Business & Macro
UK withdraws support for Mozambique LNG
The UK Export Finance (UKEF) has cancelled its previously pledged $1.15 billion backing for the liquefied natural gas project in Mozambique led by TotalEnergies. This decision reflects London’s changed stance on financing overseas fossil-fuel ventures, citing increased security risks in Mozambique’s insurgency-affected north and concerns over human-rights and environmental impacts. (Reuters)
Niger moves to sell SOMAIR uranium on international market
The military government in Niger announced plans to put uranium produced by the former SOMAÏR mine (previously operated by France’s Orano) up for sale on the global market. The move follows Orano’s loss of operational control over the site. (nucnet.org)
Climate & Energy
Continental implications of US fossil-fuel policy: Regional finance reacts
According to the head of Afreximbank, George Elombi, the broader push—championed by former U.S. President Donald Trump—to expand global oil and gas exploration is “turning out well for Africa, even if unconsciously.” He argues the shift offers African countries opportunities to attract investment and drive development via resource exploitation and value-addition. (Financial Times)
South Africa’s power utility posts strong profit, easing energy worries
The South African utility Eskom reported robust first-half earnings — projecting that its profit for the financial year will match last year’s R 16 billion (≈US$936 million) result. The rebound follows reduced finance costs, higher tariffs, and improved performance at coal-fired plants, contributing to fewer power cuts and a notable improvement in stability. (Reuters)
Tech & Deals
Major financing secured for Sierra Leone gold project
In a landmark deal, FG Gold closed a US$330 million senior debt financing package with the Africa Finance Corporation (AFC) and Afreximbank for its Baomahun Gold Project in Sierra Leone. The mining venture is expected to yield roughly 150,000 ounces of gold per year, create about 900 jobs, and contribute significantly to national GDP — signaling investor confidence in African resource-driven development. (africafinancecorporation.africa-newsroom.com)
South Africa’s PIC invests in African private credit fund
The Public Investment Corporation (PIC), one of South Africa’s largest asset managers, invested US$30 million into a private-credit fund managed by regional firm Enko Capital. The move underscores growing institutional interest in African private markets and alternative debt financing beyond traditional sectors — part of a broader trend toward diversifying investment strategies. (GlobeNewswire)
Geopolitics & Policy
Afreximbank frames external energy pressures as African opportunity
With global energy policy shifts—from renewables, to fossil-fuel resurgences—Afreximbank’s leadership voices optimism that Africa can attract investment and restructure trade flows to benefit domestic economies. The bank, despite some criticism over lending practices, is positioning itself as a key enabler of what it terms “economic sovereignty” via African-led resource development. (Financial Times)
Resource nationalism rises as Niger pushes uranium sales despite legal hurdles
Despite a ruling by the International Centre for Settlement of Investment Disputes (ICSID) barring Niger from selling or transferring uranium from SOMAÏR, the junta appears intent on marketing the mineral internationally. This marks a continuation of moves across West Africa toward nationalising strategic resources and could exacerbate tensions with European mining firms and regulatory bodies. (orano.group)
Security & Human Rights
UK exit from Mozambique LNG reflects climate and human-rights concerns
The withdrawal of UK backing for the Mozambique LNG project was welcomed by environmental and human-rights campaigners. The project, located in the insurgency-plagued Cabo Delgado region, had long been criticised for potential negative impacts on local communities and the environment. Critics argue that the UK’s decision sets a precedent for aligning financing of energy projects with human-security and sustainability criteria. (Financial Times)
Uranium shipment from Niger’s seized mine raises serious security questions
Following the expropriation of SOMAÏR, a uranium convoy reportedly left the Arlit site. The company formerly operating the mine condemned the shipment as “illegal” and warned it posed “serious safety and security risks,” including potential diversion of radioactive material. The lack of transparency over the shipment’s destination and conditions raises concerns among international observers about nuclear-security standards and regulatory compliance. (orano.group)
What This Signals
- Africa’s resource and energy sectors remain at the nexus of global geopolitical shifts: as Western backers retreat from fossil-fuel investments, African states and finance institutions appear increasingly ready to fill the financing vacuum — often under the banner of “sovereignty,” “industrialisation,” or “economic self-reliance.”
- Large-scale infrastructure, mining, and utility deals — such as those in Sierra Leone or South Africa — show that African-led financing models can mobilise significant capital. These deals suggest growing confidence in Africa’s institutions, as well as the potential for more locally controlled, long-term development.
- At the same time, legal disputes and governance concerns (as in Niger’s uranium case) illustrate the risks of aggressive resource nationalism. Moves to monetise strategic commodities may trigger international legal, environmental, and security challenges.
- Finally — especially given global climate-change commitments — the retreat of some international financiers from fossil-fuel projects might push African nations and banks to weigh the trade-offs between short-term gains and long-term sustainability.
