K22bn project outcome impresses world bank - The Nation Online

K22bn project outcome impresses world bank - The Nation Online: K22bn project outcome impresses world bank
Steve Chilundu November 28, 2018 0 Comments
The World Bank has rated Malawi highly in the implementation of the $30 million (about K22 billion) six-year Agriculture Productivity Programme for Southern Africa (Appsa).

The programme, involving Malawi, Zambia and Mozambique, seeks to increase the development of agricultural technologies for improved crop production for sustainable food security.

Lindian launches court action over Malawi project

Lindian launches court action over Malawi project: ERTH (miningweekly.com) – ASX-listed Lindian Resources has launched criminal proceedings against Rift Valley Resources and geologist Michael Saner in South Africa, claiming that the company was defrauded.

Lindian on Friday told shareholders that the company had been granted an injunction by the High Court of Malawi, preventing Rift Valley and Sanar from dealing with the shares in the Kangankunde rare earths project, and in Rift Valley shares.

Fuel price hike to worsen living standards—experts - The Nation Online

Fuel price hike to worsen living standards—experts - The Nation Online: Economic commentators have warned that standards of living for the low and middle income earners are in jeopardy following the anticipated rise in prices of goods and services triggered by last week’s fuel price hike.

On Thursday, Malawi Energy Regulatory Authority (Mera) increased the price of petrol by 6.2 percent to K990.50 per litre, diesel went up by 6.9 percent to K990.40 per litre while paraffin is now selling at K785.80 per litre, an increase of 3.93 percent

Malawi economic Woes complex—IMF - The Nation Online

Malawi economic Woes complex—IMF - The Nation Online: Malawi economic Woes complex—IMF Chikondi Chiyembekeza November 26, 2018 0 Comments � The International Monetary Fund (IMF) has warned that Malawi’s economic problems are “quite complex”, saying that no single programme can solve the economic woes. IMF resident representative Jack Ree said this in an interview on Friday in Mangochi on the sidelines of the Economics Association of Malawi (Ecama) Annual Lakeshore Conference in the context Malawi’s successful completion of the first review of the three-year Extended Credit Facility (ECF).

Malawi News Agency Online - Government to construct more community stadiums

Malawi News Agency Online - Government to construct more community stadiums: Lilongwe, November 23, 2018: Government has said it will construct additional community stadiums in various districts, in a quest to promote sports industry in the country.

Minister of Local Government and Rural Development, Kondwani Nankhumwa made the remark on Thursday in Parliament saying that the project of constructing community stadiums in the district is underway.

“As the government we are embarking on a project to construct community stadiums in all districts, since we want to inspire the promotion of the sports sector in the country,” he said

Malawi's fuel prices up; economic down turn - The Maravi Post

Malawi's fuel prices up; economic down turn - The Maravi Post: BLANTYRE-(MaraviPost)-Tough times lie ahead following Malawi Energy Regulatory Authority’s (Mera) decision to raise petroleum pump prices.
The development which will push up prices of basic commodities.
In a statement released on Wednesday night signed by its board Chairperson Joseph Bvumbwe, Mera says paraffin price has risen from MK755.40 to 785 per litre while diesel price is up from MK935.60 to MK990.40.

Malawi is not developing—UN - The Nation Online

Malawi is not developing—UN - The Nation Online: Malawi remains among 47 countries designated by the United Nations (UN) as Least Developed Countries (LDCs), a latest United Nations Conference on Trade and Development (Unctad) report shows.

The report, published on Unctad website www.untcad.org on Tuesday observed that Malawi, alongside other 46 LDCs must develop the small and medium enterprises (SMEs) to meet the goals of the 2030 Agenda for Sustainable Development if it is to foster efforts on ending poverty.

