One of the world’s largest gold mines opens in the DRC

Although it has been pouring gold since last September, The Democratic Republic of Congo’s Minister of Mines, Martin Kabwelulu, today officially opened the Kibali gold mine on behalf of the country’s president, Joseph Kabila Kabange, in a ceremony attended by Province Orientale governor Jean Bamanisa Saidi, DRC cabinet ministers, ambassadors of various countries and local dignitaries. Kibali will be, when it reaches full capacity, one of the world’s largest gold mines.

As 45% owner AngloGold Ashanti’s CEO, Srinavasan Venkatakrishnan (Venkat), says, though, to meet its full potential it was of the utmost importance that the DRC’s mining code remained supportive ….. Continue Reading

Remarks by His Excellency Mr Jacob Zuma, President of The Republic of South Africa, at the South Africa-DRC Business Forum, Kinshasa, DRC

29 Oct 2013

President Joseph Kabila Prime Minister Augustin Matata Ponyo Ministers present Captains of Industry Business delegates Program Director Distinguished guests Ladies and gentlemen.

It is a distinct pleasure for me to be addressing the South Africa-DRC Business Forum which marks the advancement of relations between South Africa and the DRC.

In this regard I wish to express my gratitude for the hospitality accorded to me and my delegation so far by His Excellency President Kabila and his Government. Although our countries’ paths to economic prosperity and political independence differ, we now share a common destiny ….. Continue Reading

South African Bekker Becomes Billionaire With China Media

Jacobus Petrus “Koos” Bekker became a billionaire earlier this year after transforming Cape Town, South Africa-based Naspers Ltd. (NPN) from a decades-old print business into the world’s largest emerging market media company.

Formed in 1915 as De Nasionale Pers, the company published what became South Africa’s first Afrikaans-language daily newspaper, Die Burger, which went on todefend apartheid rule in commentaries and articles when the segregationist system was put in place, beginning in 1948.

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Naspers Chief Executive Officer Jacobus Petrus “Koos” Bekker is seen with his wife Karen Bekker in July, 2011, in Sun ….. Continue Reading

From FDI to Africans investing in Africa

INVESTORS from Europe, Asia and the US are not the only ones chasing growth opportunities in Africa these days — Africans themselves are waking up to the potential across borders in their own backyard.

The same trends that have lured foreign capital to the continent — rising wealth, sustained economic growth and a swelling young population — are attracting investors in South Africa, Kenya, Nigeria and even Namibia.

Between 2003 and 2011, intra-African investment into new foreign direct investment (FDI) projects in Africa grew at a 23% annual compound rate, according to Ernst & Young. Since 2007, that rate has ….. Continue Reading

Will Congo Benefit from Grand Inga Dam?

Three Gorges Dam in China. Advocates argue that the power generated from hydro outweighs any negatives.

Africa’s poorest nation, the Democratic Republic of Congo (DRC), plans to build the world’s largest (and most expensive) hydropower dam, Grand Inga on the Congo River’s Inga Falls. A day before I set forth for the DRC, the huge project took a significant step forward with the signing of a “cooperation treaty” by the DRC and South African governments.

The treaty makes South Africa the principal purchaser of the power generated at Inga III power plant, the first ….. Continue Reading

Obama Orders Review of U.S. Aid to Egypt

Hours after United States officials confirmed that plans to deliver F-16 fighter jets to Egypt will go ahead despite the overthrow of Islamist President Mohammed Morsi, President Barack Obama took a step back and ordered a review of U.S. assistance to Egypt’s government.

“Given the events of last week, the President has directed relevant departments and agencies to review our assistance to the government of Egypt,” said a Pentagon statement quoted by Al Jazeera.

Earlier Wednesday, officials told the Reuters news agency that the United States plans to go through with the delivery of ….. Continue Reading

African Development Bank to Leave Tunis; Government Denies Negative Ramifications

After nearly a decade of operating in Tunis, the headquarters of the African Development Bank (AfDB) has finalized plans to return to Côte d’Ivoire, raising questions about the effect the relocation will have on Tunisia.

The AfDB is a multilateral development finance institution consisting of 77 African and non-African countries which funds a variety of public and private projects throughout the continent.

The AfDB moved to Tunis in 2003 due to civil war in Côte d’Ivoire. While its eventual return to the capital Abidjan has been official policy, the May announcement ….. Continue Reading

Top five tips on doing business in Africa

As one of the few remaining untapped markets in the world, Africa has come onto the radar of many international companies looking for additional revenues and a competitive advantage. However, the process of doing business in Africa is different to anywhere else in the world, and can prove difficult for the uninitiated. Louise Robinson, Sales Director at Database 360, says there are few things companies should bear in mind as they expand their operations up the continent:

Have a sense of humour Doing business in Africa is very different to anywhere else in the world. It’s a long and expensive ….. Continue Reading

Egypt’s new revolution puts democracy in danger

Egyptian youths with their faces painted in the colours of the national flag pictured in Tahrir Square last week. Photograph: Khaled Desouki/AFP/Getty Images

‘Down with military rule” was once the most popular chant in Tahrir Square, during the time when the Supreme Council of the Armed Forces (SCAF) was ruling. Not any more. A few days ago, the place that symbolised Arab struggle for democracy and freedom celebrated a military coup. One part of Egypt was celebrating the repression of the other part. So what happened? And why do large segments of the society support a coup against Egypt’s ….. Continue Reading

Coup D’Etat In Egypt: Military Removes President Morsi And Suspends The Constitution

Egyptian President Mohamed Morsi has been effectively overthrown by the military on Wednesday. In a statement by Army chief General Abdel Fattah al-Sisi, the armed forces explained that President Morsi had ignored calls of the people, and the armed forces for reconciliation, and that it was suspending the constitution and calling for early elections. Massive crowds gathered in Tahrir Square reveled in jubilation, while doubts remain over what the Muslim Brotherhood’s supporters, who back deposed President Morsi, will do.

The move was preceded by the mass mobilization of armed vehicles around Cairo, particularly to areas of ….. Continue Reading

Why Obama’s Trip to Africa Is Long Overdue

The continent’s economy, struggle with terrorism, and burgeoning democracies are all vitally important to the U.S. Youths walk past a poster of U.S. President Barack Obama and Senegal’s President Macky Sall before Obama’s visit in Dakar on June 26, 2013. (Joe Penney/Reuters) It has been much noted that President Barack Obama, the son of a Kenyan, has made just one visit to Africa as president – a one-day stop to Ghana in 2009. Some Africans have expressed disappointment in what they see as the president’s lack of attention, complaining that on his watch, there has been no new American initiative ….. Continue Reading