Illovo profit hits K16.4 billion | The Times Group

Illovo profit hits K16.4 billion | The Times Group: Illovo Sugar Malawi recorded a K16.4 billion profit in the year-ended August 31 2018, up from K7 billion registered in 2017, the firm said on Thursday. Briefing investors in Chikwawa, the firm said, having produced 230,020 million tonnes of sugar last year, the company’s revenue rose to K141.8 billion from K124, 035 billion in 2017.

Globe Metals & Mining Ltd finalises Kanyika Niobium Project feasibility study revision

Globe Metals & Mining Ltd finalises Kanyika Niobium Project feasibility study revision: Globe Metals & Mining Ltd (ASX:GBE) has finalised the revision of all studies and plans in respect to the feasibility study for its Kanyika Niobium Project in Malawi. The revision process was conducted to a technical level satisfactory to engineering classification standards and reviewed programs associated with the mineral resource, mining, metallurgy, engineering design and infrastructural support.

Economist Intelligent Unit sees kwacha weakening by 9% | The Times Group

Economist Intelligent Unit sees kwacha weakening by 9% | The Times Group: United Kingdom-based economic think-tank, the Economist Intelligent Unit (EIU), has predicted the local trading unit, the kwacha, will weaken by about nine percent in 2019.

The forecast comes at a time the Reserve Bank of Malawi (RBM) has predicted a stable kwacha in 2019.

The EIU further says fiscal consolidation after the election should reduce the downward pressure on the currency in 2020.

According to Nico Asset Managers’ 2018 Annual Economic Report released on Wednesday, EIU says between 2021 and 2022, a weaker US dollar and higher exports aided by a strengthening in the prices of some of Malawi’s agricultural exports should provide further modest support to the kwacha.

Banks react to policy rate cut | The Times Group

Banks react to policy rate cut | The Times Group: The country’s commercial banks have started reacting to last month’s policy rate cut by the Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM).

While the banks had little freedom to decide the base lending rates as it was set at the Lombard rate of14.9 percent by MPC, the banks have started pulling downwards their maximum lending rates.

Malawi central Bank cuts policy rate to 14.5% - The Maravi Post

Malawi central Bank cuts policy rate to 14.5% - The Maravi Post: BLANTRYRE-(MaraviPost)-The Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM) Wednesday reduced the indicative cost of money, technically known as the policy rate, by 1.5 percentage points from 16 to 14.5 percent. This is the first time in 13 months for MPC to trim the policy rate which was last revised downwards in December 2017.

Goodall upbeat on 7% GDP growth prospects | The Times Group

Goodall upbeat on 7% GDP growth prospects | The Times Group: Finance, Economic Planning and Development Minister, Goodall Gondwe, has reiterated that the local economy could accelerate by seven percent in 2019 amid pessimism from some economic think-tanks. Gondwe’s assertion comes as commentators say attaining a Gross Domestic Product (GDP) growth of above five percent this year remains a farfetched dream saying the outlook remains highly vulnerable to internal and external shocks

Malawi Airlines touts 2018 business strides | The Times Group

Malawi Airlines touts 2018 business strides | The Times Group: The Malawi Airlines has rated the past two years as good for business, evidenced by continued rise in number of passengers flying with the airliner.

Figures from the Malawi Airlines show that the number of passengers went up by 82 percent from 90,000 2013 to 164,000 in 2018.

Malawi Airlines Chief Executive Officer, Hailemelekot Mamo, said in an interview the airliner expects the numbers to grow to over 200,000 passengers this year.

Mkango Reports 60% Increase In Total Resources To... | Morningstar

Mkango Reports 60% Increase In Total Resources To... | Morningstar: LONDON (Alliance News) - Mkango Resources Ltd on Monday reported a 60% increase in its total resources to 21 million tonnes. Furthermore, the company said it achieved all the key objectives of its 2018 drilling programme, with the updated resource underpinning the ongoing feasibility study. At the company's Songwe Hill rare earths project in Malawi, approximately 95% of the measured and indicated mineral resource blocks are less than 160 metres below the surface, indicating that the majority will be accessible by open pit mining.

Mkango Resources Ltd increases mineral resource estimate at Songwe

Mkango Resources Ltd increases mineral resource estimate at Songwe: Mkango now has 21mln tonnes of rare earths ore grading 1.41% in the measured and indicated category Download Mkango Resources Ltd Capital Network report here The next �7mln tranche of investment from Talaxis is now due Mkango Resources Ltd (LON:MKA) has increased the mineral resource estimate at its Songwe Hill rare earths project in Malawi. The results from last year’s “highly successful” drill programme have allowed the explorer to increase the measured and indicated resource estimate to 21mln tonnes grading 1.41%.

Sovereign raises A$4m for Malawi project

Sovereign raises A$4m for Malawi project: Sovereign raises A$4m for Malawi project  ASX-listed junior Sovereign Metals is hoping to raise A$4.3-million through a share placement to advance the development of its Malingunde flake graphite project, in Malawi.