<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-820x575.jpg" alt="" class="wp-image-425772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/2YFSNLSNFRP7VNWQPEPCOAWUMU.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



HARARE, June 26 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s annual inflation rose to 175.8% in June from 86.5% in May, data showed on Monday, exacerbating a pricing crisis ahead of crucial elections.



Month-on-month inflation rose by 58.8 percentage points in June to 74.5%, the Zimbabwe Statistics Agency (Zimstat) said in a media briefing.



Zimstat measures inflation using a &#8216;blended&#8217; average of both U.S. dollar and Zimdollar prices.



Economists said the government needed to move swiftly to tame inflation, despite its recent monetary and fiscal measures, which failed to build market confidence.



The Zimbabwean dollar has crashed 50% since the start of June, with parallel market rates continuing to soar, reminiscent of the 2008 hyperinflationary period when the country was forced to abandon its currency.



The local currency slumped after the government in late May announced measures to encourage its use &#8211; as opposed to the dollar &#8211; in a bid to tame inflation.



&#8220;We do not need a prophet to tell us that inflation is running away in Zimdollars. Government has lost it. The only way out is to dollarise,&#8221; economist Gift Mugano told Reuters.



The southern African country will hold presidential and parliamentary elections on Aug. 23 at a time when Zimbabweans are buckling under economic pressures.



President Emmerson Mnangagwa, who took over from Robert Mugabe in a 2017 military coup, will be seeking a second term.



&#8220;The authorities by now should have learnt that the situation requires a fundamental rethink. What effect they are doing is they are destroying the incomes of everyone earning Zimdollar,&#8221; Eddie Cross, an economist and top advisor to the president said.



(Reporting by Nyasha Chingono; Editing by Bhargav Acharya and Alex Richardson)

2YFSNLSNFRP7VNWQPEPCOAWUMU

Zimbabwe inflation doubles in June amid weakening currency

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-820x547.jpg" alt="" class="wp-image-420419" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEW YORK, NY &#8211; SEPTEMBER 26: Emmerson Dambudzo Mnangagwa, President, Republic of Zimbabwe delivers a speech at the United Nations during the United Nations General Assembly on September 26, 2018 in New York City. World leaders are gathered for the 73rd annual meeting at the UN headquarters in Manhattan. (Photo by Stephanie Keith/Getty Images)</figcaption></figure>



HARARE, June 23 (Reuters)&nbsp;&#8211;&nbsp;Eleven candidates will run for the Zimbabwean presidency in an August election, the electoral commission has said, after several hopefuls were disqualified for failing to raise the $20,000 needed to appear on the ballot.



The election is expected to pit Incumbent Emmerson Mnangagwa, of the ZANU-PF party, against pastor and lawyer Nelson Chamisa of the Citizens Coalition for Change (CCC), who is seen as the strongest challenger.



The commission said late on Thursday that 11 hopeful candidates had been disqualified from the Aug. 23 election, several of whom, including Linda Masarira, failed to pay the $20,000 to secure a slot on the ballot by Wednesday, dashing hopes of a female candidate for the top office.



&#8220;I have been clear that the $20,000 is exorbitant, it is discriminatory in nature and violates the section that speaks to non-discrimination in the eyes of the law,&#8221; Masarira said.



Zimbabwe will vote for a new president and parliament on Aug. 23.



While Mnangagwa and Chamisa remain top contenders to revive the southern African country&#8217;s waning economic fortunes, an independent candidate for president has emerged in recent weeks.



Self-exiled Saviour Kasukuwere, a former minister in Robert Mugabe&#8217;s cabinet, will run as an independent candidate, who political analysts say is expected to attract votes in ZANU-PF strongholds.



Kasukuwere, who fled the country during a coup that deposed Mugabe, has harboured presidential ambitions before.



Mnangagwa, 80, is seeking another term amid an economic collapse, with the Zimbabwe dollar plunging more than 50% this month against the U.S. dollar.



Mnangagwa hailed the democratic process as he filed his nomination at the High Court on Wednesday.



&#8220;Countrywide the process is going very well and it shows that Zimbabwe is now a mature democracy. This process is so peaceful and that is what we want,&#8221; he said.



Chamisa, who narrowly lost the last election in 2018, has said his party is poised to take over government this time.



