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Reuters

Absa PMI fell for a third consecutive month in October

1st November 2018 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell further in October due to declines in new orders, business activity and employment, a survey showed on Thursday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in... 

Ecuador aims to more than double mining value to GDP by 2021

1st November 2018 Ecuador, the world's shining light for copper prospects, aims to more than double the value of mining to its economy by 2021 and is seeking more joint venture partners for its state-owned mining company, a senior government official said on Thursday. Ecuador is being hailed as the biggest... 

Nornickel says Q3 nickel output up 9% q/q

31st October 2018 Russia's Norilsk Nickel (Nornickel) said on Wednesday its consolidated nickel production was at 53 739 t in the third quarter of 2018, up 9% quarter-on-quarter. Nornickel, one of the world's largest nickel and palladium producers, also said its palladium production totalled 699 000 troy ounces,... 

Glencore hikes coal cost savings forecast by 50%

31st October 2018 Recent mine acquisitions have helped Glencore Plc achieve 50% more cost savings in its coal business than it had targeted, the world's biggest exporter of coal for power plants said on Wednesday. Glencore had expected to achieve annual cash savings of more than $300-million in its coal business... 

Chile's antitrust court rejects appeals against Tianqi deal

31st October 2018 Chile's antitrust court on Tuesday rejected appeals filed against its authorization of Tianqi Lithium's $4.1-billion purchase of a stake in lithium producer SQM, Tianqi said on Tuesday. The decision marks the latest legal victory for Tianqi, a Chinese miner seeking to acquire 2%of Chile's SQM,... 

Merkel looks to Africa to cement a legacy shaped by migration

30th October 2018 German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership. Merkel announced on Monday she would retire from politics by... 

US steel tariff fight stirs up a swarm of WTO litigation

30th October 2018 The United States urged European Union governments on Monday to reflect on whether it was really in their interest to go ahead with a trade dispute over US metals tariffs, and said it was hopeful of settling the issue with Mexico and Canada. The US tariffs attracted an unprecedented seven... 

S&P's says concerned about South Africa's fiscal consolidation, land reform

30th October 2018 South Africa's sovereign rating risked being downgraded due to concerns about the postponement of fiscal consolidation and lack of clarity around land expropriation, a senior S&P's Global Ratings analyst said on Tuesday. Recession-hit South Africa last week unveiled a bleak budget that saw wider... 

Nigerian court adjourns case between MTN, central bank to Dec 4

30th October 2018 A Lagos judge adjourned a hearing on Tuesday in a $10.1-billion dispute between South African telecoms firm MTN Group and Nigeria's central bank to Dec 4. The central bank alleges the firm illegally sent $8.1-billion abroad, and the Nigerian government has demanded $2-billion in taxes from MTN. 

Offgrid firm BBOXX targets two new African markets with EDF – CEO

30th October 2018 UK-based off-grid power company BBOXX is looking to enter two new African markets in partnership with France's EDF Group next year as it capitalises on growing interest in the sector from large energy companies, its chief executive said on Monday. The two companies announced last week that the... 

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