<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="586" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-820x586.jpg" alt="" class="wp-image-423144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-820x586.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-768x549.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE-1536x1097.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/P2AMS7WZ45ITZNPP3TTUQPOGGE.jpg 1908w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s creditors will meet on Feb. 23 as the country takes steps towards clearing more than $6 billion of arrears on its foreign debt, finance minister Mthuli Ncube told Reuters on Wednesday.



About 17 countries from the Paris Club of creditor nations will attend, as well as the World Bank, African Development Bank (AfDB) and European Investment Bank, to discuss progress on economic and governance reforms, including compensation to white former farmers, Ncube said.



Zimbabwe, which has suffered periods of hyperinflation in the past 15 years, had over $14 billion in external debt as of September, according to finance ministry data. Due to its arrears, it has not received loans from lenders such as the International Monetary Fund (IMF) and World Bank for more than two decades.



The meeting agenda &#8220;is part of what is needed for us to walk through the road towards arrears clearance,&#8221; Ncube said. &#8220;It has really begun in earnest, so I am pleased we are at this stage and we are making very good progress.&#8221;



He did not confirm if the meeting was virtual, in-person or a hybrid.



The creditors first met on Dec. 1, facilitated by AfDB president Akinwumi Adesina and former Mozambique president Joaquim Chissano.



Ncube said in October the government had begun making&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31G086&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;token payments&#8221;</a>&nbsp;to the multilateral lenders and planned to do so to its Paris Club creditors as well.



The IMF said after a visit to Zimbabwe in December that the country would need durable reforms and a clear path to restructuring its debt, including clearing the $6 billion of arrears, before it could receive Fund money.



Annual inflation fell to 229.8% in January from 243.8% in December, prompting the central bank to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N34I515&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">cut interest rates</a>&nbsp;by 50 percentage points to 150%.



(Reporting by Nyasha Chingono; Writing by Rachel Savage; Editing by Mark Potter)

FILE PHOTO: Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare

Zimbabwe creditors to meet Feb. 23 over arrears clearance, says finance minister

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-820x545.jpg" alt="" class="wp-image-423037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/G5DRAIAZGRNVFKEPTZVUGBFZEE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Botswana&#8217;s Minister of Minerals and Energy Lefoko Moagi poses for a photograph, after speaking to Reuters at the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 9, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



CAPE TOWN, Feb 9 (Reuters)&nbsp;&#8211;&nbsp;African governments must be wary of the risks created by rising global competition for the continent&#8217;s minerals, Botswana&#8217;s mines minister said, as world powers seek new sources of metals needed for the transition to a lower carbon economy.



&#8220;When there is a rush, people come in, take whatever they want to take, and go, leaving gaping holes in Africa,&#8221; Lefoko Moagi, whose remit also includes energy and &#8220;green technology&#8221;, said in an interview with Reuters.



&#8220;If you want to push production because there is money that is being dangled, you start compromising on how you legislate, how you do your environmental permitting, how you consult your communities,&#8221; he said. &#8220;There is a great danger there that Africa must watch out for.&#8221;



Botswana is reviewing its mines and minerals legislation to &#8220;tighten up&#8221; laws on mine rehabilitation, for example, Moagi said. Mining accounts for around a fifth of Botswana&#8217;s GDP and 80% of export earnings, with diamonds the biggest contributor.



The country is also seeking to reduce its reliance on diamonds and is ramping up exports of coal as demand surges, even as the world seeks for the longer term to reduce coal use because of its carbon emissions.



Botswana says its coal supply can provide a solution to regional electricity shortages.



&#8220;While we have a window for coal, we can push it out, and help arrest the energy crisis within the region,&#8221; Moagi said.



UPDATE 9-&#8216;Hands off Africa,&#8217; Pope Francis tells rich world &#8211; Reuters News<a href="https://www.reutersconnect.com/all?search=all%3AL1N34G0PP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Helen Reid; editing by Barbara Lewis)

G5DRAIAZGRNVFKEPTZVUGBFZEE

Botswana warns of dangers in dash for African minerals

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg" alt="" class="wp-image-422969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A car drives past a construction site of the Central Business District (CBD) in the capital Gaborone, Botswana, September 21, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, (Reuters) &#8211; Botswana expects economic growth of 4% this year while targeting medium-term growth of 5.7%, and the government plans to ramp up infrastructure investment, its finance minister said on Monday.



The diamond-rich southern African country now sees its 2023/24 budget deficit at 3.06% of gross domestic product (GDP), compared with 2.1% for 2022/23, Peggy Serame said during an annual budget speech to parliament.



