Russian exploration company Rosgeo will drill for gas off the southern coast of South Africa under a $400 million deal with PetroSA to help build the African country’s reserves.
Gold miner Avocet Mining Plc said on Monday it will consider filing for insolvency of its subsidiary Societe des Mines de Belahouro (SMB), which operates the Inata gold mine in Burkina Faso, after the unit’s standstill agreement with its creditors expired.
Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday.
Germany’s Allianz plans to pay $35 million for 98 percent stake in Nigerian insurer Ensure Insurance in a push for growth in Africa, where many people are uninsured.
South Africa will press the newly-elected Angolan government to pay 850 million rand ($66 million) it owes struggling South African Airways (SAA), the finance minister said on Tuesday.
Authorities have banned imports of several popular consumer products in the west of the Democratic Republic of Congo for six months to fight smuggling, Trade Minister Jean-Lucien Busa said on Monday.
Two miners at a South African gold mine owned by Harmony Gold have died after they were trapped underground following an earth tremor, the company said on Sunday.