(Reporting by Nyasha Chingono; Editing by Bhargav Acharya)

World Leaders Address The United Nations General Assembly

Eleven candidates to run for president in Zimbabwe

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-820x547.jpg" alt="" class="wp-image-425151" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of the Republic of Botswana, Mokgweetsi Eric Keabetswe Masisi, speaks prior to the official talks with the delegation members of Switzerland and Botswana, in Bern, Switzerland, May 1, 2023. Peter Klaunzer/Keystone/Pool via REUTERS/</figcaption></figure>



GABORONE, May 30 (Reuters) &#8211; Botswana wants to maintain its partnership with De Beers and is confident that ongoing negotiations for a new diamond sales agreement will succeed, a government spokesperson said on Tuesday.



Botswana is negotiating a new sales deal with Anglo American Plc&#8217;s AAL.L De Beers ahead of the expiry of its current agreement, signed in 2011, later this year.



President Mokgweetsi Masisi&#8217;s threats to walk away from the negotiations if Botswana fails to secure a bigger share of rough diamonds produced by Debswana, their 54-year-old diamond mining joint venture, have fueled speculation that the government may end the relationship.



But in a statement, government spokesperson William Sentshebeng said the negotiations between the government and De Beers &#8220;are ongoing, and we are confident that they will result in a deal that will benefit both parties&#8221;.



Botswana&#8217;s share of Debswana&#8217;s output increased to 25% in 2020 from 10% in 2011. Although Botswana has not publicly stated what share it is seeking in the new deal, it is believed to be as high as 50%.



Sentshebeng said talks to renew De Beers&#8217; diamond mining rights, which are due to expire in 2029, were also being held well in advance to allow for critical investment decisions.



De Beers and Botswana plan to invest in capital intensive expansion projects at their two largest mines, Jwaneng and Orapa, to extend their lifespans by another 20 years.



In March, Masisi&#8217;s announcement that Botswana will take up a 24% stake in Belgian gem cutter and trader HB Antwerp was seen as an attempt to reduce De Beers’ dominance over the country’s diamond industry.



But Sentshebeng said Botswana&#8217;s partnership with HB Antwerp was meant to secure a stake in diamond processing and value addition.



“The partnership with HB Antwerp will not affect or replace the partnership with De Beers, which is premised on mining and selling rough diamonds,” Sentshebeng said.



(Reporting by Brian Benza; Editing by Nelson Banya and Jan Harvey)

FILE PHOTO: Botswana’s President Masisi visits Switzerland

Botswana says it is still keen on De Beers partnership, confident of new deal

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-820x526.jpg" alt="" class="wp-image-424978" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UNXPTNGYARKUTLTTXSEHAFTDMI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Smoke rises from chimneys at Hwange Power station in Hwange, Zimbabwe, October 19, 2021. Picture taken October 19, 2021 REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, May 23 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s government will closely regulate voluntary carbon offset trading in a bid to curb greenwashing and ensure benefits for local communities, its environment minister has said.



The global&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N34408J&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$2 billion</a>&nbsp;voluntary carbon offset market involves companies buying credits from emission reducing projects such as renewable energy or planting trees to offset their own emissions.



Zimbabwe says organisations operating carbon credit projects in the country were largely unregulated as they were only registered with local councils and traditional community leaders &#8212; a result of which there is no reliable data on the size of Zimbabwe&#8217;s carbon market.



The government now wants all carbon projects to be registered with authorities within the next two months.



It will take 50% of all revenue from carbon projects, with foreign investors limited to 30% and the balance of 20% going to local communities, Zimbabwe&#8217;s environment and climate minister Mangaliso Ndlovu said late on Monday.



&#8220;We are determined to make sure that climate finance resources, meant to empower the country, accrue to the most deserving. We do not want instances of climate washing,&#8221; Ndlovu said during the launch of the new carbon market policy.



Carbon Green Africa (CGA), a Zimbabwean company which has partnered Switzerland&#8217;s South Pole in the 785,000 hectare Kariba forest protection project which has sold 23 million carbon credits since 2011, said it was waiting to see how the new policy would impact existing projects.



CGA hopes the carbon revenue rules will encourage greater community involvement in conservation projects, its managing partner Charles Ndondo told Reuters.



&#8220;We need to see the money going to the respective communities so they don&#8217;t continue decimating forests if they understand that they will be deriving benefits from them,&#8221; Ndondo said.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Ed Osmond)

Smoke rises from chimneys at Hwange Power station in Hwange

Zimbabwe to regulate carbon credit market to curb greenwashing

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="586" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-820x586.jpg" alt="" class="wp-image-424442" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-820x586.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-768x549.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1-1536x1097.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/P2AMS7WZ45ITZNPP3TTUQPOGGE-1.jpg 1908w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, April 26 (Reuters)&nbsp;&#8211;&nbsp;Ben Gilpin is one of hundreds of commercial farmers who has been offered government&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AKCN24U1OM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">compensation</a>&nbsp;for being evicted from their land and farms two decades ago, and found the plan has come up short.



