KINSHASA, June 17 (Reuters) &#8211; Democratic Republic of Congo&#8217;s central bank on Thursday cut its main interest rate for the third time since the start of the year, to 8.5% from 10.5%, saying it expected a period of macroeconomic stability.



The rate cut follows a 500 basis points cut in April, and a cut to 15.5% from 18.5% in March as the economy stabilised from the initial effects of the pandemic. The bank had hiked the rate to 18.5% from 7.5% last August to tame inflation.



Economic growth in Congo, Africa&#8217;s top copper producer and the world&#8217;s leading miner of cobalt, is forecast to rise to 4.9% this year, up from an earlier projection of 3.2% and growth of 1.7% in 2020, the central bank said in a statement.



Inflation is expected to fall to 4.87% by the end of December, down from 8.69% in May, it said.



The pandemic badly dented public finances, with inflation peaking at 15.7% year-on-year in August 2020 and the Congolese franc depreciating sharply.



But the outlook has brightened in recent months, and the International Monetary Fund announced last month it intended to extend $1.5 billion in credit over the next three years.



Foreign exchange reserves increased by $453.9 million to $1.24 billion, or more than five weeks of imports, their highest level since 2015.



&#8220;This increase is explained both by the strategy put in place by the central bank aimed at maximizing interbank purchases of currencies and by the decrease in their consumption by the treasury,&#8221; the statement said. 



(Reporting by Bate Felix; Editing by Alison Williams and Chris Reese)

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Democratic Republic of Congo central bank cuts interest rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="577" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b-820x577.jpg" alt="" class="wp-image-406878" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b-820x577.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b-114x80.jpg 114w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b-768x541.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/3962422739_3f3a4f95df_b.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Laurent Gbagbo, President of Côte d&#8217;Ivoire, addresses the general debate of the sixty-fourth session of the General Assembly. 25/Sep/2009. United Nations, New York. UN Photo/Marco Castro.</figcaption></figure>



ABIDJAN, June 15 (Reuters) &#8211; Côte d&#8217;Ivoire is preparing for the return of former President Laurent Gbagbo on Thursday, a move that his supporters and the government hope will help ease tensions that have hung over the country since his arrest a decade ago.



Supporters have been buying party memorabilia such as scarves, pouches and garments bearing Gbagbo&#8217;s image in the Yopougon district of Abidjan, considered his political stronghold, since his return was confirmed on May 31.



The government of President Alassane Ouattara, which initially objected to Gbago&#8217;s party announcing his return date without official approval, has accepted the plan as part of ongoing efforts to smooth tensions.



Gbago is to arrive on Thursday on a commercial flight from Brussels.



&#8220;His presence will reconcile Ivorians. He is coming to give Côte d&#8217;Ivoire the peace that the country has lacked,&#8221; Guy Besson, national secretary for Gbagbo&#8217;s Ivorian Popular Front party, told Reuters.



Gbagbo served as president of the world&#8217;s top cocoa-growing nation from 2000 until he was arrested after his refusal to concede electoral defeat to Ouattara in 2010, leading to a civil war that killed 3,000 people.



He was extradited in 2011 to the International Criminal Court (ICC) at The Hague where he faced charges of crimes against humanity related to the post-election conflict.



Gbagbo denied the charges, and his supporters have long claimed that the charges were designed to remove the populist leader from the political scene.



Although the country found relative stability that helped fuel steady economic growth, bitterness remained among Gbagbo&#8217;s supporters, and it bubbled to the surface in the November 2020 presidential election when at least 85 were killed in clashes.



Ouattara, whose decision to seek a third term sparked some of the violence in 2020, has made overtures to reconcile the country after his election victory, including allowing Gbagbo to return.



&#8220;I want to say that President Laurent Gbagbo will arrive in Côte d&#8217;Ivoire in a spirit of reconciliation and peace,&#8221; Gbagbo&#8217;s spokesperson Justin Kone Katinan told a news conference in Abidjan on Monday. &#8220;He wants to play a major role in this reconciliation.&#8221;



Ouattara said in April that Gbagbo was free to return, but the government has not said whether he has been pardoned.



Gbagbo, 76, was acquitted by the ICC in 2019, and in March, the court upheld the acquittal. An order confining him to Belgium was dropped.



There were concerns however that his return could be complicated by an Ivorian court&#8217;s outstanding 20-year sentence of him in absentia in November 2019 on charges he misappropriated funds from the regional central bank.



Katinan said a political solution would be found to the conviction during the reconciliation discussions and Gbagbo had not made it a prerequisite for his return.



&#8220;By fixing June 17 date, we have confidence in our partner (the government), to find the political formula to manage this affair. Whether now or after, we trust, and it is on the basis of this confidence that we fixed the date,&#8221; he said. 



(Reporting by Ange Aboa and Loucoumane Coulibaly; Writing by Bate Felix; Editing by Cynthia Osterman)

Laurent Gbagbo, President of Côte d’Ivoire, addresses the general debate of the sixty-fourth session of the General Assembly.  25/Sep/2009. United Nations, New York. UN Photo/Marco Castro.

