Ghana's 2027 Budget proposes changing both where natural-resource income goes and how the state invests it. Finance Minister Cassiel Ato Forson outlined a new revenue-management law, a US$1.5 billion minerals-processing programme and a sovereign wealth fund combining two public investment bodies. The policies could affect mineral-export rights, infrastructure spending and the state's role as an investor, but none is yet an enacted and fully financed programme.

The proposed law would extend revenue-management rules beyond petroleum to gold, lithium, bauxite and other minerals. Petroleum receipts and mineral royalties would finance major infrastructure, while domestic processing targets accelerate towards 2028 and 2030. A merged Minerals Income Investment Fund and Ghana Infrastructure Investment Fund would invest in development projects. Allocating revenues to roads and railways while preserving savings for future generations will require choices that the unpublished legislation has yet to settle.

Angola is pursuing a different route from crude oil to industrial value. State oil company Sonangol's refining subsidiary signed an agreement of principles with Transafrica Fund I for a modular refinery at Soyo. The first phase would process more than 20,000 barrels daily, with a larger expansion envisaged. The previous Quanten-led developer struggled to secure financing and its contractual position has not been publicly resolved. Transafrica's capital commitments remain undisclosed.

Botswana is further along in physical construction but less transparent on debt. Bloomberg reports that India's Jindal Power has signed approximately US$470 million of offshore borrowing for a 700-megawatt coal-fired power project. The lender documentation is unavailable. The developer describes 700 megawatts of capacity, whereas published government procurement arrangements total 600 megawatts. Whether the apparent difference is covered by other power sales remains unknown.

Mozambique's state hydrocarbons company ENH and gas pipeline operator ROMPCO signed a memorandum to study imported liquefied natural gas infrastructure near Inhassoro. ROMPCO's chief executive estimates approximately US$450 million of potential investment to supplement declining gas supplies to South African industry. The preliminary agreement has no disclosed financing or binding gas buyers.

Yesterday's Extractives Daily covered Mozambique's effort to rescue the delayed Temane gas-fired power plant. That project expects gas from the same southern basin whose declining output is prompting consideration of LNG imports. The investments have different purchasers and contractual risks.

Across Ghana, Angola, Botswana and Mozambique, the decisive constraint is whether announced allocations, partner agreements, loans and infrastructure plans become enforceable claims on revenue. That depends on statutory safeguards, financed capital budgets, reliable purchasers and allocation of costs when assumptions change.

Ghana's Finance Minister Cassiel Ato Forson presented three connected proposals in the 2027 Budget on 12 November: new legislation for petroleum and mineral income, a US$1.5 billion mineral-processing programme and a sovereign wealth fund merging two existing public institutions. None has yet been implemented.

The proposed Natural Resource Revenue Management Act would replace the Petroleum Revenue Management Act and extend its scope to gold, lithium, bauxite and other mineral revenues. Forson proposed dedicating petroleum receipts accruing to the budget and mineral royalties to the Western Corridor Railway during 2027–2028. Linking Takoradi to Nsuta, Awaso and Nyinahin, it would serve mineral-producing districts and proposed processing facilities.

The minister expressly pledged to construct the railway without borrowing, using those revenues instead. This is a government financing intention, not proof of sufficient funds or fixed costs. Detailed feasibility, design, costing and environmental studies remain under way. Forson said a separate Accra–Kumasi Expressway account held US$2.2 billion and GH¢9 billion on 11 November, approximately US$3 billion combined; those balances are not financing committed to mineral processing.

The four-year US$10 billion New Economy programme proposes US$1.5 billion for minerals value addition and GH¢30 billion for its wider first-year programme. By December 2027 Ghana targets domestic refining of 70% of artisanal and small-scale gold; by December 2028, 100%, with raw exports from that segment then prohibited. It targets processing 50% of bauxite and manganese domestically by 2028 and 100% by 2030. Different technologies require separate plants, energy supply, transport and funding. The allocation is not confirmed project financing.

The proposed Ghana Sovereign Wealth Fund would merge the Minerals Income Investment Fund (MIIF), which manages mineral-royalty investments, with the Ghana Infrastructure Investment Fund (GIIF), an infrastructure investment platform. Transfer valuations, liabilities and governance arrangements remain undisclosed.

Extractives Daily covered Ghana Bauxite Company's proposed US$250 million Awaso financing arrangement on 29 October. That corporate transaction is separate from the budget's proposed state-financed railway.

Replacing the petroleum law raises a governance question: will the new framework preserve the savings and stabilisation functions associated with Ghana's Heritage and Stabilisation Funds, or subordinate them to infrastructure spending? The unpublished bill does not answer it.

