Africa

Recognised as the second largest oil and gas firm in Southern Africa, Petromoc, or Petróleos de Moçambique to give it its local name, was formed in 1999 and is Mozambique’s state-owned distributor of petroleum products. Born out of the transformation of the Mozambique National Fuel Company, Petromoc today owns the largest retail network in the country, one that consists of 119 filling stations and supply posts, and 300 local consumer positions.

The National Development Corporation of Tanzania owes its existence to one of the most significant figures in the story of Tanzania’s journey towards independence. The man who was later to found and lead NDC, Sir George Kahama was appointed Minister of Commerce and Industries in President Nyerere’s first cabinet, and one of his priorities in the two years he spent in the job was to draft the legislation that established NDC. It is worth quoting Joseph Kahama’s account of the original vision in his biography of his father.

The news is a stark contrast to that of this time last year when the company was still reeling from the effects of strike action in South Africa’s mining sector, where much of the company’s iron ore and platinum activities occur.

Seeking to cement relationships forged during his Africa trip last year, President Obama will invite the leaders of 47 African nations to the summit, to be held in Washington DC. The move is widely seen as a response to the economic progress of the continent in recent years, and the involvement of China in much of it. In recent years France, China and Japan have led the way in upgrading diplomatic and commercial links with African states.

“As is typical of First Quantum, the project is doing very well and is progressing on-time and to budget.” Those were the words of John Gladston, Trident Resource Optimisation Manager, when we spoke during the summer of last year. The project he was referring to was of course the Trident project, the largest single project investment in Zambian history.

ATS started life in 1996 by plugging a hole in the market. A Canadian minerals company working in Ghana and other African countries found it impossible to get the support it needed at its remote sites – like an army, an exploration company marches on its stomach. It hired an experienced facilities manager Jez Simms to meet its immediate needs, with such success that the unit quickly grew into an entity in its own right, taking its first outside contract in 1997.

From an investment perspective, are there particular global trends, the high level of demand for gold in the Middle East and Asia at present for example, that give you encouragement for future growth in Africa’s mining sector?
The thing about gold that you have to remember is that there is actually very little physical gold around the world today. That is why in India, for example, gold is currently trading for around $1,600 an ounce.

Of all the economies in Africa that are waking up to the resources they are blessed with, Tanzania stands out for several reasons. Not least among these must be its stability. Though it has never been a rich country, since independence in 1962 it has hardly ever been in the news. Turbulent decades have attracted the wrong type of attention to every one of Tanzania’s neighbours: cross-border conflict, inter-ethnic tension and population displacement have too frequently characterised the post colonial era.

The London-based oil exploration group, which focuses on Africa, doubled its estimate of its discovery in Kenya's South Lokichar basin, currently around 600 million barrels, following two successful well results. During the coming two years the company says it plans further exploration, predicting that the region could yield more than a billion barrels.

The rare stone was discovered at its Cullinan mine, 40 kilometres north-east of Pretoria, and represents one of the most exceptional stones recovered at Cullinan during Petra's operation of the mine. Indeed it isn’t the first of its kind, what with the company having also unearthed a 25.5 carat blue diamond in 2013, which went on to sell for $16.9 million. Understandably the company’s latest discovery is also expected to sell for a substantial price.