Industry News by Nemesis

African Mining Indaba Gets Underway

February 8, 2016

The annual Investing in African Mining Indaba, which is considered one of the continent’s largest gathering of mining companies, investors and government representatives, has begun today in Cape Town, South Africa.


Organisers of the indaba said the four-day event's main topic is “Investing Beyond Mining Cycles”, which will unite delegates to drive investment into the continent’s mining industry.


Indaba managing director Jonathan Moore said that the event would explore what the sector was doing to strengthen its position in the current environment.


Most African countries, economies of which are driven mostly by commodities, had been wallowing in economic quagmire as weak commodity prices persist.


Oil producers such as Angola and Nigeria were most affected as crude prices remain depressed.


The countries, regarded as Africa's two biggest oil producers, were said to be in talks with the World Bank about support to help cope with low crude prices, weakening currencies and strained public finances.


Nigeria was this year expecting a budget deficit of 3 trillion naira, up from 2.2 trillion naira previously estimated, according to Reuters.


On the other hand Botswana, a leading diamond producer, had also announced a budget shortfall for the first time in four years.


The country’s Finance Minister Kenneth Matambo indicated last week that the budget deficit had widened to 3.8 percent of gross domestic product in the fiscal year beginning April 1 due to weak diamond exports.


“More than ever, we intend to spark extensive dialogue on how the industry can design investment strategies that allow the sector to flourish at any stage in the cycle,” said Moore.


“This year the Mining Indaba leads with stronger content and a more personalised experience for investors.”


Source: Rough&Polished


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