Expelled from his 1,000-hectare farm during a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AKCN1VR156&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">land reform campaign</a>&nbsp;led by former president Robert Mugabe, Gilpin, who lives in the capital Harare, is one of many mostly white farmers seeking redress from the government after years of court action and delays.



Still, some farmers say they will reject the government&#8217;s $3.5 billion compensation package for being inadequate financially and for paying scant regard to land restitution or restoring property rights.



<a href="https://www.reutersconnect.com/all?search=all%3AL8N35356X&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Compensating farmers</a>&nbsp;is central to a government strategy under discussion with key creditor, the African Development Bank (AfDB), to clear historic arrears of some $17 billion.



Farmers say the plan was agreed by the Commercial Farmers Union in July 2020 and subsequently revised without adequate consultation.



Zimbabwe intends to now pay farmers over a decade, instead of the 20 years announced three years ago, finance minister Mthuli Ncube&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35356X&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in February, with&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3532HP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">money raised via treasury bills</a>.



Harare has already defaulted twice on the payments, in June 2021 and June 2022.



&#8220;The offer of bonds represents a very significant reduction in value with a prolonged redemption period,&#8221; Gilpin, 67, told Reuters. &#8220;This is unacceptable and bears no relation to the original offer.&#8221;



In the initial proposal, half of the $3.5 billion was to be paid within 12 months from the day of signature, and the balance within five years.



&#8220;We want to reject this government compensation deed because it is not a proper compensation deal,&#8221; said Ben Freeth, whose father-in-law challenged Mugabe&#8217;s eviction policies at the now-disbanded SADC Tribunal and won in a 2008 judgement.



The government was continuing discussions with farmers over appropriate payment methods and time frames, Ncube said.



&#8220;I am certain that we will converge pretty soon in terms of the appropriate instruments,&#8221; he told journalists on Friday.



AfDB president Akinwumi Adesina, who is championing Zimbabwe&#8217;s debt clearance efforts, said paying farmers over a decade was a long time, given the age of most claimants.



&#8220;I think a front-loading farmer compensation approach is worth consideration,&#8221; he told Reuters. &#8220;The process will require careful negotiations and the implementation of strategic reforms.&#8221;



Zimbabwe agrees to pay $3.5 billion compensation to white farmers<a href="https://www.reuters.com/article/us-zimbabwe-farmers-idUSKCN24U1OM" target="_blank" rel="noreferrer noopener">https://www.reuters.com/article/us-zimbabwe-farmers-idUSKCN24U1OM</a>



Mugabe&#8217;s farm seizures: racial justice or catastrophic power grab?<a href="https://www.reuters.com/article/us-zimbabwe-mugabe-land-idUSKCN1VR156" target="_blank" rel="noreferrer noopener">https://www.reuters.com/article/us-zimbabwe-mugabe-land-idUSKCN1VR156</a>



(Reporting by Nyasha Chingono in Harare and Wendell Roelf in Cape Town; Editing by Olivia Kumwenda-Mtambo and Bernadette Baum)

FILE PHOTO: Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare

Farmers say Zimbabwe government compensation deal comes up short

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="616" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-820x616.jpg" alt="" class="wp-image-424416" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-820x616.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-768x577.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-1536x1154.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/JTCS6EBTRNLVFJKJZVFIH6FHWU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man sits in an informal brewing facility that makes fake whisky, brandy, vodka and other spirits, in Harare, Zimbabwe March 23, 2023 REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, April 24 (Reuters)&nbsp;&#8211;&nbsp;Inside a grimy, poorly lit room in Mbare, one of Zimbabwe&#8217;s most populous townships, a 45-year-old man sits on a makeshift stool as he pours a brownish liquid into small bottles.



An alcoholic stench fills the room.



The Mbare resident is one of Zimbabwe &#8220;backyard brewers&#8221; who are making fake whiskies, brandy, vodka and other spirits to make ends meet amid fading hopes for economic prosperity.



&#8220;My life changed when I got into this business,&#8221; said the brewer, a former heavy machinery mechanic who did not want to be identified by name. &#8220;I left the (mechanics) industry because it was not paying much anymore.&#8221;



Made from ethanol concentrate and diluted with large amounts of water and then mixed with a brown colouring mainly from baking products, the home-made brew has become popular among young people looking for cheap alcohol in bars in the townships.



