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Uganda looking for mining investors as price of Copper hits record high

Published

3 years ago

April 13, 2022

The Ministry of Finance and Mining Uganda said on Tuesday that it was inviting investors who are interested in mining within and outside the county to revive a vast copper mine in the country’s west that also holds significant cobalt deposits.

The ministry made the disclosure in a joint statement, noting that the government was open to partnership with the private sector to revive mining.

“We have invited companies to express their interest in partnering with the government through a mineral production sharing agreement,”

“The redevelopment of Kilembe Mines will have a catalytic effect of facilitating industrialization, offer significant employment opportunities and increase revenue.”

The Kilembe Mines is Uganda’s largest copper mine, with estimated deposits of copper in excess of 4,000,000 tonnes and an undetermined amount of cobalt ore. In addition, there are approximately 2,800 acres (1,100 ha), of unexplored acreage at the site.

Since the beginning of 2022, the price of Copper has hit a record height and Ugandan President Yoweri Museveni is eager to expand the exploration of the country’s mineral wealth – which includes gold, base metals, uranium, rare piles of earth, iron, titanium, vermiculite, and diamonds – to help boost growth.

The mine began operations in 1950 and there are an estimated four million tonnes of copper ore beneath the mountains of Kilembe, located about 380 kilometers southwest of Kampala. The firm however collapsed in 1982 as the Ugandans who were put in charge of the new parastatal, Kilembe Mines Ltd, did not have the required expertise to run it.

Related Topics:copper Featured Kilembe mine Uganda

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VenturesNow

3 years after, Nigeria’s Belemaoil restarts Oil Lease 55

Published

4 hours ago

October 15, 2024

Ifeoluwa Dada

Following a three-year hiatus due to theft-related damage to the plant, Nigerian independent producer, Belemaoil Producing, has reopened operations at its oil block on Oil Mining Lease 55, the company announced on Monday.

In February 2015, Belemaoil purchased OML 55 from Chevron Corp. OML 55 is situated in a marsh to shallow water area, approximately 40 kilometres west of the Bonny oil export facility.

According to a statement by a Belemaoil representative, widespread oil theft from OML 55’s delivery line to the Bonny terminal forced the closure of the facility in 2021.

The block has five oilfields, which provide more than 70 million standard cubic feet of petrol per day and around 14,000 barrels per day, according to the business.

An official stated that the first floating oil storage vessel arrived at OML 55 on October 6th, signalling “a major milestone in the company’s efforts to restart production”.

Nigeria, the largest oil producer in Africa, is attempting to increase its crude production, which has decreased recently as a result of widespread theft and sabotage, which drove oil majors to abandon onshore drilling in favour of deepwater production.

VenturesNow

Kenya permits JPMorgan Chase to open representative office

Published

5 hours ago

October 15, 2024

Ifeoluwa Dada

The central bank of Kenya announced on Monday that JPMorgan Chase (JPM.N) had been permitted to create a new tab and open a representative office in the East African nation.

According to a statement from the Central Bank of Kenya, representative offices of foreign banks in Kenya act as hubs for marketing and communication for their parent banks and affiliates.

The announcement further stated that the JPMorgan Chase representative office will help to diversify Kenya’s banking industry and encourage trade and investment.

In an effort by the largest United States lender to grow on the continent, Jamie Dimon, the CEO of JPMorgan Chase, is scheduled to visit Africa in mid-October, according to a report published by Reuters last month, which cited four people with knowledge of the situation.

Within the next three years, the bank intends to renovate 1,700 existing branches and open 500 new ones. According to J.P. Morgan’s most recent financial report, as of the end of the second quarter of 2024, the bank had 4,884 branches.