In September the government&nbsp;<a href="https://www.reuters.com/world/africa/botswana-now-sees-higher-budget-deficit-34gdp-this-year-2022-09-16/">forecast</a>&nbsp;a 2023/24 budget deficit of 0.1% of GDP and a 2022/23 deficit of 3.4%.



Serame said Botswana wanted to raise its 2023/24 infrastructure spending to &#8220;unlock constraints to economic growth&#8221;.



The government has also revised upwards its 2022 growth estimate to 6.7% from an earlier prediction of 4.2%, she added.



Serame said the 2022 revision was linked to a strong recovery from the COVID-19 pandemic, after economic growth of 11.8% in 2021 following a lockdown-related contraction in 2020.



&#8220;This is due to better than expected performance in both the mining and non-mining sectors, particularly the diamond trade, and the water and electricity sectors,&#8221; she said.



Botswana generates about 30% of its revenue and 70% of its foreign exchange earnings from diamonds.



Reporting by Brian Benza; Writing by Bhargav Acharya; editing by Alexander Winning and Mark Heinrich

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Botswana sees 2023 growth of 4%, plans infrastructure drive

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg" alt="" class="wp-image-422133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/GettyImages-1430798657-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>lithium bromide, a chemical compound of bromine and lithium that is extremely hygroscopic and used as a desiccant in air conditioning systems</figcaption></figure>



HARARE, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has imposed a ban on the export of unprocessed lithium, according to a government notice seen by Reuters on Tuesday, in a bid to stop artisanal miners who the government says are digging up and taking the mineral across borders.



The southern African country holds some of the world&#8217;s largest reserves of hard rock lithium, a vital mineral in the production of clean energy technologies.



Chinese giants Zhejiang Huayou Cobalt&nbsp;603799.SS, Sinomine Resource Group&nbsp;002738.SZ&nbsp;and Chengxin Lithium Group&nbsp;002240.SZ&nbsp;have over the past year&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y43HA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">acquired lithium mines</a>&nbsp;and projects worth a combined $678 million in Zimbabwe and are at various stages of developing mines and processing plants, which would exempt them from the ban.



London-listed Premier African Minerals&nbsp;PREM.L&nbsp;says it will start&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YO646&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shipping spodumene concentrate</a>&nbsp;from its Zimbabwe lithium mine to China from March 2023, after signing an offtake deal with Suzhou TA&amp;A Ultra Clean Technology Co&nbsp;300390.SZ.



&#8220;No lithium bearing ores, or unbeneficiated lithium whatsoever, shall be exported from Zimbabwe to another country,&#8221; read the regulation published in a government notice issued by Mines Minister Winston Chitando.



The notice said the ban does not apply to the export of lithium concentrates, which all the major lithium miners in the country plan to produce.



President Emmerson Mnangagwa has previously said the ban would target hordes of artisanal miners, who were drawn by the mineral&#8217;s high prices and invading abandoned mines to dig for lithium-bearing rocks. Mnangagwa said the raw lithium was being exported through neighbouring countries.



(Reporting by Nelson Banya, editing by Deepa Babington)

lithium bromide, a chemical compound of bromine and lithium that is extremely hygroscopic and used as a desiccant in air conditioning systems

Zimbabwe bans raw lithium exports to curb artisanal mining

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg" alt="" class="wp-image-421615" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Freight wagons transport coal past electricity transmission towers, heading from the Mafube open-cast coal mine, operated by Exxaro Resources Ltd. and Thungela Resources Ltd., towards Richard&#8217;s Bay coal terminal, in Mpumalanga, South Africa on Thursday, Sept. 29, 2022. South Africa relies on coal to generate more than 80% of its electricity, and has been subjected to intermittent outages since 2008 because state utility Eskom Holdings SOC Ltd. can&#8217;t meet demand from its old and poorly maintained plants. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s state-owned railway company TransNamib plans to shift coal exports from Botswana off the road and onto rail by early next year, potentially doubling exports via Walvis Bay port, its CEO said.



Land-locked Botswana has sought alternative routes to export its coal as disruption to South Africa&#8217;s railway lines impact the commodity&#8217;s route to Richards Bay port, the largest coal terminal in Africa.



Demand for coal from Botswana, South Africa, and elsewhere has surged since the European Union placed sanctions on Russian coal. But those seeking to profit in the region face big logistical challenges, with many currently trucking the fossil fuel hundreds of kilometres to ports, a costly and inefficient exercise.



