Africa brief: aviation

Africa Brief: Uganda’s oil, Ghana’s inflation, Nigeria’s forex reserves, and more

Uganda: 13 Oil blocks to be auctioned

Uganda will auction 13 blocks for oil and gas exploration when a new bill governing the petroleum sector is signed into law by the President Yoweni Museveni.

For the full story, read Uganda: 13 Oil blocks to be auctioned by Reuters, published in The Star, Business Report on 24/01/2013.

Ghana: Gold surge lifts producer price

Ghana’s producer price inflation rose in December to 17.1% from 15.8% in November, due to increasing gold prices.

For the full story, read Ghana: Gold surge lifts producer prices by Reuters, published in The Star, Business Report on 24/01/2013.

Nigeria: Forex reserves increase by 33%

Nigeria’s foreign exchange reserves rose to their highest level in more than three and a half years. The central bank figures showed that it increased by 33.27% year on year. The increase in reserves is due to the increase in crude oil and gas exports.

For the full story, read Nigeria: Forex reserves increase by 33% by Reuters, published in The Star, Business Report on 24/01/2013.

Zimbabwe gold production defies investor fears

Despite the intensification of Zimbabwe’s “indigenisation” programme, gold production in the country continues grows with the latest figures from the Zimbabwe Chamber of Mines indicating a 13% increase last year. The programme compels foreign-owned companies to hand over a 51% controlling stake to indigenous Zimbabweans; this it was feared would hinder investment in mining and other sectors.

Analysts attribute this to uncertainty over the empowerment law as some miners halted their capital expansion projects. “Many mining companies have adopted a wait-and-see approach when it comes to expansion programmes, “said Zimbabwe National Chamber of commerce economist Kipson Gundani.

The country’s top gold mining companies have recorded increased production. These miners include Metallon Gold, Duration Gold Zimbabwe, Blanket Mine and New Dawn Corporation. Small-scale miners are said to be contributing significantly to gold output, with some financial institutions coming up with funding facilities to assist them.

New Dawn Corporation said it intended investing $37m in the next four years to ramp up production. New Dawn’s mines are Turk, Angelus, Old Nic and Camper-down. Its portfolio, through its Falcon Gold Zimbabwe subsidiary, also owns 84.7% of the Dalny, Golden Quarry and Venice mines.

Meanwhile, Duration Gold, which owns one of the country’s oldest gold mines Vumbachikwe in Gwanda, is understood to be on the verge of complying with the 51% indigenisation law. The Zimbabwe Chamber of Mines said the gold mining sector required about $lbn worth of investments to achieve a target of 50,000kg gold production over a five-year period.

For the full story, read Zimbabwe gold production defies investor fears by Ray Ndlovu, published in Business Day on 25/01/2013.

Nigeria: Forex reserves increase by 33%

Nigeria’s foreign exchange reserves rose to their highest level in more than three and a half years. The central bank figures showed that it increased by 33.27% year on year. The increase in reserves is due to the increase in crude oil and gas exports.

For the full story, read Nigeria: Forex reserves increase by 33% by Reuters, published in The Star, Business Report on 25/01/2013.

David Okwara

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