ABN Vol 6 Iss 2

Page 1


Volume 6, Issue 2


Industry and commerce from across the continent




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The cover story for this issue of African Business Network centres on the work of ex-England rugby union international Jason Leonard through his charity Atlas Foundation. Following his retirement, the man with a World Cup winners medal and a recordbreaking 114 caps for his country decided to channel his charitable activities into a new vehicle that would use the power of rugby to improve the lives of some of the poorest people around the world With a specific focus on uplifting children in underprivileged regions through teaching rugby, the Atlas Foundation has expanded its reach into 16 countries globally, supporting around 24,000 children weekly. ABN’s managing director met with Leonard to learn about the good work undertaken by the foundation around the world, including in South Africa where the Atlas SA division was established earlier this year and is already delivering rugby programmes to boys and girls across the country.

Executive Team Editor Jacob Ambrose Willson Content Manager David Hunter Creative Director Hugo Currie ICT Director Stuart Clark Managing Director Simon Curran Contributor Frank Horton

We also feature another charitable organisation in the shape of Sentebale, which was founded by Prince Harry of the British royal family and Prince Seeiso of the Basotho royal family back in 2006. Sentebale continues to support the mental health and wellbeing of children affected by HIV in Southern Africa. Elsewhere, following our return from a successful week in Cape Town attending the 2019 Investing in African Mining Indaba, we shine a light on the Mother City as the leading business investment hub on the continent after speaking to the city’s Enterprise and Investment department. Finally, we offer a significant insight into the current state of the African mining sector by featuring a number of productive exploration firms and mining service providers in the issue. We hope you enjoy this issue and encourage you to connect with us on email, Facebook and Twitter.

Jacob Ambrose Willson Jacob Ambrose Willson Editor, ABN

ABN is published by Anderson Murray Media: a diverse media and information services company focused on creating and distributing engaging content to business leaders across the globe.


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CONTENTS NEWS 10 African business news Our selection of business stories from across the continent during the last month

CHARITIES 20 Atlas Foundation Ex-pro Jason Leonard tells ABN about his vision to tackle the bigger issues through rugby 36 Sentebale Supporting the mental health and wellbeing of children affected by HIV/AIDS in Southern Africa

COLUMNS 48 Frank Horton (Mercton Resources) An ode to Africa’s mining industry

FEATURES 58 African Rainbow Capital South African investment company offering BEE credentials 70 City of Cape Town The Mother City emerges as a world class business and investment hub 86 Tietto Minerals A steady stream of progress at the Abujar gold project in Côte d’Ivoire 100 Roxgold Canadian mining company goes for gold in West Africa 116 AfriTin Mining Building the African tin champion 128 IronRidge Resources Creating value through discovery 138 CSA Global West Africa is a key growth market for this global mining consultancy




150 Capital Drilling Capitalising on rising exploration spending in the West African market 166 Tlou Energy A sustainable energy source for Botswana and Southern Africa

APPOINTMENTS & EVENTS 178 Appointments Notable appointments across the African business sector from the past month 179 Events Our pick of the top business events happening on the continent in the months to come


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African Business Network 11


gest stories from across of African business



NIGERIA TO JOIN AFRICA CONTINENTAL FREE TRADE AGREEMENT The Nigerian presidency has signed the Africa Continental Free Trade Agreement (AfCFTA) after months of deliberation, amid concerns that the landmark deal would threaten local business. Nigeria signed the huge free trade agreement – aimed at boosting regional trade by 54% by removing tariffs on 90% of goods traded across Africa – at a summit of the African Union in Niger on July 7. In a statement posted on Twitter, Nigeria’s President Muhammadu Buhari said: “Let me state unequivocally that trade is important for us as a nation and to all nations. “Economic progress is what makes the world go around. Our position is very simple, we

support free trade as long as it is fair and conducted on an equitable basis.” South Africa and Cameroon are among 52 of the African Union’s 55 member states that have signed up to the pact. But Nigeria had until now refused to commit, fearing a backlash from domestic manufacturers who would be faced with increasing regional competition. However, after completing extensive domestic consultation and reviewing an impact assessment of the trade agreement in June, Africa’s largest economy and most populous nation finally agreed to join the allencompassing treaty.

African Business Network 13

GHANA OFFICIALLY OVERTAKES SOUTH AFRICA AS CONTINENT’S LARGEST GOLD PRODUCER Gold output in Ghana jumped by 12% in 2018 to 4.8 million ounces (Moz), eclipsing South Africa’s output of 4.2Moz for the first time, and becoming Africa’s largest gold producer in the process. South Africa’s gold sector has been in gradual decline for several years, with operators forced to dig deeper into maturing mines at escalating costs, while Ghana is benefitting from low cost mines, friendlier policies and new development projects. The shifting location of Africa’s primary gold hub is best encapsulated by the likes of AngloGold Ashanti and Gold Fields – traditionally known as South African industry stalwarts – who have decided to move their focus to other countries, including Ghana.

In addition, Sibanye Gold – the largest remaining gold miner in South Africa – is cutting thousands of jobs and diversifying into platinum group metals (PGMs) in a bid to reduce costs. Meanwhile, some of the world’s biggest gold miners have committed to Ghana’s flourishing gold sector in recent years, including Newmont Goldcorp – the world’s number one producer. “It’s an important part of our portfolio and, geologically we see really good potential to continue to expand,” said Newmont’s chief executive officer Gary Goldberg. “We’re very happy operating in Ghana,” he added.



MOTSEPE’S ARC LAUNCHES INSURANCE SUBSIDIARY AFRICAN RAINBOW LIFE South African billionaire Patrice Motsepe’s financial services group African Rainbow Capital (ARC) has launched an insurance subsidiary firm called African Rainbow Life. African Rainbow Life will focus on long-term insurance products including life cover, savings, investments, retirement annuities and funeral cover, primarily aimed at the lower to middle income market. Former Lion of Africa Insurance CEO and managing director of the mass market cluster and corporate businesses at Old Mutual South Africa Bongani Madikiza will head up African Rainbow Life. “Our customers are typically low to middle income earners who historically have had little access to sound financial advice or cost

effective financial services products around which they can effectively plan for their financial futures,” said Madikiza. The launch of African Rainbow Life represents ARC’s first foray into the retail space, having previously focused exclusively on the institutional space. “As an empowerment investment holding company, we primarily conduct business on a B2B basis. With the launch of African Rainbow Life, consumers will now have their first direct experience with our brand,” said ARC’s co-CEO Johan van Zyl.

African Business Network 15

AFRICA’S LARGEST WIND FARM OFFICIALLY OPENED IN KENYA Kenyan President Uhuru Kenyatta unveiled the Lake Turkana Wind Power (LTWP) project at the end of last week – Africa’s largest operational wind farm. LTWP’s 365 wind turbines have the capacity to generate 310MW of renewable energy for Kenya’s national grid, increasing the East African nation’s electricity supply by 13% according to Kenyatta. “Today, we again raised the bar for the continent as we unveil Africa’s single largest wind farm,” said the President at the launch of the project on Friday. “Kenya is without doubt on course to be a global leader in renewable energy.”

The project will help Kenya reach its ambitious goal of achieving 100% green energy by 2020, while also serving to reduce power outages by 12.5% and cut power costs by between 7-10% over the next few years. Around 70% of Kenya’s national electricity is derived from renewable sources, such as hydro power and geothermal. The country is ranked 9th in the world for its geothermal capacity of up to 700MW. At a total cost of US$680 million, LTWP represents the largest single private investment in the history of Kenya.


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CHARITY | Atlas Foundation

African Business Network

ATLAS FOUNDATION Ex-pro Jason Leonard tells about his vision to tackle the bigger issues through rugby



CHARITY | Atlas Foundation For Former England Rugby Union international and World Cup winner Jason Leonard, rugby is so much more than a game. It’s an international family that teaches important life skills and values: Education, teamwork, discipline and camaraderie to name a few. So, when Leonard decided to channel his charitable activities into a new vehicle, he turned to the power of rugby and set up the Atlas Foundation in 2014.

Simon Curran: Can you describe the

The organisation aims to improve the lives of the poorest people on earth through teaching rugby, primarily focusing on children in underprivileged areas. For instance, the Atlas All Schools project focuses on education, employment and crime reduction by teaching rugby to children at schools in deprived areas around the world, including in South Africa, Argentina, India, Cambodia and Israel. The project has delivered excellent results in each location, helping to improve the prospects of thousands of students.

and from there we have doubled in size

Today, Atlas is engaged on over 20 projects in 16 countries around the world, helping around 24,000 children on a weekly basis. The work of the foundation is supported by a full annual calendar of fundraising events, which include rugby legend dinners, cycle and golf events and one-off fundraisers such as Leonard’s recent trek through the Himalayas. Atlas’ founder talks to ABN’s managing director Simon Curran about the journey the foundation has been on since its creation.

journey the Atlas Foundation has been on since you founded the charity in 2014? Jason Leonard: We started with a small, trusted team of ex-international rugby players, added in a CEO (Sally Pettipher) who had done great work with me at the RFU, and we benefited from a large annual fundraiser that I had been running for 10 years by then. That gave us a strong financial foundation every year and raised our first £1 million in our third year. We’re now in our fourth year and we will raise £1 million per year from 2020. We currently help 24,000 children on a weekly basis in 16 countries around the world, and that will double in the next three years.

African Business Network



CHARITY | Atlas Foundation

Jason Leonard and Michael Whitfield in Zimbabwe

African Business Network SC: What motivated you to set up the foundation and what made you believe that the game of rugby could make a difference to the lives of deprived and vulnerable children around the world? JL: I have done a lot of charity work over the years and I saw a lot of my rugby mates doing charitable things around the world. I wanted a platform for us all to get together - a kind of virtual scrum - where the strength of working together makes more of a difference than doing smaller things on our own. I know rugby helps kids because I was that kid. It helped me, not just through the values and the discipline it imparts, but through the friendships and the contact network. I’d never be in the position I am now without a heap of people from all walks of life giving me a leg up. That’s what our people do for the kids we work with, its so much more than just the rugby. SC: How do you continue to leverage off legends of the rugby world in order to improve lives in some of the poorest regions around the world? JL: Firstly, Atlas’ global network of Rugby Champions are our eyes and ears, our police force and our marketing team. They make sure our work is delivered as it should be, and all our donors’ money is spent properly. Secondly, they help with fundraising and looking after donors, and with media work around the world. Thirdly, our corporate friends cover much of our operating costs,



CHARITY | Atlas Foundation

African Business Network



CHARITY | Atlas Foundation

“I wanted a platform for us all to get together - a kind of virtual scrum - where the strength of working together makes more of a difference than doing smaller things on our own” Jason Leonard, Atlas Foundation founder

help with fundraising and provide work

JL: We’ve created a couple more projects

placements for kids coming out of the top of

with some schools in and around Cape Town.

our programmes.

One of the schools is in Atlantis, which is a very poor area, and another is in Ocean

SC: Tell me about some of the foundation’s

View. Like many parts of Africa, kids of a

recent work in Africa? Atlas has a

young age are being dragged into gangs and

presence in Kenya, Malawi, South Africa

find themselves in perilous situations. For

and Lesotho to name a few.

the children, being part of a gang is about belonging to something, but they are part

JL: Atlas is rolling out a global programme

of the wrong crowd. Rugby is another gang,

called ‘All Schools’ that makes sure that

another team. We just want to get them out

kids in school, and those that can’t attend

of the wrong gang and put them in the right

school, get a basic education and access to

gang through rugby.

the teamwork and discipline of rugby. By combining rugby values with basic education,

The great work that Atlas SA has initiated in

we create strong, honest, hardworking young

Cape Town extends to the Gauteng region

people who are a pleasure to have in your

where we now have 123 township schools

company. In Africa, we work with Rugby

in the Atlas project, and 87 of those schools

Champions and trusted NGO partners to

teach girls rugby. Our focus on girls rugby

deliver this programme in urban and rural

in the township development started four

locations from Morocco right down to South

years ago with only 12 schools and has now


expanded to become a massive project with over 2,000 girls playing rugby in this region.

SC: In 2018, Atlas established an office in South Africa, which was formally launched

Support in South Africa has been exceptional

earlier this year when you visited Cape

since the Atlas SA launch earlier this year,

Town. What did you get up to during your

with buy in from government officials,

time there?

consulates, corporates and sporting legends alike - a powerful alignment of stakeholders.

Resource GlobalNetwork Network 29 African Business


CHARITY | Atlas Foundation SA


African Business Network


Jason and Fundile ‘Frank’ Charlie head coach of the junior rugby league at Masiphumelele

ATLAS FOUNDATION SOUTH AFRICA The Atlas Foundation officially represented in South Africa


CHARITY | Atlas Foundation SA “We need to empower the children beyond our rugby fields, we need to create children who will become great social leaders, with a capacity to uplift others. Children that will enshrine the human values that are shared by rugby; the values of respect, tolerance, integrity and empathy. “We have an opportunity of creating a new gang (turning the words of negativity into positivity). I have seen it happen, I believe it can and will happen.” - Fundile (Frank) Charlie, head coach of the junior rugby league at Masiphumelele, South Africa. A powerful testimony to the impact of the Atlas Foundation South Africa.

