TUESDAY, 4.00PM
ANGLOVAAL is to invest $7-million in Uganda to exploit mining concessions, following a joint venture agreement with Canadian company Pacific Vangold Mines, which holds mining concessions in Uganda.
The venture was confirmed on Monday by the Ugandan Minister of Natural Resources, Gerald Ssendaula, who said he met the companies’ leaders during a recent annual African Mining Investment Symposium held in Denver, Colorado, USA.
Pacific Vangold, a multi-million dollar-company, has over 17,354 square kilometres of mineral concessions in Uganda. Vangold’s key mineral properties are located on both the northerly extension of Tanzania’s nickel/cobalt belt and the northeasterly extension of Kilembe copper/cobalt belt in western Uganda.
The target minerals being explored for include copper, nickel, cobalt, zinc and lead, platinum group metals, gold, silver, chromium, diamonds and other precious stones.
BUSINESS BRIEFS
ADB INVESTS IN SA THE African Development Bank is to invest $25-million in the SA Infrastructure Fund, the bank said on Tuesday. The investment will be the ADB’s first venture of any kind in SA. The money, which will make up 11% of what is expected to be a $220-million, will be invested in water supply, sewerage, energy and telecommunications projects in SA and other SADC countries.
DBSA RAISES MILLIONS THE Development Bank of Southern Africa has raised R700-million for infrastructure projects through the issue of further bonds, the bank said on Tuesday. The bank is also to sign a R648-million infrastructural loan agreement with the Durban Metropolitan Council, the largest single such loan ever granted to a local authority in SA.
CHINA BANK The first Chinese bank in Africa, established at a cost of US$3 million, will open to the public next month in Lusaka, Zambia, after receiving its licence. The bank, originally set up last year, aims to promote economic and trade development between China and Zambia.
WINDHOEK-JO’BURG FLIGHTS KALAHARI Express Airlines, a Namibia-based private airline which won a protracted battle for a licence last year, will start flying to Johannesburg from Windhoek twice a week in mid-October. A Cape Town route will follow.
The airline, whose major shareholder is Saudi sheikh Hani Yamani, has secured two 53-seat Fokker aircraft from Australia, which are being reconditioned, with delivery expected in September.