HARARE (Reuters) – Australian-listed Invictus Energy Ltd has started drilling one of two exploration wells for oil and gas in the northern part of Zimbabwe, the company said on Monday. The 3.5 kilometre (2.17 miles) deep well, situated in the Muzarabani-Mbire area, is part of the Cabora Bassa project in Zimbabwe, which is 80% owned …
Invictus Energy starts drilling first exploration well in Zimbabwe Read More »
By Camillus Eboh ABUJA (Reuters) – The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by state oil company NNPC. The ballooning costs of keeping petrol prices low in Africa’s most populous …
Nigeria’s fuel subsidies surpassed $1 billion in Aug as it supplied more petrol Read More »
JOHANNESBURG (Reuters) -The South African rand fell almost 2% on Friday as the U.S. dollar extended gains after receiving a boost from a very hawkish Federal Reserve policy announcement and rising Treasury yields. The rand traded at 17.9300 against the dollar at 1556 GMT, 1.77% weaker than its previous close. The dollar index, which measures …
South African rand, stocks fall on strong dollar Read More »
By Nelson Banya (Reuters) – The collapse of a tailings dam in South Africa earlier this month has put the spotlight on the need for binding global regulations of facilities used to store mining waste, investors and industry leaders said. A dam holding liquid mine waste from a tailings reprocessing operation near the historic Jagersfontein …
South Africa mine dam collapse highlights patchy regulation Read More »
By Helen Reid and Clara Denina JOHANNESBURG (Reuters) – Glencore Plc and Zambia’s state-owned mining company ZCCM-IH could jointly lend Mopani Copper Mines $200 million to help cover running costs under a proposal made by the global miner last week, a letter seen by Reuters showed. Glencore, which owned Mopani until March 2021, is prepared …
Glencore proposes loans to ensure production at Zambia’s Mopani copper mine -letter Read More »
CAIRO (Reuters) – The Central Bank of Egypt (CBE), bucking analyst expectations, left its overnight interest rates unchanged on Thursday, saying it believed inflation was under control over the medium term. The bank also raised the reserve ratio to 18% from 14%, saying that this would help tighten liquidity. The bank’s Monetary Policy Committee (MPC) …
Egypt central bank keeps interest rates unchanged Read More »
ACCRA (Reuters) – Ghana’s central bank said on Thursday it has rescheduled its upcoming interest rate decision to Oct. 7 from Sept. 26, to coincide with the end of an IMF mission to the country. Once considered the rising star of West African economies, the gold- and cocoa-producing nation is battling its worst economic crisis …
Ghana reschedules interest rate decision to coincide with end of IMF mission Read More »
JOHANNESBURG (Reuters) -The South African rand strengthened on Thursday after the central bank hiked its main lending rate by 75 basis points (bps) to 6.25%, in line with the forecast of the majority of economists polled by Reuters, to bring inflation back to target. At 1635 GMT, the rand traded at 17.6300 against the dollar, …
South African rand strengthens as central bank hikes rates by 75 bps Read More »
By Kopano Gumbi and Anait Miridzhanian JOHANNESBURG (Reuters) -South Africa’s central bank delivered another big interest rate hike on Thursday, taking its main lending rate back near pre-COVID levels as it battles to bring inflation back to target. The South African Reserve Bank (SARB) raised its repurchase rate by 75 basis points (bps) to 6.25%, …
Another big hike raises South African interest rates near pre-COVID levels Read More »
JOHANNESBURG (Reuters) – South Africa’s Blue Label Telecoms Ltd said on Thursday it had concluded an agreement to restructure and refinance mobile operator Cell C’s 7.3 billion rand ($411 million) debt to bolster its finances and liquidity. The agreement with Cell C’s shareholders and lenders is a final and critical step in the mobile operator’s …
S.Africa’s Blue Label Telecoms seals Cell C restructuring deal Read More »
