Browsing: DRC

  • TransCentury Group Plc (TC)’s rights issue commenced trading on Thursday morning at the Nairobi Securities Exchange (NSE).
  • TC shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares 
  • The firm is seeking to raise Sh 2 billion which will be directed towards recapitalizing the business, reducing debt and unlocking working capital.  

TransCentury Group Plc (TC) shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares as rights issue commenced trading on Thursday (29th December, 2023) at the Nairobi Securities Exchange (NSE). 

The infrastructure investment firm is seeking to raise Sh 2 billion which will be applied towards recapitalizing the business, reducing debt and unlocking working capital for TC’s underlying businesses.

TC Group Chief Executive Officer Nganga Njiinu said the company has strengthened its governance structures reassuring shareholders as it strives towards profitability. 

“Our shareholders taking up their rights will be investing in

 

Tanzanite is a precious stone said to be a thousand times rare than the rarest diamond. True to that claim, the tanzanite gemstone is mined in only one location in the world; a small area in Simanjiro District in Tanzania.

Given the scarcity of tanzanite you would expect that the single mining country, Tanzania would be stock rich, or at least earn the lion’s share of what the gem is valued.

This is not the case. In fact, the exact opposite is true. Tanzanite trade globally earns USD 500 million a year, but Tanzania’s export revenues are a paltry USD 20.75 million, or equivalent to 4.15 percent of the global export value!

Also Read: Tanzania: Small scale miners double in a year

The overwhelming question is why and more importantly how can the situation be resolved? how can Tanzania increase its earnings from its monopoly mining of tanzanite?

The

 

  • Elon Musk Starlink satellite internet in Tanzania expected as early as first quarter of 2023
  • Tesla to access nickel and cobalt from Tanzania’s Kabanga mines by 2025
  • Tanzania, Kabanga form Tembo Nickel Corporation at 16% and 84% shares respectively

Elon Musk in Tanzania: Did you know, there are over 3250 satellites hovering in the Lower Earth Orbit over you? The number is not shocking, what is impressive is the entire satellite constellation is owned by a single company, Elon Musk’s Starlink.

In his ambitious effort to offer faster internet coverage globally, the world’s richest man actually plans to have as many as 42,000 satellites in the Lower Earth Orbit (LEO).

As we enter the New Year 2023, Tanzania is set to become the fourth African country to allow internet service provision from Starlink’s LEO satellites.

Even though Tanzania has already laid down some 7,910Km of fibre optic cable that …

For Africa, energy security should come first due to the fact that the continent is the least polluter but it bears a disproportionate burden wrought on by climate change impacts. From 1850-2020, according to analysts, Africa’s global emissions contribution have remained below 3 per cent. However, the continent lost about 5– 15 per cent of GDP per capita growth annually from 1986 – 2015. 

With the aggressive shift to clean energy, Africa risks even worse human and economic crises due to the multipronged dangers of climate change and the possible displacements caused by mining activities. 

Already, climate change-related catastrophes have triggered internal displacement of 2.6 million people going by 2021 estimates. Violence and displacement are some outcomes of climate-related disasters which leaves millions facing acute food shortages and increasing vulnerability. If mining in the DR Congo, and Africa at large, continues as it has for decades, then the displacements, hunger…

It is important to outline how the DRC stands to become a crucial investment hub in Africa. Foreign and domestic private entities reserve the right to establish business ventures across the nation and engage in all forms of remunerative operations, this is according to the US State Department as it outlines its engagement strategy with the country.

The DRC’s investment agency—the National Agency for Investment Promotion (ANAPI) provides essential facilitation services for initial investments over US$200,000 and is responsible for simplifying the investment process, make procedures more transparent, assist new foreign investors and improve the business image of the DRC—as the investment destination. 

The DRC has potential sectors that are essential for investment and boosting the nation’s economic landscape for the betterment of the region. The sectors do not only create enough revenue to expand the welfare of the population, but create sustainable systems that creates millions of job opportunities. 

As part of improving regional infrastructure works, DRC President Tshisekedi is looking to improve its power output through its Grand Inga Dam project but has been facing resistance, especially from the West.

DRC plans to build the Grand Inga Dam, which, when complete, would be the world’s largest hydropower project. With the capacity of producing 88,000 plus Mega Watts, Grand Inga Dam would make DRC “the heart of the world’s clean energy production system.”

The Grand Inga Dam is expected to rival the power supply of major world economies like Spain; in fact, the dam’s power output would surpass the power output of all of south of Europe combined.…

The Democratic Republic of the Congo (DRC) joined the East African Community (EAC) in March 2022 in a development that has been largely feted as positive.

This decision was reached by the heads of state of the other member countries. The BBC in a report that covered the development said that although the country had officially become a member of the regional bloc, not much would change right away. This is because at that time in March 2022 Congolese lawmakers still had to ratify the decision.

The report added that Congolese citizens looking to travel to other member countries of the East African Community had to wait a little while longer. The BBC gave the example of South Sudan which took four months to become a fully-fledged member in 2016.

  • DRC recently joined the EAC which is a move expected to help the country realize its mineral potential through regional

In 2020 Democratic Republic of the Congo was placed as the 87th economy in the world in terms of GDP (current US$), number 70 in total exports, number 105 in total imports, number 187 economy in terms of GDP per capita and the number 123 most complex economy according to the Economic Complexity Index (ECI).

According to figures from the Observatory of Economic Complexity (OEC), a global data visualization tool for international trade, as of 2020, the top exports of the Democratic Republic of the Congo are refined copper, cobalt oxides and hydroxides, cobalt, raw copper, and copper ore, exporting mostly to China, Tanzania, United Arab Emirates, South Africa, and Singapore.

The top imports of the Democratic Republic of the Congo are documents of title (bonds etc.) and unused stamps, packaged medicaments, sulphur, refined petroleum, and poultry meat, imported mostly from China, the United States, Zambia, South Africa, and India.…

As of 8th April, 2022, the Democratic Republic of Congo (DRC) officially joined the East African Community (EAC) opening a slew of opportunities for both sides.

The Treaty of Accession was inked in Nairobi, Kenya overseeing by the then EAC Chairperson former Kenyan President Uhuru Kenyatta alongside several other Heads of State of the EAC and of course the President of DRC, H.E. Félix-Antoine Tshisekedi Tshilombo.

  • The East African Community has agreed to speed up Congo-Kinshasa’s ascension into the bloc
  • DR Congo will open a new 90 million strong market to the EAC
  • With input from the DR Congo, the East African Community will form a new mechanism to handle natural resource management

With the ascension, the DR Congo has up to the end of this month (29th September, 2022) to complete its internal constitutional processes to ratify the Treaty and submit to the EAC Secretary General. …

  • The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC)
  • CBK noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC)
  • It also effectively expands the region’s market size and offers a path between the seas for trade and cultural integration and new investment and employment opportunities for a dynamic population of about 300 million

The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC).

In a statement seen by The Exchange Africa, CBK said noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC).

The occasion was marked by depositing the instrument of ratification with the Secretary-General …