The Atlas Foundation has now extended its reach to South Africa and is making a massive difference in the poorest of areas. In South Africa, Atlas has recruited former Springbok captain, John Smit, as the charity ambassador, along with other iconic rugby players such as Stefan Terblanche, Joe Pietersen, Joel Stransky, Percy Montgomery and Bob Skinstad to carry this important mantra. Atlas South Africa has launched their All Schools Programme, in collaboration with SA Rugby Legends and already the growth and development has seen immense impact and success in township communities In Johannesburg and Cape Town.

John and Ja

ason - 225 International caps between them

African Business Network In Gauteng there are now 123 township schools in the Atlas project where 87 of those schools have girls rugby. The Atlas focus on girls rugby started four years ago with only 12 schools and has now expanded to a massive project with over 2000 girls playing rugby in this region. And it’s growing! In Cape Town, Atlas is heavily engaged in the areas of Atlantis, Masiphumelele and Ocean View where help is not only most needed but where the community is most ready to be active and committed. Rugby is the method of choice for the Atlas Foundation because the comprehensive stats have proved that the respect garnered on the rugby field transfers back to the classroom. Most notably, school results have shown a marked improvement as the young players work hard to lift their ‘game’ on all fronts. The values encapsulated by the game also offer valuable life lessons for children and offer the senior players great coaching experience to add to their CVs assisting them with better life choices and opportunities. The Atlas South Africa office is headed up by Sue Anderson who oversees the projects on the ground and spearheads the fundraising initiatives on behalf of The Atlas Foundation. For more information on Atlas SA or if you would like to dedicate some valuable time or any fund raising assistance, please contact SueAnderson@atlasfrc.org for further details.



CHARITY | Atlas Foundation

Jason with England internationals Danny Care and Billy Vunipola at Atlas Foundation’s 2018 dinner SC: How successful have previous

11th being our largest of the year, and we

fundraising events been and how excited

had our cycle ride on June 2nd and a golf day

are you for the 2019 & 2020 events?

on June 28th. See our events page for more details and do please come and meet us and

JL: As I said before, our fundraising is growing rapidly. We stick to four main events in the UK, with our annual dinner on September

have some fun with it.Â

African Business Network have a regular US fundraiser, along with one in Singapore. These teams help with raising money but also in investigating where we can start programmes to most benefit kids in their regions. SC: What does the future hold for the Atlas Foundation? How will you continue to grow the charity in order to help transform more lives? JL: We have just launched our ‘Front Row Club’ which is a way of lots of people being able to support Atlas, while receiving a host of benefits that are only usually available to our very wealthy supporters. Membership with the Front Row Club provides the opportunity to enter our ballot for international tickets, get free places at our events, and even a free trip to Japan for the Rugby World Cup final, and dinner with me while you’re there. By building a large membership of rugby people across the world, we protect Atlas, and the kids we help, against the possibility of a big event being cancelled. It also means we can meet supporters across the world and get involved with them face-to-face if we’re in that country visiting the kids in our projects. Our Atlas branches in France and South Africa are also now starting to raise money and oversee our charity programme, and we

a b



CHARITY | Sentebale

African Business Network

SENTEBALE Supporting the mental health and wellbeing of children affected by HIV/AIDS in Southern Africa



CHARITY | Sentebale

Sadly, HIV/AIDS remains a pandemic that afflicts millions of people around the world, with Africa the continent most affected by the disease. 82% of adolescents living with HIV are from sub-Saharan Africa and it remains a leading cause of death in 10 to 19-year olds across the region. In Southern Africa the disease marks huge swathes of the population, particularly in the Kingdom of eSwatini (formerly Swaziland), Lesotho and Botswana – which have the world’s highest HIV prevalence rates. Sentebale is a charity that supports the mental health and wellbeing of children and young people affected by HIV in the latter two nations, as well as in Malawi. Jacob Ambrose Willson: First of all, talk

name of the charity, as it means ‘forget-

me through Sentebale’s history since it

me-not’ in Sesotho, the official language of

was established by Prince Harry of the


British royal family and Prince Seeiso of the Basotho royal family.

The word not only embodies the continuation of both Princes’ late mothers’ work to help

Richard Miller: During his first visit to

children robbed of their childhoods by

Lesotho during his gap year in 2004, The

extreme poverty and the ravages of HIV and

Duke of Sussex fell in love with the country’s

AIDS, but also that Lesotho and the plight of

beauty but was also shocked to discover

its children are not forgotten.

so many children’s lives had been affected by HIV/AIDS, and shattered by the loss of a

Since its inception, Sentebale has been

parent and in some cases both.

working to change the tide of the HIV/AIDS epidemic in Southern Africa by placing youth

Together with Prince Seeiso, the younger

at the forefront of the issues that affect

brother of King Letsie III of Lesotho, Prince

them most and expanded its operations into

Harry set up Sentebale two years later. The

Botswana in 2016 and most recently, Malawi.

Princes chose the word ‘Sentebale’ as the

African Business Network

JAW: How does Sentebale work with local

The charity runs a network of Saturday

grassroots organisations and communities

clubs and five-day camps which provide

to make a difference for children and

essential life skills and psychosocial support

adolescents living with HIV/AIDS and in

to youngsters living with HIV, and their

extreme poverty?

caregivers, and run adolescent-friendly HIV testing and counselling services and HIV

RM: Sentebale aims to engage with

prevention services.

communities over a long period of time – especially by working with children, together

At camp, children gather for a few days of fun

with their caregivers, and young people.

and learning about living with HIV. Children

Listening carefully to the needs of young

who have never had the chance to talk about

people is at the centre of our approach and

their illness, and who had no idea that they

we also work with local organisations who

were one of so many in their age group, are

share our values and ways of working. It is

given the tools and support they need to

important that our programmes are led by

come to terms with their diagnosis and lead

local communities and that they have clear

healthy and happy lives. 1,230 children are

ownership and set the agenda. They will have

now receiving psychosocial support through

the best understanding of what is needed.Â

45 clubs in Botswana.



CHARITY | Sentebale

In 2015, Sentebale opened the Mamohato

good health. Children can forget to take

Children’s Centre, a flagship facility that

their medicines and, once they feel better,

supports the charity’s work with vulnerable

stop taking them so it is essential they are

children in Lesotho delivering these services.

supported in this. If they adhere to their drug regime then the chances are, they can

JAW: To what extent have the network

live a long and healthy life. The psychosocial

club and camps programmes had a

support also enables them to remain strong

positive impact on HIV sufferers in

since living with HIV can often lead to


depression and, in addition, they may have lost one or both parents.

RM: The clubs and camps help children build their self-esteem and confidence. This

JAW: Sentebale works on increasing

supports children to take their medicines

educational opportunities for vulnerable

on a regular basis, which is essential to their

children and those with HIV. How

African Business Network


“Since its inception, Sentebale has been working to change the tide of the HIV/AIDS epidemic in Southern Africa by placing youth at the forefront of the issues that affect them most” – Richard Miller, chief executive of Sentebale

important is this aspect of the charity’s

skills and education can help communities

work, in terms of improving life prospects?

recover as well as help prevent new infections – the longer a child stays in school

RM: Education is the foundation for all

the more likely they are to stay free from HIV

development work and so it is very important

– especially young girls.

that we encourage and support young children to remain engaged in mainstream

JAW: How successful has the Let Youth

education. The clubs and camps that

Lead advocacy programme been in terms

Sentebale runs can help children living with

of providing adolescents with a platform

HIV to deal with issues of stigma and to

to voice their experiences and a bridge to

educate the wider population to support all


those who have been affected by HIV. RM: Sentebale is passionate about raising A whole generation has been lost to HIV and

awareness of issues surrounding HIV/AIDS


CHARITY | Sentebale in the UK and around the world, and in 2017,

In Botswana, Sentebale has partnered with

it launched Let Youth Lead. This advocacy

the country’s leading radio station, Duma

programme aims to empower youth and

FM, to deliver a technical skills training

give them a platform to articulate these

programme to a pool of the charity’s Let

challenges and to engage policymakers to

Youth Lead advocates, as a follow up to the

drive positive change in the provision of HIV

sterling performance of advocates during

interventions that better support adolescents

World Aids Day 2018 when they successfully

and young people.

hosted a six-hour live radio broadcast.

Since then, dozens of youth activists engaged

Together, we have conceptualised a hands-

leaders and decision-makers at district,

on approach to skills development, with

national, regional and global forums on

Duma FM providing Sentebale’s advocates

behalf of youth, worked tirelessly to bring

with a platform to acquire, learn and develop

an end to stigma and discrimination, and

skills that better position them as young

have made recommendations to combat

professionals. The interactive show, in which

these issues, including youth-tailored health

both young and adult listeners actively

services and opening hours, better attitudes

participate, allows advocates to educate and

towards young people seeking healthcare,

inform the public in efforts to re-brand and

and adherence to treatment. Since 2017 the

destigmatise HIV/AIDS.

programme has trained a total of 68 young people as youth advocates.

This 12-week training programme, advocates say, is contributing to rising their confidence,

Interface meetings between health care

leadership skills, subject knowledge, and

workers and youth advocates is one major

professional skills.

activity for programme learning and provide a feedback loop in Lesotho. It is through

Let Youth Lead advocates from Lesotho

these meetings that health care workers

and Botswana have also attended several

collaborate with young people to document

international gatherings on HIV and AIDS,

the changes they want to implement –

where they worked to raise the voice of

including improving access to Sexual and

their generation through dialogues with

Reproductive Health and Rights services at

other young people, partner organisations,

health facilities. This growing involvement of

policymakers and key influential leaders in

young people in the health centre committee

the HIV response.

meetings has resulted in an improved adolescent and young people participation in

Most recently, two advocates from Botswana

decision making within 36 health centres in

and Lesotho travelled to London to share


their experiences with the audience and called for an end to HIV-related stigma

African Business Network

Richard Miller - Sentebale chief executive



CHARITY | Sentebale

during the Sentebale Audi Concert which was

supported fundraising efforts and have used

attended by The Duke of Sussex and Prince

their profile and position to communicate


about the work of Sentebale and the impact of the HIV/AIDS epidemic. They have helped

JAW: In what ways do the founding

to promote a positive message that change

patrons Prince Harry and Prince Seeiso

is possible and that AIDS is no longer a death

contribute to the ongoing work of the

sentence with the right treatment and if


stigma and discrimination is reduced.

RM: Their Royal Highnesses the Duke of

The most recent engagement that the

Sussex and Prince Seeiso Bereng Seeiso have

two Princes attended was a fundraising

been very engaged and supportive of the

Concert at Hampton Court Palace with

work of Sentebale from the very beginning.

performances by Rita Ora and others. This

They have visited many of the programmes,

helped celebrate Southern African culture

African Business Network

and Sentebale youth advocates from

RM: Sentebale wants to focus on building

Lesotho and Botswana spoke passionately

the quality of its work, documenting and

about the work of Sentebale. The presence

learning from our practice and then sharing

of our founding Patrons gave a high profile

our learning with other similar organisations

to the occasion and ensured we raised over

in Southern Africa. We would like to be a

ÂŁ300,000 for the work of Sentebale.

Centre of Excellence that helps like-minded organisations and, at the same time, learns

JAW: Finally, how will Sentebale continue

from their experience. We want to keep

its good work helping vulnerable children

focused with a high impact rather than

in Southern Africa in the coming years?

spreading ourselves too thinly.

a j



“We listed with a portfolio of US$130 million

and over the last three years we have grown

our portfolio to $540 million, we have grown into Zambia, Kenya and Mauritius and we

are continuing to grow in Mozambique and Morocco,” notes Corbett.

Owned by some 18,000 domestic and international shareholders, with over 500,000 customers, SBM Holdings Ltd is a leading financial holding company In Africa, a continent where the market and listed on the Stock Exchange of Mauritius. Besides Mauritius, SBM Group is present in Madagascar and India, with a representative office in Myanmar, and the macro challenges are often volatile and expanding into the region mainly the Indian Ocean Islands and East Africa. In line with its expansion plans, the Group has recently been granted a banking many, Corbett identified a safeguard in real licence in Seychelles subject to conditions which it has undertaken to fulfil. Its estate investment by concentrating on assets portfolio of services covers banking, non-banking financial services and nonfinancial investments. Innovation, flexibility, accessibility and reliability are at that would attract leases with major firms. the root of the SBM reputation and brand. Established in 1973 as its banking entity in Mauritius, SBM Bank (Mauritius) Multi-nationals and large companies reduce

Ltd is the Group’s flagship. With a domestic market share of over 20%,

the Banklong delivers solutions for its diverse customer base: Consumer, SME, exposure to fluctuating markets through Corporate, International and Financial Institutions.

term leases and insurance of capital.