Malawi: Bigger Picture of the Economy - IMF Says Malawi Has Overperfomed - allAfrica.com

 International Monetary Fund (IMF)has given another positive rating to Malawi's performance under its Extended Credit Facility programme, approving a US$15.4 million disbursement. In a statement dated November 21, Deputy Managing Directot and acting chair of the IMF Board Tao Zhang commended Malawi's economic performance.

Mines and Minerals Bills - The Nation Online

Mines and Minerals Bills - The Nation Online: alawi’s long-awaited Mines and Minerals Bill is to be tabled this sitting of Parliament, but key changes still need to be made.

The law was drafted on the back of a loan from the World Bank. In 2015, those of us labelled ‘stakeholders’ such as miners, activists, academics, chiefs, civil servants and parliamentarians, gathered at Sunbird Capital to review the draft. Amid mint chewing and buffet eating, we proposed over 140 changes to the Bill for consideration by the consultant, an American professor.

Inflation rate rises to 9.7% - The Nation Online

Inflation rate rises to 9.7% - The Nation Online: For four months in a row, Malawi’s year-on-year inflation rate has been on the upward spiral with National Statistical Office (NSO) figures released yesterday showing the rate has jumped by two percentage points from 9.5 percent in September to 9.7 percent in October.

The jump in inflation, caused by rising food and no-food items, has raised fears that the Reserve Bank of Malawi (RBM) could increase its policy rate—the rate at which commercial banks borrow from the central bank—at its next Monetary Policy Commitee (MPC) meeting in December. The rise in policy rate could also compel banks to increase the cost of borrowing

Double digit inflation scare | The Times Group

Double digit inflation scare | The Times Group: Malawi’s headline inflation inched up by 0.2 percentage points in October to hit 9.7 percent, gradually crawling back to a double digit band.

Malawi’s headline inflation has continued on an upward spiral in the past four months after it took a u-turn in July as escalating food and nonfood prices began to bite.

In October, food and non-food inflation rate stood at 10.4 percent and 9.2 percent, respectively, figures from the National Statistical Office (NSO) indicate.

Our Comment on Mining

About the only institutions that seem to be concerned about mining in Malawi are NGOs and mining firms themselves. We hear virtually nothing from labour and local business associations. Our media has yet to acquire the confidence of covering economic affairs, let alone the mining industry which is new to Malawi. And most of what the media reports draw from press releases from the two institutions - the NGOs and mining firms. Understandably, the press releases from the mining companies are basically public relations stuff and often they evolve around the progress of their projects and some corporate social responsibility activities. The NGOs concern are very narrowly focused around poverty issues.  They evolve around gains accruing to local communities and the environmental implications of planned mining activities.  

Important though the NGOs concerns are,  they are too narrow to address the central developmental issues that the government and society as a whole must grapple with. These relate to the developmental implications of mining and its relationship to the large social and economic concerns. First and foremost is the question of ownership. How much will Malawi, through its organs of the state, own in terms of shares in the mining enterprises? What will be the rate of taxation and how is the government giving away in the form of incentives?

The second set of concerns is around the linkage between mining and other sectors of the economy. Is the government holding any discussions with the mining sector and local business and labour on these issues? And even more pertinent is it putting in place any legislation that speaks to these issues?

Finally, there is the question of Malawi’s increasing mastery of the industry. What are the demands on the mining companies in terms of training of Malawians and indigenisation of skilled labour?

We should recall that many of the mining companies are using South Africa as their base and, as we saw in the case of Paladin, they bring with him the South Africa historical underevaluation of black labour. And unless our labour laws are firm on indigenisation and equitable treatment of labour, we will have the absurd situation we had in Kayelekera where semi-skilled expatriates were highly paid.

Import cover healthy—RBM - The Nation Online

Import cover healthy—RBM - The Nation Online: The Reserve Bank of Malawi (RBM) says despite the country being “deep in the lean period” in foreign exchange availability, the import cover is still healthy to sustain critical imports. RBM spokesperson Mbane Ngwira was responding to observations that the kwacha has lost ground, particularly against the dollar and that foreign exchange reserves have slightly dropped in recent weeks.

