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Kenya: Coal Deposits Find a Boost for County

Charles Wanyoro

Nairobi — Economically viable coal and iron deposits have been discovered in the semi-arid Tharaka-Nithi county.

Energy minister Kiraitu Murungi said his ministry was keen to move in and start exploiting the natural resource to help alleviate poverty among the residents as well as boost the country’s income.

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Wal-Mart $4-Billion Bid may bring the Crowds to African safari

By Ed Cropley and Tiisetso Motsoeneng

LAGOS/JOHANNESBURG (Reuters) – Wal-Mart’s $4-billion bid for South African retailer Massmart could be just the first step by global players jockeying for a strong position in the poor but fast-growing continent.

The move by the world’s biggest retailer to buy Massmart, South Africa’s third-largest store operator by value, turns the spotlight on local competitors Shoprite and Pick n Pay.

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Ghana: China to Invest $1.2 Billion in Bauxite Industry

Stephen Odoi-Larbi

Ghana’s Bauxite and aluminum industries have received a major boost, with the signing of a Memorandum of Understanding (MoU) with a Chinese Firm, Bosai Minerals Group, to invest $1.2 billion into the sector, by establishing a modern alumina refinery plant in Ghana.

The investment is part of a four-year development plan to massively upgrade the production capacity of the Ghana Bauxite Company Limited in Awaso, in the Western Region, in which Bosai Minerals recently acquired 80 per cent shares, with the government controlling the remaining 20 per cent.

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Uganda: 2.5 Billion Barrels of Oil Discovered – Tullow

Walter Wafula

Oil exploration firm Tullow Oil says the quantity of oil discovered in Uganda has surpassed the 2 billion barrels that were confirmed last year. The announcement indicates that more crude oil remains beneath the Albertine Graben in the western part of Uganda.

“Rift Basins are a core play for Tullow and to-date we have discovered and identified resources in excess of 2.5 billion barrels in the Lake Albert Rift Basin in Uganda,” said Mr Angus McCoss, the exploration director of Tullow Oil Plc not long ago.

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Interview of the Month October 2010

The China–Africa business connection: An interview with the CEO of Standard Bank , Jacko Maree describes his experiences working with a Chinese investor—the giant Industrial and Commercial Bank of China.

Before 2007, Standard Bank Group, Africa’s largest financial institution by assets, had done its fair share of international deals. Over the years, it had not only expanded northward into the continent from its base in South Africa but had also established a presence in Hong Kong, Russia, and South America. Still, Standard Bank could hardly be considered a high-profile bank on the world financial stage. All that changed in October 2007, when Standard Bank announced that it had sold a 20 percent stake to the giant Industrial and Commercial Bank of China (ICBC) for $5.5 billion, the largest Chinese foreign investment at the time.

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