&#8220;As the railways, we are looking at a short-to-medium-term solution to move coal in Namibia by rail,&#8221; said Johny Smith, CEO of TransNamib. Shifting to rail would cut transportation costs and enable miners to export more.



TransNamib plans to move around 50,000 tonnes of coal a month off trucks and on to trains at Gobabis, a town in eastern Namibia 110 km from the Botswana border and about 600 kms from Walvis Bay.



Trucks would still have to carry coal from mines in Botswana to Gobabis, though.



&#8220;We see first shipments from Gobabis to Walvis Bay via rail by February or March of next year,&#8221; Smith said. &#8220;We see it increasing to maybe 100,000 tonnes or more, it&#8217;s just [about] putting the capacity there from a rail perspective.&#8221;



TransNamib is getting a 2 billion rand ($117 million) loan from the Development Bank of Southern Africa (DBSA) and the Namibian Development Bank, Smith said, to buy around 20 new locomotives and 300 wagons, some of which would be used on the Gobabis rail line.



A spokesperson for the DBSA said the loan would be finalised by the end of March 2023.



The Southern African Railway Association said it was in discussions with the EU and others about railway investments in the region, including a planned &#8220;EU-Africa Global Gateway Investment Package&#8221;.



The EU did not immediately respond to a request for further information.



($1 = 17.1384 rand)



(Reporting by Wendell Roelf; Editing by Helen Reid and Mark Potter)

Coal Freight Transportation at Mafube Collier

Namibia plans railway revamp to boost regional coal exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-820x574.jpg" alt="" class="wp-image-421202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-1536x1076.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HJTEOAVY5FMF7IXGXS6VBIZ754-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A truck is seen loaded with rocks for processing at an open pit at Dorowa mine in Hwedza, Zimbabwe October 22, 2019. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Nov 9 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe’s miners face rising costs and persistent electricity shortages which will impact the sector’s growth prospects next year, an industry body said on Wednesday.



The southern African country has pinned hopes on the mining sector to drive its economic recovery after years of decline blamed on the government’s forced seizure of white-owned farms in 2000 and excessive spending which fuelled hyperinflation.



An industry report published by Zimbabwe’s Chamber of Mines, which represents the country’s major mining firms, says the sector will experience a slower 7% growth next year, from a projected 8% this year.



“Prospects for mineral output growth for 2023 are generally lower than those recorded in 2022. Key risks to the outlook for 2023 include fragile power supply, high costs, foreign currency shortages, an unstable tax framework and capital shortages,” the report says.



Mining costs are projected to increase by 15% in 2023, with energy being the main driver, the report said. Zimbabwe’s miners often suffer power outages due to the frequent breakdowns of the country’s old generation plants.



Zimbabwe&#8217;s state-owned power utility gets some electricity from neighbouring countries to plug the deficit and now bills miners in foreign currency to fund the power imports, a move which mining companies say has driven operating costs higher.



Zimbabwe has significant reserves of platinum group metals, gold, chrome, coal, diamonds and lithium and its mining sector contributes about 11% of the country’s gross domestic product and over 60% of its export earnings.



Foreign companies with operations in Zimbabwe include Anglo American Platinum&nbsp;AMSJ.J, Impala Platinum&nbsp;IMPJ.J, Sibanye Stillwater&nbsp;SSWJ.J, Alrosa&nbsp;ALRS.MM, Zhejiang Huayou Cobalt&nbsp;603799.SS&nbsp;and Caledonia Corporation&nbsp;CALq.L.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Bernadette Baum)

A truck is seen loaded with rocks for processing at an open pit at Dorowa mine in Hwedza

Zimbabwe miners say costs, power shortages dampen 2023 growth prospects

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="430" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-820x430.jpg" alt="" class="wp-image-421136" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-820x430.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/LEVA3HIHNVKRLGT5IHBDMSQ7CQ.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Rough diamonds during their sorting process are seen at the Botswana Diamond Valuing Company in Gaborone August 26, 2004. REUTERS/Juda Ngwenya</figcaption></figure>



GABORONE, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Botswana has won its bid to host the permanent secretariat of the Kimberley Process (KP), the grouping that certifies that diamonds are not used to fund rebel groups, but its members remain divided over Russia&#8217;s invasion of Ukraine.



The KP, a coalition of governments, the diamond industry and civil society representatives, said in a statement on Monday it had unanimously elected Botswana to host the secretariat, which is expected to become operational by 2024.



The body defines conflict diamonds as gems used to fund rebel movements seeking to undermine legitimate governments.



