Tech

Uganda sets up state-owned corporation to acquire mining stakes

Published

7 days ago

October 2, 2024

According to Ruth Nankabirwa, Uganda’s minister for energy and mineral development, the country has established a state-owned mining firm to oversee the government’s equity holdings in mining operations.

Prior to now, private companies have carried out all mining operations in the East African nation following the acquisition of exploration and mining permits.

The government may compel the acquisition of a 15% free carry interest in all mining enterprises within the nation under a new mining law that was adopted in 2022. This action is a part of larger attempts to increase Uganda’s revenue from its natural resources, emulating other African nations like Tanzania.

“This company will manage the state’s commercial interests in the mining industry. It will do so through strategic partnerships with young developers in the private sector,” Nankabirwa told a mining conference in Kampala on Tuesday.

The administration of President Yoweri Museveni has also been pressuring industry participants to refine minerals and add value locally rather than shipping them unprocessed.

Woodcross Resources, a mining company, established Uganda’s first tin refining plant in April. The company purifies tin ore to a 99.9% purity.

Australia’s Ionic Rare Earths has been granted a licence to mine and process rare earths, while Chinese-backed Sunbird Resources has been granted permission to mine limestone for the production of cement in the northeastern part of Uganda, known as Karamoja.

Tech

Nigeria’s agri-tech startup Winich Farms raises $3m to expand operations

Published

19 hours ago

October 8, 2024

Isaac Dachen

Nigerian agri-tech startup specialized in the supply of farm grain produce to retailers, Winich Farms, has announced raising $3 million in pre-series A funding to expand its operations which include the enhancement of its order fulfillment centers and upgrade of its technology.

The funding round, which was led by Acumen Resilient Agriculture Fund (ARAF), with a contribution of $2.5 million, alongside participation from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, Acasia Ventures, Tekedia Capital and Additio Sahel Capital which provided $590,000 in debt financing, marks the company’s second funding round in two years.

The startup which was founded by brothers Riches and Winner Attai, along with Chichebem Jibunoh, in 2020, connects rural farmers to off-takers, retailers and informal processors, by operating collection points managed by agents who handle orders from off-takers.

“Our growth has largely been driven by the expansion of agents on our platform,” Riches, the CEO of the company said in a statement.

“In 2022, we had approximately 1,000 agents, but by the beginning of 2024, we had grown to over 4,000 agents, quadrupling our capacity. With more agents, we are able to meet demand more efficiently,” he said.

He however, added that company’s current model faces challenges, as its partner farmers are primarily located in northern Nigeria, leading to slower deliveries to more distant regions such as Lagos. Despite this, the agritech company claims to serve over 150,000 users, including farmers, agents, and truck drivers.

“To speed up deliveries for retailers in Lagos, instead of sourcing produce like rice from farmers in faraway Kebbi or Kaduna, we process orders from closer locations such as Ondo State,” explained Riches.

“For example, when a retailer orders 50 kilograms (kg) of rice via the company’s mobile app, the order is relayed to agents for bidding. These agents then coordinate with local farmers in the area to gather the produce, which is transported to collection points and handed over to truck drivers for delivery within 24 to 72 hours.”

“The solution is to establish fulfillment centers. The debt funding will be used to lease buildings that will serve as regional distribution hubs across Nigeria’s six geo-political zones, reducing delivery times for off-takers,” he added.

Tech

15 startups emerge winners in 4th Egypt Entrepreneur Awards

Published

2 days ago

October 7, 2024

Isaac Dachen

Organizers of Egypt’s Entrepreneur Awards have announced 15 startups as winners of the fourth edition of the annual awards held on Sunday in Cairo.

This year’s edition of the awards which had the theme “Breaking Silos Together: Building Resilience and Embracing Opportunity”, was sponsored by ievents and Tatweer Misr, along with EGBANK, Orange Egypt, PepsiCo and others.

According to the organizers, the Outstanding Youth Entrepreneur Award went to Sight founder Hussein Shahbender, while the Sports and Wellness Award went to SR Padel and the Disruptor of Traditional Industries Award to ILLA Logistics.

2oolameme was named Art to Business Award winner, with the Content Innovation Award going to Peace Cake and the Digital Solutions and Customer Experience Award given to Synapse Analytics.

The Environmental Sustainability Award went to Mozna, the Fashion Vanguard Award to Pepla, and the Fintech Excellence Award to Menthum while the Global Reach Achievement Award went to Technobit, and the Local Hero Award went to Raw African.

The Product Design & Innovation Award was won by SAL, while Willy’s won the Quick Serve Restaurant Champion Award and Reme-D the Rising Star Award, just as Rology and Astrazeneca took home the Disruptive Duo Award, rounding off the winners.