Zimbabwe Signs $4.2bn Platinum Deal to Transform Mining Sector

Zimbabwe signs $4.2bn platinum deal to transform mining sector  A Cypriot investor signed a $4.2-billion deal on Thursday to develop a platinum mine and refinery in Zimbabwe, an investment that President Emmerson Mnangagwa said showed the country was “open for business”. Signing the agreement with Cyprus-based Karo Resources, Mines Minister Winston Chitando said work would start in July, with the first output of platinum group…

Foreign Investors Still Not Going to Post-Mugabe Zimbabwe

Investors play the waiting game in post-Mugabe Zimbabwe Tawanda Karombo  With a new government in place in Zimbabwe, foreign investors remain in a wait-and-see mode as international institutions call for reforms. Tawanda Karombo reports. Foreign Direct Investment (FDI) prospects in Zimbabwe may have been enhanced by the exit of Robert Mugabe as leader of the country,…

Ramaphosa, MTN Targets of Nigerian Bank Forex Investigation

Ramaphosa, MTN Targets of Nigerian Bank Forex Investigation by LIONEL FAULL, SUSAN COMRIE, SAM SOLE, FINANCE UNCOVERED AND AMABHUNGANE President Cyril Ramaphosa could be drawn into a forensic probe initiated by the Nigerian government into alleged foreign exchange violations by banks acting on behalf of SA telecommunications giant MTN. Ramaphosa’s former investment holding company, Shanduka,…

Cobalt, Critical to EVs and Renewable Energy Tech, Now ‘Strategic Mineral’ in DRC

Cobalt, Critical to EVs and Renewable Energy Tech, Now ‘Strategic Mineral’ in DRC Democratic Republic of Congo will declare cobalt and coltan, used in electric vehicle and renewable energy technology, as “strategic” minerals which will earn the country higher royalties, an adviser to the Prime Minister said on Wednesday. A new mining code was signed into law on Friday…

How Nigeria’s Oil Industry Went Local: The Unintended Benefits of Graft

How Nigeria’s Oil Industry Went Local The Unintended Benefits of Graft By Matt Mossman The biggest real-estate foreclosure in Manhattan’s history began with a Nigerian jet-fuel binge. Kola Aluko, now in hiding from the authorities of multiple countries, allegedly spent so much money on jet fuel that he could no longer pay the mortgage on his Midtown penthouse,…