Railway operator Lobito Atlantic Railway exported (https://apo-opa.co/4e3BWX2) its first shipment of copper from the Democratic Republic of the Congo to the U.S. in August 2024, strengthening Africa’s contribution to the growing global demand for the critical mineral. With the global copper supply gap projected to reach 10 million metric tons by 2030, African projects are poised to play a crucial role in addressing the shortfall.

As such, the upcoming Critical Minerals Africa (CMA) 2024 summit – the premier meeting platform for African energy projects and global investors – will showcase lucrative prospects across the continent’s copper value chain. A dedicated panel discussion at CMA 2024 will provide updates on ongoing projects aimed at expanding African production while fostering economic growth and supporting the global energy transition.

The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference (https://AECWeek.com/) on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

The Democratic Republic of the Congo (DRC) – the world’s third-largest copper producer – in partnership with Canadian firm Ivanhoe Mines (https://apo-opa.co/4d0hxRk), commissioned the Phase 3 concentrator at the Kamoa-Kakula Copper Complex (https://apo-opa.co/3XHpQx2) last month. The expansion is set to boost the mine and the country’s annual copper output by 150,000 tons. Ivanhoe Mines also restarted production at the high-grade Kipushi zinc-copper mine in July 2024, increasing the DRC’s copper output by 140,000 tons.

Chinese miner CMOC is undertaking a $2.5 billion third-phase expansion at the Tenke Fungurume and Kinsafu Mines, with aims to double copper production in the DRC over the next four years. Meanwhile, Swiss company Glencore (https://apo-opa.co/3MFYnp6) is implementing advanced technologies to enhance exploration and production at its KTO Copper and Cobalt Mine near Kolwezi, with a target of increasing production to 300,000 tons per annum.

Zambia (https://apo-opa.co/3XA3Zax) – Africa’s second-largest copper producer – has set a target to increase production to 3 million tons by 2030, leveraging strategic partnerships with global investors. The country is maximizing its copper value chain through a series of projects in partnerships with global firms such as Galileo Resources, Tertiary Minerals, Vedanta Resources, Jubilee Metals, KoBold Metals and Xtract Resources. In July 2024, Ivanhoe Mines (https://apo-opa.co/4d0hxRk) resumed production at the Mopani Mine – following 30 years of project maintenance – adding up to 140,000 tons of copper and zinc concentrate to Zambia’s total annual output.

In addition to the DRC and Zambia, countries including Zimbabwe, South Africa, Mauritania, Namibia and Morocco are also advancing projects rollout. At this year’s CMA 2024 summit, African policymakers, industry stakeholders and global investors will discuss ongoing efforts to position the continent as a leader in critical copper production.

Distributed by APO Group on behalf of Energy Capital&Power.

The devastation caused by extreme flooding ravaging South Sudan is easy to see while travelling on the treacherous road to Yirol.

Entire communities have been wiped out. Their tukuls are submerged in rapidly rising waters and few salvaged belongings are scattered across whatever high ground they can find.

Not only are these communities coping with their own crisis, but they are also trying to accommodate thousands of flood-stricken displaced people arriving from neighbouring Unity State.

This is fueling tensions over access to scarce resources as cattle keepers from Panyijjar, in Unity, move their stock across the border to Yirol, Lakes State, occupying land used by local communities to cultivate their crops.

“When the other community affected by the floods, especially from Unity, come to Lakes, they should be welcome by our community and live at peace among themselves,” says Nyanhok Malou Mario, the Lakes State Minister of Peace Building. 

Both communities are already suffering from persistent incidents of cross-border cattle raiding and revenge attacks, resulting in loss of life, destruction of property, and theft of livestock.

 “The relationship between the two states is not good. There has been rampant cattle raiding and revenge killings along our common border,” says Chol Kuotwel Manhom, the Lakes State Minister of Local Government and Law Enforcement Agencies. “In Lakes State, we have managed to bring peace among our communities. But that peace is not complete without including our neighbours. So, we are reaching out to them to bring peace across our common borders.”

Peacekeepers serving with the United Nations Mission in South Sudan navigated the heavily flooded roads and bridges to facilitate a peace dialogue between the communities in Yirol to address climate, peace and security concerns.

The Panyijjar County Commissioner demonstrated his commitment to peace by making his way south to the forum along the swollen river by boat.

“We made our way along the river for two nights and two days. The river was very swollen, and the water was moving very fast. It was dangerous, and we even had a technical problem with one of the boats which forced us to stop for some time,” said Gabriel Majok Bol Ruei. “We are so tired, but it is important for us to come together to build peace.”

The forum aims to support peaceful conflict resolution, empower county authorities to foster peace and stability, promote the role of women and youth, and help communities find their own solutions.

“Once we get the resolutions from the participants in the forum, we are going to form partnerships with UN agencies and other international Non-Governmental Organizations to see how we can provide livelihoods among the communities,” said UNMISS Civil Affairs Officer, Gibril Turay.

“We will also look at developing and finding funding for projects to ensure that there is reconciliation and accountability. There will be no sustained peace or true reconciliation without accountability and justice.”

While youth seem able to find joy in any disaster as they dance and play in the floodwaters in Yirol, their families are not so resilient as they confront conflict, a dire humanitarian and economic situation, and now the loss of everything they own due to the climate crisis.

Despite this, their commitment to peace is real as they put their personal suffering and differences aside to build sustainable peace together.

Distributed by APO Group on behalf of United Nations Mission in South Sudan (UNMISS).

