🔅 Western Miners' Africa Caution vs. Global Competitors' Bold Moves
Plus, Turmoil in Eastern Congo, UN's Sudan Crisis Appeal, Kenya's Bond Refinancing Strategy, and Zimbabwe's Political Dynamics
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Brief & Bright: Africa's Top Five
Western Miners Tiptoe Around The New Gold Rush in Africa
As the world turns its eyes to Africa's treasure trove of critical materials—think copper, cobalt, nickel, and lithium—the big Western mining players are tiptoeing around like cats on a hot tin roof. It seems their boards are a little jittery about diving into Africa's rich mineral reserves, giving China and the Middle Eastern heavyweights, who aren't as skittish, a head start in the race to secure these essential ingredients for a cleaner, greener future.
At the annual African Mining Indaba in Cape Town that started on Monday, talk is big about unlocking Africa's mineral potential. However, the likes of Rio Tinto are caught in a bind, and although they're eager to negotiate in hotspots like the Democratic Republic of Congo—home to an enviable stash of cobalt and copper—their boardrooms are haunted by the spectres of ESG (environmental, social and governance) concerns and past scandals. It's a classic case of risk aversion in high gear.
In stark contrast, the oil-rich powerhouses of Saudi Arabia and the United Arab Emirates, along with China's mining titans, seem to have much less trouble playing in the high-stakes and expensive game of African minerals.
Residents Flee M23's Advances in Eastern Congo
Thousands of people in the eastern Democratic Republic of the Congo are fleeing the town of Sake as they run from the advancing M23 rebel group. Congolese soldiers and UN peacekeepers are doing their best to hold the line, but M23's ambition seems set on the region's capital city of Goma, just under 30 km from Sake. M23's narrative, meanwhile, is one of "defensive manoeuvres," even as they advance onto Goma at a lightning pace.
As Goma braces for what may come, the Congolese President, Felix Tshisekedi, continues to point the finger at Rwanda for backing the M23, a claim supported by the UN and the US but that Rwanda denies. Eastern Congo's landscape, a rich tapestry of potential riches and beauty, is marred by the presence of over 120 armed groups, turning it into a battleground for control over resources, with the M23 rebels as one of its most notorious factions.
UN Appeals Not to Forget Sudan
The UN is sounding the alarm on Sudan's crisis, seeking $4.1 billion to aid millions affected by a devastating ten-month conflict. The war has shattered Sudan's infrastructure and pushed the country to the brink, displacing over 1.5 million people.Â
With half the population needing help and protection, the UN and UNHCR's joint appeal aims to fund humanitarian assistance for 14.7 million in Sudan and support for 2.7 million refugees in neighbouring countries. Amid concerns about Sudan being overlooked by the global community, the UN stresses the urgency for international support, highlighting the dire situation and the competition for attention and resources in the humanitarian field.
Kenya to Refinance $2 Billion Bond
Kenya's playing the financial equivalent of musical chairs by issuing new US dollar debt to refinance its $2 billion bond repayment that was due this year. With markets finally warming up, President William Ruto's squad is seizing the moment, essentially swapping an old IOU for a fresh one with a seven-year repayment timeline.
The manoeuvre is set against a backdrop of a shilling taking a dive and forex reserves looking more diet-sized, sparking a bit of nail-biting over whether Kenya could meet its June obligation.
Zimbabwe's Ruling Party's Home Run
Zimbabwe's ruling party hit a political home run, snagging a two-thirds majority in the National Assembly by scooping seats from the opposition in by-elections. The by-elections unfolded after the main opposition, the Citizens Coalition for Change, started showing cracks after national elections last year, making way for a recall of some lawmakers.Â
With the ruling party now flexing its parliamentary muscles, Zimbabwe's political landscape might be gearing up for some major changes. Might this lead to an extended, third-term stay for Mnangagwa?
Food for Thought
“The day before yesterday and yesterday aren't the same as today."
— Kenyan Proverb