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Central banks add 193 t of gold to reserves in H1

By: Marleny Arnoldi     20th September 2018 Central banks have added 193.3 t of gold to their reserves in the first six months of this year, which is an 8% increase compared with the 178.6 t bought in the same period last year, making it the strongest first half for central bank gold buying since 2015. The World Gold Council (WGC) states... 

SARB keeps repo rate unchanged at 6.5%

By: News24Wire      20th September 2018 The South African Reserve Bank announced on Thursday afternoon that it will keep the repo rate unchanged at 6.5%.  The announcement was made by the central bank's governor Lesetja Kganyago at a media briefing in Pretoria.  

750 t SANY excavator expected to be a big hitter in the mining industry

19th September 2018 What is believed to be the largest excavator in Africa has been launched by Goscor Earth Moving (GEM), part of the Goscor Group, and official distributor of SANY. The SY750 is a primary loading tool for the mining industry, from opencast to alluvial diamond mining. The 750 t excavator is ideal to... 

Metallon may pay suppliers in gold amid Zimbabwe cash shortage

By: Bloomberg     18th September 2018 Metallon Corp. is considering paying mining-equipment suppliers in gold because a cash shortage in Zimbabwe is hampering its plan to expand output, Chief Executive Officer Mzi Khumalo said. Zimbabwe, which abandoned its own currency in 2009 because of hyperinflation, has faced cash shortages for... 

Vector Resources secures $20m loan to aid Adidi-Kanga development

By: Marleny Arnoldi     18th September 2018 ASX-listed Vector Resources has secured a $20-million committed debt facility with resources focus fund Medea Future Materials Fund, to help reduce its indebtedness with a local Democratic Republic of Congo (DRC) bank. The company needs $5-million for upfront acquisition costs, about $10-million... 

Zwane issued ultimatum to bank on closing Gupta accounts, inquiry hears

By: African News Agency      17th September 2018 In trying to force Standard Bank to reverse its decision to close Gupta-linked business accounts, former mineral resources minister Mosebenzi Zwane reminded the bank executives that the South African government was in charge of issuing banking licenses and could change banking laws anytime.... 

ANC, ministers threatened Standard Bank to force it to keep Gupta accounts open, State capture commission hears

By: News24Wire      17th September 2018 Former mineral resources minister Mosebenzi Zwane threatened Standard Bank's operating licence and threatened to change the banking laws, all in an effort to allow the politically connected Gupta family to keep their bank accounts open. This is according to Standard Bank's former head of... 

Russian giant copper project aims to raise $1.25bn in 2018

By: Reuters     17th September 2018 Baikal Mining Company, operator of Russia's biggest untapped copper deposit Udokan, plans to raise $1.25-billion in project financing from a Russian bank by the start of 2019, its chairperson Valery Kazikayev told Reuters. Spurred by high global appetite for cooper, which many expect to be in... 

Large Bridges Showcase Concor Infrastructure Expertise On N2 Road Contract

17th September 2018 Concor Infrastructure has made solid progress constructing and extending more than eleven structures, including two large bridges and four overpass bridges, on the exciting N2 highway upgrade between Mtunzini and Empangeni in KwaZulu-Natal. This substantial South African National Roads Agency SOC... 

Rand continues to gain from Turkish rate hike

By: News24Wire      14th September 2018 The rand traded firmer against the dollar in early trade on Friday, as emerging market currencies continued to benefit from the rise on Turkish interest rates.  The Turkish central bank on Thursday raised the benchmark interest rate from 17.75% to 24%, which caused the lira to strengthen by 4%.   

Gold slips amid US-China trade war concerns

By: Reuters     12th September 2018 Gold fell on Wednesday, but remained stuck in a narrow trading range as investors worry about a simmering trade war between the United States and China. Spot gold was down 0.3% to $1 193.61 an ounce at 1200 GMT, after hitting its lowest since Aug. 24 at $1 187.21 on Tuesday. US gold futures eased... 

MTN says Nigeria's attorney general exceeded powers in $2bn tax bill

By: Reuters     11th September 2018 Nigeria's attorney general exceeded his powers in demanding $2-billion in taxes and charges from MTN Group, the telecoms firm said in papers filed with Nigeria's High Court and reviewed by Reuters. The papers, filed on Monday in a move by the Nigerian arm of the South African firm aimed at... 