Five KP members initially expressed interest to host it before the list was whittled down to three, with Botswana, China and Austria in contention.



Botswana Diamond Hub coordinator Jacob Thamage, who handed over the rotational chairmanship of the KP to Zimbabwe over the weekend, told Reuters before last week&#8217;s plenary that Austria had pulled out of the bidding process, leaving Botswana and China in the race.



The 85-nation body was established in 2003 to eliminate trade in conflict diamonds. Although it says it has made progress in halting such trade, the civil society organisations linked to the industry have been demanding reforms.



After it invaded its neighbour in February, Russia&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Y80E8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">drew sharp criticism from civil society</a>, which is pushing to broaden the KP&#8217;s definition of conflict diamonds to include state actors using the stones to fund acts of aggression.



(Reporting by Brian Benza; Editing by Anait Miridzhanian and Angus MacSwan)

LEVA3HIHNVKRLGT5IHBDMSQ7CQ

Botswana wins bid to host anti-conflict diamond watchdog

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="479" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52.jpg" alt="" class="wp-image-420810" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/download-52-137x90.jpg 137w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Oct 26 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank on Wednesday raised its main lending rate by 75 basis points to 6.25%&nbsp;NACBIR=ECI, tightening policy further to try to curb inflation and matching a move by South Africa&#8217;s central bank last month.



Namibia&#8217;s annual inflation slowed to 7.1% last month&nbsp;NACPIY=ECI&nbsp;from 7.3% in August.



As well as trying to ensure price stability, the Bank of Namibia also tries to safeguard the 1:1 link between the Namibian dollar and South African rand, which means it often mirrors rate decisions by the its neighbour&#8217;s central bank.



Inflation is now forecast to average around 6.1% for the year, up from the 5.8% forecast at the last Monetary Policy Committee (MPC) meeting in August, the central bank said.



The central bank confirmed it expected the domestic economy to grow by 3.2% in 2022, mainly driven by diamond and gold mining, and coupled with better recovery prospects across most sectors.



&#8220;To continue anchoring inflation expectations, safeguarding the peg arrangement while meeting the country&#8217;s international financial obligations the MPC decided to increase the repo rate by 75 basis points to 6.25%,&#8221; Bank of Namibia governor Johannes Gawaxab said.



South Africa&#8217;s central bank delivered another 75 basis point interest rate hike in September as part of effort to quell inflation.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30T41Y&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Nyasha Nyaungwa; Writing by Anait Miridzhanian; Editing by Tomasz Janowski)

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Namibia hikes main rate by 75 bps, matching South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-820x570.jpg" alt="" class="wp-image-415303" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/KYOIC7PHVNMEBMT2WPSIUAHK6U.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>European Union flags are seen outside the EU Commission headquarters in Brussels, Belgium November 14, 2018. REUTERS/Francois Lenoir/File Photo</figcaption></figure>



WINDHOEK, Oct 20 (Reuters)&nbsp;&#8211;&nbsp;Namibia has provisionally agreed on a deal with the European Union to sell its rare earth minerals, critical to the renewable energy sectors, mines and energy minister Tom Alweendo said on Thursday.



<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YI3YU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">EU and Namibian officials told Reuters in July</a>&nbsp;they were planning a deal on hydrogen and minerals as the bloc works to reduce its dependence on Russian energy.



&#8220;In principal we have agreed on conditions, whatever the materials, we are going to process them here,&#8221; Alweendo said about the approaches being taken to ensure the southern African country reaps the benefit of its resources.



Namibia has significant reserves of rare earth minerals such as dysprosium and terbium needed for permanent magnets in the batteries of electric cars and wind turbines.



The European Union wants easier access to minerals in Namibia, and plans geological projects to explore the resources of a country which is nearly as big as the combined territory of France and Germany, an EU official told Reuters in July.



Alweendo said there was demand for the southern African country&#8217;s rare earth metals to power the global transition to green energy.



Namibia aims to position itself as a renewable energy hub in Africa, also thanks to its&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30I0BQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">vast potential for solar and wind energy to produce green hydrogen</a>.



($1 = 1.0203 euros)



(Reporting by Nyasha Nyaungwa; Editing by Anait Miridzhanian and Aurora Ellis)

KYOIC7PHVNMEBMT2WPSIUAHK6U

Namibia, EU reach provisional deal on rare earth minerals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-820x547.jpg" alt="" class="wp-image-420521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-537560002-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Flags featuring the International Air Transport Association (IATA) logo fly above the venue of their symposium in Dublin, Ireland, on Wednesday June 2, 2016. IATA, which represents 260 airlines accounting for 83 of global air traffic, revealed Monday that global passenger traffic grew only 4.6 percent in April &#8212; the slowest pace since January 2015. Photographer: Aidan Crawley/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s airline industry could return to profit at the end of 2024, although the southern African region is lagging compared to the rest of the continent, a senior IATA official said on Friday.



