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Reuters

Fitch says SA outlook positive, could improve

14th March 2011 South Africa's sovereign rating, revised upwards to stable from negative in January, could improve further over the long term, a senior Fitch official said on Monday. "South Africa is currently on a positive outlook and we're very happy with it," Roland Cooper, Africa director, told Reuters. 

Aveng H1 profit down, outlook tough

14th March 2011 Aveng, Africa's largest builder by market value, posted a 35% drop in first-half profit on Monday and said challenging domestic contsruction conditions would limit overall revenue growth. The South African-based builder said headline earnings per share totalled 106,8c for the six months to... 

Zimbabwe to set up wealth fund to own 51% of mines

9th March 2011 Zimbabwe will effectively nationalise half of the country's key resources sector by setting up a sovereign wealth fund to own 51% stakes of mining companies, a government minister said on Wednesday. Saviour Kasukuwere, minister of youth empowerment and indigenisation, said the government in the... 

MTN FY profit up 20%

9th March 2011 South Africa's MTN Group posted a 20% rise in full-year profit on Wednesday and sharply lifted its dividend payment, as benefits from strong subscriber growth in emerging markets. MTN, Africa's largest mobile phone operator, said adjusted headline earnings per share totalled 909,1 cents for the... 

Gold near record, silver at 31-year peak on Libya

7th March 2011 Gold rose to near a record high and silver jumped to its highest in more than three decades on Monday on inflation worries triggered by rising oil prices as widening clashes in Libya deepened fears the country was on the brink of a civil war. Troops loyal to Muammar Gaddafi launched... 

Peru police clash with wildcat miners, one dead

2nd March 2011 A clash between Peruvian police and wildcat gold miners resulted in the death of one miner and the wounding of 14 others on Tuesday at a protest against the army's seizure of illegal dredges in the Amazon basin, a witness said. It was the latest violent conflict over natural resources to flare... 

South Africa sugar output seen at 1,911Mt

1st March 2011 South Africa's 2010/11 sugar output is estimated at 1,911-million tons, slightly down from a previous 1,912-million tons forecast, the latest estimate by the South African Sugar Association (SASA) showed. Sugarcane crush forecast was unchanged at 16,016-million tons, the industry association,... 

Buenaventura eyes huge expansion at Cerro Verde

25th February 2011 Miner Buenaventura said Friday shareholders will decide "in several weeks" on a plan to double or triple output the Cerro Verde copper-molybdenum mine in southern Peru. The mine, Peru's No. 3 copper producer, which mined 308 370 tonnes of copper last year, is majority-owned by Freeport-McMoRan.... 

Fresnillo to focus on expansion

23rd February 2011 Mexican miner Fresnillo said it plans to invest $800-million in 2011 for expanding projects and exploration and downplayed any acquisition plans for the time being. Fresnillo's Chief Executive Jaime Lomeli told reporters on Wednesday that the company, which listed in London 2-1/2 years ago, will... 

SA economy to grow 3,4% this year

23rd February 2011 South Africa's economy is likely to grow 3,4% this year, a shade slower than the 3,5% forecast last October, Finance Minister Pravin Gordhan said on Wednesday. In his 2011/12 budget speech, Gordhan maintained his 2012 and 2013 GDP growth forecasts at 4,1% and 4,4% respectively. 

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