SBM’s major products and services are: * Global Business & International Banking “Our business strategy from day one was * Investment Solutions to focus on the strength of the underlying * Treasury Services * asset Cross Border Financing counterparty not necessarily on the * E-commerce class. * Trade Finance * Wealth Management

A strong counterparty meant we could sign

To tap the potential of emerging markets, the Group is gearing up for further

good long term leases from an international expansion plans in the East African, Indian and Asian regions, thus further strengthening the existing continental links with Mauritius. or local company whether it was industrial, residential, offices or any other asset class.” In the interim the business plan has developed to incorporate geographical diversity and diversification by sector. It was imperative for Corbett to ensure the fund was not overly exposed to any one country or any country where the economy is propped up by the oil & gas sector. This approach has seen a targeted acquisition strategy of corporate space in Mozambique, retail assets in Zambia hotel and hospitality assets in T: (230) 202 1111 and E: sbm@sbmgroup.mu www.sbmgroup.mu Mauritius.


COLUMNS | Frank Horton


African Business Network

MPORTANCE OF MINING IN AFRICA An ode to Africa’s mining industry by Frank Horton, Mercton Resources


COLUMNS||Ian Frank Thomson Horton 50 COLUMNS

Minerals are essential to the existence of humanity, especially considering how mining has become a part of our daily lives. The utmost advantage mining brings to societies is that it makes life better for people ― economically, physically and even socially. Economically, it creates shared value for sustainable development. As a matter of fact, wealth made through mining is very significant for producing countries. Also, mining creates jobs which in turn yield taxes to take care of development of infrastructure and other public services. Additionally, it yields foreign exchange and has been known to contribute a significant percentage to the GDP of minerally-endowed nations. The importance of mining is innumerable. It feeds the manufacturing industry - those that produce high-tech devices, electric vehicles, lifesaving medical equipment or advanced energy technologies of any sort. Other uses include generation of electricity and provision of other goods and services to the benefit of humanity.

The potentials of mining in Africa In the belly of Africa are a lot of minerals; all minerals. Over the years, these minerals have been highly sought after because of the uncountable benefits they bring to mankind. As a move to take advantage of the many minerals buried in Africa’s soil, most countries have put a hold on exporting unprocessed ore by building refineries right here on the African continent.

African Business Network


Frank Horton is an engineer and chief executive at Mercton Resources armed with decades of experience, knowledge and a strong drive to develop international standards out of mining support services in West Africa. He is also a mineral analyst with wide experience in business development in the mining industry and believes mineral wealth endowed beneath Africa has all it takes to transform the continent with the right policies that leverage wealth and human capacity to create impact.

have started tapping into Africa’s mineral potential. The mining sector has been projected to be that which will turn the fortunes of the continent around when protected with the right policies and regulations.

phosphate rocks and platinum group metals

West Africa – the continent’s new mining hub

(PGM) among others and ranks either first

Foreign investors have, over a period of

or second in quantity and quality of world’s

years, started showing interest in West

mineral reserves. For many countries here, a

Africa’s mining activities. Though this interest

chunk of their economies depend on mineral

has yielded a lot, much still needs to be done

exploration and production.

to bring significant development to the sub-

Africa is blessed with large stores of minerals such as bauxite, cobalt, industrial diamond,

region. In recent times, many developed countries



COLUMNS | Frank Horton

Southern Africa is no more the mining hub

foreknowledge has attracted the attention

of the continent― West Africa is. Courtesy

of global industry players and also increased

of the high demand for minerals and metals

investments in the mining sector.

across the globe and investments from international players, numerous mineral

Track records of countries like Burkina Faso,

exploration projects have been embarked on

Mauritania, Ghana, Côte d’Ivoire, Guinea,

in the sub-region.

Liberia, Sierra Leone, Mali, Niger and Senegal have proven that West Africa is the epicentre

West Africa is pregnant with large reserves

of mining activities on the continent. Mineral

of bauxite, coal, iron ore, gold, manganese,

exploration in these countries has stood the

battery minerals, limestone and more. This

test of time, recording appreciable growth, thanks to investment.

African Business Network

Challenges facing the mining industry Despite its economic importance, mining has its own demerits. One such is the lack of knowledge about investment or risks involved in mining exploration all through its production stages. Investors often encounter huge losses when commodity prices drop. Another challenge is human rights, environment and public health and safety. Power generation, weak governance, corruption, poverty and security have equally poised major concerns. There is still an ongoing conversation on how to ensure that all such are not taken for granted during mineral exploration in Africa. In contemporary times, project planning, design and execution have become more complex and challenging. Mineral exploration now requires complex and sophisticated mining methods accompanied with more complex technologies to ensure the extraction of high grade mineral deposits. Governments in such naturally resourced

Oftentimes, projects are unnecessarily held

countries have reduced taxes all in a bid

back due to equipment failures. Such have

to attract investment and boost private

nothing to do with lack of maintenance

partnership projects. This economic growth,

services but engineering breakdowns which

courtesy of mining, has been felt in many

usually occur during production.

other industries including the infrastructure and construction-related sectors. Huge civil

Many other support service suppliers offer

projects like road, construction, railways,

high-quality products but lack the aftersales

dams, airports, harbours and real estates

services that is desperately needed and

have been birthed.

sought after by mining firms. Support services, thus, contribute significantly to every mining operation.



COLUMNS | Frank Horton

Recently, local content law has been passed

board of directors is endowed with world

in most African countries endowed with

class experience with a refined vision to make

mineral reserves as a means to improve their

the company a top notch player in the mining

standard of living and build their capacity in


the mining supply chain.


Operating from Ghana, we are strategically positioned to move within any part of West

We know it takes great ambition and the

Africa either by sea, air or land with ease to

right tools to move mountains. We are aware

provide our turnkey services which include

striking an ounce of gold means drilling

mineral processing, contract crushing &

through metres of rock and crushing tonnes

screening, plant hire and sales, consultancy

of ore. The Mercton Resources team will,

services, quarry & construction management

hence, go every imaginable length to make

and after-sales services.

production as convenient as possible even if it means moving these mountains― literally.

We have been able to establish key partners in Mauritania, Liberia, Côte d’Ivoire, Guinea,

On our team are the finest brains as far as

Sierra Leone, Burkina Faso, Guinea and

mining is concerned who were carefully

Tanzania. Mercton Resources is well abreast

chosen after a thorough grooming. The

of migration, legal and tax structures in the

African Business Network

mining industry. For this reason, we have

exploration firms, cement industries, oil and

built a strong network of key partnerships

gas, energy, infrastructure, construction and

in most countries that will aid and advise on

the heavy equipment sector. Our sole aim

smooth transaction structures for the success is to make operations cost-effective while of our services.

reducing the stress to achieve results.

As a business, we are looking beyond

Mercton Resources will continue to provide

the West African horizon. Already, we

tailored services to suit the needs of our

have started prospecting and exploring

clients by making available to them a secure

opportunities in Tanzania, Zimbabwe,

supply chain and quality mining support

Botswana, Namibia, Mozambique, DR Congo

services in Africa.

and South Sudan. Mercton Resources provides services to clients that cut across all mining companies,




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FINANCE | African Rainbow Capital


African Business Network

South African investment company offering BEE credentials



FINANCE | African Rainbow Capital

African Rainbow Capital (ARC) was formally launched by South Africa’s leading businessman Patrice Motsepe in 2015 as an investment holding company that acquires significant minority shareholdings in companies across select industries to improve their black economic empowerment (BEE) status. ARC provides BEE credentials via its parent company Ubuntu-Botho Investments – an entirely blackowned financial services entity that was created by Motsepe in 2004 out of his vision to make a difference in the lives of ordinary South Africans. Since its introduction as a means of eradicating the effects of Apartheid, BEE has remained a vital consideration for almost all businesses in South Africa, although some sectors, such as mining, have higher legislative requirements than others like financial services and retail.

Therefore, being a fully black-owned and controlled company makes ARC an attractive

“All in all, there is a scorecard that

proposition for South African companies

companies must adhere to, where points

looking to boost their BEE scorecard while

are made through black ownership, black

also partnering with an investor that can

employment, procurement from BEE

provide capital and add value.

players or from investing in corporate social imbursement,” says ARC’s co-chief executive

ARC initially focused on building a portfolio

officer Johan van der Merwe.

of investments in financial services platform

African Business Network

assets before broadening its interest into

R9.6 billion since the company listed on the

non-financial services businesses across a

Johannesburg Stock Exchange in September

wide range of sectors, including IT, telecoms,


business process outsourcing (BPO), construction, agriculture and mining.

Investment strategy When considering an investment, ARC will

This expanding investment strategy has

look to invest a minority stake in an early

created a diversified portfolio which has

stage business with significant capital

increased in value by more than 80% to

growth potential, and one that would also



FINANCE | African Rainbow Capital

Patrice Motsepe, founder and chairman of African Rainbow Capital provide strong synergies and cross-selling

formally launched in February 2019 and aims

opportunities within its existing investments.

to provide simple, accessible and inexpensive banking services that are designed from the

“Our strategy first and foremost is to look

ground up with consumers in mind.

at areas where we can make a difference in South Africa. Many sectors in the economy

The bank charges no monthly fees and many

are well run, like banking and telecoms, but

everyday transactions are also free, unlike

the costs for the consumer are among the

some of South Africa’s traditional banks

highest in the world.

which retain complicated and confusing banking fee structures and regularly charge

“What we are trying to do at that level of

‘hidden’ day-to-day transaction fees.

financial inclusion is broaden the spectrum of people who can benefit from the overall

Therefore, TymeBank is a perfect example

strength of those sectors,” says van der

of ARC’s strategy to invest in companies that


can make a difference in South Africa, in that the challenger bank aims to reduce costs for

For example, ARC’s flagship investment

the consumer in one of the country’s biggest

is a disruptor in the banking sector called


Tymebank. South Africa’s first digital bank

African Business Network

Johan van der Merwe, co-CEO of African Rainbow Capital In June, TymeBank received a R200 million

A telecoms disruptor

investment by private equity group Ethos

Another of ARC’s major investments is with

Artificial Intelligence (AI) Fund which will

telecoms challenger Rain - a ‘full service’

allow the bank to embark on the next phase

mobile network operator that focuses on

of capital raising to facilitate its continued

data as its primary offering as opposed to

growth in the South African market.

voice-based communication. ARC’s 20% stake in Rain resembles R2.3 billion of its total

The bank aims to secure two million

portfolio value.

customers over the next three years, having attracted more than 500,000 clients by early

Rain has made significant progress in

July, which is little over five months since its

building a dedicated national LTE advanced

launch in February.

network, holding an allocation in the 1.8 GHz spectrum along with other major operators,

At the same time, ARC announced that it had

and is also the only licence holder in the

made a separate R100 million investment

2.6-3.6 GHz band - where most of the 5G

into Ethos AI Fund, having identified the fund

developments are taking place.

as a way of providing access to an ecosystem where new technologies in support of the

“Our company has put up infrastructure that

Fourth Industrial Revolution are optimally

will drive the cost of data down not by 50%




FINANCE | African Rainbow Capital

Johan Van Zyl, co-CEO of African Rainbow Capital but by 50 times over the next three to four

TymeBank to test the distribution of its SIM

years, to really make the country competitive

cards at Tyme kiosks across South Africa.

in this emerging space,” van der Merwe reveals.

Moving into mining ARC’s strategy of investing in early stage

Rain has already established a strong

companies also extends to the mining sector,

partnership with Vodacom, whereby Rain is

where the company has focused on open

allowed to install its equipment on towers

cast, non-traditional commodity projects

owned by Vodacom and Vodacom in turn

away from the high cost underground mining

is allowed to obtain available spectrum


to sell data to its clients. This resembles a breakthrough deal for the challenger and will

ARC initially acquired a 25% stake in the

help it expand on its 40,000 strong customer

Elandsfontein mine - South Africa’s largest


known sedimentary phosphate deposit, which is being developed by London-listed

While the strength of Rain’s product offering

junior Kropz.

in the telecoms market was enough to pique ARC’s interest, the investment also provided

Despite being poorly understood by the

a strong chance to create synergies with

general investor community, phosphate is

existing companies, and this was borne out

used to produce fertiliser, making it a vital

when Rain announced a partnership with

component of the agriculture industry.

Resource GlobalNetwork Network 65 African Business


FINANCE | African Rainbow Capital

Again, this is where ARC’s wish to make a

two entities to create a long-term company

difference comes to the fore, considering

that can provide phosphate into the market

the importance of boosting food production

in the longer term.”

as populations rise on the continent and globally.

In March, ARC released results for the first six months of the 2019 financial year that

“Elandsfontein is on the West coast of the

fell below the company’s high expectations.

Cape, close to a deep port harbour so it’s

Intrinsic net asset value edged up just 1% to

relatively cheap to ship the phosphate out,

R9.6 billion in the period, below its medium-

and we can mine at a fraction of the cost

term target of 16% growth per year, although

that Morocco [the world’s biggest phosphate

the company did outperform the overall

producer] does.”

equity market in South Africa, which fell by 12% in the same period.

