Africa

The West African nation of Ghana is due to pump its first oil today following the discovery of the offshore Jubilee Field three years ago.

A consortium led by UK-based Tullow Oil hopes to produce 55,000 barrels per day increasing to 120,000 barrels in six months, with Ghana expected to earn around $400 million (£254 million) in the first year. Ghana’s government has forecast a boost to the country’s economic growth rate of up to seven per cent in the space of a year—from five per cent to 12 per cent.

Steinhoff International Holdings is in exclusive talks with France’s PPR to buy its Conforama furniture business for a cash sum of €1.2 billion.

PPR is selling Marne-La-Vallée, France-based Conforama to focus on its Gucci Group luxury goods and Puma sporting goods divisions. The Paris-based company is also planning to sell the Fnac music chain and the mail-order retailer Redcats.

With two highly productive coal mining assets and a strong pipeline of projects under development, Optimum Coal looks set to become one of South Africa’s largest coal mining companies. CEO Mike Teke talks to Gay Sutton about the company’s strategy for growth.

Lusaka, the capital city of Zambia, has familiar water supply and hygiene problems. Managing director George Ndongwe tells John O’Hanlon how Lusaka Water & Sewerage Company aspires to become a world-class utility.

South Africa’s automotive sector has undergone fluctuating fortunes over the past four years, reaching its peak in 2007 before the financial meltdown of 2008. Gert Harmse, plant manager for Feltex Fehrer’s Port Elizabeth facility, explains the impact of these challenging times.

Rakesh Rao, CEO of Crown Berger Kenya Ltd, East Africa’s largest paint maker, talks to Jayne Flannery about maintaining the company’s leading position in the region.

Although the global economy is still struggling to recover, Crown Berger Kenya can point to the healthiest of balance sheets. Firmly established as East Africa’s leading paint maker for over 50 years, profits after tax rose by a heady 180 per cent during the last financial year, while overall revenue rose by 34 per cent to $31.5 million.

Leading East African motor group CMC Holdings Ltd is poised to extend its reach. Chief executive Martin Forster talks to Jayne Flannery about the group’s expansion.

Anglo-Australian miner Rio Tinto has made a A$3.5 billion bid approach for Africa-focused Riversdale Mining, in a move likely to spark a bidding war.

France’s Technip has won a major contract from Algeria’s national oil company Sonatrach to refurbish and revamp its Algiers refinery.

The lump sum turnkey contract, which is worth around 67.9 billion Algerian dinars (approximately €690 million) will last 38 months and cover the execution of the complete scope of works, including the design, supply of equipment and bulk material, construction and start-up.

With flotation on the Hong Kong stock exchange planned for next year, LontohCoal is gearing up to become a major coal producer. CEO Tshepo Kgadima explains to Gay Sutton what it will take to develop the potential of the Lubimbi mine in Zimbabwe.