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Reuters

Poland's KGHM focused on balance sheet, not dividends

10th October 2018 Polish miner KGHM, one of the world's leading copper producers, is focusing on shoring up its balance sheet rather than any early return to dividends, its new CEO said. Marcin Chludzinski, who was named CEO in June, said he will deliver an updated strategy for the company by the end of the year. 

Codelco plans to raise $1bn in 2019

10th October 2018 Chile's State-owned miner Codelco, the world's largest copper producer, plans to raise up to $1-billion next year to help finance the overhaul of its existing mines, chairperson Juan Benavides said on Tuesday. Benavides also said the company was looking at exploration projects in Brazil, Ecuador... 

China aluminium exports to surge on trade war - CRU

9th October 2018 Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in... 

Ramaphosa to make statement on Nene

9th October 2018 President Cyril Ramaphosa will make a statement on the fate of Finance Minister Nhlanhla Nene on Tuesday at 16:30, his office said, sending the rand firmer. Nene is facing calls to resign after he admitted to visiting the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma who... 

IMF lowers South Africa's economic growth forecasts, urges reforms

9th October 2018 The International Monetary Fund on Tuesday cut South Africa's economic growth forecasts for this year and next, as it urged implementation of reforms to improve policy certainty and the efficiency of State-owned companies. Having stagnated for a decade, Africa's most industrialised economy... 

Telkom Kenya holds talks over two submarine cable landing deals

9th October 2018 Telkom Kenya is in talks with two unnamed parties over partnerships to allow it to sell high speed internet capacity from two undersea data cables that are about to land in the East African nation, its CEO said on Tuesday. The operator, which is the smallest in Kenya behind Safaricom and Bharti... 

ERG bets on cobalt from Congo in quest for growth

9th October 2018 Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal, ERG CE Benedikt Sobotka told Reuters. ERG, a global mining and metals group with Kazakh roots, aims to raise... 

Denel proposes severance packages, salary cuts – union

9th October 2018 South African State arms firm Denel is holding talks with unions over voluntary severance packages, reduced working hours and salary cuts for some staff as it struggles to emerge from a financial crisis, a union official said. The discussions underscore the extent of the financial difficulties... 

Woolworths to trial plastic bag free store

9th October 2018 South African department store chain Woolworths Holdings will remove single-use plastic bags from one of its stores during a six-month trial period in a bid to end plastic pollution, it said on Monday. From November, Woolworths, which also has operations in Australia and New Zealand, will not... 

Mozambique signs oil exploration agreements with Exxon, Rosneft

9th October 2018 The Mozambican government said on Monday it had signed oil exploration agreements with US energy firm Exxon Mobil and Russia's Rosneft. Mozambique's National Petroleum Institute, an energy regulator in the southern African country, said the government was preparing to sign similar agreements with... 

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