Kamil Alawadhi, IATA&#8217;s Regional Vice President for Africa and the Middle East, said southern Africa was lagging behind in the recovery due to market access and connectivity issues.



&#8220;IATA&#8217;s current outlook sees the global loss reduced to $9.7 billion for 2022 and a return to industry-wide profit in 2023. Africa is on track to follow by the end of 2024,&#8221; Alawadhi told delegates at the Airlines Association of Southern Africa annual general assembly.



The association holds its annual general assembly where company executives and airline agencies take stock of the industry as it looks to bounce back from the pandemic but faces regulatory uncertainty and higher fuel prices linked to the war in Ukraine.



(Reporting by Wendell Roelf; Writing by Anait Miridzhanian; Editing by James Macharia Chege)

Airline Executives Attend The International Air Transport Association (IATA) Symposium

Africa’s airline industry to return to profit in 2024 -IATA official

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="522" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-820x522.jpg" alt="" class="wp-image-420453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-820x522.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-768x489.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/INYUHPBFGNKZXKQPFHFOUAU264-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO &#8211; Sam Matekane, leader of Lesotho&#8217;s Revolution For Prosperity (RFP) political party addresses his supporters as counting of votes continues, following the Lesotho&#8217;s parliamentary election in the capital Maseru, Lesotho, October 8, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;Lesotho&#8217;s newly formed party Revolution for Prosperity (RFP), which won the most seats in last week&#8217;s election but fell short of an overall majority, has formed a coalition government with two other opposition parties, its leader said on Tuesday.



The kingdom of Lesotho in southern Africa has been marred by years of political instability under the outgoing All Basotho Convention (ABC) party, which had been in power since 2017.



RFP founder Sam Matekane told a media briefing he had formed an alliance with two other parties &#8211; the Alliance of Democrats (AD) and the Movement for Economic Change (MEC) &#8211; after securing 56 seats in the election and needing to court other parties to control Lesotho&#8217;s 120-member parliament.<a href="https://www.reutersconnect.com/all?search=all%3AL8N31B3QG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Formed in March this year, the populist RFP has promised to do away with rampant corruption and focus on economic growth.



<h3 class="wp-block-heading" id="h-read-more-lesotho-populist-party-wins-most-seats-in-election-falls-short-of-majority">Read more: <a href="https://www.cnbcafrica.com/2022/lesotho-populist-party-wins-most-seats-in-election-falls-short-of-majority/">Lesotho populist party wins most seats in election, falls short of majority</a></h3>



&#8220;One thing for sure of the many things that we are going to do is to downsize the cabinet, and all our members will declare their assets, including myself,&#8221; Matekane, the wealthy businessman who created the party, told reporters.



He said the parties were also working on a coalition agreement, which will be made public after the approval. The coalition would tackle &#8220;crime and eradicating corruption within the (first) 100 days in office,&#8221; Matekane said.



&#8220;We are taking over a bankrupt government and we will be using our personal cars and staying in our homes until things have gone back to normalcy.&#8221;



The election&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3180CZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">went ahead</a>&nbsp;despite a deadlock in parliament on constitutional reforms meant to be enacted ahead of the vote to bring order to Lesotho&#8217;s fractious politics.



(Reporting by Marafaele Mohloboli; Writing by Anait Miridzhanian; Editing by James Macharia Chege and Raissa Kasolowsky)

FILE PHOTO – Lesotho elects new parliament amid unresolved political crisis

Lesotho’s RFP party forms coalition government with other opposition after election win

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="490" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-820x490.jpg" alt="" class="wp-image-420425" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-820x490.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-300x179.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-151x90.jpg 151w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-768x459.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-1536x918.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/ZRNAMFULKBMOFPMJMW7O6Y5JEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Supporters of Lesotho&#8217;s Revolution For Prosperity (RFP), a recently founded party led by Sam Matekane, react following Lesotho&#8217;s parliamentary election in the capital Maseru, Lesotho, October 8, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;A Lesotho party led by a diamond magnate won the most seats in last week&#8217;s election,butfell short of an overall majority, the election commission said on Monday, raising the prospect of more&nbsp;political gridlock.



