Construction of a super highway linking Liberia and Cote d Ivoire set to kick off

 The construction of a super highway linking Liberia and Côte d’Ivoire is set to kick off and the project will be funded by the African Development Bank (AfDB). According to the AfDB outgoing President, Dr Donald Kaberuka the project will start soon since they are currently evaluating on the budget that will be able to complete the project in the recommended time. The president who was speaking during the Bank’s 50th anniversary sain those are the major.... Read more »

Posted on : Monday , 1st June 2015

Kenya: Unpredictable business laws cause jitters in the growing mining sector

 Local Mining firms are concerned with what they term as rapid-fire methods of Mining Cabinet Secretary Najib Balala, to the point that some are threatening to quit the country.   Cortec Mining Kenya Ltd (CMK) management told Africa Mining Intelligence, a specialist publication for the mining industry in Africa, that it was thinking of hauling the Government before the International Centre for the Settlement of Investment Disputes (ICSID) to win compensation. Its licence.... Read more »

Posted on : Monday , 1st June 2015

Tanzania: Mchuchuma Coal Mine for Takeoff

 THE Minister for Trade and Industry, Dr Abdallah Kigoda, on Tuesday unveiled a catalogue of industrial projects, including a 5trn/- Mchuchuma coal and Liganga iron ore projects set to kick off this year.   Moving his ministry's budget estimates, Dr Kigoda stated that the government and partnering investor have already secured 5tri/- for implementation of the projects.   "We're now waiting for equipment for the project and other building materials so that the.... Read more »

Posted on : Thursday , 28th May 2015

WOODSIDE ENERGY OPTS OUT OF TANGANYIKA SOUTH BLOCK, TANZANIA

 Tanganyika South Block operator Beach Energy has announced that Joint Venture partner Woodside Energy has decided not to enter into the next period of the exploration program relating to the Lake Tanganyika South Production Sharing Agreement in Tanzania.   According to Managing Director Rob Cole Beach Energy has however preserved its right to proceed into the next exploration period under the LTS PSA and has notified the Tanzanian regulator of its position in this regard.... Read more »

Posted on : Thursday , 28th May 2015

Swala Energy signals possible Farm-Out deal in East Africa in coming days

 Australian company exploring the East African Rift System in Kenya, Tanzania and Zambia has said it is awaiting the receipt of signed farm-out documents having finalized the final steps in the agreement.   According to the Company’s Non-Executive Chairman Mr. Ken Russell  it is however still not possible to name the new partners due to confidentiality agreements until the receipt of those signed documents.   “In our market update issued on 14 May.... Read more »

Posted on : Thursday , 28th May 2015

Wentworth Proved Probable Reserves Reach USD 152.9 Million In Tanzania And Revenues Are Up By 15%

 According to Wentworth Q1 2015 results the company’s share of Proved + Probable (2P) reserves at the Company’s gas fields in Tanzania were valued at USD 152.9 million after tax at December 31, 2014.   The company’s revenue for the quarter reached USD 0.27 million, up 15% from Q1 2014.   The company press release indicates that new transnational gas pipeline and processing facilities are nearly complete with delivery of first gas anticipated to.... Read more »

Posted on : Thursday , 28th May 2015

Regional body tips Tanzania as next EA economic powerhouse

 Tanzania has high potential to become the economic powerhouse in the East African region given her natural wealth and strategic geographical positioning, but there are challenges to overcome before it can realise its potential.   This is the observation of the TradeMark East Africa, Chief Executive Officer, Frank Matsaert whose organisation is assisting East African Community (EAC) member states, Tanzania, Kenya, Uganda, Rwanda and Burundi to promote trade and.... Read more »

Posted on : Wednesday , 27th May 2015

Rwanda: Small traders call for tax cuts, funding in 2015/16 budget

 As government prepares to present its 2015/16 financial year budget estimates on June 11, small city traders expect Finance Minister Amb Claver Gatete to prioritise areas that will provide solutions to the challenges affecting businesses.   A number of small-and-medium enterprise (SMEs) operators interviewed by Business Times in a mini-survey conducted last week, say the government should review the tax regime and prioritise the production sectors of the economy in the.... Read more »

Posted on : Wednesday , 27th May 2015

Tanesco mulls more renewable energy projects

 Tanzania Electric Supply Company (Tanesco) Managing Director, Engineer Felchem Mramba, said although renewable energy technology is currently expensive but the future remains in exploiting wind and solar.   “Traditional energy sources such as gas and coal will be depleted over time but wind and solar will always be there,” Mr Mramba said after officiating at a World Bank sponsored Mapping of Solar and Wind Energy in Tanzania.   He pointed out that.... Read more »

Posted on : Wednesday , 27th May 2015

Chinese car maker setting up showroom in Namanve

Chinese car maker, Foton, is setting up a car show room and after-sales service centre worth $10m (about sh30b) at Namanve Industrial Park, in Mukono district. This was revealed last week by Chinese ambassador to Uganda, Zhao Yali, while handing over a donation of an executive van and partition screens to the acting minister of Foreign Affairs, Henry Okello Oryem, at the ministry’s headquarters in Kampala. Yali said Foton has already acquired land in Namanve and work is.... Read more »

Posted on : Wednesday , 27th May 2015

Kenya named among top Africas investment hubs

 Kenya has one of the best and favoured business climates in Africa, thanks to its enthusiasm in improving ease of doing business and initiation of huge infrastructure development projects to reduce cost of doing business. A new report released yesterday by the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire, Kenya is among the top 10 destinations for Foreign Direct Investments (FDI) in Africa. This is after attracting investment worth Sh116.4 billion.... Read more »

Posted on : Wednesday , 27th May 2015

TANZANIA AIMS FOR BIG RESULTS WITH DAR ES SALAAM PORT EXPANSION

 The Tanzanian port of Dar es Salaam was once the most efficient in sub-Saharan Africa.   The performance of the port, which is the second-largest in east Africa, has slipped dramatically over the past 20 years.   Ships are often forced to wait to dock and the transit of goods through the port is slow. The World Bank estimates that trade costs are 60 per cent higher between Tanzania and China than between Brazil and China, despite the distance between the Latin.... Read more »

Posted on : Tuesday , 26th May 2015