A 250 ml bottle of the brew, which imitates brands like Two Keys, Jack Daniels, King Stallion Brandy, retails at $0.50.



&#8220;We always check to see which label has more demand at any given time and make that,&#8221; said the brewer who ventured into business in 2011 in what he said now was a crowded market.



&#8220;We make the same (alcohol) but put different labels,&#8221; he added, chuckling.



Authorities have warned the practice is putting lives as risk, because the home brewers have no mechanism to test the alcohol content accurately.



Police are now frequently conducting raids to clamp down on the brewing businesses.



&#8220;Wherever we find substances like illicit alcohol, we act,&#8221; police spokesperson Paul Nyathi told Reuters, adding those arrested are charged with possession of dangerous drugs.



Since January of this year, police have arrested 4,000 suspects countrywide, said Nyathi.



&#8220;The police raid us every day &#8230; business is not the same,&#8221; said the brewer. &#8220;It is now dangerous to display our products.&#8221;



Civil society groups say alcohol and drug abuse in Zimbabwe is on the rise amid economic hardships, with the fake alcohol contributing to the scourge.



But there is no official data as to the number of people suffering from substance addiction in the country. Zimbabwe does not have publicly run substance abuse rehabilitation centres.



&#8220;The evidence on the ground points to a lot of illicit alcohol use,&#8221; said Knowledge Mupembe, a program officer at Zimbabwe Civil Liberties and Drug Network. &#8220;We advocate for the establishment of public and affordable rehabilitation centres.&#8221;



(Reporting by Nyasha Chingono; Editing by Olivia Kumwenda-Mtambo and Alison Williams)

Zimbabwe clamps down on “backyard brewers” as fake booze booms

Zimbabwe clamps down on ‘backyard brewers’ as fake booze booms

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg" alt="" class="wp-image-422133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">lithium bromide, a chemical compound of bromine and lithium that is extremely hygroscopic and used as a desiccant in air conditioning systems</figcaption></figure>



HARARE, March 22 (Reuters)&nbsp;&#8211;&nbsp;Chinese battery minerals producer Zhejiang Huayou Cobalt&nbsp;603799.SS&nbsp;said on Wednesday it had started trial production of lithium concentrates at its Arcadia mine in Zimbabwe.



Huayou, one of the biggest cobalt producers in the world, acquired Arcadia from Australia-listed Prospect Resources&nbsp;PSC.AX&nbsp;and its Zimbabwean partners in a $422 million deal completed in 2022. After the transaction, Huayou said it would spend&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XG32A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$300 million</a>&nbsp;to build a plant to process 4.5 million tonnes of lithium ore at Arcadia.



&#8220;All production lines of the Arcadia lithium mine project &#8230; have completed equipment installation and commissioning, put materials into trial production and successfully produced the first batch of products,&#8221; Huayou said in a statement.



The Arcadia mine is expected to produce 50,000 tonnes of lithium carbonate equivalent lithium concentrate, Huayou said.



The company said Arcadia, its biggest investment in Africa to date, was a key step towards its strategy to secure and build a chain of lithium assets.



On Wednesday, Huayou also announced a A$2.5 million ($1.67 million) investment in Australia-listed Askari Metals&nbsp;AS2.AX&nbsp;to advance the exploration of its Uis lithium project in Namibia.



Huayou also has two copper and cobalt projects in the Democratic Republic of Congo, with an annual production of 100,000 tonnes of cathode copper and 10,000 tonnes of cobalt.



The company also has three nickel and cobalt projects in Indonesia, with an expected annual production of 225,000 tonnes of nickel and 23,000 tonnes of cobalt products by 2024.



($1 = 1.4937 Australian dollars)



(Reporting by Nelson Banya; Editing by Mark Potter)

lithium bromide, a chemical compound of bromine and lithium that is extremely hygroscopic and used as a desiccant in air conditioning systems

Huayou starts trial production at Zimbabwe lithium mine, invests in Namibian project

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="586" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-820x586.jpg" alt="" class="wp-image-423144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-820x586.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-768x549.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-1536x1097.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE.jpg 1908w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s creditors will meet on Feb. 23 as the country takes steps towards clearing more than $6 billion of arrears on its foreign debt, finance minister Mthuli Ncube told Reuters on Wednesday.



About 17 countries from the Paris Club of creditor nations will attend, as well as the World Bank, African Development Bank (AfDB) and European Investment Bank, to discuss progress on economic and governance reforms, including compensation to white former farmers, Ncube said.