Côte d’Ivoire hopes to end a decade of rancour with Gbagbo’s return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-820x547.jpg" alt="" class="wp-image-405726" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-876651014-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The logo of France&#8217;s Public Investment Bank (Banque Publique d&#8217;Investissement &#8211; BPI) bpifrance is pictured during an event at the Station-F on November 20, 2017 in Paris. (Photo by ERIC PIERMONT / AFP) (Photo by ERIC PIERMONT/AFP via Getty Images)</figcaption></figure>



ABIDJAN, June 2 (Reuters) &#8211; French public investment bank Bpifrance plans to more than double its annual lending in Africa over the next three years, a senior executive said on Wednesday.



Bpifrance, which manages French state shareholdings, has extended more than 700 million euros since 2015 in export credits to help African governments and businesses buy French products, Pedro Novo, the bank&#8217;s executive director in charge of exports, said during an interview in Ivory Coast.



&#8220;We have decided to double the rhythm of these investments over the next three years,&#8221; Novo said. &#8220;Combining this with what we make available to French businesses that are created or invest in companies in Africa, we expect to make 1.5 billion euros in new investments for Africa.&#8221;



Novo said a particular focus for investments would be Ivory Coast, a former French colony which is the world&#8217;s top cocoa producer and has one of Africa&#8217;s fastest-growing economies.



To that end, the bank has held talks with Ivory Coast&#8217;s prime minister to launch a financial institution that would provide credit to entrepreneurs and small businesses, he said. 



($1 = 0.8189 euros) 



(Reporting by Ange Aboa; Editing by Aaron Ross and Cynthia Osterman)

FRANCE-ECONOMY-FINANCE-BPI

French state lender looks to double lending in Africa

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-820x548.jpg" alt="" class="wp-image-405611" width="838" height="560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/5TRILGVQ6RMGHOW22AFP7VQ37Y-scaled.jpg 2048w" sizes="auto, (max-width: 838px) 100vw, 838px" /><figcaption>FILE PHOTO: A police officer detains a man during a patrol as a nighttime curfew is reimposed amid a nationwide coronavirus disease (COVID-19) lockdown, in Pretoria, South Africa, January 9, 2021. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



DAKAR, June 2 (Reuters) &#8211; Much of Africa may have been spared the death toll that COVID-19 brought to other regions, but it now faces recession, growing violence and higher unempoyment because of the pandemic, a report said on Wednesday.



&#8220;The global economic shutdown has driven Africa into recession for the first time in 30 years, with severe repercussions for unemployment, poverty, inequalities and food insecurity,&#8221; said the 2021 Ibrahim Forum Report.



It was released ahead of the annual conference this weekend of the Mo Ibrahim Foundation, which promotes good governance in Africa.



African countries implemented strict travel restrictions and robust contact tracing when the outbreak began, potentially saving millions of lives, the report said.



But Africa was the only continent where incidents of violence rose over the course of the pandemic. Mob violence rose by 78%, while more than 90 people were killed by security forces implementing lockdown restrictions, the report said.



Conflict resolution and counterinsurgency efforts were scaled back, opening doors for extremist groups to capitalize on the outbreak by filling gaps left by the state.



&#8220;COVID-19 has already been integrated into the propaganda of groups like Al Shabab and Boko Haram, to help justify their cause,&#8221; said Camilla Rocca, Head of Research at the foundation.



&#8220;They want to paint themselves as service providers, with Al Shabab, for instance, opening clinics and the Islamic State branch in [Democratic Republic of Congo] providing medicines,” she said.



A recovery strategy needs to emphasise the creation of sustainable jobs, the report said.



One solution would be for Africa to develop a vaccine manufacturing industry, which could produce jobs across different sectors and fulfill a dire healthcare need.



&#8220;Harnessing the lessons from COVID-19, our continent can build a more sustainable, self-reliant and inclusive future,&#8221; Mo Ibrahim, the Sudanese-British billionaire at the helm of the foundation, said in the report.



&#8221; Africa’s youth, who are the future of our continent, must be at the heart of the plan.&#8221; 



(Reporting by Cooper Inveen Editing by Edward McAllister and Giles Elgood)

FILE PHOTO: Nighttime curfew reimposed amid a nationwide COVID-19 lockdown, in Pretoria

Recession and violence among COVID side effects in Africa, report finds

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k-820x547.jpg" alt="" class="wp-image-402471" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/42195571561_efce18ae1f_k.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Tedros Adhanom Ghebreyesus
Photo: via Flickr</figcaption></figure>



GENEVA, May 28 (Reuters) &#8211; The head of the World Health Organization (WHO) said on Friday that an independent investigation into allegations of sexual abuse in Democratic Republic of Congo against WHO aid workers would report findings by the end of August.



Tedros Adhanom Ghebreyesus told the annual ministerial session that some of its 194 member states were frustrated by the pace of investigations into the allegations that emerged last year.



