A universal bank that caters for all sectors of the economy, including agriculture, domestic trade, finance, transport and fisheries, the Commercial Bank of Eritrea is committed to a dynamic financial sector in Eritrea.

With a mission to provide credit facilities for Eritreans to realize their business dreams, the Bank enjoys an 85percent share of the market, making it the largest commercial institution in the country.

General manager Yemane Tesfay is convinced that Chinese participation will add extra value and efficiencies to the bank and its clients, and bring much-needed competition to the banking sector.

“As a banker for 30 years, I am pro-competition, so a Chinese investor taking control of the management of the bank would be good for Eritrea and good for the investor.

“We have a network of branches all over the country, even in the rural areas, so there is a solid base laid. The infrastructure is there, the reputation is there, public confidence is there and on top of all that, we have a young and educated workforce and can communicate in different languages. Taking China’s general interest in Africa into account, I am optimistic it will be beneficial for both sides.”

Internationally minded

Tesfay believes it is the bank’s asset base and capitalization under the Basel II agreement that secured its inclusion as one of The Banker magazine’s Top 100 African Banks.

The bank also prides itself on having relationships with around 30 correspondent banks in Europe, the US and the Far East, and on being a member of the SWIFT family.

These factors, along with a computerized banking system and systematic training programs for staff, all point to an internationally minded institution. “We would like to establish more links with China,” Tesfay said. “If there are goods and services going back and forth between the two nations, there is no reason why we cannot have a strong relationship.

“Being State-owned, our banks are not as efficient as they could be. Chinese investors can enjoy the first-bird advantages if they come and participate now. It will be a pleasure to serve their investments.”

Source: China Daily

VANCOUVER, BRITISH COLUMBIA, Sep 08, 2010 (MARKETWIRE via COMTEX) — Kin Communications Inc. is pleased to announce that its client, Nevsun Resources Ltd. (CA:NSU 5.27, -0.16, -2.95%) (NSU 5.10, -0.06, -1.16%) , reached $1 billion market capitalization.

Nevsun shares hit a 52-week high of $5.45 pushing it over the $1 billion milestone. The milestone was reached following an announcement by the company in August that it had bought out a third party royalty on its 60% owned Bisha gold and base metals project in Eritrea, East Africa.

“We have had a fantastic year and we expect our growth to continue as we move from construction to commercial production in 2011,” said Cliff T. Davis, President and Chief Executive Officer, Nevsun Resources. “This rally in our share price and trading volumes demonstrates the confidence the market has in Nevsun and rewards the hard work we have put into the Bisha project in the Eritrea.”

Bisha will be the first modern mine permitted and built in Eritrea and will set the stage for subsequent development. Nevsun is well positioned to take advantage of the geologic potential in this area of East Africa through strong government relationships, zero debt and a number of very good exploration targets in the immediate area.

The Bisha mine is on track for commissioning in Q4 2010, and is expected to produce over 400,000 ounces of gold annually at a conservative operating cost of less than $250/oz during its first two years of operation.

“This is a significant achievement for Nevsun and we are proud to represent Nevsun in our portfolio of clients,” said Arlen Hansen, President of Kin Communications. “We continue to believe that significant upside remains for shareholders as the company trades at a much lower cash flow per share multiple than industry comparables based on first 5 years of projected Gold/Base Metals production.”

Current valuations do not consider upside associated with open-pit and underground potential at Bisha as well as regional exploration potential associated with Nevsun’s Eritrean land position.

Nevsun marks the second of Kin’s clients to reach the $1 billion market cap milestone.

Kin Communications celebrated Nevsun’s milestone along with Kin’s third anniversary. Kin is a full service investor relations firm specializing in mineral resource companies since Kin’s inception, clients raise over $438m since October 2007.

Kin Communications Inc.

Cristina Bittante, VP Marketing and Investor Relations

Contacts:

Eritrea

Pursuant to the Sunridge Gold Corp. (SGC/TSX.V) shareholder approved Stock Option Plan, the Directors have today granted Incentive Stock Options to one officer and one consultant on 450,000 shares of the Company’s capital stock, exercisable for up to five years at a price of $0.50 per share, which price is the last closing price of the Company’s shares prior to the date of grant.

The options granted will vest under normal vesting terms and will be subject to any applicable regulatory hold periods.

ABOUT SUNRIDGE:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.

Sunridge has approximately 76 million shares outstanding and approximately $4.8 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Don Halliday or Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

“Michael Hopley”

Michael Hopley, President and Chief Executive Officer

By Olad Hassan

Zimbabwe is entering a new era in relations with the world amid signs of increasing investor interest and the ongoing negotiations between ZANU PF and MDC to lay out a new political direction for the country.

The list of talks and events is long, starting from the meetings between the country’s two main parties on issues such as power sharing, government posts, economy and media reforms to this week’s ZANU PF party congress, where delegates are going to discuss the future of the party and who is going to continue leading ZANU PF.

