A Friday with an unusual amount of property changing hands: a refinery selling itself to the retail public, a warehousing group being sold out from under its former owner by a court officer, a mine selling the rock it already threw away. The catalogue, in the order the desk read it.
Lot 1: a share register in Lagos, 4.1 billion shares at 525 naira
Dangote Petroleum Refinery opened its offer on 14 September seeking 2,150 billion naira, about 1.6 billion dollars, and between 1,400 and 1,500 billion naira was subscribed in the first six hours, roughly 70 percent of the book, with enough traffic to knock the Bamboo and Cowrywise platforms over. The offer stays open to 13 October. The money funds the walk from about 700,000 barrels a day to 1.4 million, against first-half 2026 net profit of 1.82 billion dollars on revenue above 13 billion. Nairobi wants a piece of the paper: NSE chief executive Frank Mwiti says talks on a cross-listing are already underway, which would put East African savings into West African crack spreads for the first time.
Lot 2: the waste rock at Konkola, 498 million dollars
KCM has signed a 498 million dollar deal with a Chinese firm to build a leaching plant on its mine waste, billed as the largest facility of its kind in Africa. Tailings retreatment is an acid business before it is a copper business, so the reagent line matters as much as the leach kinetics. The timing is kind: COMEX copper settled at 6.658 dollars per pound on 18 September, up 5.2 percent on the day, and Cochilco this week attributed firmer physical demand to industrial recovery in China and exchange inventory behaviour.
Lot 3: Access World, sold by a bailiff in Amsterdam
A Dutch bailiff has begun auctioning Glencore's former metals logistics unit, the sale following an Amsterdam District Court ruling on 2 July that rejected Glencore's attempt to buy the business back. Access World sheds are where LME warrants live, so whoever takes the keys inherits a piece of the plumbing under metal financing.
Lot 4: the National Railways of Zimbabwe balance sheet, 115 million dollars
NRZ is seeking a 115 million dollar Afreximbank loan for the state rail operator, which since July has been hauling lithium concentrate to Maputo with private partners. Maputo is the cheap door for anything leaving the interior, and it competes with Beira for fertiliser moving the other way. Freight is not making the case any easier: the Baltic Dry Index rose 34 points to 3,370 on 18 September, while the Panamax index fell 41 points week on week to 2,407 with the demand-to-supply ratio at 0.91.
Lot 5: a box cut in the Congolese phosphate belt
Kropz reports continued construction of the box cut at its Hinda phosphate project, the first earth moved on a mine that would put new rock within barge distance of the Atlantic. DAP sat at 800 dollars a tonne on 18 September, unchanged on the prior print, which is the sort of flat that keeps greenfield phosphate financeable and keeps African blenders complaining.
Also in the catalogue
Venezuela's 31 tonnes of London-vaulted bullion, about 4 billion dollars, moved closer to a transfer to New York and use as loan collateral. A second fuel depot in Kikwit burned inside a week, cause unknown, in a province already served by one thin road. Brent fell 5.5 percent to 99.83 dollars a barrel, through the hundred line; CBOT wheat rose 1.6 percent to 718 cents a bushel. Maharashtra's sugar commissioner has taken 127 mill applications for 2026-27 crushing licences into a short cane crop. Ineos started up the European Union's largest carbon capture and storage project in Denmark, aiming at 8 million tonnes of CO2 a year by 2030.