Zimbabwe, which has suffered periods of hyperinflation in the past 15 years, had over $14 billion in external debt as of September, according to finance ministry data. Due to its arrears, it has not received loans from lenders such as the International Monetary Fund (IMF) and World Bank for more than two decades.



The meeting agenda &#8220;is part of what is needed for us to walk through the road towards arrears clearance,&#8221; Ncube said. &#8220;It has really begun in earnest, so I am pleased we are at this stage and we are making very good progress.&#8221;



He did not confirm if the meeting was virtual, in-person or a hybrid.



The creditors first met on Dec. 1, facilitated by AfDB president Akinwumi Adesina and former Mozambique president Joaquim Chissano.



Ncube said in October the government had begun making&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31G086&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;token payments&#8221;</a>&nbsp;to the multilateral lenders and planned to do so to its Paris Club creditors as well.



The IMF said after a visit to Zimbabwe in December that the country would need durable reforms and a clear path to restructuring its debt, including clearing the $6 billion of arrears, before it could receive Fund money.



Annual inflation fell to 229.8% in January from 243.8% in December, prompting the central bank to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N34I515&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">cut interest rates</a>&nbsp;by 50 percentage points to 150%.



(Reporting by Nyasha Chingono; Writing by Rachel Savage; Editing by Mark Potter)

Zimbabwe creditors to meet Feb. 23 over arrears clearance, says finance minister

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-820x545.jpg" alt="" class="wp-image-423037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Botswana&#8217;s Minister of Minerals and Energy Lefoko Moagi poses for a photograph, after speaking to Reuters at the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 9, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



CAPE TOWN, Feb 9 (Reuters)&nbsp;&#8211;&nbsp;African governments must be wary of the risks created by rising global competition for the continent&#8217;s minerals, Botswana&#8217;s mines minister said, as world powers seek new sources of metals needed for the transition to a lower carbon economy.



&#8220;When there is a rush, people come in, take whatever they want to take, and go, leaving gaping holes in Africa,&#8221; Lefoko Moagi, whose remit also includes energy and &#8220;green technology&#8221;, said in an interview with Reuters.



&#8220;If you want to push production because there is money that is being dangled, you start compromising on how you legislate, how you do your environmental permitting, how you consult your communities,&#8221; he said. &#8220;There is a great danger there that Africa must watch out for.&#8221;



Botswana is reviewing its mines and minerals legislation to &#8220;tighten up&#8221; laws on mine rehabilitation, for example, Moagi said. Mining accounts for around a fifth of Botswana&#8217;s GDP and 80% of export earnings, with diamonds the biggest contributor.



The country is also seeking to reduce its reliance on diamonds and is ramping up exports of coal as demand surges, even as the world seeks for the longer term to reduce coal use because of its carbon emissions.



Botswana says its coal supply can provide a solution to regional electricity shortages.



&#8220;While we have a window for coal, we can push it out, and help arrest the energy crisis within the region,&#8221; Moagi said.



UPDATE 9-&#8216;Hands off Africa,&#8217; Pope Francis tells rich world &#8211; Reuters News<a href="https://www.reutersconnect.com/all?search=all%3AL1N34G0PP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Helen Reid; editing by Barbara Lewis)

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Botswana warns of dangers in dash for African minerals

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg" alt="" class="wp-image-422969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-768x487.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A car drives past a construction site of the Central Business District (CBD) in the capital Gaborone, Botswana, September 21, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, (Reuters) &#8211; Botswana expects economic growth of 4% this year while targeting medium-term growth of 5.7%, and the government plans to ramp up infrastructure investment, its finance minister said on Monday.



The diamond-rich southern African country now sees its 2023/24 budget deficit at 3.06% of gross domestic product (GDP), compared with 2.1% for 2022/23, Peggy Serame said during an annual budget speech to parliament.



In September the government&nbsp;<a href="https://www.reuters.com/world/africa/botswana-now-sees-higher-budget-deficit-34gdp-this-year-2022-09-16/">forecast</a>&nbsp;a 2023/24 budget deficit of 0.1% of GDP and a 2022/23 deficit of 3.4%.



Serame said Botswana wanted to raise its 2023/24 infrastructure spending to &#8220;unlock constraints to economic growth&#8221;.



The government has also revised upwards its 2022 growth estimate to 6.7% from an earlier prediction of 4.2%, she added.



Serame said the 2022 revision was linked to a strong recovery from the COVID-19 pandemic, after economic growth of 11.8% in 2021 following a lockdown-related contraction in 2020.