In September this year, Angola’s National Oil, Gas&Biofuels Agency (ANPG) and national oil company Sonangol initiated a 45-day geological data acquisition campaign (https://apo-opa.co/4e13vjI) in the onshore Kwanza Basin. This effort aims to delineate the basin’s hydrocarbon potential, which remains largely unexplored. The resulting data will provide valuable insights, supporting future investment decisions by exploration and production (E&P) companies in the region.  

Despite being a largely-established oil and gas market, Angola offers frontier opportunities for investors and project developers, especially across its onshore acreage. This makes the country a strategic investment opportunity, highlighting the potential for play-opening discoveries and long-term project developments. A panel discussion – titled Frontier Exploration: Charting New Paths for Investment – during the Angola Oil&Gas (AOG) conference (https://apo-opa.co/3XHmfPy) – taking place October 2-3 in Luanda – will map out this potential. Speakers from some of the country’s biggest operators and data management companies will share insight into Angola’s frontier exploration and how the country offers new paths for investment. 

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.  

While up to 75% of the country’s oil production is derived offshore, Angola’s shallow and deepwater acreage contain untapped basins that stand out as frontier investment opportunities. The Namibe basin (https://apo-opa.co/4dhLXPb), for example, is one of the largest remaining prospective frontier areas for oil and gas exploration in the country. Supported by over 12,000 km² of multiclient 3D surveys and basin-modeling work, the Namibe Basin has emerged as an attractive investment opportunity. In 2023, the ANPG signed an addendum to Blocks 30, 44 and 45 in the basin to make exploration more competitive. With improved fiscal terms, energy major ExxonMobil kickstarted a $200 million exploration program in the basin, which could lead to up to $15 billion (https://apo-opa.co/3XkGPnh) invested by the company following positive drilling results. 

Onshore, the country is seeing an exploration revival with energy company Corcel announcing in 2023 that the TO-14 well in Block KON-11 revealed positive indications of hydrocarbons. While Angola’s initial oil production was achieved onshore, decades of inactivity have underscored the potential that onshore acreage (https://apo-opa.co/4dYTW4v) could still yet hold. To entice investment onshore, the ANPG concluded its most recent licensing round in January 2024, with 12 onshore blocks on offer in the Lower Congo and Kwanza Basins. Up to 53 bids secured highlights the level of interest in Angola’s frontier onshore market. 

Stepping into this picture, the AOG 2024 panel discussion will unpack Angola’s frontier oil and gas potential, offering attendees crucial insight into strategic blocks and investment terms. Speakers from the ANPG and ExxonMobil will be joined by speakers from energy major TotalEnergies, independent energy company ReconAfrica and geoscience and technology firm Shearwater. The discussion serves as a pivotal starting point for deal-signing. 

For more information about the AOG 2024 program, visit https://apo-opa.co/4ghrWL9

Distributed by APO Group on behalf of Energy Capital&Power.

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced the issuance of an inaugural domestic dollar bond from the Federal Government of Nigeria (FGN), raising US$900 million and marking a significant milestone in the country’s economic development.

AFC acted as Global Coordinator on the first-of-its-kind issuance for Nigeria’s capital market. The bond which was issued at par has a tenor of five years and carries an annual coupon of 9.75%. The issue closed with a 180% oversubscription, underscoring strong domestic investor confidence in Nigeria’s economic stability and growth potential, and the effectiveness of AFC’s strategic capital markets leadership.

As a domestic issue, the investor base comprised Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and institutional investors. The bond will be listed and available for trading on the Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ Exchange”).

The successful issuance demonstrates AFC’s pivotal role in supporting the Nigerian government’s commitment to deepening domestic capital markets, promoting financial inclusion and diversifying funding sources. It marks the first issuance under the FGN’s Domestic US Dollar Bond Programme. Proceeds of the bond issue will be invested in critical sectors of the Nigerian economy approved by the President on the recommendation of the Minister of Finance, subject to appropriation by the National Assembly.

“This inaugural domestic US dollar bond issuance is a significant achievement for Nigeria and marks a new chapter in the development of the country’s capital markets,” said Banji Fehintola, Executive Director and Head of Financial Services, Africa Finance Corporation. “We are honoured to have played a leading role in this landmark transaction as the Global Coordinator, which aligns with AFC’s mission to develop domestic capital markets in Africa by providing innovative financing solutions that meet the continent’s unique needs and also leveraging our deep capital market expertise to serve and deliver value to our clients. This successful issuance not only showcases Nigeria’s economic potential but also reinforces the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development.”

AFC has a solid track record in capital markets with a well-established diverse investor engagement program that included issuance of a US$1.16 Billion global syndicated loan earlier this year. The Corporation was recently bestowed with “The Most Innovative Bond” award at the EMEA Finance Achievement Awards for its pioneering JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt and the “Best Supranational Syndicated Loan” award for securing a US$625 million syndicated loan last year, welcoming new lenders from the Middle East and Asia.

Alongside AFC’s role as Global Coordinator for the domestic bond issuance, United Capital Plc acted as Lead Issuing House/Coordinator; Meristem Capital Limited, Stanbic IBTC Capital Limited and Vetiva Advisory Services Limited acted as Issuing Houses; Constant Capital Markets&Securities Limited and Iron Global Markets Limited acted as Financial Advisers; Olaniwun Ajayi LP and G. Elias acted as Solicitors; and Greenwich Trustees Limited acted as Trustee. 

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC: 
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.

www.AfricaFC.org