Study calls for merger of two commodity exchanges - The Nation Online

Study calls for merger of two commodity exchanges - The Nation Online: A study by� International Food Policy Research Institute has called for a merger of warehouse receipt systems (WRS) operated by the AHL Commodities Exchange (AHCX) and the Agriculture Commodity Exchange for Africa (ACE).

The study titled Commodity Exchanges and Warehouse Receipts in Malawi: Current Status and Their Implications for the Development of Structured Markets by Bob Baulch indicates that operating WRS in parallel with other warehouse receipts issued by large trading companies complicates collateral financing making it more risky than necessary.

Increased external debt stock under spotlight - The Nation Online

Increased external debt stock under spotlight - The Nation Online: Malawi’s increasing external debt stock continues to come under the spotlight with fresh figures from the World Bank report showing that external debt has risen to $2.168 billion (about K1.58 trillion) from $1.847 billion (K1.35 trillion) the year before.

The International Debt Statistics, which is the World Bank’s compilation of statistics covering external debt and financial flows of 121 low and middle income countries during 2017 shows total exports for the country marginally rose to $172 million (about K125 billion) from $151 million (about K110 billion) in the year before.

Roads Fund plans to roll out toll gates - The Nation Online

Roads Fund plans to roll out toll gates - The Nation Online: The Roads Fund Administration (RFA) says it plans to rollout toll gates on the country’s roads in the 2019/20 financial year.

In an interview yesterday, RFA procurement and public relations officer Masauko Mngwaluko said the possibility of having toll gates—steel structures put in highways and major roads for which a fee or toll is paid to pass—is real

Tobacco demand could plummet | The Times Group

Tobacco demand could plummet | The Times Group: Demand for Malawi tobacco could plummet in the 2018/19 season following a prolonged market and bloated volumes that characterised the sale of Malawi’s green gold.

Early this year, the Tobacco Control Commission (TCC) announced that the country produced 147.8 million kilogrammes (KGs ) against a demand of 171 million KGs.

Pressure on kwacha | The Times Group

Pressure on kwacha | The Times Group: By Taonga Sabola:

Pressure has started mounting on the local trading unit, the kwacha, as the country passes through the lean foreign exchange period, investment management and advisory firm Alliance Capital has said.

In its October 2018 Economic Report released Wednesday, Alliance Capital says the kwacha has steadily depreciated against the dollar since September 2018.

As at October 5 2018, the foreign exchange reserves stood at $690.48 million (3.3 months) down from $745.49 million (3.56 months of cover) recorded on September 5 2018.

Firm invests K50bn, set to list on MSE - The Nation Online

Firm invests K50bn, set to list on MSE - The Nation Online: Newly-formed property development and management firm, Icon Properties Limited, says it has invested over K50 billion and plans to list on the Malawi Stock Exchange (MSE) before the year ends.

The firm, which was born after restructuring property companies in the MSE-listed Nico Holdings group portfolio as well as through a collaborative process with other property investors, was incorporated in Malawi on June 4 2018 and converted to a public limited company on October 11 this year.

Sovereign Metals confirms Malingunde projects' world-class status

Sovereign Metals confirms Malingunde projects' world-class status: East Africa - Sovereign Metals' 100%-owned Malingunde saprolite-hosted graphite project is a globally significant, coarse�flake graphite development.

It represents a high quality potential future mining operation producing�premium quality natural graphite products.

The Pre-Feasibility�Study (PFS) demonstrates extremely low operating and low capital�costs providing excellent margins.

Malawi: Government to Introduce Own Commercial Bank - allAfrica.com

Malawi: Government to Introduce Own Commercial Bank - allAfrica.com: Balaka — Minister of Finance, Economic Planning and Development, Goodall Gondwe on Wednesday disclosed that plans are at an advanced stage for the government to establish its own commercial bank.