&#8220;This is due to better than expected performance in both the mining and non-mining sectors, particularly the diamond trade, and the water and electricity sectors,&#8221; she said.



Botswana generates about 30% of its revenue and 70% of its foreign exchange earnings from diamonds.



Reporting by Brian Benza; Writing by Bhargav Acharya; editing by Alexander Winning and Mark Heinrich

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Botswana sees 2023 growth of 4%, plans infrastructure drive

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg" alt="" class="wp-image-422133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>lithium bromide, a chemical compound of bromine and lithium that is extremely hygroscopic and used as a desiccant in air conditioning systems</figcaption></figure>



HARARE, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has imposed a ban on the export of unprocessed lithium, according to a government notice seen by Reuters on Tuesday, in a bid to stop artisanal miners who the government says are digging up and taking the mineral across borders.



The southern African country holds some of the world&#8217;s largest reserves of hard rock lithium, a vital mineral in the production of clean energy technologies.



Chinese giants Zhejiang Huayou Cobalt&nbsp;603799.SS, Sinomine Resource Group&nbsp;002738.SZ&nbsp;and Chengxin Lithium Group&nbsp;002240.SZ&nbsp;have over the past year&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y43HA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">acquired lithium mines</a>&nbsp;and projects worth a combined $678 million in Zimbabwe and are at various stages of developing mines and processing plants, which would exempt them from the ban.



London-listed Premier African Minerals&nbsp;PREM.L&nbsp;says it will start&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YO646&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shipping spodumene concentrate</a>&nbsp;from its Zimbabwe lithium mine to China from March 2023, after signing an offtake deal with Suzhou TA&amp;A Ultra Clean Technology Co&nbsp;300390.SZ.



&#8220;No lithium bearing ores, or unbeneficiated lithium whatsoever, shall be exported from Zimbabwe to another country,&#8221; read the regulation published in a government notice issued by Mines Minister Winston Chitando.



The notice said the ban does not apply to the export of lithium concentrates, which all the major lithium miners in the country plan to produce.



President Emmerson Mnangagwa has previously said the ban would target hordes of artisanal miners, who were drawn by the mineral&#8217;s high prices and invading abandoned mines to dig for lithium-bearing rocks. Mnangagwa said the raw lithium was being exported through neighbouring countries.



(Reporting by Nelson Banya, editing by Deepa Babington)

Zimbabwe bans raw lithium exports to curb artisanal mining

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg" alt="" class="wp-image-421615" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Freight wagons transport coal past electricity transmission towers, heading from the Mafube open-cast coal mine, operated by Exxaro Resources Ltd. and Thungela Resources Ltd., towards Richard&#8217;s Bay coal terminal, in Mpumalanga, South Africa on Thursday, Sept. 29, 2022. South Africa relies on coal to generate more than 80% of its electricity, and has been subjected to intermittent outages since 2008 because state utility Eskom Holdings SOC Ltd. can&#8217;t meet demand from its old and poorly maintained plants. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s state-owned railway company TransNamib plans to shift coal exports from Botswana off the road and onto rail by early next year, potentially doubling exports via Walvis Bay port, its CEO said.



Land-locked Botswana has sought alternative routes to export its coal as disruption to South Africa&#8217;s railway lines impact the commodity&#8217;s route to Richards Bay port, the largest coal terminal in Africa.



Demand for coal from Botswana, South Africa, and elsewhere has surged since the European Union placed sanctions on Russian coal. But those seeking to profit in the region face big logistical challenges, with many currently trucking the fossil fuel hundreds of kilometres to ports, a costly and inefficient exercise.



&#8220;As the railways, we are looking at a short-to-medium-term solution to move coal in Namibia by rail,&#8221; said Johny Smith, CEO of TransNamib. Shifting to rail would cut transportation costs and enable miners to export more.



TransNamib plans to move around 50,000 tonnes of coal a month off trucks and on to trains at Gobabis, a town in eastern Namibia 110 km from the Botswana border and about 600 kms from Walvis Bay.



Trucks would still have to carry coal from mines in Botswana to Gobabis, though.



&#8220;We see first shipments from Gobabis to Walvis Bay via rail by February or March of next year,&#8221; Smith said. &#8220;We see it increasing to maybe 100,000 tonnes or more, it&#8217;s just [about] putting the capacity there from a rail perspective.&#8221;



TransNamib is getting a 2 billion rand ($117 million) loan from the Development Bank of Southern Africa (DBSA) and the Namibian Development Bank, Smith said, to buy around 20 new locomotives and 300 wagons, some of which would be used on the Gobabis rail line.



