Africa Brief: Zambia considers external auctions of emeralds, Nigeria pipeline repairs and more…
Zambia considers ‘external’ auctions of emeralds
Zambia, the third-biggest emerald producer, will decide this week if it will allow stones mined in the country to be auctioned abroad, said Mines, Energy and Water Development Minister Christopher Yaluma. The government would base its decision on the success of an auction under way in the capital, Lusaka, by Gemfields’s local unit, he said in an interview yesterday at the sale.
For the full story, read Zambia considers ‘external’ auctions of emeralds by Matthew Hill, published by Business Day on 16/07/13
Business Connexion: Arinso joint venture targets Africa
The Competition Commission had unconditionally approved the joint venture between NorthgateArinso and Business Connexion, the latter firm said on 16 July 2013. NorthgateArinso’s local subsidiary, Arinso South Africa, has acquired Business Connexion’s QData Dynamique (QDD) business, which offers human capital management technology In exchange, Business Connexion will receive 50 percent of the share capital in Arinso SA. The merged company, comprising ODD and Arinso SA, will be called NGA Africa and will service businesses across Africa.
Excerpt from Business Connexion: Arinso joint venture targets Africa by Asha Speckman, published by The Star, Business Report on 17/07/13
Gigaba calls for new investors
Africa should not sell its soul while seeking new investors for growth, Public Enterprises Minister Malusi Gigaba said in Sandton yesterday. Speaking at the Infrastructure Africa Conference, Gigaba said African countries were making great economic strides despite global problems, with overall growth for the continent projected at an unprecedented 6 percent a year.The two drivers for growth were commodity exports and the expansion of the middle class. This was, however, not sustainable without investment in the development of manufacturing and infrastructure.
Excerpt from Gigaba calls for new investors by Sapa, published by The Star, Business Report on 17/07/13
Nigeria: Pipeline repairs lift state income
The Nigerian government’s revenue rose 46 percent last month to 863 billion naira (R52.9bn) after sabotaged oil pipelines were repaired, the accountant-general said yesterday. The figures were an indication of the damage that rampant oil theft can do to the government’s fiscal position in the short term. Accountant-general Jonah Otunla said the higher revenues were due to an increase in crude oil production after repairs to pipelines in some terminals. He did not say which ones. Revenue in May was 590.8 billion naira, partly due to theft and vandalism, Otunla said. Last month’s improved take was also buoyed by a rise in non-oil revenues.
Excerpt from Nigeria: Pipeline repairs lift state income by Reuters, published by The Star, Business Report on 17/07/13
Equatorial pushes ahead with Congo iron-ore project
Australia’s Equatorial Resources will start talking to potential strategic partners and financiers for its iron-ore project in the Republic of Congo after completing a study into developing a mine there. The Mayoko-Moussondji project, which will start with output of 500,000 tonnes of fine iron ore and ramp up to 2-million tonnes annually in two years, is next to Exxaro Resources’ Mayoko-Lekoumou mine. Equatorial and Exxaro, the latter a large, diversified South African mining company, have already outlined areas of collaboration. Exxaro will commission its project this year. It will deliver 2-million tonnes a year of fine and lumpy ore. Exxaro would like to grow the project to 10-million tonnes from 2016.
For the full story, read Equatorial pushes ahead with Congo iron-ore project by Allan Seccombe, published by Business Day on 17/07/13
Gigaba urges caution on China in Africa
Public Enterprises Minister Malusi Gigaba has called for greater scrutiny of funding that comes from Brics countries such as China when it comes to infrastructure investment on the continent. Mr Gigaba’s warning echoes that from other African leaders such as Nigeria’s central banker, Lamido Sanusi, who voiced his concern about China’s rising prominence on the continent, calling it a new form of “imperialism”.
For the full story, read Gigaba urges caution on China in Africa by Nicky Smith, published by Business Day on 17/07/13
About David Okwara
Africa, Africa brief, African countries, Arinso SA, businesses, capital, capital management, Christopher Yaluma, continent, development, economic, emeralds, energy, external auctions, global, government, growth, infrastructure, investment, Investors, Jonah Otunla, Lusaka, Malusi Gigaba, manufacturing, mines, NGA, Nigeria, Northgate Arinso and Business Connexion, Republic Of Congo, South Africa, success, technology, water, Zambia