Kropz also owns assets in Ghana and the Republic of Congo which also happen to be

Challenging conditions

large-scale, low-cost deposits. “We have a

Following the announcement, ARC pointed

good package of assets with Kropz. Once

to a weak economy in South Africa, declining

we get the technology going on the Western

share prices and the writedown in value of its

Cape, we can transport that to these other

BPO venture Bluespec, but also highlighted

African Business Network long-term expectations,” acknowledges van der Merwe. Despite the disappointing interim results, ARC’s executive director believes its latest investments are solid assets with strong exponential value that can deliver high returns on equity. “All these businesses offer massive increases in intrinsic value compared to what we paid for them, and in the next six months we think that will come through. “Even though the economy is tough, we are fairly positive that we may get the intrinsic value up in the order of 5-10% within the next six months,” he concludes. its internal policy to place new investments in

ARC plans to achieve this through

the costs column during the first six months.

consolidating synergies between its businesses and increasing efficiencies, while

“A big part in the way the results were

also looking to develop its portfolio with new

presented was almost self-inflicted. We put

investments, after the company announced

the TymeBank valuation in costs although

that R700 million is available for investment

the intrinsic value is multiples of what we’ve

over the rest of the year.

paid for it. Also, the other big investment we made, Rand Mutual Assurance, was also put in costs. “So, if we were to include our own intrinsic valuations in the report, it would have resulted in a fairly different picture. The expectations are high, but these are fairly





INVESTMENT | City of Cape Town


The Mother City emerges as a world

African Business Network


class business and investment hub



INVESTMENT | City of Cape Town

Cape Town, affectionately known as the Mother City by locals and visitors alike, is one of the most visually captivating places in the world. South Africa’s oldest city flaunts a unique topography nestled between the deep blues of the Atlantic Ocean and the ruler-straight crags of Table Mountain at the very Southern tip of Africa. Cape Town’s natural wonders, cultural heritage and modern attractions have cemented its reputation as one of the continent’s must-see destinations, however it’s reputation as a world-class business and investment hub continues to go under the radar somewhat. The city has undergone a period of sustained economic progress over the last decade, with several high growth sectors driving innovation and much-needed job creation. The City of Cape Town’s Enterprise and Investment department aims to create an enabling environment for investment by positioning it as a forward-looking, globally competitive business hub. ABN’s editor speaks to the City of Cape Town’s director for enterprise and investment Lance Greyling about key sectors, overcoming challenges and the future of the Mother City. Jacob Ambrose Willson: How much has changed in Cape Town over the past 10 years in terms of its development into a leading investment hub on the continent?

African Business Network



INVESTMENT | City of Cape Town

Lance Greyling: A lot has changed over the

sectors are showing good growth. Once we

last 10 years. We have seen economic growth

have identified certain sectors, we work to

over that period and it has been higher than

support them in the best way, so that the city

the national average, but it’s still not at the

can benefit from job creation.

level that we want it to be at. We’ve got the lowest unemployment rate out of all the

In the last 10 years we have seen the

metros in South Africa, but it’s still around

emergence of certain high growth sectors

21%, which is far too high for us.

in Cape Town, such as the green economy. We’ve seen a lot of investment into the

While there has been progress in the last

green economy, particularly in terms of

10 years and Cape Town has grown, we still

the manufacture of renewable energy

think there’s a lot more work to be done to

components to support the national

put it on a faster growth trajectory. That’s

renewable energy programme.

what we are hoping to do in the next five years.

For example, we have seen investment come into Atlantis, which is a particularly poor

Our approach to the economy is not to pick winners but to analyse it and find out which

area on the outskirts of the city. We put the

African Business Network

focus on Atlantis with an incentive scheme

is also an enabler for many other sectors as

particularly around the green economy,

well, so it has underpinned the growth of the

and that has worked wonders in terms of

economy in other areas.

attracting companies to the area and creating much needed jobs for residents there.

One other area that has emerged in the last 10 years is business process outsourcing

In fact, it has worked so well that nationally

(BPO). The onus is around call centres,

they’ve now designated a portion of Atlantis

and it’s attracted a lot of international call

as a special economic zone. There is going

centres to set up here. But now because

to be even greater national incentive, so we

of our tech capabilities, we are moving up

should see an acceleration on that front as

that value chain as well. I’ve seen some very


diverse, technologically capable BPO services developing in recent years.

The other sector we have seen emerge very strongly is the tech industry in Cape Town.

JAW: How important are the tourism and

We’ve got more tech startups here than

property markets to Cape Town in terms

anywhere else on the African continent. Tech

of continuing to attract foreign direct investment?



INVESTMENT | City of Cape Town LG: Tourism is an important sector in Cape

We have a diverse economy which isn’t

Town’s economy, but I think most people’s

dominated by one sector. Nonetheless,

image of Cape Town is that we are just

tourism has grown and we have seen more

a tourist city. While we certainly are an

investment into the sector over the last few

iconic tourist city and we want to grow that

years with about five hotels that are being

reputation further, we want to highlight that

built or have been completed, and there are

we are also a business city.

more being planned as well.

Tourism currently makes up around 4-10% of The real estate sector is another big one for our economy, so it’s not the dominant sector Cape Town. We had a huge property boom in Cape Town’s economy, which is interesting. for several years, but that has levelled off a We have found that the dominant sector here bit recently. However, we predict that will go is financial services, which makes up around

up again over the next few years. That has

34%. It’s also interesting that manufacturing

been an important sector for us in terms of

continues to make up around 16%.

sustaining the economy.

Resource GlobalNetwork Network 77 African Business JAW: Going back to the tech sector,

been something we have talked up. There

what does it mean to have the two of

are two different components to Amazon’s

the biggest tech businesses in the world

operations here. The first is Amazon call

(Amazon and Microsoft) recently move

centres, which they have set up and are

into Cape Town?

expanding to deal with their global markets from Cape Town. We are currently looking

LG: I think it’s a huge feather in our cap,

into how we can support their expansion

particularly to have Amazon here. An


interesting fact that people don’t know is that the whole cloud computing mechanism

The other side which has also arrived here

was in fact invented here in Cape Town by

recently is the Amazon Web Services. Amazon


is in the process of setting up three big data centres in Cape Town and that’s been a huge

We are very proud to have given this to

investment they have made into our city. We

the rest of the world and that’s certainly

worked very hard over the last few years to facilitate that.


INVESTMENT | City of Cape Town

African Business Network

We think that really cements our image as

certain offerings and it has an economy that

the tech hub of Africa, and not just of Africa

is slightly different to Cape Town’s. It’s built

but a global tech hub. We want to grow that

off the minerals and energy complexes up

reputation over the next few years, and

there, so there is a momentum around that

with that investment we are going to have,

and we don’t have that.

the capabilities are there to really drive that reputation.

But we are showing strong growth in sectors which also seem to be growing globally as

It’s a huge endorsement for us that a massive

well. That is why a lot of interest is being paid

company like Amazon has seen Cape Town

to Cape Town now as opposed to some of the

as the place where they are looking to grow

other cities in South Africa. It’s about carving

their presence and use our services.

out a certain niche and attracting the sorts of companies that are in high growth sectors.

JAW: To what extent would you agree that domestic and international businesses are

We are certainly building up momentum in

beginning to favour Cape Town over the

that area, but we don’t see ourselves in direct

traditional business hub Johannesburg?

competition with Joburg. We see ourselves in competition with cities around the world.

LG: I think Joburg is always going to have

Our goal is to attract investment for Cape



INVESTMENT | City of Cape Town

Town, but also to be part of the Africa rising

Town now. I actually think the water crisis

narrative, and we want to think of how we

could be a positive in the long run because it

can support African growth as a whole. That’s

forced us to collaborate very extensively with

how we are trying to position ourselves.

the private sector to overcome what was a huge existential threat to us.

JAW: Despite all of these great developments, Cape Town is faced with

It was the worst crisis that Cape Town had

challenges including unemployment,

faced in its history, but the real positive to

socio-economic inequality and water

take out of it was we achieved what other no

shortages – How can the city tackle these

other city has been able to achieve. And that


was to drive down water demand by more than half over a period of just a year.

LG: One of the things I have noticed during the recent water crisis was the great

It was thanks to all Capetonians working with

collaborative spirit that exists within Cape

us, including businesses who played a big

African Business Network

Atlantis special economic zone designation launch role, that we were able to avert the worst of

Going forward, we have revised our water

that water crisis. What I saw was a city that

strategy and come up with a new one that

can come together and prove to be resilient

deals with the phrase called the ‘new normal’.

in the face of threats, which are going to

We anticipated that our water resources

become more commonplace in places

would become constrained, but what we

around the world.

didn’t anticipate was how quick this was going to happen. We projected this would

But it was a stressful time for all of us! We

happen in the next 10 years or so.

certainly made a concerted effort to get out there and involve the public and private

But we’ve had to change all of that because

sectors in finding solutions. I’m proud of the

of this new era of climate change, and we’ve

work all Capetonians did in averting that

now come up with a plan that will build water


resilience into our system, through a mixture of desalination, aquafer drilling and various water sensitive measures.



INVESTMENT | City of Cape Town

“Our goal is to attract investment for Cape Town, Lance Greyling, City of Cape Town

JAW: Finally, what is your outlook on the

make sure there are no constraints on the

next 10 years of development in Cape

future growth of those sectors.

Town? One of the key problems we face in South LG: I think we do have challenges and we

Africa is a skills mismatch. We have a lot of

are very alive to those challenges, so I’m not

people that don’t have the skills to take up

going to say everything is going to be rosy

the opportunities that are being created in

going forward for the next 10 years.

these growth sectors of the future.

But, I think we have been able to position

One of our main challenges is to put in place

Cape Town as a global African hub which is

a skills pipeline and support initiatives along

attractive to international companies. And

the private sector to make sure people are

going forward, we will get more investors into

skilled in those areas and able to take up

some of those key growth sectors I previously

opportunities in those sectors.

mentioned. I do think if we get those equations right, The Enterprise and Investment department is trying to invest in a skills pipeline now to

then Cape Town has a very promising future,

African Business Network

, but also to be part of the Africa rising narrative� director for trade and investment

particularly when you tie it to the growth of

There is a lot of work for us to do over the

the African market, and the fact that Africa is

next 10 years and our fortune is also linked to

going to be the largest single market in the

the national economy as whole, but I also see

world within the next 20 years.

our fortunes being linked to the continent. Over that period, we will see the African

We see ourselves playing a key role in that,

market developing as free trade agreements

providing a kind of backbone to that African

start to kick in across the continent.

growth, particularly on the services side. I think if one looks at the African trajectory and

Overall, I think there are going to be immense

places Cape Town as part of that, they will

opportunities on the continent and we are

see a very bright future for the city.

the perfect gateway for foreign investors to take those opportunities.

a b j


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Capital have earned a reputation for our excellent service delivery throughout East Africa. We are now providing this same quality service across West Africa. info@capdrill.com | www.capdrill.com


MINING | Tietto Minerals

TIETTO MINERALS A steady stream of progress at the Abujar gold project in Côte d’Ivoire

African Business Network



MINING | Tietto Minerals

In April 2019, ASX-listed explorer Tietto Minerals announced it had grown its resource at the Abujar gold project in Côte d’Ivoire by 146% to 1.73 million ounces (Moz), including a high grade core of 1.06 Moz at 2.1 g/t Au. This substantial resource upgrade is the latest major success achieved by the company at its flagship West African project since going public in January 2018. “The new estimation of 1.73 Moz is a substantial increase over our previous resource,” says managing director Caigen Wang. “The update gives the market and our investors increased confidence that the project has further resource growth upside, because only a small portion of our overall 70 km mineralised structure has been tested.” The Abujar project is comprised of three contiguous tenements totalling 1,114 km² in central Western Côte d’Ivoire (Figure 2), and it remains largely underexplored as attested to by Wang, with 90% of the 70 km long shear zone still to be tested by Tietto.

A significant resource upgrade The April resource upgrade was based on 26,000 metres of successful reverse

African Business Network

Figure 1: Tietto’s exploration camp at the Abujar project site

Figure 2 : Location of Abujar Gold Project in Côte d’Ivoire and JORC resources defined at the Abujar project



MINING | Tietto Minerals

Figure 3: Plan view of Abujar Gludehi (AG) deposit circulation (RC) drilling and diamond drilling

The AG deposit currently has a JORC 2012

(DD) on the middle tenement across two

resource of 26.4 million tonnes (Mt) at 1.6 g/t

areas: the Abujar-Gludehi (AG) and Abujar-

for 1.38 Moz, having been extended along

Pischon-Golikro (APG) deposits.

strike, down dip and towards depth in the previous drilling campaign.

