Connect with us

VenturesNow

British firm, Moxico Resources to invest $100 million in Zambia mine expansion

Published

on

The United Kingdom Minister for Africa, Vicky Ford, on Wednesday revealed that UK based firm, Britain’s Moxico Resources plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia.

Ford made the revelation visit to Zambia to launch a new investment model, which she said marked a key moment for Britain’s financing of private sector growth and infrastructure across Africa.

“We are committed to support countries that grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socioeconomic development,” Ford said.

Zambia’s official data source announced in March that the Copper production of the country dropped to 800,696 tonnes in 2021 from 837,996 tonnes the year before. The report also shows that Zambia’s cobalt production also dropped to 247 tonnes last year from 316 tonnes a year earlier.

Moxico Resources plc is a private operating, development, and exploration mining company incorporated in the UK. The Company has a prospective portfolio of scalable copper, cobalt, and zinc projects located in Zambia in South-Central Africa. The company holds an 85% ownership in the license holding company and 15% is held by Moxico’s Zambian partners. The mining license was granted in May 2017, with a validity of 25 years.

The Mimbula Copper Project is located in Zambia’s copper belt on the outskirts of Chingola town, more than 400km northwest of Lusaka is expected to create new jobs and increased tax revenues for Zambia’s government.

VenturesNow

World Bank predicts Mozambique economy growing at 5.7% on average

Published

on

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging 5.7% between 2022 and 2024, as a result of demand recovery and economy benefits from the start of liquefied natural gas production this year.

In a report released Thursday, the World Bank said the start of LNG production at the offshore Coral Project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth in the intervening year.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund (IMF) and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board had, in May, approved a $456 million program for the country, the first since the global lender suspended support to Mozambique six years ago.

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

Continue Reading

VenturesNow

Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

Published

on

The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

Continue Reading

EDITOR’S PICK

Politics5 hours ago

What next as Nigeria’s Supreme Court knocks out President Buhari’s suit challenging electoral act?

Nigeria’s highest court, the Supreme Court on Friday knocked out a suit filed by President Muhammad Buhari and his attorney-General, Abubakar Malami, to...

Culture5 hours ago

Senegal: Thousands explorers visit as African arts dazzle at Dakar Biennale 2022

The 2022 edition of the Dakar Biennale, an art festival in Senegal has come to an end after a month...

Politics5 hours ago

Ex-Tunisian PM Jebali arrested on allegations of money laundering

Former Tunisian Prime Minister Hamadi Jebali, who is also senior member of the opposition Ennahdha Party, was on Friday, arrested...

Metro5 hours ago

South Sudan activists fight child marriage where girls are sold for cows

A group of South Sudanese activists have come together to fight against an obnoxious practice where young girls are auctioned...

Politics5 hours ago

Final report on corruption probe on ex-South Africa President Jacob Zuma released

The final report on a corruption probe of the nine year rule of former South Africa President Jacob Zuma has...

VenturesNow6 hours ago

World Bank predicts Mozambique economy growing at 5.7% on average

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging...

Musings From Abroad6 hours ago

US Supreme Court abolishes abortion right after almost 50-year precedence

The US Supreme Court on Friday reversed a nearly half century old constitutional right to abortion. Justice Samuel Alito who wrote for the Majority argued that the 1973 Roe...

Politics8 hours ago

CHOGM: Commonwealth members should decide their structures of government – Prince Charles

As the 2022 edition of the Commonwealth Heads of Government Meeting (CHOGM) continues in Rwanda, heir to the British throne,...

Politics8 hours ago

Congo DR politician, Vital Kamerhe freed of corruption charges after prolonged trial

The former Chief of Staff to Democratic Republic of Congo’s president, Vital Kamerhe, has been freed from corruption charges after...

Politics1 day ago

Tunisia’s new constitution fails to identify Islam as state religion, President Saied says

The new Tunisian Constitution which was commissioned by President Kais Saied to replace the 2014 Constitution does not list Islam...

Trending