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Zambia will decide Mopani Copper Mines investor this month— Source

Published

11 months ago

October 10, 2023

A source close to the Zambian government has revealed that the country will later this month make a final decision on the sale of Mopani Copper Mines it bought from Glencore in 2021.

Zambia’s Mines Minister, Paul Kabuswe had initially said a new investor for the copper mines struggling to make a profit would be selected by the end of July.

The process for the sale of Mopani Copper Mines has been delayed by complex negotiations, as it also involves Glencore, to which Mopani owes money. Glencore had previously said it would not comment on the sale process as it had exited the assets.

Zambia’s President Hakainde Hichilema is bent on attracting new investors in Africa’s second-largest copper producer with the aim of tripling the output of the metals key to the clean energy transition, and to drive growth in battery-powered electric vehicles.

Situmbeko Musokotwane, the finance minister had also stated last month that the choice of an investor for Mopani was “imminent.”

Some of the potential investors include the United Arab Emirates with links to International Holding Company (IHC), rated to be in a strong financial position, but with limited mining experience, the source said.

Another interested party is China’s Zijin which offers a good blend of financial strength and mining expertise, but the global macro-economic environment and uncertainty in commodities could be limiting its interest in Mopani, the source added.

The CEO of the Johannesburg-based precious metals miner, Neal Froneman stated last week that the selling process was still in progress after the company had already declared its bid for Mopani. “I sense that they now do want to bring it to a close quite quickly,” Froneman said in an interview.

Zambia has one of the greatest mineral resource bases in all of Africa. It produces the eighth most copper globally and is also rich in cobalt, gold, nickel, lead, silver, uranium, zinc, and a variety of precious and semi-precious stones.

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VenturesNow

Ezz al-Arab appointed as Egypt’s CIB chairman

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.