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- At least three Australian firms have signed a handful of agreements including Evolution Energy Mineral Limited, EcoGraf Limited, and Peak Rare Earth Limited.
- This is the second mineral exploration and processing deal that Tanzania has signed in as many months and the government says there are more in the pipeline.
- Global markets are experiencing a rising demand for rare earth minerals, critical elements that are used in the manufacture of a vast array of electronic devices, and electric vehicles.
Australia, a vast country that hugely powers its economy through a vibrant mining industry, is bringing its expertise to Tanzania, East Africa for the exploration and processing of energy-rich graphite and other rare earth deposits.
At least three joint venture companies have been formed each having Tanzania accrue 16 percent of the shares, a rare deal in an industry that has for years left the East African country earning little because…
The answer is in the law and the governance models that these countries approach. The way in which the governments of those countries approach the mining industry is imperative.
In South Africa, the natural resource curse is more pronounced in the sense that while the mining sector has made a few individuals fabulously wealthy, inequality in that country has meant that while the richest of the rich get richer, the poor get poorer.
How can governments approach the mining sector to ensure its development leads to broad-based and shared prosperity for all? The answer is the same. The answer is in the respective governments and the legal frameworks for the mining industries of those countries.…
This is specifically in the case of South Africa, which has enjoyed the most benefit from the mining sector in the southern region. This benefit translated into further foreign direct investment flows of more than US$ 40 billion in 2021 alone, up from US$ 3 billion in 2020.
This is in contrast with Zimbabwe, which has been an investment pariah for the last two decades. Zimbabwe has not appropriated as much from its mining sector relative to South Africa, especially when viewed through the foreign direct investment lens. According to its central bank, the country garnered foreign direct investment proceeds of US$ 103 million for the year.
Regardless of the poor showing in FDI terms, the country has recorded a 33% rise in export earnings driven primarily by the mining industry to US$ 5.45 billion. This is to show that the mining sector is central to southern Africa’s economic development.…
The returned items include the Shiva and his Disciples, Worshipping Shakti and Lord Vishnu and his Forms.
The news portal noted that the artefacts date from as early as the ninth to the tenth century.
The artefacts are primarily made of sandstone, marble, bronze and brass.
According to the publication, the antiques are from various places In India, including Rajasthan, Gujarat, and West Bengal.…
Senegal is becoming one of the most exciting oil and gas plays to emerge in recent years in sub-Saharan Africa´s largely underexplored oil and gas sector.
The country may be a relatively new player in terms of production coming on stream, but in fact, oil and gas exploration has been taking place in the country as far back as 1961.
It was only until major world-class offshore oil and gas discoveries were made in 2014-2016 that global energy investors began to truly realize the huge potential of the MSGBC Basin, which comprises the offshore waters of Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry.
Prior to the large-scale discoveries, Senegal was already maneuvering into a good position to capitalize on its hydrocarbon wealth thanks to the leadership of H.E. President Macky Sall who was a former Director General of the state-owned oil company PETROSEN.
ALSO READ: Uganda’s Oil and mining sector …
Uganda Revenue Authority (URA) received information from Australia that Ugandans own assets worth $13.1m in the country.
URA revealed it is re-enforcing its alertness towards tax leakages driven by off shore assets held by Ugandans in a brief released last week.
“An initial report obtained from the Australian Tax office indicates that by September 2019, over $13.1m was held in various assets in Australia by person’s resident for tax purposes in Uganda,” the brief reads in part.
To counter risks presented by globalisation, open markets and digitisation Uganda Revenue Authority has enhanced the exchange of information facility through the worldwide exchange of information network.
The move seeks to simplify investigations into the concealment of incomes, tax base erosion by multinationals and country of origin fraud. Through the platform, URA has retrieved $25.4m.
In hope of accessing concealed transaction-level data and …
Software Group, a global software company that provides digital financial solutions with African operations run from Kenya, has appointed Mr. Connor Hanan to the role of Chief Executive Officer (CEO).
Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base in more than 70 countries from 9 regional offices located in Australia, Bulgaria, Egypt, Ghana, India, Kenya, Mexico, the Philippines.
Prior to his appointment, Mr. Hanan was the company’s Key Global Accounts Manager. He has had a successful career focused on financial services specific to affordable shelter in developing contexts. Within this sector he helped establish operations, Small Businesses and partnerships across roughly 35 markets in Europe, Central Asia, the Middle East and Africa.
Mr. Hanan has over 11 years of experience with FSPs, client-focused product design, and market analysis, a seasoned professional in Investor/Client Relations, as a Program/Project manager, and as a Director of …