African Business Network

Figure 4: Plan view of Abujar Gludehi (AG) deposit In addition, around 85% of the AG Resource is defined within 1.4 km of strike along AG line 15-29, which has been estimated to contain 15.7 Mt at a higher grade of 2.1 g/t for 1.06 Moz (Figure 3 and Figure 4). Meanwhile, the APG deposit is located just 5 km South of the AG deposit and the resource is estimated to be 11.2 Mt at 1.0 g/t for 0.35 Moz. “In terms of mineralisation structures, we are rapidly expanding the resource along strike and down dip along this major shear corridor. At the same time, the tenor and width of

Figure 5: Diamond drill rig owned by Tietto operating at Abujar project site

drilling intercepts give us encouragement that Abujar is on the way towards becoming a large gold mining operation.�



MINING | Tietto Minerals

Year-end drilling campaign Tietto will now look to complete a 30,000

fresh rock samples exposed by large scale artisanal workings returned one grade of 50.8 g/t Au in an elevated gold zone.

metres combined DD and RC/AC drilling campaign during the rest of the year, using

Tietto’s managing director is very encouraged

its own company-owned rigs (Figure 5), ahead by the new discovery at the Abujar-Potoco of an additional resource upgrade before the

Prospect (APP) see Figure 2 for location,

end of 2019.

approximately 900 metres East of the Abujar shear, and the company has mobilised one

The drilling will focus primarily on extending

of its three DD rigs to drill below the artisanal

the AG deposit along strike and to a vertical

pit at Potoco.

depth of 350 metres, along with the APG very shallow depths, averaging less than 120

Côte d’Ivoire’s ASM industry


Workings (Figure 6) left behind by artisanal

deposit which to date has only been drilled to

miners across the tenement areas at Abujar In July the company announced the discovery

have previously helped Tietto identify where

of an entirely new gold-mineralised shear

mineralisation was taking place at the project,

zone parallel to the Abujar Resource, after

with artisanal and small scale mining (ASM)

African Business Network

Figure 6: Workings left by previous artisanal miners within Abujar project areas continuing to resemble a major feature of the

not allowed to apply for exploration licences.

mining industry in Côte d’Ivoire.

Instead they are designated for small scale alluvial mining or ASM.”

Recognising the ongoing presence of the ASM sector and its contribution to livelihoods in

The establishment of specific areas for

rural communities, the Ivorian Government

small scale miners removed from licenced

has taken steps to ensuring the practise

exploration zones has gone some way

can take place side-by-side with the nascent

to alleviating tensions between the two

industrial scale mining industry.

groups, while also paving the way for the formalisation of the ASM sector.

“First of all, illegal miners are not allowed to undertake any mining activities on the

Formalisation is a vital process for ASM in

tenement licences of exploration companies,”

order to reduce environmental impact and

explains Wang.

health and safety risks to those engaged in the sector, of which there were 100,000

“At the same time, the government has set

people working directly on ASM in Côte

up a number of small scale mining districts

d’Ivoire, according to estimates from 2016.

where we as industrial mining companies are



MINING | Tietto Minerals

Developing an attractive mining jurisdiction

The code set a goal of developing the most attractive mining code in West Africa, which would dovetail with the underexplored

Along with beginning to regulate small scale

nature of Côte d’Ivoire’s position extending

mining activity across the country, the Ivorian

across 34% of the highly mineralised Birimian

Government and the Ministry of Mines has

Greenstone Belt to create an attractive

made it a vital priority to support exploration

proposition for investors into the sector.

and mining companies investing into the sector, particularly since the introduction of

“Côte d’Ivoire has created very good fiscal

the 2014 Mining Code.

regimes for investment in the gold sector. They have a five-year tax-free holiday starting from commercial production. They have

African Business Network

reasonably low corporate tax after that and

“From our own experience, the government

their royalties regime is also attractive,” Wang

quickly granted us an exploration licence in


2014 and has worked closely with us ever since to ensure the project runs smoothly.

The impact of the investment-friendly mining code has been tangible in Côte d’Ivoire’s gold

“From the local communities to local and

sector, with production growing from 630,000

central government, they are all very

oz per year to 900,000 oz per year between

comfortable with what we are doing and each

2014 and 2018. This 40% increase in just

group has suggested we put in an application

four years can be directly attributed to the

for a mining licence as soon as we can.”

enabling environment provided by the fiscal regimes of the new code.



MINING | Tietto Minerals

“The resource update gives our investors increased confidence that the project has further growth upside, because only a small portion of our overall 70 km mineralised structure has been tested� Caigen Wang, managing director Tietto Minerals

African Business Network

Strategic goals

feasibility studies for the Abujar project and

In June, Tietto’s board of directors held

build the mine.

a strategic planning meeting which laid out several objectives for the year-end

“Since we started the project in 2014,

and beyond. First, the additional resource

everything has moved smoothly. We don’t

update is slated for around November

see any significant difficulties or challenges

2019. Secondly, Tietto will then seek to

ahead of us in the progression of the project

advance scoping studies, followed by a PFS

or the eventual development of the mine.

commencing in first half 2020. “We are very excited about the progress Given the recent upward movement in the

we have been making and we fully expect

gold price, now is a good time to be a gold

to deliver on our short-term and long-term

producer and Wang believes it is only a

targets,” he concludes.

matter of time before Tietto can complete its











STUDIES draglobal.com



MINING | Roxgold

African Business Network

ROXGOLD Canadian mining company goes for gold in West Africa



MINING | Roxgold

Roxgold started life as a junior gold explorer with a joint venture earn-in agreement for the Yaramoko property, located within the gold-rich HoundÊ greenstone belt in Burkina Faso. The company began exploring the property in 2011 and eventually made a discovery with the 55th drill hole of the programme; hence the name 55 Zone. After taking the project through the first rounds of exploration, the 55 Zone emerged as a high grade discovery and a very coherent deposit according to Roxgold’s president and CEO John Dorward. A feasibility study for an underground mine followed in 2014 and commercial production was declared in October 2016. During the last three and a half years of production, the project has consistently delivered a high return on capital, based on double digit grades and low costs.

A premier gold jurisdiction “We have gone from a virgin drill hole discovery to having a producing gold mine in five years. There are very few jurisdictions

African Business Network



MINING | Roxgold

African Business Network where you can legitimately achieve that in that amount of time,” says Dorward. This reference is a testament to Burkina Faso’s rising status as a premier gold mining jurisdiction on the African continent. The industry has been booming in recent years, becoming Africa’s fourth largest gold producer in 2017 and Burkina Faso expects to announce another record year of gold output for 2018. During its time in Burkina Faso, Roxgold has experienced a jurisdiction with a pro-mining and pro-foreign investment stance, along with a permitting process that is clearly established, articulated and not bound in superfluous red tape. John Dorward, Roxgold president & CEO

Recent security challenges are a genuine concern for Roxgold and the country’s

going to be Roxgold’s next gold mine in West

mining investors, however Dorward remains


steadfast in his belief that Burkina Faso is a premier gold mining jurisdiction.

Roxgold has already started exploration drilling at Séguéla’s Antenna deposit and

Since becoming a cash generative company

has a number of satellite targets that will be

via gold production from 55 Zone, Roxgold

drilled, with the aim of increasing resources

has been able to pay down a significant

and ultimately compiling a preliminary

portion of its project finance debt, while also

economic assessment and a feasibility study

turning to additional developments, most

for Séguéla.

notably making its first acquisition in April. “We acquired the Séguéla gold project in Côte

2018 operational performance

d’Ivoire from Newcrest for $20 million and

In 2018, the company was able to increase

are in the process of updating the resource

year-on-year gold production by 4% to

statement to be 43-101 compliant. We like

132,656 ounces, with an average head grade

what we’ve seen so far and definitely think it’s

of 13.5 g/t from a record 307,591 tonnes of



MINING | Roxgold

AUMS advert April-18.indd 1

29-Apr-19 8:09:16 PM

processed ore. Dorward puts this improved

This year, Roxgold’s gold output is set to be

operational performance down to increased

further boosted by the arrival of a second

efficiencies at the mine and mill.

gold producing mine within the Yaramoko project. First ore was produced at Bagassi

“The mill has consistently run above

South in October 2018 and it’s expected to

nameplate capacity. We did a few things in

reach commercial production in Q2 2019.

the original design, such as installing a larger motor in our SAG mill, which has helped us

The successful development of Bagassi South

sustain a higher than nameplate throughput

has been coupled with an expansion of the


processing plant at Yaramoko, which was completed in December 2018 and increased

“We have also invested a significant

capacity by nearly 50% from 750 tonnes per

amount of capital upfront in underground

day (tpd) to 1,100 tpd.

development of the mine. Contrary to a lot of underground mines, we are well in front

“This is a significant milestone for us and a

of where we need to be. If there is an issue in

very important addition to the Yaramoko

one part of the mine, there are other areas

mine. Not only does it enable us to support

we can work in and maintain our productivity

the expansion of the processing facility, it

levels. I think it’s been a productivity driven

also brings mutual mitigation to the story.

story,” says Dorward.

Resource GlobalNetwork Network 107 African Business

“Underground mining can be a challenging

Services (AUMS) – a division of Australian

business and having a second deposit lowers

contractor Ausdrill.

the overall risk of the project.” AUMS have been active in the African Roxgold has also identified further resource

underground mining sphere for many

growth potential at both 55 Zone and Bagassi

years and were in fact initial investors into

South, which it will look to explore in the near

Roxgold, participating in equity financing for

term. At 55 Zone, the company has drilled the

the Yaramoko mine. As a result, AUMS and

shoot to a depth of over 1,000 metres and

Roxgold have a strong relationship and a

will publish an updated resource at the end

good alignment of interests.

of Q2. Meanwhile, Roxgold will focus on near surface infill drilling at Bagassi South in the

“They recently won a contract for Bagassi

coming months.

South, which was a 12-month extension

Strong partnerships

of the overall Yaramoko mining contract. We saw quite a decent reduction in costs

Roxgold has worked closely with a number

to reflect that ongoing relationship and

of service providers in the development

the increased volumes. AUMS are by

and operation of its facilities at Yaramoko,

far our biggest contractor and are quite

including African Underground Mining

embedded with us in terms of the operating procedures.”


MINING | Roxgold

African Business Network In addition, Roxgold has also used Geodrill for exploration work and drilling in Burkina Faso and now in Côte d’Ivoire as well. ATS is Roxgold’s camp and catering contractor, while various construction services have been provided by DRA and Group Five out of South Africa. “We’ve had a number of significant contractual arrangements and by and large they’ve all been positive for us. We’ve had good interaction with our partners,” Dorward declares.

Local expertise At the Yaramoko mine, Roxgold has made a concerted effort to build a workforce of primarily Burkina Faso nationals, in a show of support to the country which welcomed its arrival into the mining sector. “We run with a very low level of expatriates and over 90% of our workforce is Burkinabé, many of whom hold senior positions within the operating team. “There is not a very long history of underground mining in Burkina Faso, so there weren’t as many underground mining engineers in Burkina, but we are now starting to see that develop,” Dorward continues. During the permitting process, Roxgold also committed to training and hiring locals from around the mine site, running an apprentice programme for youths from the local village. The apprentices were sent to work with one



MINING | Roxgold

African Business Network

of the company’s construction contractors,

more investment in terms of commercial

gaining valuable skills of the trade. The

activities, shops and small businesses being

apprentices were then hired by Roxgold to


become a key part of the plant processing and maintenance team.

In addition to bringing lucrative employment opportunities, Roxgold has also organised

Dorward believes that, in addition to local

several community investment programmes

procurement practices, the most important

in the local area, including teacher

single contribution that the company

training, agricultural workshops and solar

has made to the local communities has

electrification for medical centres.

come in the shape of secure full-time jobs. “We’ve brought a large number of well-paid

“I think as a responsible mining company

permanent positions. They work a full week

and a good neighbour, we are making

and earn significantly higher incomes than

a very positive contribution in the local

what they otherwise would.


“That flows through the community and

West African expansion

helps households. It’s a much more

After establishing itself in Burkina Faso,

vibrant community now, you see a lot

Roxgold is now excited to be moving into



MINING | Roxgold

Côte d’Ivoire with the acquisition of the

“The terrain is very fertile for gold discoveries

Séguéla project. Dorward believes that Côte

and there are several examples of large gold

d’Ivoire has been historically underexplored

deposits in Côte d’Ivoire such as those owned

despite having extensive greenstone belts

by Randgold Resources [now part of Barrick

that run down from Burkina Faso, Mali and

Gold]. We think the property we acquired has


a lot of upside.