Canada&#8217;s ambassador Leslie Norton read out a statement on behalf of more than 50 countries urging the WHO to speed the investigation and provide an update in June. The U.N. agency should ensure that &#8220;appropriate disciplinary action is taken where allegations are substantiated,&#8221; she said. 



(Reporting by Stephanie Nebehay)

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WHO to issue findings on Congo sexual abuse investigation by end August – Tedros

KINSHASA, May 28 (Reuters) &#8211; The International Monetary Fund on Friday said it had made a staff-level agreement for a three-year $1.5 billion extended credit facility with Democratic Republic of Congo to help the country recover from the coronavirus pandemic.



The agreement requires approval from IMF management and by the IMF Executive Board.



Despite an almost 10% expansion of Congo&#8217;s extractive sector last year, the economy is estimated to have grown by only 1.7%, and is projected to expand by 4.9 percent in 2021, the IMF said in a statement. Congo is the world&#8217;s largest producer of cobalt.



Congo&#8217;s battle with COVID-19 badly dented public finances, with inflation peaking at 15.7% year-on-year in August 2020, alongside a sharp depreciation of the Congolese franc, the IMF said.



&#8220;Fiscal policy under the program is geared towards increasing domestic revenue mobilization,&#8221; the IMF said.



&#8220;Improving governance and fighting against corruption are critical, with continued emphasis on the management of extractive resources, on improving public financial management, and on fighting money laundering.&#8221; 



(Reporting by Hereward Holland; Editing by Alex Richardson and Catherine Evans)

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IMF agrees three-year $1.5 billion extended credit facility with Democratic Republic of Congo

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-820x547.jpg" alt="" class="wp-image-405153" width="839" height="560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1233129925-scaled.jpg 2048w" sizes="auto, (max-width: 839px) 100vw, 839px" /><figcaption>TOPSHOT &#8211; This general view of the port of Goma shows residents hurrying towards ferries after an evacuation order has been given on May 27, 2021. &#8211; The authorities in Goma, in the east of the Democratic Republic of Congo (DRC), on Thursday morning ordered the evacuation of part of the city because of the risk of eruption of the Nyiragongo volcano, immediately causing the exodus of tens of thousands of people. (Photo by Guerchom NDEBO / AFP) (Photo by GUERCHOM NDEBO/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG/LONDON, May 27 (Reuters) &#8211; Earthquakes following a volcanic eruption in Goma, a city near Congo&#8217;s border with Rwanda, are disrupting exports of tin concentrate from mineral-rich North Kivu province, the International Tin Association (ITA) said on Thursday.



The industry association confirmed what two sources with direct knowledge told Reuters on Wednesday.



The disruption to Congolese tin exports &#8211; which account for 8% of the world&#8217;s tin-in-concentrate, according to the ITA &#8211; is likely to exacerbate shortages of the soldering metal, prices of which last week touched 10-year highs at $30,650 a tonne.



Tin ore producers have been unable to obtain the permits they need to export the material because government offices in Goma, North Kivu&#8217;s capital city, are shut, the sources said.



&#8220;It is currently unclear when Goma will be declared safe again, and government offices will reopen,&#8221; the ITA said.



Congolese authorities ordered the partial evacuation of Goma on Thursday, saying Mount Nyiragongo volcano could erupt a second time with little or no warning after more than 200 small and medium earthquakes shook the city following Saturday&#8217;s eruption.



Some 200 to 250 tonnes of tin concentrate move through Goma every month, the ITA said, citing a source close to producers in the region.



Tin concentrates typically contain around 50%-70% metal, so around 100 to 175 tonnes of tin-in-concentrate could be disrupted, the ITA said.



The ITA said it expects producers in North Kivu to continue operating despite delays to export permits, and sees a short-term build-up in concentrate stocks at mining operations, followed by greater exports once licences can be renewed.



Tin was trading up 0.2% at $29,585 a tonne on Thursday.



The vast majority of North Kivu&#8217;s tin exports come from Alphamin Resources&#8217; Bisie mine near Walikale, 230 kms (142 miles) west of Goma.



Alphamin, which produced 10,319 tonnes of tin-in-concentrate in 2020, said on Wednesday that government services relating to export documentation have been disrupted but are expected to return to normal next week &#8220;assuming no further volcanic eruptions&#8221;.



Alphamin exports its tin via Beni over the border to Uganda, and ultimately to Kenya&#8217;s port of Mombasa, from where it is shipped.