Export restrictions must be matched to processing capacity. Gold Fields' Tarkwa mine faces an April 2027 lease-renewal deadline amid changing fiscal policy. Its renewal is a near-term test of commercial predictability, although the proposed artisanal-gold export ban does not directly apply to Tarkwa's industrial production.

Sources: 2027 Budget speech, Western Corridor Railway | Ghana News Agency, revenue law | Ghana gold-refining targets | Ghana News Agency, sovereign wealth fund | Gold Fields, Tarkwa lease risk | Extractives Daily, 29 October, Awaso financing

Sonangol Refinação e Petroquímica, the refining subsidiary of Angola's state oil company, announced an agreement of principles with Transafrica Fund I, managed by Singapore-based Transafrica Capital, on 12 November for the Zaire Petrochemical Project at Soyo. Reports differ on whether the agreement was signed on 11 or 12 November.

The planned first phase is a modular refinery processing more than 20,000 barrels of Angolan crude per day into domestic fuel products. A potential later expansion could reach approximately 110,000 barrels daily. Neither phase has a disclosed final investment decision or completed financing package.

The Quanten-led consortium won the tender for an earlier 100,000-barrel-a-day Soyo project in 2021. In June 2024 Angola's petroleum minister said Quanten was struggling to secure financing and had received an ultimatum; termination would follow if it failed to meet the deadline. In December 2025 the minister said Soyo remained under re-evaluation. No completed termination or resolution of Quanten's contractual rights has been established.

The Transafrica agreement does not disclose the fund's committed capital, future ownership shares, lender support or crude and product contracts. Companies in the China National Petroleum Corporation group reportedly provided technical support, not confirmed equity or loans.

Soyo is receiving another proposed partner, not an operating refinery. Transafrica must demonstrate investable capital, competitive refinery economics and funded construction contracts. The government must also clarify how Quanten's earlier rights stand: unresolved rights could create competing claims or compensation risk, although no such claim has been established.

Separate investment budgets are needed for the modular first phase and larger potential expansion.

Sources: African Energy Chamber, 12 November signing account | Lusa, 12 November, Transafrica agreement | Ver Angola, June 2024 conditional ultimatum | Ver Angola, December 2025 re-evaluation

Bloomberg reported on 13 November that India's Jindal Power had signed approximately US$470 million in nine-year offshore financing for its Mmamabula coal-fired power project in Botswana, citing unnamed people familiar with the arrangement. Neither Jindal nor the named lenders has publicly announced the facility.

Axis Bank, ICICI Bank and the Export-Import Bank of India reportedly provided the facility, with syndication to other lenders contemplated. The reported margin is 300–325 basis points above the Secured Overnight Financing Rate (SOFR), with borrowing costs expected to decline after commissioning. Bloomberg reports foreign-currency-linked revenues could partially hedge currency risk; neither loan documents nor project revenue contracts were obtained.

Jindal advertises a 700-megawatt plant targeting commissioning in December 2026, with two 350-megawatt phases. Botswana Power Corporation (BPC) signed an initial 300-megawatt, 30-year power-purchase agreement in July 2023, after which the government announced a further 300 megawatts of procurement. These published figures describe 600 megawatts of intended state supply, not the same split as Jindal's development description.

The status of the additional procurement, and whether the apparent 100-megawatt difference has other binding buyers, remains unverified. These disclosures cannot establish a precise contracted-versus-uncontracted output allocation.

The reported Indian-led loan illustrates financing available for coal power as many international banks restrict coal exposure. But debt service depends on contracted electricity payments, commissioning performance and reliable counterparties rather than plant capacity alone.

Lender confirmation, BPC's current offtake schedule, any export contracts and commissioning results will establish whether the reported financing has dependable revenue support.

Sources: Bloomberg via Investing.com, 13 November | Jindal Power, project | Botswana DailyNews, 2023 power-purchase agreement | Mmegi, additional procurement

Mozambique's state hydrocarbons company ENH and pipeline operator ROMPCO signed a memorandum of understanding on 12 November to examine the Inhassoro-to-Beira liquefied natural gas (LNG) import project. It covers possible receiving, storage, regasification and transport infrastructure, not an approved development.

ROMPCO operates the 865-kilometre pipeline carrying gas from Mozambique's Pande and Temane fields to South Africa. Sasol operates the venture with 20% ownership; Mozambican and South African state companies hold 40% each.

ROMPCO chief executive Mlandzeni Boyce told Bloomberg that a floating LNG storage and regasification unit near Inhassoro and a link to the existing pipeline could cost approximately US$450 million. A joint-development agreement is targeted for January 2027 and commissioning could follow from 2030. ENH separately signed an LNG feasibility memorandum with Sasol on 11 November. Neither agreement amounts to project financing or LNG purchase commitments.

