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Absa PMI falls in January as business activity slips

1st February 2019 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell in January as four out of five measures of factory performance declined, led by slumps in new orders and business activity, the survey showed on Friday. The index, which gauges manufacturing activity in Africa's most... 

Codelco reaches deal with two Chuquicamata unions

1st February 2019 Chile's Codelco's, the world's top copper miner, said on Thursday it had reached an agreement on the contract for two unions at its sprawling Chuquicamata copper mine in the north of the country. The agreement, which covers 611 workers, includes a salary increase of 1.2% and signing bonuses for... 

India's Vedanta sinks 20% to 2-1/2-year low

1st February 2019 Shares of India’s Vedanta slumped to a two-and-a-half-year low on Friday after analysts expressed concerns over an investment by the parent company of the conglomerate in African miner Anglo American. Vedanta said on Thursday its foreign unit Cairn India Holdings had paid $200-million to buy a... 

Polymetal to shun M&A in 2019, focus on asset sales

1st February 2019 Russian gold and silver producer Polymetal said on Thursday it will focus on asset sales in 2019 rather than getting involved in industry consolidation. "The pressure from at least some of our shareholders has been to grow smaller or to grow more focused to reduce the number of assets in our... 

Trans-Gambia bridge a boon for trade, but a blow for local traders

31st January 2019 A gleaming new bridge in West Africa is transforming transport between Gambia and Senegal, but spells disaster for traders making a living off travellers making the agonising wait to catch a ferry across the Gambia River. Gambia is a sliver of land on either side of the river cutting through the... 

Record output drives revenue at Russia's Polymetal up 11% in Q4

31st January 2019 Russian gold and silver producer Polymetal reported on Thursday an 11% rise in fourth quarter revenue, compared to a year earlier, on record high production following a full ramp-up at its mine in Kazakhstan. The London-listed firm, part-owned by businessman Alexander Nesis, launched the Kyzyl... 

Trade surplus widens in December

31st January 2019 South Africa's trade balance recorded a surplus of R17.17-billion in December from a revised R3.29-billion surplus in November, official data showed on Thursday. Exports fell by 13.4% on a month-on-month basis to R102.75-billion in December, while imports decreased 25.8% to R85.58-billion, the... 

Anglo American lays off 180 workers at Chile copper mine

31st January 2019 Global miner Anglo American laid off 180 workers at its flagship Los Bronces mine in central Chile, part of a plan to boost productivity at the deposit that has raised the ire of some of its unionized workers. The layoffs were necessary to combat rising costs at the mine, Anglo American said in... 

Gungubele denies corruption allegations at PIC

30th January 2019 South Africa's Deputy Finance Minister and chairperson of the State-owned Public Investment Corporation (PIC), Mondli Gungubele, said on Wednesday he had done nothing wrong after a whistleblower made new corruption allegations at the pension fund. "I am confident I have done nothing wrong," he... 

South Africa's largest labour union plans nationwide strike over mass layoffs

30th January 2019 South Africa's largest labour union group, with more than a million and a half members, said on Wednesday it would stage a nationwide strike on Feb. 13 over large-scale layoffs at ailing state-owned firms and at private companies. The decision by the Congress of South African Trade Unions... 


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