(Reporting by Pratima Desai and Helen Reid with additional reporting by Zandi Shabalala; Editing by Mark Heinrich, Alistair Bell and Emelia Sithole-Matarise)

TOPSHOT-DRCONGO-VOLCANO

Congo earthquakes and evacuation disrupt tin exports

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/KDG6BX46FVN6ZFHSGXSJKWTW7A-820x572.jpg" alt="" class="wp-image-404926" width="837" height="584" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/KDG6BX46FVN6ZFHSGXSJKWTW7A-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/KDG6BX46FVN6ZFHSGXSJKWTW7A-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/KDG6BX46FVN6ZFHSGXSJKWTW7A-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/KDG6BX46FVN6ZFHSGXSJKWTW7A.jpg 960w" sizes="auto, (max-width: 837px) 100vw, 837px" /><figcaption>Residents walk near destroyed homes with the smouldering lava deposited by the eruption of Mount Nyiragongo volcano near Goma, in the Democratic Republic of Congo May 23, 2021. REUTERS/Djaffar Al Katanty</figcaption></figure>



GOMA, Democratic Republic of Congo, May 25 (Reuters) &#8211; An earthquake on the border of Congo and Rwanda razed buildings in the city of Goma on Tuesday and stoked fears a nearby volcano would erupt again three days after dozens of people were killed and 17 villages were destroyed by lava.



The quake, measured at 5.3 magnitude by the Rwandan Seismic Monitor, was the largest of over 100 tremors that have followed the eruption on Saturday of Congo&#8217;s Mount Nyiragongo volcano, one of the world&#8217;s most active and dangerous.



&#8220;We know that children were injured when a building collapsed on Tuesday just a few steps from the UNICEF office in Goma,&#8221; the U.N. children&#8217;s agency said.



The quake appeared to have destroyed several buildings in the city of two million, and a witness said at least three people were pulled from the rubble and taken to hospital.



It struck at 11:03 a.m., originating in Rugerero sector in western Rwanda, according to the Rwanda Seismic Monitor.



The city experienced 119 tremors on Monday, but the intensity has started to decrease, said Kasereka Mahinda, scientific director at the Goma Volcano Observatory.



The earthquakes were caused by the tectonic plates seeking to recover their equilibrium after the eruption, a phenomenon seen after the eruptions in 2002 and 1977.



&#8220;As soon as the rift recovers its balance, the tremors will stop,&#8221; he told Reuters.



Multiple cracks in the earth have emerged in Goma in the last day, some several hundred meters (yards) long that cut across the city&#8217;s main boulevards.



&#8220;The opening of these cracks on the roads like this is terrifying,&#8221; said Joseph Mapendo, a 32-year-old motorbike taxi driver. &#8220;They should tell us if we should evacuate the town or if we can stay until the tremors are over.&#8221;



About 1,000 houses were destroyed and more than 5,000 people displaced by the eruption, the United Nations has said.



&#8220;According to the authorities, 32 people have died in incidents related to the eruption, including seven people killed by lava flow and five others asphyxiated by gases,&#8221; the U.N. refugee agency UNHCR said.



The lava flow stopped a few hundred metres short of the city limits, but wrecked 17 villages on the way, cut the principal electricity supply and blocked a major road, disrupting aid deliveries to one of the most food-insecure places in Africa.



The lava lake in the volcano&#8217;s crater appears to have refilled, raising fears of new fissures or another eruption, UNHCR said. Goma-based volcanologist Dario Tedesco said on Monday he feared the tremors could open another fracture.



The government said a 1.7 km (1.1 mile) stretch of road connecting Goma to the north of the province was covered with lava, blocking the movement of people and goods to an area where some 280,000 people have been displaced by conflict and fighting since January.



The United Nations said it would take days to re-open the road and that it was seeking permission from the government to start re-using Goma airport. The hub for aid relief for the east of the country was closed after lava came within 300 metres (yards).



More than half a million people have lost access to safe water, as lava destroyed one of the most important water supply sources, the International Federation of the Red Cross said.



&#8220;Although the flow of lava has stopped, authorities have warned that the danger is not yet over and that seismic activity in the area could cause further lava flows. Infrastructure damage is not ruled out,&#8221; the IFRC said. 



(Reporting by Djaffar Al Katanty and Fiston Mahamba; Additional reporting and writing by Hereward Holland editing by Philippa Fletcher and Alistair Bell)

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Earthquakes in Congo raze buildings, stoke fear of second volcanic eruption

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/P5SMH45ZXZISHHJMFTO3TFOVFQ-820x546.jpg" alt="" class="wp-image-402459" width="839" height="559" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/P5SMH45ZXZISHHJMFTO3TFOVFQ-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/P5SMH45ZXZISHHJMFTO3TFOVFQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/P5SMH45ZXZISHHJMFTO3TFOVFQ-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/P5SMH45ZXZISHHJMFTO3TFOVFQ.jpg 960w" sizes="auto, (max-width: 839px) 100vw, 839px" /><figcaption>Photo: via Reuters</figcaption></figure>



CAIRO, April 23 (Reuters) &#8211; Mining companies awarded blocks in Egypt&#8217;s Eastern Desert are set to start exploring for gold under a legislative overhaul that seeks eventually to unlock vast untapped mineral resources.



Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewellery, Egypt has just one commercial gold mine in operation. Foreign investment in oil and gas has grown, but mining has languished.



Now, the country is banking on high gold prices and amended mining laws that scrap red tape and a profit-sharing rule, unpopular in the industry, to lure interest.



