Reuters Africa Business

Angola’s Endiama says sanctions against Russia could hurt its diamond operations

9 May 2022

CAPE TOWN (Reuters) – Angola’s state-run diamond miner Endiama could face a hit to its operations as Western sanctions on Russia could delay supplies of parts and machinery, according to a government brochure released on Monday. Western nations have unleashed crippling economic sanctions against Russia after Moscow launched its invasion of Ukraine in late February. …

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Zambia seeks debt reduction as part of restructuring package, President Hichilema says

9 May 2022

By Clara Denina and Helen Reid CAPE TOWN (Reuters) -Zambia’s President Hakainde Hichilema is pleased China will co-chair a creditor committee with France during debt negotiations, he told Reuters on Monday, adding that a partial write-off of the country’s $32 billion debt was on the table. Hichilema said Zambia aims to avoid another debt default …

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First Quantum Minerals approves $1.25 billion mine expansion in Zambia

9 May 2022

CAPE TOWN (Reuters) – First Quantum Minerals said on Sunday that its board has approved plans for a $1.25 billion expansion of the company’s Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by “renewed confidence” in Zambia’s investment climate. Since President Hakainde Hichilema’s election last August, …

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South Africa’s net foreign reserves fall to $54.626 billion in April

9 May 2022

JOHANNESBURG (Reuters) – South Africa’s net foreign reserves fell to $54.626 billion in April from $55.388 billion in March, the Reserve Bank said on Monday. Gross reserves edged higher, to $60.280 billion in April from $58.163 billion in March. The forward position, which represents the central bank’s unsettled or swap transactions, was at $3.065 billion …

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IMF sees Seychelles economy growing 7% in 2022, down from 8% last year

9 May 2022

By Hereward Holland NAIROBI (Reuters) – The Seychelles economy will grow 7% this year, down from 8% in 2021, as tourism earnings rebounded above pre-pandemic levels, the International Monetary Fund said on Monday. Seychelles’ economy relies heavily on tourism, but visitor numbers tumbled 70% in 2020 in the face coronavirus travel restrictions. The IMF said …

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South Africa’s Harmony Gold reports four mine deaths

9 May 2022

(Reuters) – South African miner Harmony Gold on Monday reported that four workers died on Saturday in a maintenance-related accident at its Kusasalethu mine, 90 kilometres (55.92 miles) west of Johannesburg. “Harmony Gold Mining Company Limited regrets to report that four of its employees have tragically lost their lives following an infrastructure maintenance-related incident on …

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Vedanta offers Zambia investment commitments if handed back KCM

8 May 2022

LUSAKA (Reuters) – Vedanta Resources has offered to step up investment in Zambia’s Konkola Copper Mines (KCM) and implement several social responsibility programmes if it resumes control of the local firm, a company letter sent to the government showed. Zambia’s previous government put KCM into the hands of liquidator Milingo Lungu in May 2019, triggering …

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