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Botswana Copper Gets Big Investment

FILE: Representative illustration of open-pit mine. Taken 4.26.2007

Australia's Sandfire Resources Ltd. plans to spend additional $71.9 million to expand production at Botswana's newest copper mine as it looks to establish a major mining hub in the Kalahari Copper Belt, the company said on Tuesday.

Sandfire's Motheo mine is the second copper mine to be developed in the region, which extends over nearly 1,000 kilometers from northeast Botswana to western Namibia.

The mine is expected to produce 3.2 million tons per annum (mtpa) of copper by March next year. Thereafter, the company will expand its production to 5.2 mtpa through a new processing plant and a new open pit mine, located 8 kilometers west of the mine.

Sandfire said that since the start of construction it had invested $185.4 million, which represents 47% of the total development cost estimated at $397.4 million.

Chief Executive Karl Simich said in a statement that the initial project was on schedule for completion in March 2023, which would allow the expansion plan to ramp up immediately following receipt of approvals.

"In parallel with this development, we are also continuing a major exploration campaign both in the near-mine area as well as across our extensive landholding in the Kalahari Copper Belt aimed at defining additional ore sources that can feed into our expanded processing hub at Motheo or support the development of new production centers across the region,” Simich said.

Over its initial 12.5-year mine life, the mine is projected to deliver royalties to the Botswana Government totaling $70 million and corporate income tax in excess of $200 million.

The emerging copper belt could help Botswana diversify beyond its mainstay diamond mining, which contributes 70% to its export revenue.

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Africa Air Controllers Pause Strike

FILE: Representative illustration of an airliner taking off from an airport, with radar in the foreground. Taken 7.3.2002.

A 48-hour strike by air traffic controllers in West and Central Africa has been suspended, their union said on Saturday.

The Union of Air Traffic Controllers' Unions (USYCAA), which called the wildcat strike, said in a statement it decided suspend its strike notice for 10 days immediately so as to allow for negotiations.

The strike, which started on Friday, has disrupted flights across the region and left hundreds of passengers stranded at airports on Saturday.

"Air traffic services will be provided in all air spaces and airports managed by ASECNA from today Saturday, September 24, 2022 at 1200 GMT," the statement said.

The controllers work under the Agency for Aerial Navigation Safety in Africa and Madagascar (ASECNA).

Paul Francois Gomis, a leader of the Senegalese air traffic controllers told Reuters that ASECNA staff demand better working and pay conditions. He said the Dakar airport air traffic controllers are short-staffed with only 60 people working when, he asserts, 80 are really needed.

Air Controller Strike Threatens Africa Travel

FILE: A picture taken on October 17, 2017 shows a general view of the Blaise Diagne International Airport in Diass, some 50 kms from Dakar. Taken 1.7.2017

A 48-hour strike planned by some staff of French-speaking West Africa and Madagascar aviation safety agency ASECNA starting on Friday, could impact some flight operations in the region, the agency said in a statement on Thursday.

ASECNA said two of its six flight information regions could be affected by the strike despite court decisions and government bans on the strike in Togo, Chad, Central African Republic, Congo and Senegal.

"ASECNA is under the threat of a strike decided by the Union of Trade Unions of Air Controllers, a clandestine organization which is not recognised by any of the member states of the agency," it said in the statement.

The 18-member states organisation manages air traffic control in an area covering 16.1 million square kilometres of airspace.

"The Niamey flight information region is expected to be impacted," ASECNA said, urging passengers to check updated flight information and so-called Notice-to-Airmen (NOTAM) it will publish on its website. It added that a Niger court decision on the legality of the strike was expected.

It added that there were also risks with the airspace controlled by the Brazzaville, Congo flight information region due to the planned strike. It gave no further details on the risks, but added that a Congo government decision was also expected.

On Thursday, a court in Senegal suspended the call to strike by air traffic controllers in Senegal and Ivory Coast, the agency said.

But Paul Francois Gomis, a leader of the striking Senegalese air traffic controllers told Reuters that they are maintaining their decision to go on strike from 0800 GMT on Friday.

Gomis said ASECNA staff are demanding better working and pay conditions. He said the Dakar airport Air traffic controllers are short-staffed with only 60 people working where 80 are really needed.

Dakar airport authorities could not be reached for comments.

South Africa Joins Rate Hike Round

FILE: South African 50 Rand currency note. Taken 4.5.2012

South Africa's central bank on Thursday raised its benchmark interest rate by three-quarters of a percentage point to 6.25 percent in a bid to fight inflation. The move follows interest rate hikes by a number of other nations in recent days.

The rate hike follows a similar 0.75 percent boost in July -- the highest in a decade.

That, as inflation soared to 7.8 percent in July, near a 13-year record high.

The South African Reserve Bank, in announcing the hike, voiced concerns over high inflation and weak economic growth.

"The Monetary Policy Committee decided to increase the repurchase rate by 75 basis points to 6.25 percent per year," bank governor Lesetja Kganyago said.

"The level of the repurchase rate is now closer to the level prevailing before the start of the pandemic," he said.

The move is the fifth rate hike in a row.

Nigeria's Public Debt Grows

FILE: Nigeria's Central Bank headquarters in Abuja, Nigeria. Taken 11.22.2020

Nigeria's total public debt rose 3% to $103.3 billion in the second quarter of this year, largely driven by local borrowing to finance the budget deficit, the Debt Management Office (DMO) said.

The DMO said in its latest data, seen by Reuters on Tuesday, that public debt increased from $100.07 billion as of March this year to $103.3 billion by the end of June.

Although the debt constitutes 23% of the country's gross domestic product - within the government's self-imposed limit of 40% - Nigeria's debt repayment costs are rising while revenues are shrinking.

Between January and April, Nigeria spent more money to service its debt than it raised as revenue.

Nigeria's deficit has grown this year due to the high cost of a fuel subsidy at a time when oil revenue has fallen due to crude theft and vandalism of pipelines.

Petro Nicking "Treason" - Nigerian Lawmaker

FILE: People gather at the site of an explosion at an illegal oil bunkering site in the Egbema local government area, Imo state, in southeastern Nigeria, 4.24.2022

Crude oil theft in Nigeria, which is blamed for throttling output and exports, is tantamount to treason that should be punished by the stiffest possible penalty, the Speaker of the House of Representatives said on Tuesday.

Femi Gbajabiamila said Nigeria's crude exports were at their lowest in two decades, blaming it on crude theft that he described as "treason against our country".

Oil production fell below 1 million barrels per day in August, figures from the regulator show.

"Those who seek to impoverish our country in this manner have declared war against the Nigerian people," he told legislators when reconvening the House of Representatives after a two-month break.

"The government's response must be sufficient to convince them of the error of their ways and deter others who might be tempted to join in their treason."

President Muhammadu Buhari last month expressed concern over large-scale theft of crude oil, saying it was affecting the country's revenue "enormously."

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