Lowest cost graphite output a big advantage for Sovereign - MiningNews.net

Lowest cost graphite output a big advantage for Sovereign - MiningNews.net: A prefeasibility study for the project released�today is said by Sovereign to have outlined the "lowest operating cost coarse flake graphite project globally". Development capex is put at US$49 million for a 16-year project annually producing an average of 52,000t per annum of concentrate at operating costs of $323/t (FOB). The latter sees Sovereign of the belief it should even be able to "compete on price point with China", the world's largest supplier and consumer of natural flake graphite.

Fiscal deficit set to worsen - The Nation Online

Fiscal deficit set to worsen - The Nation Online: Minister of Finance, Economic Planning and Development Goodall Gondwe says the 2018/19 financial year deficit could worsen if the World Bank fails to commit its financial pledge.

Speaking on the sidelines of the Reserve Bank of Malawi (RBM) Monetary Policy Conference in Mangochi on Tuesday, the minister said the Bretton Wood institution had earlier pledged K60 billion budget support, but its decision not to disburse the money could mean a larger than expected deficit for the budget.

Sovereign Metals reckons it has the “world’s best flake graphite project” - Stockhead

Sovereign Metals reckons it has the “world’s best flake graphite project” - Stockhead: November 7, 2018 | Reuben Adams

Explorer Sovereign Metals reckons it has a world-beating� graphite project on its hands in the African nation of Malawi.

The market’s response was muted on the news, however, with Sovereign (ASX:SVM) shares increasing just over 2 per cent to 8.7c by midday.

The share price has ranged between 6.7c and 15.5c over the past 12 months.

Sovereign Metals (@sovereignmetals) | Twitter

Sovereign Metals (@sovereignmetals) | Twitter: Sovereign Metals
‏
�
@sovereignmetals
12h12 hours ago
More
Miss the #SovereignMetals PFS release yesterday? Not to worry, hear from Managing Director Julian Stephens as he runs through the details of the announcement.

#SVM #Graphite #PFS #Malingunde #Malawi

Uranium price hits 2.5 year high | Financial Times

Uranium price hits 2.5 year high | Financial Times: Uranium has hit its highest level in more than two-and-half years as big producers of the nuclear fuel buy material in the market and China prepares to reaffirm its commiment to build new plants. Uranium, which is used in nuclear reactors to produce electricity, has been one of the best performing commodities of 2018, rising almost 40 per cent from its April lows.

Malawi yet to ratify cross border trade agreement - The Nation Online

Malawi yet to ratify cross border trade agreement - The Nation Online: Ministry of Industry, Trade and Tourism director of trade Christina Zakeyu Chatima has said Malawi will only ratify the Tripartite Free Trade Area (TFTA) when the rules of product origin are fair for the country’s private sector. Speaking at the a consultative meeting on the TFTA in Lilongwe last week, Chatima said government will not be willing to ratify the TFTA until the private sector is convinced that the playing field has been levelled.

Malawi borrows US$215 million from India | Malawi 24 - Malawi news

Malawi borrows US$215 million from India | Malawi 24 - Malawi news: Malawi borrows US$215 million from India 0
BY MARTHA CHIKOTI ON NOV 06, 2018 POLITICS
Malawi has secured a US$215.16 million loan from India for the construction of 18 water projects and the Mahatma Gandhi International Convention Centre in Blantyre.

Indian Vice President Shri Venkaiah Naidu announced the line of credit on Monday when he launched the “India for Humanity” initiative with Malawi.

A New Golden Age for Uranium? - Banyan Hill Publishing

A New Golden Age for Uranium? - Banyan Hill Publishing: Uranium, the fuel for nuclear reactors, found itself in the throes of a nearly decade-long bear market.

Japan evacuated 300,000 people in 2011 following the tsunami that struck the Fukushima nuclear power plant.

Most of the towns and cities affected remain abandoned.