On the side lines the country’s Finance Minister has recently announced that the Zimbabwean economy (GDP) will grow by 7 percent in 2010. The budget for next year includes a reduction of corporate tax to 25 percent from 30 percent, a move welcomed by companies and investors. The Minister hopes that a substantial part of the money for the Budget will come from the countries vast mining resources.

Investors should look out for Zimbabwe as a potential investment opportunity as mining shares seem to be undervalued given the vast mining potential of the country.

However, analysts say as long as there is no better access to capital for mining companies and no trustworthy unity government in place investors should be cautious to gamble their money.

At the other hand shares of mining companies in Zimbabwe can be obtained at a very low price which might yield high returns in future. Bargains always come with a risk and Zimbabwe certainly appears to be an uncertain destination for investors.

But the fact that mining companies in Zimbabwe are re-opening and some have already managed to find financiers in order to start production is encouraging.

For example the Chinese ahead of time entered the mining market and recently expressed their interest to upgrade the countries transport infrastructure. Western companies such as Anglo American announced to invest millions in order to explore platinum and several locally owned mines have by now started producing and exporting natural resources.

Companies to watch out are:

Mwana Africa PLC. (LON:MWA)

Caledonia Mining Corporation (OTC:CALVF)

HARADHEERE, Somalia (Reuters) – In Somalia’s main pirate lair of Haradheere, the sea gangs have set up a cooperative to fund their hijackings offshore, a sort of stock exchange meets criminal syndicate.

Heavily armed pirates from the lawless Horn of Africa nation have terrorised shipping lanes in the Indian Ocean and strategic Gulf of Aden, which links Europe to Asia through the Red Sea.

The gangs have made tens of millions of dollars from ransoms and a deployment by foreign navies in the area has only appeared to drive the attackers to hunt further from shore.

It is a lucrative business that has drawn financiers from the Somali diaspora and other nations — and now the gangs in Haradheere have set up an exchange to manage their investments.

One wealthy former pirate named Mohammed took Reuters around the small facility and said it had proved to be an important way for the pirates to win support from the local community for their operations, despite the dangers involved.

“Four months ago, during the monsoon rains, we decided to set up this stock exchange. We started with 15 ‘maritime companies’ and now we are hosting 72. Ten of them have so far been successful at hijacking,” Mohammed said.

“The shares are open to all and everybody can take part, whether personally at sea or on land by providing cash, weapons or useful materials … we’ve made piracy a community activity.”

Haradheere, 400 km (250 miles) northeast of Mogadishu, used to be a small fishing village. Now it is a bustling town where luxury 4×4 cars owned by the pirates and those who bankroll them create honking traffic jams along its pot-holed, dusty streets.

Somalia’s Western-backed government of President Sheikh Sharif Ahmed is pinned down battling hardline Islamist rebels, and controls little more than a few streets of the capital.

The administration has no influence in Haradheere — where a senior local official said piracy paid for almost everything.

“Piracy-related business has become the main profitable economic activity in our area and as locals we depend on their output,” said Mohamed Adam, the town’s deputy security officer.

“The district gets a percentage of every ransom from ships that have been released, and that goes on public infrastructure, including our hospital and our public schools.”

RISK VS REWARDS

In a drought-ravaged country that provides almost no employment opportunities for fit young men, many are been drawn to the allure of the riches they see being earned at sea.

Abdirahman Ali was a secondary school student in Mogadishu until three months ago when his family fled the fighting there.

Given the choice of moving with his parents to Lego, their ancestral home in Middle Shabelle where strict Islamist rebels have banned most entertainment including watching sport, or joining the pirates, he opted to head for Haradheere.

Now he guards a Thai fishing boat held just offshore.

“First I decided to leave the country and migrate, but then I remembered my late colleagues who died at sea while trying to migrate to Italy,” he told Reuters. “So I chose this option, instead of dying in the desert or from mortars in Mogadishu.”

Haradheere’s “stock exchange” is open 24 hours a day and serves as a bustling focal point for the town. As well as investors, sobbing wives and mothers often turn up there seeking news of male relatives missing in action.

Every week, Mohammed said, gang members and equipment were lost to the sea. But he said the pirates were not deterred.

“Ransoms have even increased in recent months from between $2-3 million to $4 million (2.4 million pounds) because of the increased number of shareholders and the risks,” he said.

“Let the anti-piracy navies continue their search for us. We have no worries because our motto for the job is ‘do or die’.”

Piracy investor Sahra Ibrahim, a 22-year-old divorcee, was lined up with others waiting for her cut of a ransom pay-out after one of the gangs freed a Spanish tuna fishing vessel.

“I am waiting for my share after I contributed a rocket-propelled grenade for the operation,” she said, adding that she got the weapon from her ex-husband in alimony.

“I am really happy and lucky. I have made $75,000 in only 38 days since I joined the ‘company’.”

(Writing by Daniel Wallis; Editing by Jon Boyle) Source: (Reuters)