The Africa Experts

We have made investing in Africa our business. For you we will make it an opportunity.

Thanks to over 20 years’ experience in Pan African banking, we enable our clients to capitalise on investment opportunities across Africa. With presence in more African countries than any other bank in the world, Ecobank Capital has built an impressive record of successful transactions across many sectors. That is why we are the Africa experts.

Over USD 10 billion in transactions in recent times, and counting…

Ecobank Transnational Incorporated (ETI)

Société Nationale d’Éléctricité du Sénégal Senegal

Government of Côte d’Ivoire Tresor Public Côte d’Ivoire

Société Nationale d’Opérations de la Côte d’Ivoire Petroci, Côte d’Ivoire

Société Africaine de Raffinage (SAR) Senegal

Republic of Benin Benin

USD 2.5 Billion Rights Issue and Offer for Subscription

Sponsoring Brokers

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Hysacam Cameroon

HYSACAMPourunmondedepropreté

FCFA 15 Billion Capex Financing Syndicated Term Loan

Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Dunlop Nigeria

Naira 5.5 Billion Rights Issue and Offer for Subscription

Issuing House / Stockbroker

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

FCFA 120 Billion Structured Receivables Backed and Working Capital Finance

Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATIONORPORATIONORPORA

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

MTN Congo

FCFA 430 Billion Sovereign Bond (7 Bond issuance)

Arranger / Co-Lead Manager

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

AES SONEL Cameroon

FCFA 20 Billion Capex Financing Syndicated Term Loan

Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATIONORPORATIONORPORA

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Government of Ghana

FCFA 40 Billion Capex Financing Syndicated Term Loan

Co-Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

FCMB Nigeria

USD 750 Million Sovereign Bond Issue

Co-Advisors

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATIONORPORATIONORPORA

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Naira 63 Billion Offer for Subscription

Issuing House / Underwriter

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

FCFA 41 Billion Capex and Project Financing Syndicated Term Loan

Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Dangote Sugar Refinery Nigeria

Naira 54 Billion Initial Public Offering Offer for Sale by Dangote Industries Ltd

Issuing House / Stockbroker

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

International Finance Corporation

FCFA 20 Billion Bond Issue Co-Arranger USD 54.3 Million Bond Issue Co-Lead Manager

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

FCFA 80 Billion Debt Restructuring and Structured Crude Oil Financing

Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Diamond Bank Nigeria

FCFA 54 Billion Sovereign Bond Caa Benin 6% 2006 – 2014

Co-Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Government of Senegal Senegal

USD 400 Million Domestic Global Depository Receipt (Gdr) Offering

Issuing House / Underwriter

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Tema Oil Refinery GhanaGhana

FCFA 55 Billion Sovereign Bond TPSN 5.5% 2007 – 2013

Co-Arranger

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Ghana Telecom Ghana

USD 900 Million Financial Restructuring

Advisor

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

USD 900 Million Sale to Strategic Partner

Government Advisor

MEMBER OF THE ECOBANK GROUP ECOBANK DEVELOPMENT CORPORATION

Ecobank Capital www.ecobank.com/capital United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fax: Admin +44 20 7713 7898 Editorial +44 20 20 7841 3211 icpubs@africasia.com www.africasia.com France IC Publications 609 Bat A 77 rue Bayen 75017 Paris Tel: +33 1 44 30 81 00 Fax: +33 1 44 30 81 11 info@icpublications.com www.icpublications.com FOUNDER Afif Ben Yedder Directeur de la publication Editor Anver Versi a.versi@africasia.com Art Director Jason Venkatasamy jason@africasia.com Asociate Editors Tom Nevin Stéphane Vigouroux Gérard Choisnet Ridha Kefi Hichem Ben Yaiche Fériel Berraies Guigny Corespondentat-large Stephen Williams Editorial Asistant Carole Lambert Corespondents in Africa Barnabas Thondlana Leo Odera Omolo Blamuel Njururi Herald Tagama Pini Jason John Ansah Derek Otieno Chris Ndivanga Masupu Rakabane Special Corespondents Moin Siddiqi Dr Karamo Sonko Neil Ford Pini Jason Eluem Izezi Subscriptions: IC Publications PO Box 2068 Bushey, Herts, WD23 3ZF Telephone: +44 20 8950 9117 Fax: +44 20 8421 8155 icpublications@alliancemedia.com www.africasia.com/subs See page 21 for subscription offer details. group Publisher Omar Ben Yedder o.benyedder@africasia.com GENERAL MANAGER Leila Ben Hassen l.benhassen@africasia.com Development Director Patricia Bonnin p.bonnin@africasia.com GROUP Sales Director Tibor Fuchsel t.fuchsel@africasia.com Advertising Sales Directors Medrine Chitty Elisée Marie Ndiana Matthew Nick Rosefield CLASSIFIED ADS classified@africasia.com Ghana Ofice Nana Asiamah Bekoe Tel: +233 21 258058 kwabusek@gmail.com GHANA – SPECIAL PROJECTS AND ADVERTISING Silvia Salvetti Tel: +233 24 910 5995 top@topreports.org SENEGAL OFFICE Nathalie Desanti-Tounkara n.desanti@africasia.com Mobile: +22176 51 51265 SALES & Distribution William Pearson PRODUCTION MANAGER Sandra Segade-Hermida IC EVENTS Anna Rosenberg a.rosenberg@africasia.com Printers Headley Brothers Ltd The Invicta Press Queens Road, Ashford Kent TN24 8HH All pictures AFP unless indicated. Registered with the British Library ISSN 0141-3929 ©2011 IC Publications Ltd

Member of The Audit Bureau of Circulations

N° DE COMMISSION PARITAIRE 0310 K 89343 Mensuel: Février 2011 Dépôt légal

Contents

African Business February 2011 Issue N˚372

12 Cover Story Chasing the tourism dollar

32 Special Report African Mining The big boom

54 Countryfile Tunisia The ‘Flower’ Revolution

Editorial 11 The winds of freedom are blowing Cover Story Chasing the tourism dollar 12 Widening the net 16 Trouble in Paradise 20 Profits with a human face 22 The Sun rises over Zimbabwe Cityview 26 Africa leaner and stronger Topic 28 China targets African consumers Special Report African Mining 32 The big boom 35 Locals demand more 36 S African firms asleep at the wheel? 38 Gold: China leads consumption Diamonds retain a global sparkle 40 Silver and PGMs prices on slippery slope

42 Platinum maintains prices Palladium is best performer Uranium – nuclear future boosts prices Iron ore: Steel giants’

battle for African stake 44 New drill system for gold mining Trends 46 Wal-Mart’s grand African entrance Countryfiles 54 Tunisia: The ‘Flower’ Revolution 56 S Africa: Vaulting into the BRIC club 58 Nigeria: Ban of contention 60 Kenya: Cotton under the cosh 61 Zimbabwe: Polls could wreck economy Books/Music 64 ChocolateNations 66 AfroCubism