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Bloomberg

Umgeni Water requires R200-billion to fix backlog

17th February 2017 The water board serving South Africa’s second most-populous province said it needs at least R200-billion to address a service backlog, almost double the country’s total budget for water and sanitation for the three years through 2019. “The real headache is where the funds are going to come from,”... 

IBM to train 25m Africans over five years

17th February 2017 Technology group IBM is ramping up its digital-skills training program to accommodate as many as 25-million Africans in the next five years, looking toward building a future workforce on the continent. The US giant plans to make an initial investment of R945-million to roll out the training... 

Anglo’s New Largo project considered in coal mine sale package

17th February 2017 Anglo American may sell its New Largo project in a package with three other coal mines that supply South Africa’s power utility, as the company moves forward with plans to scale down operations. State-owned Eskom is discussing with Anglo the sale of the New Vaal, Kriel and New Denmark mines that... 

Rio said to seek bank pitches on $1.5bn coal mine sale

16th February 2017 Rio Tinto Group has asked banks to pitch for a role advising on the divestment of its last remaining coal operations in Australia, people with knowledge of the matter said. The London-based company has decided to pursue a sale of its Hail Creek and Kestrel mines after receiving unsolicited... 

Surging iron-ore won’t ‘fall off a cliff’, says Rio Tinto

13th February 2017 Iron-ore will defy forecasts for a dramatic price collapse as China’s economy remains strong and the top buyer boosts demand for higher-quality imports, according to Rio Tinto Group, the second-largest exporter. “I wouldn’t necessarily say that it’s going to fall off a cliff,” Chief Financial... 

BHP vows legal action at top copper mine after group enters site

13th February 2017 BHP Billiton, the owner of the world’s biggest copper mine known as Escondida, said it will take legal action after a group of more than 300 people entered the mine site during a strike and forced some contractors to abandon the compound. People wearing masks entered the mine site at 18:00... 

Choking China backs race to mine greener iron-ore for top mills

9th February 2017 Chinese engineers who carved a railway through the Tibetan plateau and built the world’s longest sea-bridge across Hangzhou Bay have a new challenge: developing a $3.4-billion project on Australia’s remote Eyre Peninsula to meet increased demand for cleaner iron ore. China Railway Group Ltd., the... 

Indonesia’s biggest coal miner sees first profit since 2011

9th February 2017 PT Bumi Resources will post its first annual profit in five years as a rally in fuel prices help Asia’s biggest exporter of thermal coal push through a debt restructuring. The company, controlled by the family of Indonesian politician Aburizal Bakrie, had net income of $101.6-million last year,... 

Barrick's sale of Super Pit stake to China buyer said to stall

8th February 2017 Barrick Gold’s plan to sell its stake in the Kalgoorlie Super Pit mine to a Chinese bidder has stalled, as the buyer faces delays securing financing for the $1.3-billion deal, people with knowledge of the matter said. Minjar Gold, a unit of property developer Shandong Tyan Home, is also still... 

Goldman sees copper rising as deficit looms on supply threat

8th February 2017 Copper will extend gains as the global market swings to shortage because of sustained demand from China and potential supply disruption at the world’s two biggest mines, according to Goldman Sachs Group. A deficit this year would be the first since 2011, says Citigroup. “We expect copper will... 

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