Although nuclear disasters are rare, the impact left a lasting mark. The Fukushima disaster spooked developed nations from investing in nuclear power.

Malawi: Mining in the heart of Africa

Malawi: Mining in the heart of Africa: Malawi: Mining in the heart of Africa
Published on October 26, 2018

Leon Louw

�The mining industry in Malawi is still in an early stage. The country is one of the poorest in the world, landlocked, and the infrastructure is old and not ideal to support a thriving mineral sector. Malawi has a fledging aggregate industry, nevertheless, and exploration projects for oil, rare earth elements (REEs), and graphite are putting it on the global mining map. It is best known for its substantial deposits of uranium, and pockets of small-scale coal operations. To date, Paladin Energy’s Kayelekera uranium mine has been the only large-scale mining project to get off the ground in this small country, better known for its lake resorts, fishing villages, and kapenta boats than for its large mineral deposits. Kayelekera, though, has been on care and maintenance for the past four years, following the sudden drop in uranium prices after the Fukushima nuclear disaster in Japan in 2011, and ongoing high operating costs.�

Read-across from Talaxis investment suggests Mkango Ltd is trading at a significant discount, says SP Angel

Read-across from Talaxis investment suggests Mkango Ltd is trading at a significant discount, says SP Angel: 12:52 04 Oct 2018
Mkango's rare earths projects have already attracted significant interest, and cash
According to the US Geological Survey, China accounts for around 79% of the world’s rare earth production. That’s as far as can be ascertained, because much of Chinese production is opaque and hard to quantify.

Either way, such an imbalance in global production at a time when trade war rhetoric against the Chinese is rapidly being converted into hard tariffs, is likely to favour significant rare earths operations in jurisdictions outside of China.

APM Delivers: Blantyre 5 Star Business Park Takes Shape – Malawi Voice

APM Delivers: Blantyre 5 Star Business Park Takes Shape – Malawi Voice: his magnificent structure,Sogecoa Golden Peacock 5-Star Business Park at Chichiri in Blantyre was captured on Sunday barely nine months after President Professor Arthur Peter Mutharika laid a foundation stone.

Upon completion, the park will comprise a world class shopping centre, a big convention room, online casino, 210-room lodge and two trendy eating places.

The park will add beauty to Blantyre city.

Malawi on the verge of joining power pool - The Nation Online

Malawi on the verge of joining power pool - The Nation Online: Escom says the commissioning of Phombeya Power Sub-station in Balaka under the five-year $350 million (about K257 billion) Millennium Challenge Corporation (MCC) energy compact advances Malawi’s hopes of joining the Southern Africa Power Pool (Sapp).

The Phombeya Sub-station, which was officially handed over to Electricity Supply Corporation of Malawi (Escom) on Tuesday, has seen its transmission capacity increasing from 132 kilovolts (kV) to 400kV

Firm to complete rare earth mine takeover - The Nation Online

Firm to complete rare earth mine takeover - The Nation Online: Firm to complete rare earth mine takeover
Martha Chirambo November 1, 2018 0 Comments
Australian Stock Exchange (ASX)-listed Lindian Resources, a firm with an option to acquire a staged interest in Kangakunde Rare Earth Project in Balaka of up to 75 percent, says it expects to complete the takeover of the mine this month.

Kangankunde has mineral deposits worth billions of dollars and can be a game changer for Malawi if successfully developed, according to mining experts.

Government taking time on free trade area | The Times Group

Government taking time on free trade area | The Times Group: Malawi is yet to ratify the African Continental Free Trade Area (AfCFTA) as the government is reportedly “still taking necessary steps”.

Malawi is among 44 countries that signed the agreement in Kigali, Rwanda, in March this year.

For the treaty to come into force, at least 22 countries would have to ratify it.

Of the 44 countries, only Kenya, Ghana, Rwanda, Niger, Chad and Swaziland have ratified it, with South Africa expected to ratify it next year.