African Business Network


“We have gone from a virgin drill hole discovery to having a producing gold mine in five years. There are very few jurisdictions where you can legitimately achieve that in that amount of time” John Dorward, president and CEO, Roxgold that we are starting to drill. The potential is there to bring those into resource status and ultimately into production. It should be a low capex, high returning operation and will sit very nicely next to Yaramoko.” After expanding into Côte d’Ivoire, Dorward feels that the company is right at home in West Africa, with a management team that is highly experienced in the region and wellequipped to take on additional projects further down the track. “West Africa is the most logical area for us to be looking, but good projects are hard to find so we keep an open mind as to what might be available. We stand to benefit from the skill of our team and the significant amount of cash that Yaramoko will be generating in the coming years,” he concludes. “At Séguéla, the Antenna deposit will get larger but I think the main story will be around the large number of satellite targets






MINING | AfriTin Mining

AFRITIN MINING Building the African tin champion

African Business Network



MINING | AfriTin Mining

Tin is an important commodity with multiple uses in modern society that go beyond widely held associations with goods such as tin cans, cups and roofs. These outmoded beliefs are a misnomer when considering the growing importance of tin in contemporary electronics and other high-tech industries, with latest research indicating that tin can dramatically improve the performance of lithiumion batteries, for example. Tin continues to be one of the better performing commodities on the London Metals Exchange and the global tin market is anticipated to be valued at US$8.23 billion by 2023. However, the market has been rooted in a deficit for the last five years with demand rising from industrial markets and production falling as a result of depleting global reserves and tightening regulations in China – a world leading tin producer. This equilibrium pricing scenario in the tin sector is creating a ‘perfect storm’ for a company like AfriTin Mining, according to its CEO Anthony Viljoen. AfriTin is a Londonlisted miner which intends to become the ‘African tin champion’ through the development of its portfolio in Namibia and South Africa.

African Business Network



MINING | AfriTin Mining

“Demand and supply are moving away from

developing the Uis Tin Project in Namibia,

each other quite rapidly and we saw a similar

which is focused on a pegmatite-hosted tin

scenario developing in the vanadium market

deposit that happens to be one of the largest

recently which resulted in prices going up by

open castable deposits of its kind.

1000%. We are excited by that and believe that what we call minor metals offer good

AfriTin holds three project areas at Uis, all

market fundamentals and strong upward

of which saw historical production from

price movement prospects,� says Viljoen.

the mid-20th century up to 1990, when production ceased as a result of depressed

Tin is not an abundantly occurring mineral

tin prices. Therefore, the project comes with

around the world, and large industrial scale

a non-JORC compliant resource of 73 million

deposits are rare outside of the major tin

tonnes (Mt) at 0.136% tin.

producing countries of China, Indonesia and Peru, Bolivia and Brazil from Latin America.

This historic resource is based on a large amount of drilling data conducted by SRK

Africa used to be the fourth biggest exporter

when it was operated by the South African

of tin in the world, but today there are no

state-run company Iscor, and Viljoen has

active industrial scale tin mines in operation.

no reason to believe that the figure is likely

However, AfriTin is in the process of

to change in the company’s imminent JORC resource announcement.

African Business Network

A giant tin resource

edition ranking it the fourth best African

In fact, if the non-JORC resource were to be

jurisdiction for mining and investment.

confirmed, it would place Uis in the top 10 tin mines globally and in the top two for Africa,

Returning to the Uis project, AfriTin will

alongside Alphamin’s Bisie project which

publish a JORC-compliant resource before

is being developed deep in the jungle of

the end of H1 2019 ahead of completing a

Democratic Republic of Congo.

scoping study and the commencement of a bankable feasibility study (BFS) by the end of

In comparison, AfriTin stands to benefit from

the year.

a strategically located project within trucking distance to Walvis Bay – a key port town on

While each of these resembles a significant

the coast of Namibia. In addition, AfriTin will

milestone in the near-term development of

be operating in a jurisdiction that encourages

the project, the company is most excited by

foreign investment in the mining sector, and

the extent of the tin mineralisation running

is regulated by a long-established Mining Act.

across the 15 km by 15 km licence area at Uis.

As a result, Namibia consistently ranks highly in the Fraser Institute’s Annual Survey of

“These pegmatite belts where the tin occurs

Mining Companies, with the most recent

run for hundreds of kilometres from the



MINING | AfriTin Mining coast inland, and some of the belts are

Another exciting development was the recent

more mineralised than others. The ones in

discovery of lithium pegmatites at the ML

the Uis project areas are particularly highly

133 licence of the Uis project, located South

mineralised with tin,” says Viljoen.

of the main NR 134 licence. Viljoen explains how the pegmatites at Uis were formed by

During the four decades of historical tin

prehistoric lava flows which were intruded by

production at Uis, Iscor mined over 12

a variety of elements including tin, tantalite,

different open pits at points where they

niobium, beryllium and lithium.

found the pegmatite belts to outcrop. AfriTin has since conducted a geological mapping

While the ML 133 licence is outside of the

exercise and found another 180 outcropping

current development area at the Uis mine,

pegmatites all with visible tin mineralisation.

the discovery of lithium is encouraging and warrants further mineralogical testing at the

“By historic standards this would be one of


the top 10 biggest tin mines in the world, but by modern standards, this is real behemoth

“It’s a non-core asset for us at this stage, but

of a deposit. We are only focusing on one

it does give us an opportunity to realise value

outcropping pegmatite at the moment, but

from the licence, either by partnering up with

there is so much upside from a resource

someone else or looking to maybe spin it off

perspective, it will take us decades to

on its own in the future,” says the CEO.

evaluate it to its fullest extent.”

Resource GlobalNetwork Network 123 African Business

Phased production approach AfriTin has taken an unorthodox approach to the development of the Uis project, in the sense that during the last 12 months the company has begun building a phase 1 processing plant while still in the process of proving up the resource. “We decided to do the plant and the resource confirmation concurrently because we had access to all of the historic resource information for Uis. The process flow of the circuit is not complex either, being a gravitybased separation. “So, I’ve been able to get a really crack team of in-house engineers on the job which has given us a lot of confidence to go into phase 1 production while we are concurrently proving up the resource.”


MINING | AfriTin Mining

African Business Network The other major benefit derived from building a phase 1 production facility is the opportunity to generate early cash flows while significantly de-risking the full-scale production phase. “A phased development approach gives us cash flow rather than having to go back to market all the time, and it gets our tin out into the market,” explains Viljoen. “When the current demand and supply elements for tin start feeding into the general market we would expect the tin price to tick up and the best way to take advantage of that is to have your tin product circulating in the market. “Having early production really stamps our focus on the tin market and says that we are a player to watch in the future,” he adds. AfriTin has been able to utilise the mining expertise that resides in Namibia throughout the process of confirming the resource and building the phase 1 plant for Uis. In fact, the level of expertise and equipment that is available in-country is such that the company has not had to use international suppliers, aside from a few additional components from China. The company’s main contractors are Windhoek-based Crush Plant, a national subsidiary of South African engineering

Anthony Viljoen, AfriTin Mining CEO

group Osborn, and Metallum Fabrication who provide structural and stainless steel fabrication solutions.



MINING | AfriTin Mining

Local beneficiation

but the multiplier effect of a large mining

Placing Uis in its geographic context in the

operation is exactly what the communities

Erongo region of Namibia, AfriTin has a duty

need, in terms of job creation and further

to ensure that the local communities benefit

long-term economic beneficiation.

from the project as much as the company will. As such, AfriTin has placed a strong focus

“We are looking at various initiatives for

on community engagement throughout the

employing as many local people as possible,


particularly those semi-skilled people who worked on the mine before it closed. In

There was no natural economic activity in the

general, we plan to upgrade water and

region prior to the historic mine, but since

electricity supply which will have an indirect

operations ended in 1990, the local mining

but definite multiplier effect on economic

communities suffered as the main source of


economic activity was taken away. “We believe that a happy mine is based on a In recent years tourism has provided some

happy community, so we will look to stick to

respite to conditions of poverty in the region,

that mantra. Our local operating company

African Business Network

is 15% owned by a nonprofit organisation

This target would be achieved either

that looks after all of the communities near

through resource expansion at Uis or

the mine. They all have a direct exposure to

from consolidation of other assets in the

profitability and that’s the way sustainable

portfolio, notably the Mokopane project in

mining should happen these days.”

South Africa. In the near term, the company


will deliver a number of catalysts for value When the Uis mine reaches full scale

creation, starting with early production from

production it will produce in the region of

the phase 1 plant.

5,000 tonnes of tin concentrate a year. This rate would make AfriTin a significant player in the global tin market, however Viljoen aims to push the company’s overall production up to 10,000 tonnes a year.


a j


MINING | IronRidge Resources

IRONRIDGE RESOURCES Creating value through discovery

African Business Network



MINING | IronRidge Resources

IronRidge Resources is an AIM-listed junior exploration company that thinks like a major. The Australia-based firm is focused on building a diversified portfolio of mineral assets with large scale tenure positions in African frontier jurisdictions, and to a lesser extent in Australia. “We adhere to this strategy to immunise ourselves against a one project, one company strategy, which is not conducive to multiple wealth accretive discoveries,” says IronRidge CEO Vincent Mascolo. IronRidge’s focus on lithium and gold gives investors exposure to rapidly growing lithium technology markets while hedging prominent global economic uncertainty via a large gold exploration portfolio. “Our business model is designed for multiple discoveries of globally demanded commodities, that’s where we see the first wave of value accretion for shareholders; in the discovery process and the development to decision to mine. “Our strategy to concurrently diversify commodities and jurisdictions means that we always have something moving along; advancing projects, adding value and delivering positive news flow is paramount.”

African Business Network



MINING | IronRidge Resources

African Business Network Over the last three years, IronRidge has

But if a project does not deliver, we will let it

methodically built its tenure portfolios in

go,” says Mascolo.

three African jurisdictions - Ghana, Côte d’Ivoire and Chad. During this period, the

“Today, we have nine province scale projects

company has also established exploration

at various stages of development with

teams in each jurisdiction.

significant discoveries in Ghana and Chad to date and we expect multiple discoveries in

Teams are comprised of accomplished

the pro-mining jurisdiction of Côte d’Ivoire in

geoscientists and mining professionals with

the next 12 months.”

extensive in-country expertise, whilst the board has significant experience in project

Multiple discoveries

discovery, mine development and operations,

IronRidge has made three discoveries in

debt financing and delivering shareholder

three jurisdictions over the last three years


– a record which very few junior explorers can make claim to. The first discovery was a

The board and management team also have

bauxite deposit back home in Australia, but

significant vested interests in the form of a

deemed not to be a company maker, the

combined 9.3% shareholding to complement

project has effectively been placed on care

a strong institutional shareholder base.

and maintenance.

IronRidge is backed by DGR Global Ltd, Assore Ltd and Sumitomo Corporation –

However, Mascolo calls IronRidge’s second

three global corporates who will support the

recent discovery a ‘spectacular’ lithium

company at each phase of the commodity

project in Ghana, with world class drill

cycle, from discovery and development

intersections from surface, first quartile

through to production and sales.

grades and in close proximity to operational infrastructure.

“We have a strong shareholder base that continues to support the business model

The Cape Coast Lithium Project contains

and we have new investors coming in to

proven high grade spodumene pegmatites

further support the company. They actually

and is significant given the fact that it is

see that the business model is designed for

the first lithium discovery made in Ghana,

exploration success.”

opening up the possibility to establish a new lithium frontier in West Africa.

Shareholders have also been struck by the agility that IronRidge demonstrates when it

“The project has been very well received in

comes to portfolio building. “The idea is to

Ghana, they are calling lithium the new white

spread our wings far and wide, capturing as

gold. We see huge potential for new industry

many highly prospective projects as we can.

there and that’s why the project is supported from the highest levels of office in Ghana.”



MINING | IronRidge Resources

IronRidge’s third discovery was a large gold

With investor markets still warming to Chad,

mineralised structure in Chad, where there

IronRidge recently made the decision to

has been little or no modern day exploration

acquire the Zaranou Gold Project in Côte

due to a historical focus on oil. Therefore, as

d’Ivoire, further expanding the company’s

the only active minerals explorer in Chad, the

portfolio in the jurisdiction, which is well

company holds first mover advantage with

understood by the investment community.

multiple advanced gold projects and multiple

In addition, the project has the potential to

targets across a 40 km strike

mimic and potentially dwarf what has been discovered in Chad, according to Mascolo.

“The first mover advantage provides the company with the potential to make

Two hot commodities

globally recognised discoveries in largely

Considering its most recent discoveries and

underexplored frontier regions. However,

acquisitions, it becomes clear that gold and

it does take more time to develop these

lithium will be IronRidge’s focus commodities

assets in the first instance and time for the

going forward, with both favoured by the

investment communities to appreciate the

company and the investment community for


different reasons.

Resource GlobalNetwork Network 135 African Business

“Gold is a universal currency and it’s the

a lithium concentrate from the spodumene

staple form of traditional currency, which

dominant pegmatite ore at the Cape Coast

we particularly like. In addition, physical

project in Ghana, which would then be fed

gold is a reliable and trustworthy asset and

into the growing battery market worldwide.

is therefore an insurance against economic uncertainty.”

