Inspiring Sustainable Business in Africa
KENYA – Barak Asset Recovery Limited, a Mauritian firm and also has operations in Seychelles, is set to acquire a 60% controlling stake in Kenyan cement producer Savannah Cement, owned by Seruji Limited. In filings made at the Comesa Competition Commission as the firms seek regulatory approvals for the deal, the firm described its principal business as an investment holding.…
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SOUTH AFRICA – Pan African Resources PLC, a mid-tier African-focused gold producer, has announced that it has concluded its acquisition of Mogale Gold Pty Ltd and Mintails’ SA Soweto Cluster Pty Ltd. The Rosebank-headquartered gold producer entered into agreements to buy these mines from Mintails Mining SA Pty Ltd for ZAR50.0 million (US$2.8m), in November 2020. Mintails Mining SA, which…
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AFRICA – Diversified miner Anglo American has issued its first sustainability-linked bond, including performance targets to reduce greenhouse gas emissions and freshwater abstraction, and to support job creation in host communities. This €745 million (US$743.77m) bond is the first instrument issued following the publication of Anglo American’s Sustainability Financing Framework and bond investors will be entitled to a higher final…
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SOUTH AFRICA – Standard Bank Group, has provided R4 billion (US$229.28m) of an R10 billion (US$573.19m) syndicated debt funding package required by De Beers Group for the biggest single investment in South Africa’s diamond industry and one of the largest mining investment projects currently underway in Africa. As one of the financers, Standard Bank was responsible for the largest debt…
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ANGOLA – Angola plans to complete the sale of stakes in national oil company Sonangol EP and diamond firm Endiama within the next five years. According to the chairman of the government’s asset-management agency the two companies were among the largest of 195 state-owned firms and assets the government initially earmarked for disposal between 2019 and this year. The onset…
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SOUTH AFRICA – Africa Finance Corporation (AFC) has made an investment in natural resources company Nyanza Light Metals, owner of a plant in South Africa forecast to produce 80,000 tonnes per annum (tpa) of titanium dioxide pigment (TiO2). AFC acted as co-mandated lead arranger, co-funder and co-developer along with African Export-Import Bank (Afreximbank) on the project. Arkein Capital Partners and…
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GHANA – Asante Gold Corporation, a gold production, exploration and development company, has entered into a share purchase agreement with Kinross Gold Corporation, a Canadian-based global senior gold mining company, to acquire Kinross’ 90% interest in the Chirano Gold Mine in Ghana. “With the completion of the sale of Chirano, we are focused on generating value from our rebalanced portfolio,…
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ETHIOPIA – Akobo Minerals, a Scandinavian gold exploration and boutique mining company, has secured a convertible loan of NKr49.18-million (US$5 million), to fund the first phase of the Segele mining operation in Ethiopia. The remaining US$7 million for the final phase of the project is contemplated to be financed from additional debt and or equity. Akobo says it is currently…
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KENYA – Australian mining firm Base Titanium has announced plans to make a capital expenditure of KSh3.3 billion (US$28.02m) at a new mining site on its Kwale operation, extending the life of the venture by 13 months to December 2024. Its Australian-based parent firm said in a trading update that mining at the new site, known as Bumamani, will commence…
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SOUTH AFRICA – Mahlako Energy Fund, an energy investment and advisory firm, has concluded its investment in an industrial independent power generation project for the Harmony Gold Mining-commissioned 30 MW solar photovoltaic (PV) portfolio. The fund, managed by Mahlako Financial Services, has invested alongside African Infrastructure Investment Managers’ (AIIM’s) IDEAS Fund, and Rand Merchant Bank (RMB) as debt arranger. This…
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