Stellar Diamonds seeks to fund first post-Ebola mine in Sierra Leone

File Photo: A trader holds a four carat diamond worth about  US$8,000 in the town of Koidu in eastern Sierra Leone.

A trader holds a four carat diamond worth about US$8,000 in the town of Koidu in eastern Sierra Leone, file. REUTERS/Finbarr O’Reilly /File Photo

Stellar Diamonds, a London-listed small-cap, is seeking funding for a $45 million diamond project in Sierra Leone it says will be the first major mining project since the Ebola crisis rocked the country’s economy.

Diamonds and other forms of mining are central to an economy hard hit by the 2015 Ebola epidemic.

Trade in diamonds helped to fuel the decade-long conflict that ended in 2002, but since the lifting of a ban on exports in 2003 and strict international rules, the industry says Sierra Leone’s exceptionally high quality diamonds have become a force for good.

“This is the first large-scale mining licence to be issued by the government since Ebola, creating up to 1,000 jobs,” Stellar CEO Karl Smithson said in an interview.

Initially, Stellar Diamonds planned to buy the diamond prospect through a reverse takeover to acquire acreage from private firm Octea, which already operates Koidu, the biggest diamond mine in Sierra Leone and West Africa. The new project Tongo-Tonguma will be the region’s second biggest, Smithson said.

In an environment in which small players can struggle to raise cash following the 2015-16 commodity crash, Smithson abandoned the reverse takeover plan in favour of a revenue-sharing deal.

That means Stellar will pay a 9.3 percent gross royalty to Octea, which continues to own the Tonguma prospect, while Stellar keeps the adjacent Tongo acreage and operates both.

Between them, Tongo-Tonguma should produce 200,000 carats per year over the 21-year mine life and generate gross revenue of $45 million annually.

For a small-cap, the advantage of the deal is it gets rid of the need to raise all the money upfront and means work can begin quickly – Smithson hopes next year.

To provide working capital, meanwhile, the company this week announced a share issue and an open offer to minority shareholders to raise roughly 500,000 pounds ($676,700).

Its share price, which was suspended for half a year while the reverse takeover was considered, has fallen more than 50 percent this year.

Stellar Diamonds expects to raise cash from a deal agreed earlier this year to sell its assets in Guinea to BDG Capital Limited, although Smithson said the final price would be less than the $2 million figure initially announced.

BSG Resources (BSGR) said it could not comment as the Octea deal was still being finalised.

The group was founded by Israeli billionaire Beny Steinmetz, who is now an advisor and not involved in daily business.

($1 = 0.7389 pounds)

Originally reported by Reuters.

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Kenya central bank holds benchmark lending rate at 10.0 pct

Kenya shilling coins and notes are pictured inside a cashier's booth at a forex exchange bureau in Kenya's capital Nairobi

Kenya shilling coins and notes are pictured inside a cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya

Kenya’s central bank held its main lending rate at 10.0 percent as expected on Monday, saying food supplies were likely to improve and lower pressure on inflation.

The Monetary Policy Committee said inflation rose by half a percentage point to 8.0 percent last month, mainly due to shortages of some foods, including tomatoes, because of transport disruptions after the Aug. 8 national election.

Demand for rice, wheat flour and other food had risen before the election, leading to shortages.

“A normalization of supply, the expected short rains, and supportive measures taken by the Government are expected to further lower food prices in the near term,” the MPC said.

Gross bad debts in the banking sector had jumped to 10.7 percent in the year to August from 9.9 percent in June, the committee said, adding private sector credit growth had ticked up to 1.6 percent in the year to August, from 1.4 percent in July.

The inching up of credit growth in the period was the first reversal of a downward trend since August 2015, the MPC said.

The market largely expected the bank to keep the rate it has held since November last year, the consensus estimate in a Reuters poll showed.

Originally reported by Reuters.

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China to loan Guinea $20 bln in exchange for minerals

bauxite unloading (1)

A ship carrying bauxite from Guinea is unloaded at a port in Yantai, Shandong province, China May 15, 2017. REUTERS/Stringer

China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for mineral concessions focused mainly on bauxite, an ore of aluminium which the West African country has in abundance, the mines minister said.

The projects guaranteed by the loan included China Power Investment Corp’s planned alumina refinery and Aluminium Corp of China’s (Chalco) bauxite project, both in Boffa, northwest Guinea, Mines Minister Abdoulaye Magassouba told Reuters.

Originally reported by Reuters.

Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

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Russia’s Rosgeo in $400 mln deal to drill for South African gas

The Homer Ferrington gas drilling rigis seen during President Demetris Christofias' visit in the east Mediterranean, Nicosia

The Homer Ferrington gas drilling rig, operated by Noble Energy and drilling in an offshore block on concession from the Cypriot government, is seen during President Demetris Christofias’ visit in the east Mediterranean, Nicosia November 21, 2011. REUTERS/Cyprus Public Information Office/Handout/File Photo

Russian exploration company Rosgeo will drill for gas off the southern coast of South Africa under a $400 million deal with PetroSA to help build the African country’s reserves.

The agreement announced on Monday comes against a backdrop of declining domestic gas reserves that have curtailed output at PetroSA’s gas-to-liquid plant in Mossel Bay.

“The project envisages extraction of up to 4 million cubic metres of gas daily. This will subsequently be delivered to PetroSA’s gas-to-liquids refinery,” PetroSA said in a statement.

The deal was signed on the sidelines of the BRICS block of developing nations meeting in Xiamen, China, and will see Rosgeo use seismic and drilling vessels to explore South Africa’s south coast, where Total also had acreage.

Originally reported by Reuters.

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Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

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Shell says starts gas production at expanded Nigeria project

Logos of Shell is pictured at a gas station in the western Canakkale province

Anglo-Dutch oil major Royal Dutch Shell has started gas production from the second phase of the Gbaran-Ubie project in Nigeria’s Niger Delta, the company said on Wednesday.

The project is an expansion of the Gbaran-Ubie development, which opened in June 2010.

Shell, through its Shell Petroleum Development Company of Nigeria subsidiary, said the project would reach peak production of around 175,000 barrels of oil equivalent per day in 2019.

Shell Petroleum Development Company of Nigeria is the operator of a Nigerian joint venture between state-owned Nigerian National Petroleum Corporation, Total E&P Nigeria and ENI subsidiary Nigerian Agip Oil Company.

Originally reported by Reuters.

Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Queries Feel Free to Contact :

Mr. Mohammad Mukhtar Mustafa,
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Strategic Business & Intelligence Division,
Email : deputy.gd.4@cwiilgroup.eu
Voice : +45.8176.1923
Connect : LinkedIn – Twitter – Facebook – Quora

For Queries Specific to Africa :
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Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
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Gambia presidency says blocks claimed by African Petroleum open for bids

Headline

Gambian President Adama Barrow leaves the Elysee Palace after a meeting with French President in Paris, France, March 15, 2017. Photo: Benoit Tessier

African Petroleum’s rights to explore in two offshore Gambian oil blocks have expired and are currently “open for licensing”, presidential spokeswoman Amie Bojang said on Monday.

The Oslo-listed firm’s CEO met with President Adama Barrow last month after oil officials in the West African nation said exploration rights for the promising A1 and A4 licences would not be renewed.

Originally reported by Reuters.

Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

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Strategic Business & Intelligence Division,
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Connect : LinkedIn – Twitter – Facebook – Quora

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BP’s west Africa partner Kosmos to list in London by end-September

The London Stock Exchange is seen during the morning rush hour in the City of London

Kosmos Energy, which is exploring for gas offshore Senegal and Mauritania with oil major BP, will list on the London Stock Exchange by the end of September in a bid to attract more European investors, it said on Wednesday.

Kosmos, which has been listed in New York since 2011, announced a major gas find in partnership with BP off the coast of Senegal in May, boosting the area’s reputation as one of the world’s hotbeds for gas exploration.

The company also owns parts of licences to drill for oil offshore Suriname in South America close to where U.S. oil major Exxon Mobil and its partners recently decided to go ahead with a $4.4 billion oilfield megaproject.

Kosmos expects its London listing to attract more European investors seeking exposure to promising oil and gas exploration.

“There are a number of European investment funds and specialist international oil and gas investors that are currently unable to hold Kosmos’ shares due to their listing outside of a European regulated market,” the company said, explaining the rationale for its London secondary listing.

The process is expected to complete later in the third quarter, it said.

Kosmos estimates its licences offshore Senegal and Mauritania could hold more than 50 trillion cubic feet of gas resources and it continues to drill further.

“Kosmos offers exposure to an ongoing high-impact, three-well exploration campaign that could more than double its valuation – it is our favourite high-impact explorer,” said analysts at RBC Capital Markets who rate the stock as ‘outperform’.

Originally reported by Reuters.

Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Queries Feel Free to Contact :

Mr. Mohammad Mukhtar Mustafa,
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Strategic Business & Intelligence Division,
Email : deputy.gd.4@cwiilgroup.eu
Voice : +45.8176.1923
Connect : LinkedIn – Twitter – Facebook – Quora

For Queries Specific to Africa :
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Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
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Email : corpcomm@cwiilgroup.eu
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The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.