One year after launching its first bid round under the new rules, it has so far clinched five gold exploration contracts in a first bidding round and kept the tendering system rolling as it tries to build momentum.



The government is looking to attract $1 billion in annual investments in mining, a target industry sources say could be within reach.



&#8220;Success is ultimately going to be measured by how many mines are going to be discovered and advanced to production,&#8221; said Patrick Barnes, Head of Metals &amp; Mining Consulting EMEARC at Wood Mackenzie, which advised Egypt&#8217;s government on its mining law reforms.



&#8220;Early indicators show us that this bid round was much better than the ones held previously.&#8221;



&#8216;HEALTHY MIX&#8217;



In its initial tender, Egypt in November awarded 82 exploration blocks to what metals analysts say is a healthy mix of 11 companies, ranging from junior explorers to industry giants such as Barrick Gold.



The blocks on offer are in the Arabian-Nubian shield geological formation, which flanks the Red Sea and is believed to be one of the most mineral rich areas in the world.



Egypt&#8217;s mining drive is still at an early stage.



UK-based Altus Strategies told Reuters it was looking to build up its technical team and conduct remote sensing and mapping operations on the 1,500 square kilometres of land it has been awarded before starting exploration.



It expects to invest several million dollars in the short term but that could rise above $100-$200 million if a economic discovery is made.



A spokeswoman for Canada-based B2Gold, which also won concessions, said the company was looking forward to starting exploration soon &#8220;given the relative under-investment in modern exploration, and therefore untapped potential in the historically prospective Arabian-Nubian Shield&#8221;.



Mining firms welcomed the elimination of a requirement to form joint ventures with the Egyptian government, and the capping of state royalties at 20%.



However, the retention of a tendering process for exploration blocks limits the chances of any gold boom, said Sami El Raghy, Chairman of Australia-based Nordana Pty Ltd.



&#8220;No other successful mining countries use this process. They all have a clear transparent mining laws stipulating the qualification, obligations and the rights of investors. (They) work on the principle first come, first served,&#8221; said El Raghy, who was also a founder of Egypt&#8217;s first and only commercial gold mine, Sukari.



The Ministry of Petroleum and Mineral Resources declined to comment.



GOLD PRICE



On average, a mining project goes from discovery to production in 10-15 years. While gold prices have eased after reaching a record in 2020, economists expect they will remain high by historical standards over coming years.



&#8220;If you get to a point where several discoveries are made, Egypt could be one of the largest gold producers in Africa… It had top-tier potential,&#8221; said Steven Poulton, CEO of Altus Strategies.



Environmental campaigners, however, say there is no justification for gold mining. It generates emissions, can add to water-stress and in contrast to copper and battery minerals is not in demand from technologies that can bring about a low carbon economy.



The government has said it is open to other minerals, but gold is the focus for now.



&#8220;Gold is absolutely the best thing for them to start with, because there&#8217;s a known amount of it,&#8221; said Wood Mackenzie&#8217;s Barnes.



&#8220;Egypt has immense potential for mining copper and gold and other commodities. The biggest concern in the industry is lack of supply for copper, places like Egypt which are considered underexplored and high potential are going to get a lot of attention if they can maintain investment conditions,&#8221; he added. 



(Reporting by Nadine Awadalla; Editing by Aidan Lewis and Barbara Lewis)

P5SMH45ZXZISHHJMFTO3TFOVFQ

Miners seek gold under the desert sands after Egypt changes rules

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/12499088055_56fd3b7743_b-820x547.jpg" alt="" class="wp-image-402152" width="841" height="561" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/12499088055_56fd3b7743_b-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/12499088055_56fd3b7743_b-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/12499088055_56fd3b7743_b-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/12499088055_56fd3b7743_b.jpg 1024w" sizes="auto, (max-width: 841px) 100vw, 841px" /><figcaption>President Idriss Deby. Photo: via Flickr</figcaption></figure>



N&#8217;DJAMENA, April 20 (Reuters) &#8211; Chad&#8217;s President Idriss Deby has died while visiting troops on the frontline of a fight against northern rebels, the army said on Tuesday, the day after Deby was declared the winner of a presidential election.



Deby&#8217;s son, Mahamat Kaka, was named interim president by a transitional council of military officers, spokesman Azem Bermendao Agouna said in a broadcast on state television.



Deby, 68, came to power in a rebellion in 1990 and was one of Africa&#8217;s longest-ruling leaders. He and his army have been seen as a reliable Western ally in a turbulent region afflicted by jihadists.



His campaign said on Monday he was joining troops on the frontline after rebels based across the northern frontier in Libya advanced hundreds of km (miles) south toward the capital N&#8217;Djamena.



The exact cause of death was not yet clear but a European diplomatic source said he had been killed.



&#8220;A call to dialogue and peace is launched to all Chadians in the country and abroad in order to continue to build Chad together,&#8221; Bermendao said, surrounded by several officers.



&#8220;The National Council of Transition reassures the Chadian people that all measures have been taken to guarantee peace, security and the republican order,&#8221; he said.