A spokesperson for the DBSA said the loan would be finalised by the end of March 2023.



The Southern African Railway Association said it was in discussions with the EU and others about railway investments in the region, including a planned &#8220;EU-Africa Global Gateway Investment Package&#8221;.



The EU did not immediately respond to a request for further information.



($1 = 17.1384 rand)



(Reporting by Wendell Roelf; Editing by Helen Reid and Mark Potter)

Coal Freight Transportation at Mafube Collier

Namibia plans railway revamp to boost regional coal exports

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-820x574.jpg" alt="" class="wp-image-421202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-1536x1076.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A truck is seen loaded with rocks for processing at an open pit at Dorowa mine in Hwedza, Zimbabwe October 22, 2019. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Nov 9 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe’s miners face rising costs and persistent electricity shortages which will impact the sector’s growth prospects next year, an industry body said on Wednesday.



The southern African country has pinned hopes on the mining sector to drive its economic recovery after years of decline blamed on the government’s forced seizure of white-owned farms in 2000 and excessive spending which fuelled hyperinflation.



An industry report published by Zimbabwe’s Chamber of Mines, which represents the country’s major mining firms, says the sector will experience a slower 7% growth next year, from a projected 8% this year.



“Prospects for mineral output growth for 2023 are generally lower than those recorded in 2022. Key risks to the outlook for 2023 include fragile power supply, high costs, foreign currency shortages, an unstable tax framework and capital shortages,” the report says.



Mining costs are projected to increase by 15% in 2023, with energy being the main driver, the report said. Zimbabwe’s miners often suffer power outages due to the frequent breakdowns of the country’s old generation plants.



Zimbabwe&#8217;s state-owned power utility gets some electricity from neighbouring countries to plug the deficit and now bills miners in foreign currency to fund the power imports, a move which mining companies say has driven operating costs higher.



Zimbabwe has significant reserves of platinum group metals, gold, chrome, coal, diamonds and lithium and its mining sector contributes about 11% of the country’s gross domestic product and over 60% of its export earnings.



Foreign companies with operations in Zimbabwe include Anglo American Platinum&nbsp;AMSJ.J, Impala Platinum&nbsp;IMPJ.J, Sibanye Stillwater&nbsp;SSWJ.J, Alrosa&nbsp;ALRS.MM, Zhejiang Huayou Cobalt&nbsp;603799.SS&nbsp;and Caledonia Corporation&nbsp;CALq.L.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Bernadette Baum)

A truck is seen loaded with rocks for processing at an open pit at Dorowa mine in Hwedza

Zimbabwe miners say costs, power shortages dampen 2023 growth prospects

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="430" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-820x430.jpg" alt="" class="wp-image-421136" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-820x430.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Rough diamonds during their sorting process are seen at the Botswana Diamond Valuing Company in Gaborone August 26, 2004. REUTERS/Juda Ngwenya</figcaption></figure>



GABORONE, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Botswana has won its bid to host the permanent secretariat of the Kimberley Process (KP), the grouping that certifies that diamonds are not used to fund rebel groups, but its members remain divided over Russia&#8217;s invasion of Ukraine.



The KP, a coalition of governments, the diamond industry and civil society representatives, said in a statement on Monday it had unanimously elected Botswana to host the secretariat, which is expected to become operational by 2024.



The body defines conflict diamonds as gems used to fund rebel movements seeking to undermine legitimate governments.



Five KP members initially expressed interest to host it before the list was whittled down to three, with Botswana, China and Austria in contention.



Botswana Diamond Hub coordinator Jacob Thamage, who handed over the rotational chairmanship of the KP to Zimbabwe over the weekend, told Reuters before last week&#8217;s plenary that Austria had pulled out of the bidding process, leaving Botswana and China in the race.



The 85-nation body was established in 2003 to eliminate trade in conflict diamonds. Although it says it has made progress in halting such trade, the civil society organisations linked to the industry have been demanding reforms.



After it invaded its neighbour in February, Russia&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Y80E8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">drew sharp criticism from civil society</a>, which is pushing to broaden the KP&#8217;s definition of conflict diamonds to include state actors using the stones to fund acts of aggression.



(Reporting by Brian Benza; Editing by Anait Miridzhanian and Angus MacSwan)

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Botswana wins bid to host anti-conflict diamond watchdog

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="728" height="479" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52.jpg" alt="" class="wp-image-420810" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52-137x90.jpg 137w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption>A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Oct 26 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank on Wednesday raised its main lending rate by 75 basis points to 6.25%&nbsp;NACBIR=ECI, tightening policy further to try to curb inflation and matching a move by South Africa&#8217;s central bank last month.