The populist Revolution for Prosperity (RFP) party emerged as the single biggest party&nbsp;with 56 seats,&nbsp;but now needs to court other&nbsp;groups to&nbsp;control&nbsp;the&nbsp;southern African mountain kingdom&#8217;s 120-member parliament.



Should RFP, formed by wealthy businessman Sam Matekane in March, secure control of a majority in parliament through coalitions, it would pave the way for&nbsp;the first&nbsp;change in government&nbsp;there in more than five years.



Lesotho has been marred by years of political instability under the current governing party, the All Basotho Convention (ABC), which has run the country of 2.14 million people since 2017. Divisions within the party have given it two prime ministers over that time. <a href="https://www.reutersconnect.com/all?search=all%3AL1N3180CZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-lesotho-s-new-party-set-for-election-win-early-results-show">Read more: <a href="https://www.cnbcafrica.com/2022/lesothos-new-party-set-for-election-win-early-results-show/">Lesotho’s new party set for election win, early results show</a></h3>



RFP has promised to do away with rampant corruption and nepotism and focus on economic growth by levelling the&nbsp;playing field for&nbsp;businesses.



&#8220;Matekane&#8217;s victory is a clear picture that Basotho&nbsp;(the people of Lesotho)&nbsp;are tired of people who do not deliver when in power,&#8221; political analyst Lefu Thaela said as the votes were being counted on Sunday night with the RFP taking a strong lead.



The election went ahead despite a deadlock in parliament on a whole gamut of major constitutional reforms that were meant to be enacted ahead of the vote in order to bring order to the country&#8217;s fractious politics.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3180CZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In&nbsp;Lesotho&#8217;s national&nbsp;assembly,&nbsp;80 seats&nbsp;are won through &#8220;first-past-the-post&#8221; voting&nbsp;and the rest&nbsp;allocated using proportional representation, under which parties get seats based on their total national votes.



(Reporting by Marafaele Mohloboli; Writing by Bhargav Acharya and Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo, James Macharia Chege and Andrew Heavens)

Lesotho’s parliamentary election in the capital Maseru

Lesotho populist party wins most seats in election, falls short of majority

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-820x547.jpg" alt="" class="wp-image-420419" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1041348292-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>NEW YORK, NY &#8211; SEPTEMBER 26: Emmerson Dambudzo Mnangagwa, President, Republic of Zimbabwe delivers a speech at the United Nations during the United Nations General Assembly on September 26, 2018 in New York City. World leaders are gathered for the 73rd annual meeting at the UN headquarters in Manhattan. (Photo by Stephanie Keith/Getty Images)</figcaption></figure>



Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s miners do not expect any significant impact from the government&#8217;s proposal to collect royalties in the form of refined minerals, the country&#8217;s Chamber of Mines said on Monday.



President Emmerson Mnangagwa&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N31A06W&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;on Sunday that Zimbabwe would require companies mining gold, diamonds, lithium and platinum group metals (PGMs) to pay part of their royalties in refined metal rather than cash.



The Chamber of Mines, which represents major mining companies, said it was not worried about the pronouncement because it would not increase existing royalty rates.



&#8220;We respect the government&#8217;s position. It&#8217;s their prerogative. All they are saying is they are changing payment modalities,&#8221; Chamber of Mines Chief Executive Isaac Kwesu told Reuters.



Zimbabwe has significant reserves of gold, lithium and PGMs, but an uncertain policy environment, power shortages and currency volatility have hobbled the country&#8217;s mining industry.



Foreign companies with operations in Zimbabwe include Anglo American Platinum&nbsp;AMSJ.J, Impala Platinum&nbsp;IMPJ.J, Sibanye Stillwater&nbsp;SSWJ.J, Alrosa&nbsp;ALRS.MM&nbsp;and Caledonia Corporation&nbsp;CALq.L.



Impala said it was working with the Chamber of Mines to understand and respond to the new policy.



&#8220;Paying royalties in U.S. dollars and or partly paying in equivalent metal product, on face value, does not materially alter the cost burden in Zimbabwe,&#8221; Impala spokesperson Johan Theron said in an emailed response to Reuters.



Caledonia, one of the largest gold producers in Zimbabwe, said it does not expect any significant impact from the change.



&#8220;We have not seen the detailed mechanisms whereby this proposal may be implemented, but I do not think it would have any financial or operational effect on our business,&#8221; Caledonia Chief Executive Mark Learmonth said in an emailed response to Reuters.