Deby, whose opponents accused him of repressive rule, pushed through a new constitution in 2018 that would have allowed him to stay in power until 2033 &#8211; even as it re-instated term limits.



He took the title of &#8220;Marshal&#8221; last year and said before last week&#8217;s election: &#8220;I know in advance that I will win, as I have done for the last 30 years.&#8221;



He was dealing with mounting public discontent over his management of Chad&#8217;s oil wealth and crackdowns on opponents.



But in the election results announced on Monday, Deby was credited with 79% of the vote, handing him a sixth term in office. Several leading opposition figures boycotted the poll.



Western countries have seen Deby as an ally in the fight against Islamist extremist groups, including Boko Haram in the Lake Chad Basin and groups linked to al Qaeda and Islamic State in the Sahel.



His death is a blow to France, which had based its Sahel counter-terrorism operations in the Chadian capital, N&#8217;Djamena.



Chad had announced in February the deployment of 1,200 troops to complement 5,100 French soldiers in the area. France, the former colonial power, has yet to react officially.



(Reporting by Madjiasra Nako; Writing by Aaron Ross, Editing by Edward McAllister and Angus MacSwan)

12499088055_56fd3b7743_b

Chad President Idriss Deby dies on frontline, son to take over

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-820x547.jpg" alt="" class="wp-image-402093" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Daniel Mminele. Photographer: Ian Waldie/Bloomberg via Getty Images</figcaption></figure>



Absa Group said Chief Executive Daniel Mminele will leave at the end of the month after differences with the board over strategy and culture, just 15 months after he became the bank’s first black CEO.



&#8220;It has become clear to the parties that there is non-alignment on matters of strategy and culture transformation,&#8221; the bank said in a stock exchange statement. It appointed Financial Director Jason Quinn as Interim CEO.



Absa has been trying to stop years of declining market share and improve performance after splitting from former British parent Barclays in 2017. The effort had started bearing fruit in the past year with the bank reclaiming market share in segments like mortgages where it had previously been the market leader.



&#8220;That’s a very short tenure and it doesn’t cast Absa in a good light to have a very senior, a very competent person just leave, just because of differences,&#8221; said Wayne McCurrie of FNB Wealth and Investments, who has Absa shares among the assets he manages on behalf of clients. &#8220;It just reflects poorly on the organization.&#8221;



The bank’s shares fell more than five percent after the announcement.



Mminele, a former deputy of the South African Reserve Bank (SARB), took over as CEO in January 2020, succeeding Maria Ramos, a former director of South Africa’s National Treasury. He had spent 20 years at the SARB, serving in various capacities including financial markets.



“It is indeed regrettable that we should have had to part ways so soon on our journey. It is, however, important for the Chief Executive to be in complete alignment with the board on critical issues such as strategy and culture,” Mminele said in a press statement issued by Absa.



South African newspaper Business Report reported that there was a heated discussion last week between the CEO and the board. Mminele had succeeded former CEO Mario Ramos who unexpectedly retired apparently after conflict with Chairwoman Wendy Lucas-Bull.



Earlier this year African Bank’s chairman and board ousted CEO Basani Maluleke over what some analysts speculated were also differences in strategy.

Key Speakers At The Institute of International Finance G20 Conference

Absa Group Board Ousts CEO Mminele Over Strategy Differences

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-820x547.jpg" alt="" class="wp-image-361721" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-630x420.jpg 630w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GettyImages-1012630064-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A new corporate logo stands outside an Absa Group Ltd. bank branch in Johannesburg, South Africa, on Tuesday, Aug. 7, 2018. Barclays Africa Group Ltd. has ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc, after the London-based company sold down the controlling stake it bought in 2005. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, April 20 (Reuters) &#8211; Absa chief executive Daniel Mminele has stepped down from the South African lender and chief financial officer Jason Quinn will replace him on an interim basis with immediate effect, the bank said on Tuesday.



&#8220;It has become clear to the parties that there is non-alignment on matters of strategy and culture transformation,&#8221; Absa said in a statement, hours after announcing talks around Mminele&#8217;s departure. 



(Reporting by Emma Rumney Editing by Promit Mukherjee)

245px-Absa_Logo.svg

Absa CEO to stand down, CFO appointed interim chief executive – statement

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-820x547.jpg" alt="" class="wp-image-402093" width="837" height="558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-470844089-scaled.jpg 2048w" sizes="auto, (max-width: 837px) 100vw, 837px" /><figcaption>Daniel Mminele. Photographer: Ian Waldie/Bloomberg via Getty Images</figcaption></figure>



Absa Group says it will part ways with Chief Executive Daniel Mminele, 15 months after it appointed him.



Absa has been &#8220;engaged in various discussions surrounding his working relationship with the boards,&#8221; the bank said in a statement to the stock exchange. &#8220;Mr Mminele and the board are working on a suitable arrangement and a further announcement will be published shortly after midday.&#8221;



The bank’s shares fell as much as 4 percent in early Johannesburg trading.



