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Reuters

Water deal crucial for Kenya oil project might slip into Q3 – Tullow

22nd February 2019 A deal with local Kenyan authorities that would allow Tullow Oil to pump water to pressurise oil wells, crucial for a final green light for the country's only oil project, may be delayed to the third quarter, a Tullow executive said on Friday. Tullow, with partners Total and Africa Oil, is... 

Tongaat shares drop after profit warning

22nd February 2019 Tongaat Hulett on Friday warned of a headline earnings loss for the year to March 31, sending shares in the sugar producer down 12.3% at 1308 GMT. It reported a profit of R617-million the previous year. 

Fourteen NGOs oppose LME plans to ban tainted cobalt

22nd February 2019 Fourteen non-governmental organisations (NGOs) including Amnesty and Global Witness have opposed plans by the London Metal Exchange to ban cobalt tainted by human rights abuses, a letter seen by Reuters showed. Cobalt is a key ingredient in the batteries that power electric vehicles, a... 

Rand firms after Moody's hints at ratings reprieve

22nd February 2019 The rand strengthened against the dollar on Friday, putting it on track to end a week marked by the annual budget higher, after Moody's signalled the nation's spending plans didn't weaken its policy credibility. The rand rose 0.36 percent to 13.9700 to the dollar by 0651 GMT compared with the... 

Eskom support will weigh on South Africa's finances – S&P Global

22nd February 2019 South Africa's support plan for struggling state-owned electricity firm Eskom will put further strain on the country's finances, rating agency S&P Global said on Thursday, although it should be offset to a degree by easing external pressures. In his maiden budget speech on Wednesday Finance... 

Higher South African spending limit will not weaken policy credibility – Moody's

22nd February 2019 Ratings agency Moody's said on Thursday that it did not believe that South Africa's decision in its 2019 budget to raise the expenditure ceiling by around R16-billion over three years would weaken fiscal policy credibility. Moody's, the last of the big three ratings agencies to rate South Africa... 

Hyundai opens assembly plant in Ethiopia

22nd February 2019 South Korea's Hyundai Motor Co opened a 10 000-a-year vehicle capacity assembly plant in the Ethiopian capital Addis Ababa on Thursday, its first factory in East Africa. While second-hand vehicles dominate sales in the Horn of Africa country, Hyundai hopes locally-assembled cars could prove... 

De Beers says laboratory-grown diamond wholesale prices fall by up to 60%

22nd February 2019 Wholesale prices for laboratory-grown diamonds have fallen by up to 60% since De Beers began selling synthetic stones for jewellery in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall. De Beers, part of mining group Anglo American, shocked the... 

Brazil regulator suspends operations at two Vale mine complexes

21st February 2019 Brazil's mining regulator has ordered Vale SA to suspend activity at its Fabrica and Vargem Grande complexes, the iron ore miner said late on Wednesday, as authorities crack down after last month's fatal dam break. In a statement, Vale said the ANM mining regulator ordered the suspension in... 

AMCU to extend Sibanye gold strike to other South African miners from Feb 28

21st February 2019 Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin,... 

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