VenturesNow

Tanzania signs $667 million mining deal with Australian firms

Published

2 years ago

April 19, 2023

Tanzania has signed agreements worth $667 million with three Australian companies to mine graphite and rare earth in the East African country.

Tanzania’s President, Samia Suluhu Hassan signed the deal at a ceremony in the capital, Dodoma with Evolution Energy Minerals, EcoGraf Ltd, and Peak Rare Earths as an effort towards boosting the mining sector’s contribution to the nation’s economy continues with the aim of hitting at least 10 percent by 2025.

“It’s the hope of Tanzanians that the implementation of these projects will start soon and contribute to the economy,” Hassan said.

The executive chairman of one of the companies, Peak Rare Earths, Russell Scrimshaw, stressed that the deal “signals the long journey of a partnership between Peak and the government of Tanzania in developing a world-class project.”

“Our project will play a role in addressing climate change,” he added.

Another official of one of the companies, Evolution Managing Director, Phil Hoskins, also noted that “The signing of these agreements today sends a positive message to the global mining sector.”

Tanzania’s National Bureau of Statistics (NBS) reports that GDP from Mining in Tanzania increased to 1841754 TZS Million in the third quarter of 2022 from 1665101 TZS Million in the second quarter of 2022. The sector accounted for 7.3 percent of the state’s economy in 2021, up from 4.8 percent in 2018.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”