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Bloomberg

IDC sues Gupta-linked firms to recover debt

13th December 2017 South Africa’s Industrial Development Corporation (IDC) is suing four companies linked to the politically connected Gupta family after they failed to repay a loan that the state-owned development financier canceled because it suspected illegal activity. The Guptas’ Oakbay Resources and Energy,... 

Macron's climate summit draws pledges to make coal a risky bet

13th December 2017 Some of the world’s biggest investors turned their backs on US President Donald Trump’s plan to revive the coal industry, pledging to divest from fossil fuels at a conference organised by French President Emmanuel Macron. The One Planet Summit in Paris was designed to galvanise support for the... 

Gold Fields Ghana to dismiss 1 500 staff as contractor hired

12th December 2017 Gold Fields’ unit in Ghana said it will dismiss 1 500 of its own staff as the company is hiring a contractor to operate its biggest mine in the West African nation. A contractor will take charge of the Tarkwa operations from early 2018 as the deposit’s remaining life span is too short to replace... 

Bitcoin contracts still pipsqueaks in world of commodity futures

12th December 2017 The first reliable lens into tick-by-tick liquidity for bitcoin shows a financial commodity that is still a baby relative to its peers. From 6 pm Sunday to 9:30 am Monday in New York, 2 923 contracts changed hands in a total of 2 494 trades, representing an overall value of $50.2-million, data... 

Mine fatalities in South Africa rise first time in decade

8th December 2017 For the first time in almost a decade, more people are dying in South African mines, the world’s deepest and among the most dangerous. There were 81 fatalities from January through November, according to data from the Chamber of Mines, an industry lobby group. Harmony Gold Mining Co. reported a... 

Gold beaten down in worst week in seven months on US review rate

8th December 2017 Gold is heading for the biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar. Metal for immediate delivery has slumped 2.5 percent this week, the most since the five days ended May 5. It traded at $1 248.72 an ounce at 9:32... 

Biggest African phone-tower firms said to be mulling 2018 listings

8th December 2017 Three of Africa’s largest telecommunication towers companies plan to pursue share sales in either London or New York early next year, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely-held IHS Towers, targeting an enterprise... 

India Trade Ministry is said to seek lower tax on diamond miners

7th December 2017 India’s Trade Ministry is seeking a cut in taxes for overseas diamond miners to boost trading in the world’s largest hub for polishing the gems, people with knowledge of the matter said. The Commerce Department in a letter to the Finance Ministry has sought to scrap levies and instead... 

Billionaire's mine financing hurdles fuel bondholder jitters

7th December 2017 The Indian conglomerate Adani Enterprises is learning how one financing problem can lead to headaches for debt investors elsewhere as it tries to secure money for one of the world’s biggest coal mines. Three of China’s largest banks this week ruled out any involvement in financing the mine in... 

Top iron-ore miner threatens to flood market if prices jump

7th December 2017 Vale SA has a somber message for anyone betting on iron-ore prices returning to the heady days of 2011. The world’s biggest producer of the steel-making ingredient is prepared to unleash as much as 50 -million metric tons of spare capacity to balance the market if prices get too high, CEO Fabio... 

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