“With the support of the government and the influx of major European car manufacturers

The CEO also recognises the vast exponential

coming into Ghana, we can see there is the

growth story attached to lithium, which

potential to build an industry focus around

is derived from the global process of

a battery grade product, lithium hydroxide

electrification taking place across several

being preferred for the fast-growing electric

industries, most noticeably in the automobile

vehicle industry.”

sector with the rise of electric vehicles and stored energy.

However, this remains a long-term horizon for IronRidge and right now the company

IronRidge is currently investigating small,

is focused on testing several targets at the

medium and large scale methods to produce

project. Around 14,000 metres of drilling


MINING | IronRidge Resources

has already taken place across the project,

deep sea port of Takoradi and adjacent to

with recent results delivering multiple high

grid power.

grade lithium pegmatite intersections at the flagship Ewoyaa project and new Abonko

“When you are this close to operational


infrastructure, it implies low capital intensity and low operational costs. In summary, the

The results to date and ongoing exploration

lithium project in Ghana has the potential

has identified additional pegmatite

to deliver first quartile lithium grades, first

mineralisation around the peripheries of

quartile capex and first quartile operating

both projects and surrounding projects


areas, including the historical Egyasimanku Hill deposit. The company plans to continue

Striking gold

drilling until the end of the year, at which

While the Ghana lithium project is IronRidge’s

point it will produce a maiden resource.

most advanced, the company is also advancing its 900 km² gold portfolio in Chad;

IronRidge is also fortunate enough to be

a potential analogue of the intrusion related

operating within close proximity to world

gold systems in the prolific Yukon-Alaska

class infrastructure. The project is located 1

Tintina Gold Belt.

km from a major highway, 100 km from the

African Business Network

“Today, we have nine province scale projects across multiple jurisdictions in Africa and have already made significant discoveries in Ghana and Chad” Vincent Mascolo, CEO IronRidge Resources The main focus across the portfolio in Chad has fallen on the Dorothe Gold discovery, which has extensive artisanal workings with visible gold nuggets at surface, over a 3 km x 1 km footprint. So far, IronRidge has completed 14,564 metres of trenching at Dorothe, plus regional air magnetics and soil sampling. “When we drill some holes and get proof

Vincent Mascolo, IronRidge Resources CEO

of concept in the anomalous footprint, we believe it could rival some of the largest

will provide the pipeline of future discoveries

open pit gold mines in the world today,” says

over the next 12 months.”

a confident Mascolo. To conclude, IronRidge’s African In Côte d’Ivoire, IronRidge has plenty of

diversification strategy has served it well thus

exploration activities to get busy with in the

far, as the company closes in on significant

coming months, including at the Zaranou

lithium and gold discoveries in Ghana, Chad

project after the company’s venture partner

and Côte d’Ivoire. IronRidge’s business model

had the exploration licence granted covering

is designed to return shareholder value

397 km².

through the discovery and development of multiple projects across a diverse commodity

“Côte d’Ivoire is our early stage, greenfields

and jurisdictional portfolio.

exploration jurisdiction, which we believe


a j




African Business Network



West Africa is a key growth market for this global mining consultancy


MINING | CSA Global are utilised by clients around the world, and The origins of CSA Group can delivered via CSA Global’s regional teams. be traced to a single mining consultancy team that was “The fundamental unique service proposition formed in Dublin, Ireland back that sets us apart from our competitors is in 1984. Two years later, the that we take a whole company approach. company exported its services We are a group that has teams and offices to the other side of the world all around the world, but we are strongly by setting up a branch in Perth, collaborative at all levels within our business,” Western Australia, before says CSA Global’s Galen White. continuing to expand in the Australian market throughout “The regional teams are fully integrated globally, which allows us to put the very best the 1990s. However, the personnel onto projects wherever they are, group’s reputation was forged and our clients value that. It’s about working back in Ireland after assisting in haloes rather than in silos.” in the discovery of the large scale Lisheen zinc deposit As the company’s director for Europe, in 1990. At the turn of the Middle East and Africa, White’s job is to century, CSA began a wideensure clients are serviced holistically across reaching diversification strategy the region and that the company’s global incorporating new services in standards are being met. new commodities and regions, which spawned the rebranding “I am intimately involved with the majority of of the company to its current our clients in the region and guide our global name CSA Global in 2008. Today, and local expertise into projects over the full the group has 12 offices in eight life of mine. A key part of my job is also to strengthen existing relationships.” countries around the world and provides the full suite of African roots consulting services to mining companies focused on almost all CSA Global has been involved in the African mining industry since its inception in 1984, mineral commodities. and over the last 35 years the company

CSA Global offers a uniquely integrated set

has made a point to continually develop

of services in the areas of corporate, mining,

its understanding of the cultural diversity,

resources, exploration, technology, data and

political background, sovereign risk,

water management. These services cover

workforce and technical capability of the

all aspects of the mining value chain, and

countries it works in.

African Business Network










Contact Mark Radosevich (Director - Tax) mradosevich@hallchadwickwa.com.au

These factors combine to produce a set

“Clearly these factors pose a challenge to

of challenges that are unique to each

mining companies operating in Africa, but

jurisdiction, and White breaks down these

they take on those challenges because the

challenges into two categories: Technical and continent is so well endowed with minerals. jurisdictional.

We try to provide up-to-date advice for our clients with African projects,” says White.

Technical challenges faced by mining companies on the African continent include

“We service the African continent from

infrastructural deficiencies, extreme weather

multiple offices as our listed clients can be

conditions - such as monsoons and droughts

on the LSE or AIM, the TSX, ASX or elsewhere.

- and a lack of skilled labour in remote

Our Horsham and Dublin offices are heavily


involved in the West African market and our Johannesburg office is well placed to support

Jurisdictional challenges relate to government our clients across sub-Saharan Africa.” policies, which can change rapidly and dramatically differ from one country to

Thriving in West Africa

the next across Africa. Tax and royalty

During the last five years, West Africa has

rates are a huge consideration for mining

evolved into the continent’s leading region for

companies, along with social policies such as

mining activity. A combination of favourable


African Business Network

West African Gold Mines QUARTERLY SUMMARY TO 31 MARCH 2019


6. Mauritania Gold Produced:

Gold Produced:

0.43 Moz

34.3% 0.70 Moz

4. Côte d’Ivoire


Gold Produced:

0.07 Moz

Gold Produced:

0.42 Moz

Gold Produced:

0.10 Moz

5. Guinea


1. Ghana


7. Senegal Gold Produced:

3. Burkina Faso


8. Liberia

5.0% 0.10 Moz

Gold Produced:

6.1% 0.13 Moz 1.3%

0.03 Moz


160,000 oz

Ahafo Ghana

137,000 oz

Tarkwa Ghana

136,700 oz

Fekola Mali Tasiast Mauritania

110,349 oz 101,358 oz





geology that is underexplored, pro-mining

base metals, steel minerals, special metals,

governments and decreasing perceived risk

industrial minerals and energy projects.

has seen investor confidence in the region dramatically improve, which has contributed

“West Africa has grown to become a

to impressive exploration and production

significant region of revenue growth for CSA

growth in this time.

Global, in particular offering opportunities to provide integrated services across the

CSA Global has worked in West Africa

exploration, evaluation, development and

throughout its history, and the region has

operations life cycle,” says White.

continually provided opportunities for diversification and growth. This is dominantly “In the last five years we’ve been able to through the company’s involvement with

develop long-term client relationships and

numerous gold projects located within the

leverage expanded services from early stage

vast Birimian Greenstone belts that snakes

activities such as exploration and resource

through West Africa.

work to mining and feasibility studies. A big part of our activity in the region is providing

But, CSA Global’s work is not limited to

operational support as well as improvement

gold in West Africa and they have worked

works. We have several long-term clients

on a variety of non-gold projects including

there that we continue to help in that space as well.”

African Business Network

West African Gold Mines QUARTERLY SUMMARY TO 31 MARCH 2019





Côte d’Ivoire







a te es Pr

Sadiola Hill










Morila Yanfolila




Bea Mountain Mana













Sissingue Wassa







All-In Sustaining Costs (US$/oz)



Cumulative Gold Produced (oz) Data Sources: Data was sourced from company quarterly reports and S&P Global Market Intelligence. Cost curve created by Aurum Analytics.







significant West African gold players over

Future growth opportunities

the last few years. In Ghana, the company

In West Africa, CSA Global takes the view that

provides operational support work to Asanko

the region will continue to grow at a steady

Gold, and provides a suite of services to

rate over the next 10 years, and the company

Avesoro Resources in Burkina Faso and

plans to continue nurturing that growth by


supporting existing clients, strengthening

CSA Global has worked closely with several

relationships and forging new business ties Furthermore, CSA Global has completed

across the region.

exploration procedural reviews and sampling reviews for mid-tier gold producer Endeavour

“We have been quite successful in leveraging

Mining’s operations across the region. The

our experience from the projects that

company’s mining services team has also

we’ve worked on to develop new business

assisted Hummingbird Resources in Mali for

with others operating in the region. We’re

several years now.

continually developing the relationships with the West African junior miners, particularly

“We also do a lot of technical reviews for

those listed in London.”

mergers and acquisitions (M&A) work and technical reporting for juniors listed on the

CSA Global also sees plenty of opportunities

AIM or TSX that operate in West Africa.”

in the central/Southern Africa region,

African Business Network

particularly in the Democratic Republic

From a services perspective, the company

of Congo (DRC). The DRC is home to the

plans to further expand its offerings in

world’s largest reserves of copper-cobalt and

water management services, having added

therefore could provide a strong pipeline of

a team of experienced hydrogeologists and

work, as global demand for battery metals

hydrologists last year. CSA Global believes

continues to intensify.

that water management opportunities will

“We’ve got a strong global team supporting operational mines in the areas of mine geology, geometallurgy, mine engineering and hydrogeology. The key to our future growth is being proactive in trying to develop relationships early on and partner with our clients throughout the life of mine process” Galen White, CSA Global




CSA Global principal consultant Bill Power with Roxgold’s Brehima Diarra at the Yaramoko mine

African Business Network continue to increase, particularly in Africa which has issues both with water scarcity and flooding. “We’ve got a strong global team supporting operational mines in the areas of mine geology, geometallurgy, mine engineering and hydrogeology. The key to our future growth is being proactive in trying to develop relationships early on and partner with our clients throughout the life of mine process,” says White. CSA Global’s director for Europe, Middle East and Africa concludes by highlighting the strong fundamentals underpinning the contemporary global mining industry and reaffirms the company’s view of a continued upward trend in the sector. “There’s certainly been increased spending and increased finance available for good projects. We’ve been seeing an increase in M&A work. Commodity prices are improving, and there is strong investor demand in gold, base metals and battery metals. “There is still a little way to go in terms of improving on-the-ground spending, but here at CSA Global we’ve improved year-on-year since the downturn and we currently have a strong pipeline of consultancy work around the world.”

a j



MINING | Capital Drilling

African Business Network


Capitalising on rising exploration spending in the West African market



MINING | Capital Drilling

Capital Drilling Limited provides a full range of drilling and ancillary services, focusing on the African mineral resources market. The London-listed company prides itself on supporting clients through each phase of the mining cycle, from first stage exploration through to production. Capital Drilling’s range of services includes blast hole, delineation, directional, exploration, grade control and underground drilling and it has a fleet of 91 modern rigs that can be mobilised to mine sites across the continent. Since establishing its reputation in Tanzania through its work with AngloGold Ashanti which commenced in 2006 and continues today - the company has secured a steady stream of long-term contracts at Tier 1 operations across Africa, including in Egypt with Centamin and across West Africa with Kinross Gold and Resolute Mining. Underpinning these relationships with blue chip miners is Capital Drilling’s unwavering commitment to safety.

African Business Network



MINING | Capital Drilling “In each of our many services we have a

This safety-first philosophy was faultlessly

similar philosophy: To do the job safely and

adhered to in 2018, as the company achieved

efficiently,” says Capital Drilling’s business

an unblemished safety record with a record

development manager – West Africa, Chris

zero lost time to injury over the course of the

Hall. “Everybody needs to come home at the


end of the day without injury having provided an industry leading service for the customer.”

African Business Network

Flourishing financials Capital Drilling also flourished from a financial perspective in 2018, recording a significant increase in both profitability and cash levels. The company exceeded the top end of its revenue guidance, despite a 3% decrease year-on-year to US$116 million.



MINING | Capital Drilling

African Business Network

“We are seeing a definite upturn in the amount of capital raisings going on and the junior market is certainly starting to show some signs of life where it’s been slack in the last few years. Capital Drilling is well positioned to take advantage of that trend” Chris Hall, business development manager – West Africa



MINING | Capital Drilling

African Business Network

Earnings before interest, tax, depreciation

The company also declared a full-year

and amortisation (EBITDA) increased 16% to

dividend of 1.5 cents per share, a 25%

$28.3 million in 2018, while net profit after

increase on the 2017 dividend, and pledged

tax (NPAT) rose 48% to $7.7 million and net

to continue its disciplined approach to capital

cash more than doubled to $10.9 million –

management in order to return excess funds

the highest level since Capital Drilling’s listing.

to shareholders through dividends.