Mminele, a former deputy of the South African Reserve Bank (SARB), took over as CEO in January 2020, becoming the bank’s first black chief executive. He had spent 20 years at the SARB, serving in various capacities including financial markets.



South African news website The Times first reported the news, citing unidentified sources. It said Mminele’s departure was the culmination of heated talks last week between the CEO and the board. That spat was first reported by Business Report. He had succeeded former CEO Mario Ramos who unexpectedly retired apparently after conflict with Chairwoman Wendy Lucas-Bull.



Earlier this year African Bank’s chairman and board ousted CEO Basani Maluleke over what some analysts speculated were differences in strategy.



Absa has been trying to stop years of declining market share and improve performance after splitting from former British parent Barclays in 2017. The effort had started bearing fruit in the past year with the bank reclaiming market share in segments like mortgages where it had previously been the market leader.&nbsp;

Absa Group to Part Ways with CEO Daniel Mminele

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-820x541.jpeg" alt="" class="wp-image-397925" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-820x541.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-300x198.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-768x506.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-1536x1012.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-642839164-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A picture taken on February 19, 2017 shows a general view of visitors walking in a showroom displaying armoured military vehicles during the opening of the International Defence Exhibition and Conference (IDEX) in the Emirati capital Abu Dhabi. / AFP / KARIM SAHIB (Photo credit should read KARIM SAHIB/AFP via Getty Images)</figcaption></figure>



ABU DHABI, Feb 22 (Reuters) &#8211; South African defence company Paramount Group is seeing demand from African states battling insurgencies and other threats such as wildlife crime, its chairman told Reuters on Monday.



&#8220;There are some very real jihadist and fundamental threats in Africa which are affecting the entire continent,&#8221; Ivor Ichikowitz said at Abu Dhabi’s Idex defence exhibition.



He did not name the countries looking to buy more equipment. African states including Mali and Nigeria are battling insurgencies linked to Al Qaeda and the Islamic State.



Ichikowitz said he expected Africa to be a substantial growth market over the next two to three years, with potential sales for armoured vehicles, vessels and aircraft.



He also said countries were interested in acquiring intelligence, surveillance and reconnaissance capabilities.



&#8220;These issues are here to stay for a long time to come,&#8221; Ichikowitz said of the insurgency threat.



Demand was increasing, in part, because African states were not able to acquire the equipment from Chinese suppliers, or were looking for more &#8220;sophisticated&#8221; capabilities, Ichikowitz said.



Africa accounts for about 30% of Paramount&#8217;s annual revenue, he said, similar to the Gulf Arab and Central Asian regions, respectively.



Paramount, Africa&#8217;s largest privately-owned defence firm, does not disclose financial details.



Ichikowitz said there was also potential for significant growth in the United States, which currently accounts for less than 10% of revenue but could increase to 15-20% in the next two years.



That would be driven by sales of services and land systems such as armoured vehicles and related equipment, he said. (Reporting by Alexander Cornwell. Editing by Mark Potter)



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Paramount Group Founder Ivor Ichikowitz Interview

Defence firm Paramount sees African demand as threats rise

CEO OF SOUTH AFRICA&#8217;S ESKOM ANDRE DE RUYTER SAYS AIMING TO BRING THIRD UNIT OF KUSILE POWER STATION ONLINE IN JULY 2021
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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CEO OF SOUTH AFRICA’S ESKOM ANDRE DE RUYTER SAYS AIMING TO BRING THIRD UNIT OF KUSILE POWER STATION ONLINE IN JULY 2021