Namibia&#8217;s annual inflation slowed to 7.1% last month&nbsp;NACPIY=ECI&nbsp;from 7.3% in August.



As well as trying to ensure price stability, the Bank of Namibia also tries to safeguard the 1:1 link between the Namibian dollar and South African rand, which means it often mirrors rate decisions by the its neighbour&#8217;s central bank.



Inflation is now forecast to average around 6.1% for the year, up from the 5.8% forecast at the last Monetary Policy Committee (MPC) meeting in August, the central bank said.



The central bank confirmed it expected the domestic economy to grow by 3.2% in 2022, mainly driven by diamond and gold mining, and coupled with better recovery prospects across most sectors.



&#8220;To continue anchoring inflation expectations, safeguarding the peg arrangement while meeting the country&#8217;s international financial obligations the MPC decided to increase the repo rate by 75 basis points to 6.25%,&#8221; Bank of Namibia governor Johannes Gawaxab said.



South Africa&#8217;s central bank delivered another 75 basis point interest rate hike in September as part of effort to quell inflation.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30T41Y&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Nyasha Nyaungwa; Writing by Anait Miridzhanian; Editing by Tomasz Janowski)

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Namibia hikes main rate by 75 bps, matching South Africa

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-820x570.jpg" alt="" class="wp-image-415303" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>European Union flags are seen outside the EU Commission headquarters in Brussels, Belgium November 14, 2018. REUTERS/Francois Lenoir/File Photo</figcaption></figure>



WINDHOEK, Oct 20 (Reuters)&nbsp;&#8211;&nbsp;Namibia has provisionally agreed on a deal with the European Union to sell its rare earth minerals, critical to the renewable energy sectors, mines and energy minister Tom Alweendo said on Thursday.



<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YI3YU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">EU and Namibian officials told Reuters in July</a>&nbsp;they were planning a deal on hydrogen and minerals as the bloc works to reduce its dependence on Russian energy.



&#8220;In principal we have agreed on conditions, whatever the materials, we are going to process them here,&#8221; Alweendo said about the approaches being taken to ensure the southern African country reaps the benefit of its resources.



Namibia has significant reserves of rare earth minerals such as dysprosium and terbium needed for permanent magnets in the batteries of electric cars and wind turbines.



The European Union wants easier access to minerals in Namibia, and plans geological projects to explore the resources of a country which is nearly as big as the combined territory of France and Germany, an EU official told Reuters in July.



Alweendo said there was demand for the southern African country&#8217;s rare earth metals to power the global transition to green energy.



Namibia aims to position itself as a renewable energy hub in Africa, also thanks to its&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30I0BQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">vast potential for solar and wind energy to produce green hydrogen</a>.



($1 = 1.0203 euros)



(Reporting by Nyasha Nyaungwa; Editing by Anait Miridzhanian and Aurora Ellis)

KYOIC7PHVNMEBMT2WPSIUAHK6U

Namibia, EU reach provisional deal on rare earth minerals

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-820x547.jpg" alt="" class="wp-image-420521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Flags featuring the International Air Transport Association (IATA) logo fly above the venue of their symposium in Dublin, Ireland, on Wednesday June 2, 2016. IATA, which represents 260 airlines accounting for 83 of global air traffic, revealed Monday that global passenger traffic grew only 4.6 percent in April &#8212; the slowest pace since January 2015. Photographer: Aidan Crawley/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s airline industry could return to profit at the end of 2024, although the southern African region is lagging compared to the rest of the continent, a senior IATA official said on Friday.



Kamil Alawadhi, IATA&#8217;s Regional Vice President for Africa and the Middle East, said southern Africa was lagging behind in the recovery due to market access and connectivity issues.



&#8220;IATA&#8217;s current outlook sees the global loss reduced to $9.7 billion for 2022 and a return to industry-wide profit in 2023. Africa is on track to follow by the end of 2024,&#8221; Alawadhi told delegates at the Airlines Association of Southern Africa annual general assembly.



The association holds its annual general assembly where company executives and airline agencies take stock of the industry as it looks to bounce back from the pandemic but faces regulatory uncertainty and higher fuel prices linked to the war in Ukraine.



(Reporting by Wendell Roelf; Writing by Anait Miridzhanian; Editing by James Macharia Chege)

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