Company News in Brief

Angola expands beyond oil as first major copper mine starts productionAngola’s first major copper mine, Tetelo, is set to begin production soon, marking a significant step in the country’s efforts to diversify its economy beyond oil and tap into clean energy minerals, Mines Minister Diamantino Azevedo announced on Wednesday.The $250 million project, owned by China’s Shining Star Icarus, is expected to produce around 25,000 metric tons of copper concentrate annually during its first two years.The mine will start as an open-pit operation, with underground mining scheduled to commence in the second half of 2026, according to Reuters.The launch of Tetelo reflects Angola’s growing ambition to attract investment into critical minerals that support the global clean energy transition.Copper, alongside lithium, cobalt, and nickel, is crucial for renewable energy technologies, including electric vehicles and solar systems.-REUTERSAliko Dangote becomes the first African to hit the $30 billion markAs of October 23, 2025, Aliko Dangote's net worth has increased by $2.16 billion year-to-date, reaching a total of $30 billion.His net worth’s last change in valuation comes in at +$430 million as per Bloomberg’s index.A couple of weeks back, the same index had Dangote’s net worth at $29.6 billion, $400 million away from entering the $30 billion club.Just recently, he was just $200 million shy of the mark, with a net worth of $29.8 billion.Dangote's net worth surge is in line with the inauguration of a $160 million cement plant in Attingué, roughly 30 km north of Abidjan, Côte d'Ivoire.The 50-hectare facility has the capacity to produce three million metric tonnes per year, making it one of the company's largest sites outside Nigeria.-REUTERS MultiChoice-backed gaming company building studios in South AfricaITThynk, a South African technology firm backed by the MultiChoice Innovation Fund (MIF), aims to keep the South African gaming market, valued at an estimated R7 billion, local.The company is concerned that nearly all of the value within South Africa’s gaming market leaves the country, and its mission is to change that. Part of its plan includes building local gaming studios.“South Africa’s gaming market is worth an estimated R7 billion, but nearly all of it leaves the country,” said ITThynk CEO Raymond Ledwaba.The Johannesburg-based company is backed by the MIF and the National Treasury’s Jobs Fund. It is currently building local gaming studios, training young developers, and creating original African titles.It also delivers enterprise software and artificial intelligence solutions to clients, including South Africa’s communications regulator, Icasa, and the South African National Space Agency.It has also delivered systems for the University of the Witwatersrand and the Government Employees Medical Scheme.Jeffrey Ledwaba and Gideon Ogongo founded ITThynk in 2005, initially establishing the company as a consulting firm. Raymond Ledwaba took over in 2017 after first working at PwC and Absa.Under his leadership, the company has expanded into the enterprise technology and creative industries. Today, its projects range from software development and AI solutions to gaming.Some of its prominent partners include Microsoft and Amazon Web Services, which provide the backbone to scale these solutions.-MyBroadband Famous Brands lifted by easing inflationRestaurant group Famous Brands says it is beginning to benefit from improving South African economic conditions, including interest rate cuts, easing inflation, and a rise in foot traffic as more employees return to offices — despite ongoing pressure on consumers from high unemployment and rising household debt.Darren Hele, CEO of Famous Brands, said on Wednesday that South African “consumer spending is constrained due to high unemployment, household indebtedness, and elevated inflation” in recent years.Moreover, the online betting and gambling industry was also increasingly competing for a share of consumers’ discretionary spend.Nonetheless, Famous Brands is seeing strong tailwinds that include “easing inflation, interest rate cuts and increased return-to-office traffic” which is “boosting restaurant” activity although basket sizes remain under pressure. This was mainly because of depressed consumers continuing to seek value in an increasingly competitive environment. This includes “competition from supermarket retailers’ rapid delivery” offerings that are proving to be popular with consumers.-Business Report IOL

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