Mineral royalties accounted for 2.8% of Zimbabwe&#8217;s tax revenue in 2021, Zimbabwe Revenue Authority data shows.



(Reporting by Nelson Banya; Editing by David Goodman)

World Leaders Address The United Nations General Assembly

Zimbabwe miners unfazed by new royalties proposal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM-820x562.jpg" alt="" class="wp-image-420398" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F4CJI5S3TZIDVGTSKUXLYO5WBM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Sam Matekane, a millionaire diamond magnate and leader of Lesotho&#8217;s Revolution For Prosperity (RFP), gestures before addressing his supporters following the Lesotho&#8217;s parliamentary election in the capital Maseru, Lesotho, October 8, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;A recently founded party led by a millionaire diamond magnate looked set on Sunday to win Lesotho&#8217;s parliamentary election, having secured enough for a simple majority, according to preliminary results from the election commission.



By Sunday afternoon, results from the Oct. 7 vote were in for 49 out of a total of 80 constituencies. The Revolution for Prosperity (RFP) party, formed by Sam Matekane in March, had secured 41 seats, the minimum required to reach a simple majority.



The current ruling party All Basotho Convention (ABC), which has run the country of 2.14 million people since 2017, was faring badly with no seats won so far, the tally showed.



The Democratic Congress (DC), the main opposition party and member of the coalition government, is running a distant second to the RFP in the race, having secured at least six seats.



A victory for the RFP paves the way for a change in government in a southern African country marred by political upheaval, stalled reforms under the ABC and widespread exasperation of people over political wrangling, corruption and policy paralysis.



<h3 class="wp-block-heading" id="h-read-more-lesotho-to-hold-election-after-years-of-instability">Read more: <a href="https://www.cnbcafrica.com/2022/lesotho-to-hold-election-after-years-of-instability/">Lesotho to hold election after years of instability</a></h3>



RFP has promised to usher in a new era of governance and prosperity in the country by exploiting its natural resources and its commercial competitiveness, drawing from its founder&#8217;s experience in running businesses.



The party has also promised to strengthen the state institutions.



Lesotho is a small land-locked mountain kingdom that is ringfenced by South African Drakensberg range on all sides. It has close ties with its neighbour commercially and has often relied for its military support to quell coups and political unrest.



Lesotho&#8217;s national assembly comprises a total of 120 seats, of which 80 are subject to &#8216;first-past-the-post&#8217; voting, meaning whoever gets the maximum number of seats wins the election.



The remaining 40 seats are allocated using the proportional representative system, under which voters cast vote for a party instead of a candidate and the party is assigned seats in the parliament in proportion to the votes won.



(Reporting by Marafaele Mohloboli and Promit Mukherjee; Writing by Promit Mukherjee; Editing by Raissa Kasolowsky)

F4CJI5S3TZIDVGTSKUXLYO5WBM

Lesotho’s new party set for election win, early results show

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4-820x541.jpg" alt="" class="wp-image-420369" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HLXGRMHU4VKVTLO4NJ2ACBNGF4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Children play on a damaged pedestrian bridge ahead of the general elections after five years of political instability, at a township outside the capital Maseru in Lesotho, October 6, 2022.REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;Lesotho citizens were due to vote in an election on Friday, after years of political instability that the southern African mountain kingdom&#8217;s lawmakers have yet to resolve.



The election will go ahead despite a deadlock in parliament on a whole gamut of major constitutional reforms that were meant to be enacted ahead of the vote so as to bring order to Lesotho&#8217;s fractious politics.



The All Basotho Convention (ABC) has run the country, with a population of 2.14 million, since 2017, but divisions within the party have given it two prime ministers over five years.



Defections have meanwhile left the party vulnerable to opposition rivals Democratic Congress (DC) or the new Revolution for Prosperity (RFP), led by businessman Sam Matekane.



&#8220;These elections will be highly contested and by the look of things the DC and RFP will be neck-and-neck,&#8221; said Lesotho political analyst Lefu Thaela. He added that DC are likely to get the most votes but if they don&#8217;t win an outright majority, the outgoing ABC will find themselves kingmakers.



Surrounded on all sides by South African mountains, Lesotho&#8217;s high-altitude springs provide vital freshwater to its parched neighbour, supplying its commercial hub, Johannesburg.



In 2020, ABC leader Thomas Thabane stepped down as prime minister after being charged with the murder of his ex-wife. He denied any wrongdoing, and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2Z72NH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">the charges were later dropped</a>.



