Zambia: Copper, oil sectors get a boost

A $10million copper and oil exploration deal have been agreed between the Zambian government and an Indian firm. The Southern African country’s parliament just a few days ago passed the petroleum exploration and production law, hence opening the door for foreign investment in those sectors.The firm, Sandesara Group, operates oil and gas facilities in India and other countries and has assets worth $5 billion worldwide. Sterling Oil Exploration and Energy Production Co. Ltd., which currently operates in Nigeria is a subsidiary.Zambia’s Minister of Commerce and Trade, Felix Mutati, said the agreement would see the Indian company investing in copper mining and oil exploration. He said Sandesara would process copper from some abandoned units of foreign mining firms operating in the country and later start exploration of minerals.”This commitment we have entered into places Sandesara Group to invest an initial amount of US$100 million in mining and related activities. This is a platform for their expansion in Zambia,” Mutati told Reuters.The firm’s chairman, Nitin Sandesara, said his company would invest more money in the project adding that in the long term they would engage in power generation.”We plan to start (our operations) with copper mining before we can move on to other minerals in Zambia. We will also look at oil and gas,” he said. Zambia is one of the largest producers of copper which it depends for its economy.

SA consortium to buy Newcastle

A five strong South African consortium is said to be the favourites to buy Barclays Premiership side Newcastle United. They have tabled a bid in the region of £300 million to buy the struggling side. The club was put on sale by its owner, Mike Ashley, three weeks ago, the BBC reported on Thursday.The news comes amidst reports last month that four Nigerian business magnates wanted to buy the premiership side to the deal of 350 million pounds adding that they wanted to find an extra 100 to 150 million pounds to secure the deal.The group of South Africa are thought to be keen to bring back crowd favourite Kevin Keegan as manager. The Nigerian consortium also had promised to bring back Keegan once they took over the club which is currently lying second from bottom with four points from six games.The report further said Keegan may be offered a 5% stake in the club in a bid to persuade him to return for a third spell at the helm.According to Interim boss, Joe Kinnear, eight consortiums had been in talks with the owner about buying the team adding that the South African group was the favourite.

Nigeria: Rural communities to go digital

Twelve million Nigerians in the rural communities are set to have digital access to a broadband network next year. This is to be made possible in a joint venture between Nigeria Postal Services and Galaxy Backbone Plc. A memorandum of understanding between the two organizations has been signed.Under the terms of the memorandum, Galaxy Backbone Plc will provide Vsat-based connectivity to all NIPOST’s one hundred and fifty post offices across the country based on NICEP project.The secretary to the government of the federation, Alhaji Yayale Ahmed was at hand to witness the signing.The Managing director of Galaxy Backbone Plc, Gerald Ilukwe, said the facility will provide virtual private network with a modernized spec and automated operations capable to create new service opportunities for NIPOST.Ilukwe said the Galaxy Backbone infrastructure to NIPOST will enable it to achieve community broadband interconnectivity and efficient network and elicit relevant solutions to governance.Galaxy Backbone Plc is a public enterprise of the Federal Government. It was established to provide the platform for an enhanced connectivity and transversal service to the public.