Canadian group First Quantum Minerals will invest $1 billion in a new copper mine in Zambia, its president said on Tuesday.
Clive Newall told reporters the investment will include a copper smelter to handle concentrate from a mine expected to produce 300,000 tonnes of copper annually at peak production.
Algeria’s state-run power utility plans to spend at least 8 billion euros ($11 billion) on the construction of 10 power plants by 2018, the official APS news agency reported on Tuesday.
New vehicle imports into Nigeria declined 18 percent in 2010, reflecting weak credit growth in sub-Saharan Africa’s second-biggest economy in the wake of a $4 billion bank bailout the previous year.
French oil giant Total SA is due to start exploration in south Sudan by April once state-owned Qatar Petroleum joins the consortium running the block, Sudan’s petroleum ministry said on Monday.
Algeria’s concentrated buying this month has been attributed by traders and also a government source to precautionary purchases to avert unrest after protests hit parts of Algeria and brought down the president of neighbouring Tunisia.
Shares on the Nairobi Stock Exchange’s benchmark NSE-20 index fell for the second straight session as declines in Equity Bank and East African Breweries weighed on the bourse.
At 1300 GMT close of trade, commercial banks quoted the shilling at 81.00/10, marginally stronger than Thursday’s closing rate of 81.05/15.
Nigerian interbank lending rates fell to an average of 4.92 percent this week from 9.25 percent last week as budgetary allocations to the three tiers of government boosted liquidity, traders said on Friday.
South African government bonds fell sharply on Friday, driving yields to their highest level in 7 months after central bank comments on rising inflation pressures dented prospects of interest rates cuts.
South Africa’s competition watchdog has given unions an additional 15 days to present more evidence against Wal-Mart’s $2.3 billion bid for Massmart.