His successor &#8211; Prime Minister Moeketsi Majoro &#8211; declared a state of emergency in August, after legislators failed to pass constitutional reforms to amend everything from the role of political parties, rules over floor-crossing in parliament, to the appointment of senior officials and the PM&#8217;s role.



The reforms were meant to make Lesotho less prone to political logjams, but got stuck in one themselves.



Last month, Lesotho&#8217;s highest court ruled the state of emergency unconstitutional. The ABC has selected another leader, former health minister Nkaku Kabi, to contest its ticket.



Lesotho has seen four military coups since independence from Britain in 1966.



Opposition riots in the capital Maseru in 1998 prompted South Africa to deploy troops to restore order.



In 2014, the then prime minister Thabane temporarily fled the country, accusing the military of overthrowing him, which forced South Africa to mediate to restore order and allow his return.



(Reporting by Marafaele Mohloboli; Writing by Tim Cocks Editing by Alexandra Hudson)

HLXGRMHU4VKVTLO4NJ2ACBNGF4

Lesotho votes in election with political crisis still unresolved

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-820x558.jpg" alt="" class="wp-image-420295" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/MXQSVTCLU5M6HMLRP6UKWHFKBQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: fA woman looks on as locals queue to cast their ballots during the national elections at Hatimo Village, outside the capital Maseru, in Lesotho June 3,2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Lesotho will hold a parliamentary election on Friday, amid failures by its politicians to pass constitutional reforms meant to end years of political instability in the southern African mountain kingdom.



The All Basotho Convention (ABC) has run the country since 2017, but divisions within the party have given it two prime ministers over five years &#8211; one of whom, Thomas Thabane, stepped down in 2020 after being charged the murder of his ex-wife.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2CM4IA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



He denied any wrongdoing, and the charges were later dropped.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2Z72NH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



His successor &#8211;&nbsp;Prime Minister Moeketsi Majoro &#8211; declared a state of emergency in August, after legislators failed to pass two bills meant to end political volatility in parliament. Last month, Lesotho&#8217;s highest court ruled the declaration unconstitutional.



The ABC has selected another leader, former health minister Nkaku Kabi, to contest the ticket, after he defeated Majoro in a party vote in February.



Surrounded on all sides by a South African mountain range, Lesotho&#8217;s cool lakes and springs are a vital source of freshwater for its giant and parched neighbour, supplying the taps of its commercial capital, Johannesburg.



Lesotho has seen four military coups since independence from Britain in 1966.



Opposition riots in the capital Maseru in 1998 prompted South Africa to deploy troops to restore order.



In 2014, gunshots were heard in the capital, Maseru.



Then prime minister Thabane temporarily fled the country, accusing the military of overthrowing him, which forced South Africa&nbsp;to mediate to restore order and allow his return.



The proposed constitutional reforms&nbsp;would have&nbsp;amended everything from the role of political parties, to rules over floor-crossing in parliament, the appointment of senior officials and the role of the prime minister.



The aim was to make Lesotho less prone to political logjams when disagrememnts occur. But lawmakers failed to agree on them in August and they failed to pass.



(Reporting by Tim Cocks; Editing by Andrew Heavens)

Woman looks on as locals queue to cast their ballots during the national elections at Hatimo Village

Lesotho to hold election after years of instability

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil.jpeg" alt="" class="wp-image-413529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



HARARE, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;Australian-listed Invictus Energy Ltd&nbsp;IVZ.AX&nbsp;has started drilling one of two exploration wells for oil and gas in the northern part of Zimbabwe, the company said on Monday.



The 3.5 kilometre (2.17 miles) deep well, situated in the Muzarabani-Mbire area, is part of the Cabora Bassa project in Zimbabwe, which is 80% owned and operated by Invictus through its interest in Geo Associates.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2ZV2CZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Invictus said in a statement that the drilling of the first well, Mukuyu-1, began on Friday and will last between 50 and 60 days.



Mukuyu, which will cost $16 million, is one of the largest oil and gas exploration prospects to be drilled globally in 2022, estimated at 20 trillion cubic feet and 845 million barrels of conventional gas condensate, or about 4.3 billion barrels of oil equivalent, the company said.



Invictus has been prospecting for oil and gas deposits for the past four years in the Cabora Bassa and Zambezi basins.



The company said that Mukuyu-1 will be followed by the 1.5 km deep well, Baobab-1, which will be completed in 30-40 days.



Last month, the company raised additional $17 million to fund the drilling of the exploration wells through private placement.



(Reporting by Nyasha Chingono in Harare; Editing by Anait Miridzhanian and Louise Heavens)

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