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Congo: Miners now authorised to resume work at South Kivu

Published

1 day ago

September 25, 2024

The Democratic Republic of the Congo’s South Kivu provincial governor has authorised the restoration of all mining operations in the area, but he also stated that authorities would keep looking into the industry.

Rich in minerals like gold, copper, diamond, tin, tantalum, and cobalt, the volatile region’s mining operations were halted in July after businesses and operators were told to vacate the sites to “restore order to mining operations” by Governor Jean-Jacques Purusi Sadiki.

Everything was restored in August, except for gold extraction. In a statement released at the time, an official representing the government emphasised that discussions with industry participants would go on.

A provincial minister of mines told Reuters in early September that after a preliminary examination conducted following the ban in July, it was discovered that more than 550 mining operators out of almost 650 were working without the required authorisations.

He continued by saying that over 45 persons had been taken into custody for their roles in fraud and the illicit mining of minerals in the province, two of them were magistrates.

“Today, we’re opening up mining activities throughout the region,” Governor Sadiki told mining operators during a meeting on Monday.

To stop the local populace from being exploited, he said, a team would be sent to investigate each mining business.

“If they violate any of our commitments, we’ll shut down that company or cooperative and hit them with exemplary fines,” the governor warned.

Authorities in South Kivu province have previously accused several firms of illegal activities, including mining without permits, dumping chemicals into water sources and underpaying workers.

Authorities in the province of South Kivu have already charged many companies with engaging in unlawful actions, such as underpaying employees, mining without a permit, and dumping chemicals into water sources.

Related Topics:Featured Miner South Kivu

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FDI inflows in South Africa slows in Q2, central bank says

Published

6 hours ago

September 26, 2024

Ifeoluwa Dada

According to central bank figures released on Thursday, South Africa saw inflows of foreign direct investment of 16.6 billion rand ($965.87 million) in the second quarter of 2024, compared with 24.4 billion rand in the first.

In its Quarterly Bulletin, the South African Reserve Bank stated that a non-resident business’s increased equity investment in a domestic broadcasting company was the main driver of the inflows.

From April through June, portfolio investments had outflows of 20.1 billion rand, down from 52.0 billion rand during the first three months of this year.

Between April and June of 2024, the South African GDP expanded by 0.4%1. The majority of the economy’s impetus on the production (supply) side was driven by the finance, manufacturing, trade, and electricity, gas, and water supply businesses.

From the demand (expenditure) perspective, growth was positively impacted by government, household, and inventory accumulation.

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Exxon to invest $10 billion in Nigeria

Published

9 hours ago

September 26, 2024

Ifeoluwa Dada

According to a presidential spokesperson, Stanley Nkwocha, on Thursday, who cited business executives, Exxon Mobil Corp has proposed a $10 billion investment in offshore oil operations as part of a new investment push in Nigeria.

The investment was disclosed following talks between Vice President Kashim Shettima and Exxon’s Nigeria CEO, Shane Harris, on Wednesday in New York during the U.N. General Assembly.

Exxon intends to concentrate on advancing the $10 billion-plus Owo project, a substantial deep-water project.

Even though it agreed to sell its onshore assets to Seplat Energy for $1.3 billion, the company still intends to invest $2.5 billion a year to sustain its operations in Nigeria and increase oil output by 50,000 barrels per day (bpd) over the next few years.

Exxon and the Nigerian president’s office are collaborating closely “to secure favourable fiscal arrangements that will make this significant investment possible,” according to a statement from Harris.

An Exxon representative did not immediately answer a request for comment.

The majority of Nigeria’s foreign exchange earnings and government revenue come from the production of oil, which rose by 10.15% in the second quarter to an average of 1.41 million barrels per day from 1.22 million barrels per day the previous year.

However, even after enacting a law three years ago to reduce regulatory uncertainty and draw in investments, Africa’s biggest oil producer still faces difficulties in its oil sector, including widespread theft and sabotage.

“This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said. “We are committed to creating an enabling environment for such transformative projects.”