* Will no longer seek to operate &#8220;material&#8221; onshore assets
* U.S. operated onshore shale positions under review
* Will operate in fewer countries, but still aim to produce more
* To explore in core areas, aim for faster return on investments
By Dmitry Zhdannikov and Nerijus Adomaitis
OSLO, Feb 15 (Reuters) &#8211; Norway&#8217;s Equinor is looking to sell more assets in the United States and exit several other countries as part of a major global reshuffle as it tries to return to profit after writing down $25 billion of U.S. assets over the past decade.
While the company, like other energy majors, has been hit by last year&#8217;s fall in oil and gas prices, Equinor&#8217;s new head of international business, Al Cook, said it lacked scale in the U.S. shale market and had underestimated the strength of local competition.
Equinor disposed of its operated shale assets in the Eagle Ford in 2019, and last week said it had agreed to sell its assets in the Bakken shale oil province in the states of North Dakota and Montana for around $900 million.
&#8220;All our operated onshore positions in the U.S. are under the same kind of review that we&#8217;ve done in the Bakken,&#8221; Cook, told Reuters in an interview.
&#8220;We&#8217;ve got an operated position in the Utica, we&#8217;ve got an operated position in the Austin Chalk, those are under very active review right now,&#8221; he added.
As of the second quarter of 2020, Equinor had around 232,000 net acres in the Appalachian Basin, including 27,000 acres it operates, and around 114,000 net acres in Louisiana Austin Chalk, roughly half of which is operated.
Cook said Equinor was slow to realise U.S. production was not cost effective at low oil prices as the country essentially took over OPEC&#8217;s swing producer role.
However, Equinor will keep and possibly expand its operations in the Gulf of Mexico, its large non-operated position in Appalachian gas and its wind business in the U.S. northeast &#8211; following a similar strategy to that in the UK where it is a major gas supplier and wind power producer.
&#8220;We think that can become a profitable, low carbon business which will flourish under the kind of measures President Joe Biden is taking in the U.S. &#8230; and in time we will look at converting that natural gas into a hydrogen business,&#8221; Cook said.
&#8220;FAT CHICKEN, SHARP BEAKS&#8221;
Equinor currently has a presence in more than 20 countries outside Norway, generating a third of its total production or around 700,000 barrels of oil equivalent per day.
Cook &#8211; who joined Equinor in 2016 after a decade at BP, including working as chief of staff for then CEO Bob Dudley &#8211; said that while he hopes overseas output will rise, it was likely to be from fewer countries.
&#8220;With the low oil price, our chickens came home to roost, and we found out that they&#8217;ve got very fat and they have very sharp beaks&#8230;and they caused a billion dollar write downs.&#8221;
Equinor has already exited or announced it will exit from around 10 countries since the end of 2019, including South Africa, Indonesia, New Zealand, Uruguay, Turkey, Australia and the United Arab Emirates.
In a major shift, it will no longer seek &#8220;material&#8221; operated onshore positions abroad, but instead partner with experienced local operators such as Rosneft in Russia, YPF in Argentina and Chesapeake in the Appalachian, Cook said.
It will also focus on previously developed areas with a faster return on investment and less on frontier exploration.
&#8220;We can&#8217;t do exploration where we say one day this would produce oil and gas, because one day the world will not need all oil and gas,&#8221; Cook said.
The company has recently written down the entire value of its liquefied natural gas (LNG) development in Tanzania.
&#8220;We have to look at what we are good at. We are good at subsurface, we are really good at finding oil and gas&#8230; we are good at offshore environments with big waves and high winds,&#8221; he said, adding that was a good fit with Norway, the U.S. Gulf of Mexico, Brazil and the UK, as well as with Canada and Azerbaijan.
&#8220;We want to produce more, at least in the next decade, but we want to produce with fewer emissions.&#8221; (Reporting by Nerijus Adomaitis; Editing by Kirsten Donovan)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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EXCLUSIVE-Equinor considers more US asset sales in global strategy revamp

JOHANNESBURG, Feb 15 (Reuters) &#8211; Global auditor KPMG&#8217;s South Africa arm will no longer offer &#8220;non-audit-related services&#8221; to companies listed in the country, the firm said on Monday, hoping to restore trust in its operations there.
KPMG has since 2017 faced criticism over work it did for a company owned by the Gupta family, who have faced accusations of using their links to former President Jacob Zuma to unduly influence government decisions and the awarding of tenders, and over the collapse of small lender VBS Mutual Bank.
Zuma and the Guptas have denied any wrongdoing.
A number of firms, including Barclays Africa and Sibanye-Stillwater, and the national government have stopped using KPMG.
KPMG said in a statement the decision applied to its audit clients listed on the Johannesburg Stock Exchange (JSE), and that it volunteered to stop offering non-audit-related services to prevent perceptions of conflicts of interest.
Non-audit-related services include consulting, business analysis, and legal or expert services unrelated to the audit.
&#8220;While this is an area that is typically already very well managed by audit committees, the objective of such a move is to help restore trust in the profession, as it removes any perception of conflicts of interest with our audit work for listed entities,&#8221; said KPMG chief executive Ignatius Sehoole. (Reporting by Mfuneko Toyana, Editing by Timothy Heritage)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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EXCLUSIVE-Equinor considers more US asset sales in global strategy revamp

KPMG’s South Africa arm to stop offering “non-audit-related services”

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News

Democratic Republic of Congo central bank cuts interest rate

Côte d’Ivoire hopes to end a decade of rancour with Gbagbo’s return

French state lender looks to double lending in Africa

Recession and violence among COVID side effects in Africa, report finds

WHO to issue findings on Congo sexual abuse investigation by end August – Tedros

IMF agrees three-year $1.5 billion extended credit facility with Democratic Republic of Congo

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Earthquakes in Congo raze buildings, stoke fear of second volcanic eruption

Miners seek gold under the desert sands after Egypt changes rules

Chad President Idriss Deby dies on frontline, son to take over

Absa Group Board Ousts CEO Mminele Over Strategy Differences

Absa CEO to stand down, CFO appointed interim chief executive – statement

Absa Group to Part Ways with CEO Daniel Mminele

Defence firm Paramount sees African demand as threats rise

CEO OF SOUTH AFRICA’S ESKOM ANDRE DE RUYTER SAYS AIMING TO BRING THIRD UNIT OF KUSILE POWER STATION ONLINE IN JULY 2021

EXCLUSIVE-Equinor considers more US asset sales in global strategy revamp

KPMG’s South Africa arm to stop offering “non-audit-related services”

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