Africa

1. DRC mining law overhaul
2. De Beers gets a bidder
3. Nations eye nuclear power
4. Nigeria-Morocco gas link
5. US pushes propane in Africa
6. Cheaper Ozempic for sale

A Cameroon-born designer pays homage to his roots on the Paris runway.

DRC mining reforms stir tensions

DR Congo’s government will consider changes sought by mining companies to a proposed overhaul of the country’s mining laws, a government spokesman told Semafor. Executives have warned that repeated rule changes could deter investment. The new legislation would give the government broader powers to limit production and stockpile strategic minerals, as well as amend about 40 articles of the 2018 mining code to strengthen state oversight of mineral exports and revenues. “If there are concerns or points raised by our friends in the mining sector, we will listen to them and integrate them,” Information Minister Patrick Muyaya said.

The proposal has alarmed industry insiders. The Chamber of Mines convened an emergency meeting last week, while executives from US-backed KoBold Metals and the Kibali Gold Mine, operated by Canada’s Barrick Mining, warned that frequent regulatory changes undermine long-term investment planning.

The debate reflects a broader trend across Africa, where governments are seeking a larger share of mining wealth through higher royalties, export controls and tougher regulations. DR Congo, the world’s largest cobalt producer, has steadily expanded state control over strategic minerals since its sweeping 2018 mining code overhaul, which significantly increased taxes and royalties on miners.

Anglo names bidder for De Beers

Anglo American picked a group led by one of its former executives as its preferred bidder for an 85% stake in De Beers. The Global Diamond Consortium, led by Gareth Penny, was selected from three shortlisted groups following a bidding process, according to Moeti Mohwasa, Botswana’s defense minister. Botswana holds the remaining 15% of the world’s largest diamond miner alongside pre-emptive rights, giving Gaborone the full power to match the offer, buy the stake independently, or join forces with a third party. The group’s proposal included potential equity participation by neighboring diamond-producing nations Angola and Namibia.

Diamonds generate roughly 80% of Botswana’s export revenue and the country is the world’s top producer of the precious gems by value. Gaborone is assessing its participation in the deal and turnaround viability amid a prolonged slump in rough diamond demand driven by lab-grown competition. Last week, De Beers — which is owned by Anglo American — announced a two-year production halt at its flagship Venetia mine in South Africa.

African economies eye nuclear power

Nuclear power is key to bolstering energy security in Africa, but its rollout on the continent requires workforce training and safety regulations, according to a leading industry expert. South Africa has the continent’s only nuclear reactors, but Egypt is currently building four of its own with Russian funding, while eight other African nations have plans to build new plants.

Deploying nuclear power is complicated, expensive, and comes with long lead times. The World Bank last year lifted its ban on nuclear financing, but for some, a lack of expertise remains a major barrier in African countries: “They need to train the workforce, and they need to train safety regulators,” said Daniel Poneman, co-chair of the Nuclear Energy and National Security Coalition.

Nations across the continent are pushing for greater energy independence after the Iran war laid bare the risks of relying on fuels from the Middle East, especially in import-dependent economies. Before the war, about 600,000 barrels a day of oil products traveled from the Middle East to Africa, including through the Strait of Hormuz. For some countries, those cargoes effectively met all demand.

Ecowas backs $25B gas pipeline

West African leaders approved a plan for a $25 billion pipeline to transport natural gas from Nigeria to Morocco, a major step in expanding the region’s gas exports to help meet global demand. The agreement signed by heads from the Ecowas bloc paves the way for a company to be established for the project.

Nigeria holds Africa’s largest gas reserves and began talks with Morocco about a pipeline project a decade ago. The pipeline will run through 13 West African countries, transporting 30 billion cubic meters of gas per year. About half that volume is expected to flow through Morocco to European markets, according to the Moroccan government agency co-leading the project with Nigeria’s state oil company NNPC.

Plans for the Morocco project continue as construction of the Trans-Sahara Gas Pipeline, a separate project being built by Algeria to source gas from Nigeria, proceeds. Natural gas has the potential to help fill Africa’s electricity availability gap, but global demand for it also stems from a push by Europe to diversify its gas sources, following years of overreliance on Russia.

US pushes propane sales in Africa

The Trump administration is replacing the gutted American foreign aid apparatus with, in part, a push to export more US propane. The fuel — a byproduct of natural gas production and oil refining — is used globally in heating, cooking, and farming. US production has skyrocketed in the past decade, in tandem with a gas drilling boom, but fairly flat domestic consumption has pushed US propane exports to a record high.

US Energy Secretary Chris Wright urged expanded access to “affordable and reliable propane gas” to “transform” lives, speaking via video at an International Energy Agency clean cooking event this month. Fewer than 20% of households in sub-Saharan Africa have consistent access to clean cooking fuels; most households instead use charcoal and other harmful indoor cooking fuels. Indoor air pollution is responsible for 815,000 premature deaths on the continent every year.

The effort to push more propane into Africa, combined with the dismantling of USAID, has created the conditions in which propane exports have emerged as a transactional centerpiece of US energy policy toward the continent.

South Africa gets cheaper Ozempic

Danish pharmaceutical giant Novo Nordisk has launched South Africa’s first low-cost version of its weight-loss drug, in a bid to squeeze out counterfeit products in Africa’s most obese nation. Demand for the drug, first developed for diabetes before becoming a global weight-loss phenomenon, has exploded. Some branded versions such as Ozempic can cost hundreds of dollars a month — prohibitively expensive for many — and that affordability gap opened the floodgates for unregulated weight-loss medications.

The new product will be “cheaper” than its main brand, said Sara Narcross, Nordisk’s South Africa head. The launch last week follows a court victory for Nordisk against local compounding pharmacies making unauthorized copies. South Africa has the highest adult obesity rate in Africa, with roughly 30% of adults classified as living with obesity. The burden hits women hardest, with nearly seven in 10 adult women considered overweight or obese.

• July 20-22: Gabon’s president makes a state visit to France.
• July 21: Nigeria’s central bank announces its latest interest rate decision.
• July 21-22: The Sub-Saharan Africa Security Conference kicks off in Cape Town.
• July 24: Government leaders, tech experts and academics gather for the third edition of the State of the Digital Economy conference in Kampala.
• July 24: The Africa Social Impact Summit, focused on development finance, kicks off in Lagos.
• July 25: Young business and tech leaders gather for the Young Entrepreneurs Summit in Tatu City, Kenya.

Business & Macro