Democratic Republic of Congo: Latest News
Dana Sanchez, 9:40 am
At a time when few other firms are investing in South African mining, De Beers’ $2 billion investment in its Venetia diamond mine has been described as “stupendous.” The company is betting its investment will pay off as diamonds get harder to find in open pits near the Earth’s surface. Global diamond prices have fluctuated wildly the last 8 years. De Beers in 2015 sold two mines in Canada and Botswana.
Staff, 6:55 am
The sale of the Tenke Fungurume mine in the DRC will be seen as one of the mining industry’s biggest forced sales after a steep commodity downturn that has pushed several companies to take drastic action to shore up their balance sheets. It is the second large acquisition within two weeks by China Molybdenum, a Chinese natural resources group that said this month it wanted to expand its global presence.
Staff, 4:08 am
Bharti Airtel Africa on Thursday said it will sell 950 mobile towers in Congo to telecom infrastructure company Helios Towers Africa (HTA) but did not disclose the deal size. “The agreement is in line with our stated philosophy of divesting passive infrastructure and promoting sharing of towers to enhance operational efficiencies. Airtel remains committed to DRC and will continue to invest in its operations,”
Dana Sanchez, 11:12 am
Electricity distribution in Ivory Coast is controlled by a unit of Eranove, which is 56 percent owned by Washington, D.C.-based private equity firm Emerging Capital Partners and 19 percent by Paris-based Axa. Eranove also has a stake in the country’s water distribution. Eranove says it operates an installed electricity capacity of over 1100 megawatts in Ivory Coast. That’s more than half Ivory Coast’s power production capacity.
Kevin Mwanza, 4:02 am
Global credit rating agency Moody’s downgraded Africa’s two largest oil producers, Nigeria and Angola, as it cut ratings on four African economies over the impact of lower oil prices on the international market. Moody’s said it was concerned over the impact depressed oil prices have on the liquidity, balance sheet and credit worthiness of Nigeria, Angola, Gabon and the Democratic republic of Congo (DRC).
Dana Sanchez, 10:54 am
Investment in HIV/AIDS treatment is paying off. From 2000 to 2015, all sub-Saharan African countries saw life expectancy rise. Seven African countries are notable for their health care systems. This provides an upbeat alternative to the gloom of the Africa falling narrative that questions the growth of Africa’s much-hyped rising middle class and charges African leaders with poor governance.
Kevin Mwanza, 10:01 am
South African state-owned power utility firm Eskom is eyeing new business opportunities in the rest of Africa and would use a $23.5 billion five-year expansion plan to enter a number of African countries. Brian Molefe, Eskom’s chief executive, said on Tuesday that the electricity producer and supplier will looking for opportunities in the Democratic Republic of Congo, Mozambique and Uganda, in this financial year.
Kevin Mwanza, 8:32 am
Flamboyant popular Congolese musician Papa Wemba, 66, collapsed and died during a live performance on Saturday night at the Urban Music Festival in Abidjan, Ivory Coast. The cause of his death is yet to be established. The musician, also known as the ‘king of congolese rhumba’, was popular across Africa for his flashy sense of dressing and his band’s guitar-based fusion of Latin, rock and African styles that inspired a generation of African musicians.
Kevin Mwanza, 10:17 am
An outbreak of yellow fever that started in Angola in December has spread to at least 16 other countries threatening to hurt travel business in Africa the way the Ebola virus in West Africa did a few years ago. This is the worst yellow fever outbreak recorded in over 30 years and has already killed 238 people and affected thousands others in several countries in sub-Saharan Africa, including Angola, Uganda, Rwanda and the Democratic Republic of Congo
Kevin Mwanza, 10:51 am
French-owned Orange said on Thursday it had completed a $160 million acquisition of Millicom’s subsidiary in the Democratic Republic of Congo, Tigo. In February, Orange announced it had reached an agreement with Millicom to buy 100 percent of its stake in Tigo as it sought to increase its presence in the second-largest mobile market in Central and West Africa after Nigeria. There are more than 40 million mobile phone subscribers in DRC.
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