Africa > Petroleum / Mining

Petroleum / Mining in Africa

  • Zambian villagers win right to sue mining company in U.K. over pollution

    ZAMBIA, 2017/10/15 Nearly 2,000 Zambian villagers have won the right to sue Vedanta Resources in the English courts in a ruling that could lead to other multinationals being pursued in London for their activities overseas. London’s Court of Appeal on Friday threw out miner Vedanta’s attempt to block the Zambians’ legal action over alleged pollution of their villages. Vedanta said in a statement it would seek the right to appeal to the Supreme Court, the highest in the English legal system, adding the decision was on jurisdiction only and “was not a ruling or a determination on the merits of the claims”.
  • Gas station explosion shakes Ghana’s capital

    GHANA, 2017/10/09 A natural gas station in Ghana’s capital, Accra, has exploded, killing an unknown number of people, a government official said. “Unfortunately there are some fatalities and we are working to have the numbers,” the deputy data minister, Kojo Oppong Nkrumah, told a local radio station. “There are completely a number as well injured.” He said the initial blaze was largely under control and that about 200 police officers had been sent to the scene.
  • Rusal’s Restart of Operations at Guinea’s Dian-Dian Bauxite Mine Imminent

    GUINEA, 2017/09/29 Russian Federation aluminium behemoth UC Rusal told domestic media yesterday that plans are in the works to commission the 3-million-metric-ton-per-annum Dian-Dian bauxite mine in the African country of Guinea by next spring. Yakov Itskov, Rusal’s alumina business director, told Russian News Agency TASS that work at the bauxite mine was well underway at present. “We look forward to deliveries of initial bauxites to our alumina refinery in Ireland by next spring. We can proudly say today that we started bauxite mining [in Dian-Dian deposit – TASS]; initial 100,000 tonnes of bauxites [were mined]. We are constructing and producing in parallel.”
  • China to Loan Guinea US$20 Billion for Access to Bauxite Reserves

    CHINA, 2017/09/13 The Republic of Guinea will be the recipient of a US$20 billion loan from the People’s Republic of China in exchange for concessions on its significant bauxite ore reserves. According to reporting yesterday by Reuters, the loan will be disbursed over twenty years. The loan will be guaranteed by in-country projects 125 miles northeast of Conakry at Boffa inclunding China Power Investment Corp’s (CPI) planned alumina refinery, a bauxite mine operated by the Aluminium Corporation of China Limited (Chalco), and a bauxite-mining project operated by China Henan International Cooperation Group.
  • China to loan Guinea $20 billion to secure aluminum ore

    CHINA, 2017/09/13 China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminum which the West African country has in abundance, the mines minister said. The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corp of China’s (601600.SS) (Chalco) bauxite mine and an extra bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
  • The Security and Exchange Commission approves the 40th Annual General Meeting of Oando PLC

    NIGERIA, 2017/09/09 The Security and Exchange Commission approves the 40th Annual General Conference of Oando PLC Oando PLC has, as of August 31, 2017, received the approval of the Security and Exchange Commission (SEC) to proceed with its 40th Annual General Conference scheduled for Monday, September 11, 2017. The company made this known via a tweet that includes a statement from the SEC, “following the submission of an interim statement by the Appropriate Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40th Annual General Conference(AGM). As a result, Oando PLC can proceed with its 40th AGM as scheduled.”
  • Russian firm seals energy exploration deal to drill South African shelf

    CHINA, 2017/09/07 Russia’s geological research company Rosgeo and South African national oil company PetroSA have signed an offshore drilling agreement on the sidelines of the of the BRICS Summit in Xiamen, China. The transaction is worth an estimated $400 million over the next 10 years. Rosgeo aims to start exploring two blocks off the country's south coast. The agreement covers a huge all of geological exploration work, inclunding drilling exploratory wells.
  • Ethical Raw Material Sourcing Muddled As Food Firms Set Own Rules

    WORLD, 2017/09/04 From cocoa to tea, food and drink giants are setting their own standards for ethical sourcing of raw materials, moving away from third-party labels such as Fairtrade. Mondelez International, owner of chocolate brands Cadbury and Toblerone, Unilever, behind tea brands such as Lipton and PG Tips, and Barry Callebaut, the world's biggest producer of chocolate and cocoa products, have all introduced their own schemes. They say their targets are additional comprehensive and some claim their schemes are additional effective in tracking whether a product is ethically sourced each step of the way. With companies under financial pressure, analysts say it has as well been a way to save money.
  • Egypt announces new sharp increase in fuel prices

    EGYPT, 2017/08/28 Egypt announced a new sharp increase in fuel prices on Thursday, as it slashes government subsidies in a tough IMF-backed reform programme. The cabinet said that 82 octane petrol would sell for 3.65 pounds a litre (0.80 pounds a gallon) up from 2.35 (0.52), with the same increase for diesel, while 92 octane petrol rose from 3.5 (0.77) to 5.0 (1.1) pounds. Egyptian government slashes fuel subsidies in IMF-backed reform as country’s inflation hovers around 30 percent.
  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.