oil economies. The continent’s growth is expected to rise from 4.5 percent last year to 4.8 percent in 2013.
For the full story, read Lonrho is excited by Africa’s oil, gas sector, by Nompumelelo Magwaza, originally published by The Star, Business Report on 02/04/13
Anglo American: Pull plug on Mozambique purchase
Anglo American has abandoned a $555 million (R5.1 billion) plan to buy a metallurgical coal project in Mozambique in the latest sign of prudence from major mining firms chastised by investors for excessive spending and poor acquisitions . Anglo said last week that it still aimed to build up a position in the country’s coal region despite pulling this deal.
For the full story, read Anglo American: Pull plug on Mozambique purchase, by Reuters, originally published by The Star, Business Report on 02/04/13
Impala Platinum: Harare’s repossession plan opposed
lmpala Platinum (Implats) said last week that its Zimbabwean unit had launched an objection to Harare’s plans to repossess nearly half of its mining claims. The Zimbabwean government published a notice on March 1 saying that it planned to take away land belonging to Implats unit Zimbabwe Platinum Mines in a move it said would stop mining firms from holding onto claims for speculative reasons. Implats in January agreed to sell a majority stake in Zimplats to local black investors for $971 million (R8.9 billion) to meet black ownership targets set by President Robert Mugabe.
For the full story, read Impala Platinum: Harare’s repossession plan opposed, by Reuters, originally published by The Star, Business Report on 02/04/13
BHP freezes all mining projects
Top global miner BHP Billiton was freezing all its projects in Gabon, mining ministry officials said on Friday, dashing government hopes for sizeable investments in manganese and iron ore production. The company holds licences in the country for the mining of manganese at Mounana and Okondja. Government officials also said BHP signed a contract a year ago for the Belinga iron ore mine.
For the full story, read BHP freezes all mining projects, by Reuters, originally published by Business Report on 02/04/13