Reuters Africa Business

Congo to tie cobalt export quotas to three-year company data, sources say

8 Oct 2025

By Ange Kasongo, Pratima Desai and Maxwell Akalaare Adombila (Reuters) -The Democratic Republic of Congo will allocate annual cobalt export quotas based on companies’ production and shipment data for the previous three years, three sources familiar with the matter told Reuters, in a major policy shift intended to curb supply from the world’s top producer. …

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Ivory Coast traces 40% of cocoa beans as EU delays anti-deforestation law – report

8 Oct 2025

By May Angel LONDON (Reuters) -Top cocoa producer Ivory Coast was able to trace the origin of nearly half its beans last season as it prepared for the EU’s landmark anti-deforestation law, according to a major report on sustainability in the cocoa sector. The first-of-its-kind policy, aimed at ending the 10% of global deforestation fuelled …

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Gold shatters $4,000 milestone as investors rush to safety

8 Oct 2025

By Anmol Choubey and Anushree Mukherjee (Reuters) -Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts sent investors flocking to the safe-haven asset.  Spot gold was up 1.6% at $4,045.19 …

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Long queues form at Mali fuel stations as militants block imports

8 Oct 2025

BAMAKO (Reuters) -Motorists former long queues outside fuel stations in Mali’s capital Bamako on Wednesday following several days of closures and fears of a shortage after al Qaeda-linked insurgents imposed a blockade on fuel imports last month. Many stations had since last week been forced to close or were able to supply only diesel – …

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Former top producer South Africa rues lost glitter as gold price spikes

8 Oct 2025

(Reuters) -South African mining veteran Duncan Wanblad on Wednesday lamented the country’s foregone investment in mining, as gold prices surged past $4,000 an ounce — a record high driven by expectations of lower interest rates and safe-haven demand. Addressing the Johannesburg Mining Indaba conference, Anglo American Plc CEO Duncan Wanblad, whose company exited South Africa’s …

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South African mining stocks rally as gold price hits new record high

8 Oct 2025

JOHANNESBURG (Reuters) -Miners listed on South Africa’s main stock exchange rose strongly on Wednesday, buoyed by the global gold price’s surge above $4,000 an ounce for the first time. Gold Fields and AngloGold Ashanti closed up more than 3% on the Johannesburg Stock Exchange, while Harmony Gold ended more than 2% higher. Gold, traditionally seen …

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Congo mining firms underreported $16.8 billion in revenue, audit says

8 Oct 2025

By Maxwell Akalaare Adombila and Sonia Rolley DAKAR (Reuters) -Mining companies operating in the Democratic Republic of Congo underreported $16.8 billion in revenue between 2018 and 2023, a state audit found, potentially reducing funds for the government and local communities. Under Congo’s 2018 mining code, firms must contribute 0.3% of annual revenue to community development …

Congo mining firms underreported $16.8 billion in revenue, audit says Read More »

Nigeria commissions first wholly owned floating vessel to boost oil output and exports

8 Oct 2025

By Isaac Anyaogu LAGOS (Reuters) -Nigeria has commissioned its first wholly owned Floating Storage and Offloading vessel near its Bonny export terminal, one of the companies which developed it said, as Africa’s biggest oil producer seeks to improve its crude export infrastructure. The 2.2-million-barrel capacity FSO aims to boost crude oil transportation and production from …

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Algeria eyes 35% cut to budget deficit in 2026 despite record spending plan

8 Oct 2025

By Tarek Amara TUNIS (Reuters) -Algeria plans to reduce its budget deficit by 35.5% to $40 billion in 2026, or 12.4% of GDP, its budget bill shows, even as it adopts a record-high spending plan meant to boost economic growth and support household incomes. The 2026 budget package, expected to be passed by parliament and …

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