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EIB Global invests €25m in Amethis Fund III to promote African business growth

Published: 30 May 24

Investment organisation the European Investment Bank (EIB) Global has invested €25-million into pan-African fund Amethis Fund III, which aims to provide private equity growth capital to medium-sized companies on the continent. Amethis Fund III will target companies supplying goods and services to low- and middle-income populations in Africa. The target sectors include healthcare; business services, such as logistics and IT; manufacturing and distribution, including agribusiness and fast-moving consumer goods; non-banking financial services; and services related to infrastructure and energy.

Capital cost of energy transition ‘only one part of the picture’

Published: 30 May 24

The yearly $1.9-trillion being invested currently on clean energy would have to more than double and be more evenly distributed to place the world on track to meet net-zero emissions by 2050, a new International Energy Agency (IEA) report confirms. However, it also stresses that such investments could reduce the operating costs of the global energy system by more than half over the next decade, resulting in greater affordability for consumers.

Thor reports higher first-quarter profit, despite lower revenue

Published: 30 May 24

Aim-listed Thor Explorations has revealed a year-on-year decline in revenue but a significant boost in net profit for the first quarter. In its operational and financial review for its Segilola gold mine in Nigeria, as well as for the company's mineral exploration properties in Nigeria and Senegal for the three months to March 31, Thor reported revenue of $33.3-million, down from $40.3-million in the first quarter of 2023.

Sapics, SAAFF to host supply chain, logistics discussions in Cape Town

Published: 30 May 24

Supply chain management body Sapics, together with the Southern African Association of Freight Forwarders (SAAFF), will host its forty-sixth yearly conference, in Cape Town, from June 9 to 12, to discuss topical issues affecting supply chains and the South African logistics network. The event will host 750 delegates and comprise 55 sessions, 11 interactive workshops and five site visits, with speakers including Business Unity South Africa president Mxolisi Mgojo and National Logistics Crisis Committee strategic adviser Irvindra Naidoo.

Billions in African gold smuggled to UAE yearly, SwissAid says

Published: 30 May 24

Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a ten-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7-billion and $35-billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said.

Southern African States make fresh pitch to trade $1bn ivory stockpile

Published: 30 May 24

Southern African countries hosting the largest elephant populations in the world made a fresh pitch on Wednesday to be allowed to sell their $1 billion ivory stockpiles, amid calls to pull out of an international convention on endangered species. Five countries that make up the Kavango-Zambezi (KAZA) trans-frontier conservation area - Zimbabwe, Zambia, Botswana, Angola and Namibia - have been pushing for the lifting of a ban on ivory sales imposed by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

South Africa to stay course on rates amid election noise

Published: 30 May 24

South Africa’s central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid political uncertainty one day after the country’s tightest election in 30 years. Economists polled by Bloomberg expect Governor Lesetja Kganyago’s monetary policy committee will keep the benchmark rate at a 15-year high of 8.25% on Thursday, when he announces the decision shortly after 3 p.m. local time. Most surveyed in a separate poll also expect the decision, which comes a day after elections, to be unanimous.

Gem Diamonds recovers sixth large diamond from Letšeng this year

Published: 30 May 24

London-listed Gem Diamonds has recovered a 212.49 ct Type II white diamond from its 70%-owned Letšeng mine, in Lesotho. This is the sixth diamond weighing more than 100 ct to be recovered at the mine this year.

New World secures option on Arizona copper deposit

Published: 30 May 24

Copper developer New World has secured an option to acquire a 630 000 t, high-grade historical copper and zinc resource, located in a district of Arizona where the firm is currently actively exploring. The ASX-listed company entered into a five-year option agreement to purchase a 100% interest in the Pinafore copper deposit, which is about 75 km from its 11.4-million-tonne resource Antler deposit.

McEwen raises C$30m for exploration in Timmins

Published: 30 May 24

Canadian company McEwen Mining has secured C$30-million ($22-million) in flow-through to support ongoing exploration and development at the Fox Complex in Timmins, Ontario. The funds will be allocated towards exploration drilling and developing an underground access ramp from surface to the Stock East and West resources.