Reuters Africa Business

JOHANNESBURG (Reuters) – High shipping costs have posed a “challenge” for Democratic Republic of Congo-focused copper producer Ivanhoe Mines, but an alternative route to port via Angola should ease the squeeze, co-Chairman Robert Friedland said on Wednesday. “Worldwide shipping costs have gone crazy for everybody,” Friedland told the CRU-CESCO World Copper Conference in Santiago. “It …

Ivanhoe Mines’ Friedland sees logistics cost squeeze easing Read More »

By Joe Bavier, Helen Reid and Clara Denina JOHANNESBURG(Reuters) – Ore shipments from Russian aluminium giant Rusal’s bauxite mines in Guinea have ground to a halt as the war in Ukraine disrupts the company’s global operations, shipping data showed on Wednesday. Unlike several other Russian companies, Rusal is not under sanctions, although its billionaire founder …

Rusal’s Guinea bauxite exports grind to a halt amid Ukraine crisis Read More »

By Tarek Amara TUNIS (Reuters) – The European Union plans to lend Tunisia 450 million euros ($500 million) to support its budget and invest 4 billion euros in the coming years, as the North African country seeks international help to address a looming crisis in public finances. Speaking after a meeting with Tunisian government officials …

EU to lend Tunisia 450 million euros and pledges investment Read More »

(Corrects third paragraph to show it is 13th consecutive hold, not 12th) NAIROBI (Reuters) -Kenya’s central bank held its benchmark lending rate at 7.0% on Tuesday, its monetary policy committee said, bucking the trend among other economies in the region. In a Reuters poll of eight analysts, five predicted a “hold” decision and three had …

Kenya’s central bank holds lending rates, bucks African trend Read More »

NAIROBI (Reuters) -Kenya Airways more than halved pretax losses last year to 16.03 billion shillings ($139.63 million), it said on Tuesday, helped by growth in revenue and some cost savings. Like other airlines around the world, the carrier was pummeled by the closure of airspace in 2020, as governments tried to contain the spread of …

Kenya Airways more than halves pretax loss in 2021 Read More »

ALGIERS (Reuters) – Algeria has confirmed on Tuesday that oil reserves discovered at Touggourt region were “important,” according to a statement from Sonatrach. Algeria’s state-owned Sonatrach said that the estimated volumes at Touggourt were at 961 million barrels, versus 546 million barrels prior to the drilling. (Reporting by Lamine Chikhi, Editing by Louise Heavens)