Tanzania seals new tax deal with mining firms

 The Tanzanian government has signed an agreement with mining companies operating in the country.The agreement sets new terms for royalty payments, scrapping the 15 per cent value-added tax (VAT) relief and increasing the fees companies pay for services they get in the mining areas.   AngloGold Ashanti and Geita Gold Mine were the first companies to sign the deal that replaces the Mining Development Agreement (MDA). Company executives Michael Van Anen of AngloGold Ashanti.... Read more »

Posted on : Saturday , 17th January 2015

Arica the next Investment Hub

International businesses are still not very aware of Africa’s investment opportunities. Information costs are high: Africa is fragmented into many different countries, and even in aggregate the continent is a fairly small economy. For several decades, investor ignorance did not matter: with few exceptions Africa’s economies were too badly run for there to be many opportunities for firms of integrity. But there has been a sea change—Africa is on the move. There.... Read more »

Posted on : Saturday , 17th January 2015

Kenya signs Sh25 billion deal with Japan for Mombasa port expansion

 Japan will on Friday advance to Kenya a Sh25 billion loan to fund the second phase of Mombasa port expansion.The money, to be given through the Japan Bank for International Corporation (JBIC), is earmarked for the construction of a new container terminal by reclamation of the West Kipevu to create an additional 3 berths. “The proposed project includes construction of a new port access road connecting the new container terminal with the existing Port Reitz Road that leads.... Read more »

Posted on : Saturday , 17th January 2015

Norway, East Africa in talks for free trade agreement

 NAIROBI, Jan. 15 (Xinhua) -- Norway and the East African Community (EAC) member states are set to hold exploratory talks on a comprehensive free trade agreement, a Norwegian diplomat said on Thursday.Norway's Ambassador to Kenya Victor Ronneberg told Xinhua in Nairobi that Norway and East Africa currently have a trade pact that will expire in 2021.   "Both parties have expressed interest to have a trade deal along the lines of the Economic Partnership Agreement that.... Read more »

Posted on : Saturday , 17th January 2015

Tanzanian project ventures into 3D printer development

 A bilateral project supported by Finland in Tanzania: diversifying to hardware development that will start the business this year. The project implemented through Tanzania Science and Technology ( Tanzict) is taking giant leap into ambitious three - dimensional ( 3D) printer development at its innovation hub based in Dar es Salaam. Confirming the new developments, co-manager at Tanzict, Brian Paul says the venture into hardware will revolutionize the printing industry across the.... Read more »

Posted on : Saturday , 17th January 2015

Kenya’s cabinet approves joint venture in currency printing

Nairobi: The controversial money printing contract awarded to British currency printer De La Rue can now get underway.The approval from the cabinet brings to an end a decade-old stand-off over the lucrative deal.   A communication from the cabinet meeting on Thursday indicated that the contract, which was first approved in 2011 by former President Mwai Kibaki’s government, can now proceed.“Cabinet approved a joint venture in currency printing between the Government.... Read more »

Posted on : Saturday , 17th January 2015

Finland Investing in hardware development in Tanzania

 DARES SALAAM: A bilateral project supported by Finland in Tanzania is diversifying to hardware development business starting this year. The project implemented through Tanzania Science and Technology ( Tanzict) is taking giant leap into ambitious three - dimensional ( 3D) printer development at its innovation hub based in Dar es salaam. Confirming the new developments, co-manager at Tanzict, Brian Paul says the venture into hardware will revolutionise printing industry across.... Read more »

Posted on : Saturday , 17th January 2015

Hydrocarb Energy moves ahead with seismic program in Namibia

 Hydrocarb Energy Corporation (OTCQB:HECC) has announced it is preparing to issue Request For Proposals to four seismic acquisition contractors to complete a 750km 2-dimensional seismic program on its 21,300 sq km (5.3 million acre) Owambo Basin concession. Comprising blocks 1714A, 1715, 1814A, and 1815A in northern Namibia, the concession is adjacent to the Angola border. Seismic data will be acquired to confirm 16 new structural leads discovered by a proprietary aerial gravity.... Read more »

Posted on : Saturday , 17th January 2015

New Age starts producing oil from the Nené Marine field, offshore Congo

 New Age has commenced oil production from the Nené Marine field, located in Marine XII Block, offshore Congo, eight months after obtaining the production permit and just 16 months from discovery.   The Nené Marine field is located offshore 17 kilometres from the coast, at a water depth of 28m and is near existing oil facilities. The field produces from the pre-salt Djeno reservoir about 2,500m below the seabed. The field will be developed in various phases,.... Read more »

Posted on : Saturday , 17th January 2015

Tullow Oil to drill first exploration well in Kenya’s Block 12A

 Tullow Kenya is to drill its first exploration oil well in Elgeyo Marakwet later this year, as the company continues to expand its oil and gas search into new areas within the country.   The oil exploration company said the proposed exploration well named Lekep-A , will be the first exploration well to be drilled by Tullow on Block 12A.   Speaking at a meeting with Elgeyo Marakwet leaders held Rob Gerrits, and the Tullow Kenya Social Performance Manager said the.... Read more »

Posted on : Saturday , 17th January 2015

Ethiopia adds a further 1 870 MW with Gigel Gibe III Hydroelectric Project

The Gilgel Gibe III Hydropower project, constructed and situated on the Omo River in Ethiopia is expected to, once completed, generate 1 870 MW of power assisting in meeting the energy needs of those residing in Ethiopia and neighbouring countries. Construction of the 243m concrete dam began in 2008, and is scheduled to start generating power in early 2015. It is reported that Gigel Gibe III’s ten 187MW turbine units will boost Ethiopia’s energy coverage by.... Read more »

Posted on : Friday , 16th January 2015

Menengai geothermal to save nation Ksh 13 billion

Kenya will save about Ksh 13 billion annually once the 105 MW geothermal power plants start to operate in Menengai, Nakuru by end of 2015. The project run by the Geothermal Development Company (GDC) has now awarded three IPPs land where they will put up power plants. The company is also constructing a major steam gathering pipeline that will distribute the steam from wells to turbines. “We now have three new investors partnering with the government to lower the cost of.... Read more »

Posted on : Friday , 16th January 2015