The proposal addresses declining southern gasfield production. ROMPCO expects supplies could come from Mozambique's domestic allocation from northern LNG projects, but no purchase contract has been disclosed. A separate proposed terminal near Maputo could also feed the ROMPCO system, potentially competing for customers and pipeline capacity.

The delayed 450-megawatt Temane power station, examined in Extractives Daily on 12 November, relies on gas from the same southern basin whose output is declining. Its financial restructuring and this import proposal involve different buyers and obligations, but both depend on sustainable regional gas economics.

Imported LNG must cover shipping, regasification and pipeline costs. Bankability requires customers able to pay delivered prices, clear pipeline-access rights and credible supply contracts.

Sources: Green Building Africa, ENH–ROMPCO MoU | Bloomberg via Moneyweb, 13 November | Sasol–ENH signing, 11 November | Extractives Daily, 12 November, Temane power

Amigo Resources | LSE: AMGO. Released 13 November, 07:00 GMT. The listed mineral-investment company submitted a draft combined circular and prospectus to the UK Financial Conduct Authority for its proposed US$33 million Kamiesberg mineral-sands acquisition in South Africa. The project contains ilmenite, rutile, zircon and monazite-bearing sands. The filing is not regulatory approval or completion. The company targets 31 January 2027, subject to FCA, London Stock Exchange and shareholder approvals, with a 31 March long-stop date. Extractives Daily covered the initial agreement on 29 September.

Open: When will an approved prospectus and shareholder timetable be published?

Source type: Exchange announcement. Sources: Amigo, 13 November RNS | Amigo, 28 September acquisition terms | Extractives Daily, 29 September

Helium One Global | AIM: HE1. Released 13 November, 07:00 GMT. Audited results showed US$6.55 million of cash at 30 June 2026, up from US$3.15 million a year earlier, while comprehensive annual losses narrowed to US$3.41 million. Helium One holds 83% of Tanzania's Songwe Helium venture, which is seeking a development partner for Southern Rukwa. The company raised approximately £3 million in October. These results are an updated financial position, not a new production milestone.

Open: What investment terms will finance Southern Rukwa's next phase?

Source type: Audited issuer results. Sources: Helium One, 13 November | Extractives Daily, 2 November

This section identifies listed companies with exposure to the commodities and jurisdictions covered above, so that readers can compare how the same country or sector development may affect different operators. It covers named participants in today's stories first, then other listed companies active in the same jurisdiction on the same commodity.

Exposure varies enormously in both size and directness, and several of the most important operators in these jurisdictions are private or state-owned and therefore absent. Inclusion is not investment advice or a recommendation to buy or sell any security.

Newmont | NYSE: NEM. Ghana gold producer; mineral-revenue and fiscal-policy exposure, not a named processing-programme financier.

AngloGold Ashanti | NYSE: AU | JSE: ANG. Obuasi and Iduapriem gold producer; domestic operating comparator.

Gold Fields | JSE: GFI | NYSE: GFI. Operates Tarkwa, where five of its six mining leases and the development agreement setting fiscal terms expire in April 2027; its sixth lease, covering Teberebie, expires in 2043. Renewal remains unresolved; Damang transferred to Engineers & Planners in April 2026.

Galiano Gold | TSX: GAU | NYSE American: GAU. Asanko gold mine operator; domestic comparator.

Atlantic Lithium | AIM: ALL | ASX: A11. Developer of Ewoyaa lithium project; potentially affected by domestic processing requirements.

Tullow Oil | LSE: TLW. Ghana offshore producer; petroleum-revenue-policy exposure.

Kosmos Energy | NYSE: KOS. Ghana offshore producer; petroleum fiscal comparator.

Eni | Borsa Italiana: ENI | NYSE: E. Azule Energy upstream partner; not an identified Soyo refinery investor.

bp | LSE: BP | NYSE: BP. Azule Energy upstream partner and sector comparator, not a Soyo financier.

Axis Bank | NSE: AXISBANK. Reported lender to Jindal; facility and exposure not independently announced.

ICICI Bank | NSE: ICICIBANK. Reported lender; individual commitment unverified.

Jindal Power and Export-Import Bank of India are not publicly listed equity issuers.

Sasol | JSE: SOL | NYSE: SSL. ROMPCO operator and 20% owner; direct pipeline exposure.

TotalEnergies | Euronext Paris: TTE | NYSE: TTE. Northern Mozambique LNG operator; possible future gas source, with no southern-terminal supply agreement.

Eni | Borsa Italiana: ENI | NYSE: E. Separate Mozambique LNG operator; comparator, not an ENH–ROMPCO counterparty.

Amigo Resources | LSE: AMGO. Proposed Kamiesberg mineral-sands acquirer, subject to regulatory and shareholder approvals.

Helium One Global | AIM: HE1. Holds 83% of Songwe Helium, developer of Southern Rukwa; farm-out pending.