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Week commencing 26 March 2018
Karo Resources, a company linked to Greek mining entrepreneur Loucas Pouroulis, will spend $4.2bn on a platinum mining project in what is said to be the largest deal in the country’s mining industry to date. Karo’s platinum project will begin in 2020 and produce 1.4-million ounces of platinum-group metals a year at full output. The project will also include a 600MW power plant and coal-mining operations to feed it.
Business Live 22 March
New York-based private equity firm Milost Global is looking to inject as much as $1bn to recapitalise Unity Bank, which is struggling to build buffers after a slowdown in Africa’s biggest economy. Milost has offered to invest $700m in equity and $300m in five-year bonds that can be converted into shares in the Nigerian lender. The private-equity firm will get an initial stake of 30% in the Lagos-based bank in exchange for its first equity investment of $250m. The transaction is still subject to a due diligence as well as regulatory approvals.
Bloomberg 19 March
Spanish automotive firm Ficosa has announced the launch of a new production site. The first of its kind in Africa, the plant will be constructed in the Sale Technopolis Free Zone with an overall investment of $3.3m and plans to employ 800 people by 2020. The establishment of the new facility will meet the demands of its main client, Peugeot Citroën Automotive. The plant will produce mirror systems, liquid tanks, cameras, and cable harnesses.
Morrocco World News 19 March
UK non-profit organisation Energy 4 Impact in partnership with Rwanda’s agriculture ministry has has unveiled a solar-powered irrigation system for districts affected by dry spells. Over 13,000 farmers will access the irrigation systems for over five years. The country’s current irrigation scope is only 8% of irrigable land, but there are plans to push it to 17% by 2024. The solar irrigation project in Rwanda will bring about financial mechanisms to increase the affordability of small-scale solar irrigation technologies.
The New Times 23 March
Multinational technology firm Verve International has signed a partnership agreement with United Bank for Africa (UBA) to deliver cost-effective prepaid cards to farmers under the Zambian Ministry of Agriculture’s Farmer Input Support Programme – an agricultural subsidy initiative to help farmers purchase agricultural inputs at subsidised costs. Through the program, the government intends to boost food production by funding the cards issued to each farmer with $170 while the farmers contribute $40 towards purchase of farm inputs.
Communications Week 17 March