MINING | Capital Drilling

African Business Network

Capital Drilling Rig 84 at Hummingbird Resources mine in Mali

Similar strategic contract growth was

and Burkina Faso. To date, approximately 52

achieved by Capital Drilling last year,

million ounces of gold have been discovered

evidenced by multiple wins with current and

across the sprawling formation.

new customers, along with extensions on major existing long-term mine site contracts.

Wading into West Africa

“We have positioned more rigs in West Africa over the last few years and established entities in various countries in response to

In particular, Capital Drilling placed increasing

increasing demand,” says Hall. “We plan to

focus on expanding into the West African

further expand our fleet to take advantage of

market in 2018. The region has developed

the ongoing activity in the region.

into a thriving mining hub and a world-class centre for exploration in recent years, with

“There are other rigs out in the market,

the largest concentration of exploration

but they tend to be less reliable and not

activity taking place in Africa at 45%.

performing to world class standards, so that is really our focus: to provide customers with

The lion’s share of West African exploration

world class rig maintenance, operation and

work takes place across the richly mineralised safety standards. That will give them accurate Birimian Greenstone Belt, which extends

results quickly and efficiently so they can

through Ghana, Côte d’Ivoire, Guinea, Mali

move on to the next phase of the mine cycle.”



MINING | Capital Drilling

African Business Network

In 2018, Capital Drilling doubled its rig

Since increasing its presence in West Africa,

fleet in West Africa to 31 and established

Capital Drilling has seen revenue increase

infrastructure, including offices, warehouses,

from 13% in 2017 to 25% of the group’s total

workshops and accommodation, in Mali and

in the second half of 2018. To continue this

Côte d’Ivoire, adding to existing its facilities in

momentum, Hall has been appointed to


lead business development and customer

Capturing contracts

relations in West Africa.

In Mali, the company was awarded a contract

“In this role, I make myself available to all

extension with Resolute Mining at its Syama

current and potential customers, making sure

Gold Mine and won new contracts with

we keep in contact so Capital Drilling knows

Hummingbird Resources at its Yanfolila Gold

when tenders are coming and is in a position

Mine. In Mauritania, a maintenance contract

to be on the tender list.”

was secured with Kinross Gold at the Tasiast Mine in addition to existing drilling contracts

Hall previously worked for another

and in Côte d’Ivoire, Capital Drilling secured

global drilling company for over 15 years,

work at Sama Resources’ Samapleu Nickel-

spending eight years looking after business

Copper project.

development of the African business, which was largely focused on West Africa.



MINING | Capital Drilling

African Business Network

“We have acquired more rigs in West Africa over the last few years and established entities in various countries in response to increasing demand” “I have a similar role now with Capital Drilling.

on the strategic and financial progress it

It’s a lot more flexible and I’m able to work on

made in 2018. The thriving West African

a variety of projects in different countries, but

market is set to provide the launchpad for

principally it’s a similar process of managing

further growth this year and beyond.

the key relationships with the customers.”

West African expansion

“We are seeing a definite upturn in the amount of capital raisings going on and the

Looking forward, Hall holds a firm belief that

junior market is certainly starting to show

West Africa will provide the largest regional

some signs of life where it’s been slack in

growth opportunity on the continent and

the last few years. Capital Drilling is well

says the company aims to continue the

positioned to take advantage of that trend.

organic growth process in 2019 in much the same way as last year.

“Our offering is second to none. We are efficient, safe and we have high quality

“We’ve already slated increasing rig numbers

equipment and personnel running that

in at least two West African countries


because we see the market growing. We will continue to focus on investing in assets and

“Both the juniors coming to market and the

infrastructure in West Africa and maintaining

majors on-site in West Africa need good

our organic growth in the region.”

quality operations and Capital Drilling will provide that, from exploration through to

After a prolonged four-year downturn,

resource management and production.”

exploration spend across Africa has increased for the last two years, which is a positive sign for Capital Drilling as it looks to consolidate


a j



OIL & GAS | Tlou Energy

African Business Network


TLOU ENERGY A sustainable energy source for Botswana and Southern Africa


OIL & GAS | Tlou Energy

Tony Gilby is a founding member of onshore gas exploration and power generation company Tlou Energy, which was established after his previous firm Sunshine Gas was taken over by BG Group in 2008. In the wake of the Sunshine Gas deal, Gilby and his team began searching for new opportunities in the gas business around the world, and soon become interested in Botswana. Now CEO and MD of Tlou, Gilby says that diamond rich Botswana ticked all the boxes for an appropriate investment jurisdiction. “Botswana had the right geology, the right regulatory regime and was generally a good place to invest. That’s why we chose Botswana many years ago.” Since then, Tlou has embarked on a mission to become an independent producer of sustainable power, thereby easing energy supply concerns in Botswana and the Southern Africa region. In 2009, Tlou commenced exploration activity in Botswana and began prefeasibility drilling at its Lesedi coalbed methane (CBM) project in 2011, before listing on the ASX in 2013. Two years later, Tlou dual listed on the AIM, with Gilby citing

African Business Network a greater understanding of African markets amongst the London investor as the chief reason. Tlou then made a third listing on an international exchange in 2017, this time turning to the domestic market in Botswana. “We listed on the BSE because we wanted to allow Botswana-based funds to invest in the company,� says Gilby.

Independently certified gas Another significant milestone was achieved in 2016 when Tlou achieved the first independently certified gas reserves from CBM in Botswana, which have since been estimated at up to 3.2 trillion cubic feet (tcf). CBM is a form of natural gas extracted from underground coal seams. The gas freely flows to the surface once the naturally occurring water pressure from within the coal is reduced by pumping. Tlou’s aim is to turn its extensive gas reserves at Lesedi into a source of reliable, clean power for a region which is struggling to meet increasing energy demand. The Southern African Development Community (SADC) unites approximately 342 million people from 16 countries into one intergovernmental body and also provides a common power grid for much of the region, which is maintained by the Southern African Power Pool (SAPP) - a cooperation of national electricity companies from SADC.


African Business Network

However, the majority of SAPP’s energy is

The Australian company believes the market

supplied by South Africa’s struggling utility

for its CBM product in Botswana could

Eskom, which puts the entire region in a

potentially be huge, particularly as it can

position of energy insecurity, including

replace high carbon energy sources such


as diesel and coal, with the former being imported at a high cost.

“Botswana relies very heavily on energy coming from Eskom over the border. That

Cleaner, cheaper electricity

puts them in a very exposed position, as any

“CBM produces less CO2 and less particulate

Eskom wobbles will impact the country’s

matter compared to diesel and coal, making

power supply.”

it a much cleaner option,” Gilby states. “It

imports, with more than 50% of its power

would replace imported diesel and domestic Recognising this threat to regional energy

coal, which is often poor quality thermal coal

security, along with a significant local power

that struggles to produce efficient electrical

shortage, Tlou offers Botswana an alternative


source of electricity from its Lesedi project, which will incorporate a gas-to-power station

After producing first power from the site

connecting with the national grid and the

adjacent to the Lesedi gas reserves in 2017,




OIL & GAS | Tlou Energy Tlou received a request for the supply of up to 100MW of CBM from the government of Botswana, in a clear indication that the project is a central part of plans to expand and diversify the country’s energy mix. Prior to this government tender, Tlou became the first company in Botswana to be granted a mining licence for a CBM project and was also the first to be awarded with an environmental impact statement for a project of this type in the country. “Environmental regulations in Botswana are very strict and very comprehensive. It took over two years to get our environmental impact statement approved,” Gilby reveals.

Resource GlobalNetwork Network 173 African Business “We closely followed their guidelines

“These wells are located in a very favourable

and utilised our international experience

geological environment for gas. Secondly, its

in drilling for hydrocarbons in an

located next to our central gas processing

environmentally sustainable and safe way.”

and power generation facility. Now, the objective is to move to a power generation

Tlou’s extraction method centres on the


use of dual lateral pods, each comprising one vertical and two horizontal wells to pull

The company has proposed a staged

gas from Lesedi’s Lower Morupule coalbed

development starting with up to 10MW of

resting between 450-500 metres below

generation that targets first revenue while


minimising initial capex requirement and connection to the grid via a power generation

Having already produced power from gas

facility. The recently drilled wells are

wells at Lesedi in 2017, the company recently

expected to be sufficient for the first 2MW of

completed another well drilling programme


located in an area that has been identified for initial project development.

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African Business Network

Combining gas and solar

the downstream facilities, with landholder

In addition, Tlou has also planned for the

approval also required in that process. All of

integration of a solar facility at the Lesedi

this is anticipated in Q2 19.

project. “The concept is that an additional solar plant could be bolted on at little

“The next step is to finalise our PPA/tender

additional capex, and it would become an

with the Botswana government. We are

interesting demonstration plant for gas and

looking at joining the SAPP as an independent

solar combined facilities.

producer in any event, and one of those two needs to come to fruition in order for us to

“We’re very excited about the possibility of

join the grid, providing power to Botswana

producing solar energy combined with the

and exporting it to the SAPP.”

base load/peaking potential of our gas,” adds the CEO and MD.

Tlou is also exploring other potential workstreams for its CBM product, which is a

At the time of writing, Tlou is in the process

highly versatile gas that can be used across

of having the dual lateral pods dewatered

many industries, including in petrochemicals

at Lesedi, after which the wells will reach

and fertiliser and ammonia production.

gas flow point in the coming months. Once they are up and running, Tlou hopes to

“With enough gas reserves, ammonia and

achieve full environmental approval for

fertiliser are real possibilities further down



OIL & GAS | Tlou Energy

the track, along with petrochemicals,” Gilby

benefits of its Lesedi CBM project will not


be confined to the company’s shareholders, instead they will be spread around Botswana

“However, our near term and primary

and the SADC region.

objective is still to convert our gas to electricity, join the power grid approximately

“The real benefit for Botswana can be

100 km away at a town by the name of

summarised in two broad categories: Energy

Serowe, and then be able to supply electricity

security and job creation,” Gilby proclaims.

to Botswana and the SAPP.”

Spreading the benefits

Despite the completion of the 600MW Morupule B Power Station, Botswana is still

Tlou chose to invest in Botswana over a

vulnerable to rolling blackouts and over-

decade ago because its stable government

reliant on electricity from a faltering Eskom,

and growing economy provided a compelling

which means that energy security remains a

business and investment case. But, the

primary concern across the nation.

African Business Network

Gilby believes that Tlou’s CBM gas can

investment in a country. A positive business

contribute to greater energy security, while

and investment community creates much

also playing a major role in the government’s

needed jobs.”

plans to diversify its energy mix and eventually become a net exporter of energy

This is the crux of Tlou’s promise through its

in the coming years.

Lesedi CBM project – clean, reliable power and job creation for Botswana and the wider

“In relation to jobs, a stable, clean source

region of Southern Africa.

of energy encourages a healthy business environment and attracts broader


a j



APPOINTMENTS CEO of struggling South African Airways resigns State-owned South African Airways (SAA) has appointed its head of operations Zuks Ramasia as acting chief executive in the wake of Vuyani Jarana’s abrupt resignation Jarana, who had been in the role for less than two years, cited underfunding and delays by the bureaucracy as factors behind his resignation. SAA has failed to make a profit since 2011 and is set to receive a cash injection from the South African government to prevent it from going under. Africa Merchant Capital poaches Kenton Hartwell from Crown Agents Bank Kenton Hartwell has joined corporate advisory firm Africa Merchant Capital as general manager for its trade finance business. Formerly vice-president of trade finance at Crown Agents Bank, Hartwell brings decades of African banking and trade finance experience to the role. Africa Merchant Capital is an alternative financier providing trade and asset finance to African SMEs as well as corporate finance advisory services. Naspers names new chief executive for South Africa Internet and media giant Naspers has made Phuthi MahanyeleDabengwa chief executive of its South African business. Mahanyele-Dabengwa will be based in Johannesburg where she will lead the group’s day-to-day business in South Africa. “I am thrilled to be joining Naspers at such a pivotal time for the group and for South Africa and look forward to adding value to the group in realising its strategy in South Africa,” said Mahanyele-Dabengwa.

Michael Joseph appointed interim CEO of Safaricom following Bob Collymore’s death Safaricom has made Michael Joseph its interim CEO following the passing of Bob Collymore from cancer at 61. Collymore took over from Joseph as CEO of Safaricom in 2010, presiding over nine years of expansion which saw the firm become East Africa’s biggest mobile network operator. He helped expand the company’s focus into digital services, most notably developing the popular mobile money transfer service M-Pesa.

African Business Network

EVENTS Digital Banking Summit 2019 August 19-20 Accra Ghana The Big 5 Construct Egypt September 02-04 Cairo Egypt Urban Agri World 2019 September 17-19 Durban South Africa 5th Uganda International Oil and Gas Summit September 25-26 Kampala Uganda Windaba 2019 October 08-09 Cape Town South Africa

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