Year: 2021

Caledonia Mining advances multi-asset strategy with Zimbabwe acquisition

Frank

ZIMBABWE – Caledonia Mining has entered into an agreement to purchase the mining claims over the Maligreen project, a property situated in the Gweru mining district of Zimbabwe, from privately-owned Pan African Mining, for US$4 million in cash. Caledonia noted that Maligreen is a substantial brownfield exploration opportunity with significant historical exploration and evaluation work having been conducted on the property over the last 30 years. This includes an estimated 60,000 meters of diamond core and percussion drilling, 3.5 t of bulk metallurgical test work, and aeromagnetic and ground geophysical surveys. As of August 31, Maligreen is estimated to host a National Instrument…

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GCB Bank Limited launches new branch at Tema Metropolitan Area

Frank

GHANA – GCB Bank Limited (GCB), a banking company, has opened a new branch in the Community 25 of Tema Metropolitan Area of the Greater Accra Region. This is in response to the growing business population, opportunities and for the convenience of businesses and customers in the environs. The new branch is located within the Tema Community 25 Shopping Mall and will offer banking services to customers and residents in the area. “We can all heave a heavy sigh of relief as we bring to an end the long and…

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Exxaro deploys solar to power coal operations in Limpopo

Frank

SOUTH AFRICA –  Coal mining giant, Exxaro Resources Limited, through its wholly-owned renewable energy subsidiary, Cennergi, is developing the 70MW Lephalale solar project that will supply renewable energy to the Grootegeluk Complex, the integrated coal operations owned by another subsidiary of Exxaro, Exxaro Coal (Pty) Ltd, reports Renew Africa. “Exxaro Coal and Cennergi have concluded a term sheet setting out material terms upon which the PPA will be concluded. This is a significant strategy development milestone, which constitutes a major step towards implementing Exxaro’s decarbonization plans and progress in the Just Transition journey…

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Bank of Africa – BMCE Group secures US$29.3m from EBRD to support Morocco’s green transition

Frank

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.30m) to Bank of Africa – BMCE Group to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.98m) will be provided by the EBRD and €6.25 million (US$7.33m) by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs)…

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AIIM celebrates completion of 6 solar plants in South Africa

Frank

SOUTH AFRICA – Leading African infrastructure equity investment manager, African Infrastructure Investment Managers (AIIM), recently celebrated the achievement of Commercial Operation of the last of six solar PV projects awarded under Round 4 of the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP). The Projects, situated in the Northern Cape and North West Provinces, form part of a broader portfolio of renewable assets managed by EIMS Africa. EIMS Africa is owned by the IDEAS Fund, an AIIM-managed fund, and constitutes one of the largest South African-owned renewable energy portfolios in the market and…

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Shell completes sale of its upstream assets in Western Desert to Cheiron Petroleum and Cairn Energy

Frank

EGYPT – Shell, a global group of energy and petrochemical companies, has completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum and Cairn Energy. Shell said that the sale was conducted via its subsidiaries Shell Egypt N.V. and Shell Austria GmbH for a base consideration of US$646 million and additional payments of up to US$280 million between 2021 and 2024, contingent on the oil price and the results of further exploration. Initially, the sale was announced on March…

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Tullow Ghana, Invest in Africa to empower its SMEs suppliers who were affected by COVID-19

Frank

GHANA – Tullow Ghana, an oil and gas explorer and producer, has partnered with Invest in Africa (IIA) to deliver training to a number of its small and medium enterprises (SME)suppliers as part of the Access to Finance programme. The Access to Finance programme is an eight-month long programme, to be delivered in two parts, designed to equip selected suppliers with the requisite knowledge, skills and support to effectively engage with financial institutions in the areas of refinancing, restructuring of existing funding arrangement to improve liquidity. The programme is designed…

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Italian Trade Agency launches first E-Lab Innova in Nigeria

Frank

NIGERIA – The Italian Trade Agency, has launched the first E-Lab Innova in Nigeria, as part of its commitment to boost trade relationships with Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commision (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry. The Italian Trade Agency is a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterpart. “Nigeria…

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DFC invests US$10m in Nithio FI to scale clean energy financing in Africa

Frank

AFRICA – The U.S. Development Finance Corporation (DFC), has invested US$10 million in Nithio’s Financial Intermediary, Nithio FI, an AI-enabled clean energy financing platform, to scale clean energy financing in Africa. Strongly aligned with DFC’s climate-focused investments agenda, this investment enables Nithio to scale its data-driven financing to impact more than 3.5 million people by 2025 and drive climate change adaptation efforts in Kenya, Uganda, and Nigeria. The investment joined alongside FSD Africa Investments and EDFI-ElectriFI, finalized Nithio FI’s first round of US$23 million. Nithio FI is a blended finance, permanent capital vehicle that is purpose-built to…

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European auto parts company Aptiv set to construct US$43.8 million automotive plant in Morocco

Frank

MOROCCO – Aptiv, the European auto parts company, has entered into an agreement with the Council of the Oriental Region (CRO), the Regional Investment Center (CRI) of the Orient, and provincial authorities of the Oriental region of Morocco to bring to the region a new automotive plant with approximately US$43.8 million in investment funds. The new auto factory’s construction is scheduled to begin in January 2022, with a planned opening date in June of the same year. The plant will employ 3,500 local residents and will span eight hectares within…

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