Failure not an option at DCT berth deepening project, says TNPA

By: Shirley le Guern     11th September 2018 Transnet’s R7-billion megaproject to create deeper berths at the Durban Container Terminal (DCT) Pier 2’s North Quay will create some disruption and require close collaboration. However, given that this is the first project to be funded by the Brazil, Russia, India, China and South Africa's New... 

MTN CEO confident about Nigeria dispute as firm applies for injunction

By: Reuters     10th September 2018 Telecoms firm MTN Group said on Monday it was confident a multi-billion dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets. Nigeria's central bank last month ordered MTN's Lagos-based unit to hand over... 

Expropriation without compensation could 'trigger classical banking crisis' – Nedbank

By: African News Agency      7th September 2018 Expropriating property without compensation could "trigger a classical banking crisis", Nedbank chief executive Mike Brown told MPs on Friday. Brown was participating in the last round of public hearings by a parliamentary committee probing whether section 25 of the Constitution needs to be... 

Mining waste set to grow, but ‘reduce, reuse, recycle’ solutions abound

By: Tracy Hancock     7th September 2018 The evolution of waste management techniques to accommodate the shift to low-grade ores by mining operations is one of the key emerging trends in the global mining waste management market, states UK market research company Technavio. The London-headquartered company explains that in the last... 

Moody's places MTN on review for downgrade

By: Reuters     6th September 2018 MTN Group has been put on review by Moody's for downgrade after the South African mobile phone operator said it was on the hook for a total of $10.1-billion from its biggest market Nigeria, the ratings agency said on Thursday. "MTN's ratings have been placed on review for downgrade to reflect... 

Ramaphosa says South Africa to recover from recession soon

By: Reuters     6th September 2018 South Africa will soon recover from recession, President Cyril Ramaphosa said on Thursday in his first reaction to news that undermines his effort to revive the economy and attract investment after a decade of stagnation. Ramaphosa staked his reputation on economic revival when he took over in... 

Standard Bank PMI falls to 29-month low in August

By: Marleny Arnoldi     5th September 2018 Operating conditions in South Africa’s private sector economy deteriorated for the second straight month in August, as business activity and input purchasing decreased in line with an accelerated drop in new orders, says Standard Bank in its Purchasing Managers’ Index (PMI) for August.... 

Ethiopia opens logistics sector to foreign investment

By: News24Wire      5th September 2018 Ethiopia will open its logistics sector to foreign investors but cap their participation, the State investment body said on Tuesday in the latest reform to loosen the government's control of the economy. Prime Minister Abiy Ahmed has presided over a shake-up of one of the most heavily-regulated... 

African rail industry urged to adopt concepts of Fourth Industrial Revolution

By: Nadine James     4th September 2018 The African rail industry must adopt the concepts and develop the technologies of the Fourth Industrial Revolution to facilitate, and realise, the industrialisation aspirations of the continent, delegates attending a South African Heavy Haul Association (SAHHA) technical workshop, on Tuesday,... 

In latest clash, Nigeria hands South Africa's MTN $2bn tax bill

By: Reuters     4th September 2018 MTN Group faces a $2-billion demand for taxes in Nigeria, the latest in a series of skirmishes with authorities in the South African mobile phone company's most lucrative but increasingly problematic market. The announcement of the tax bill incurred over the last decade comes days after the west... 

Kefi receives key govt consents for Tulu Kapi development

By: Creamer Media Reporter      4th September 2018 The Ethiopian government has granted the key development and financing policy approvals for Aim-listed Kefi Minerals’ Tulu Kapi gold project. The project had already been granted development, social, environmental and operational approvals in 2015. 

New Century raises funds to fast-track expansions

By: Esmarie Swanepoel     3rd September 2018 Zinc producer New Century Resources has secured a A$40-million debt facility with National Australia Bank (NAB) to fast track the expansion of its Century zinc mine, in Queensland. The two-year facility will have a 5.25% a year interest rate, New Century reported on Monday. 

Chinese bank to lend Nigeria $328m for fixing telecom infrastructure

By: African News Agency      3rd September 2018 China’s Exim bank will lend Nigeria $328-million towards improving the West African country’s telecoms infrastructure, Reuters reported. Poor telecoms are a major challenge for businesses operating in Nigeria, which is Africa’s largest oil producer, most populous country and has one of the... 

Emerging markets including SA feel the pressure as Turkish lira, Argentina's peso tumble

By: African News Agency      31st August 2018 The crisis in Turkey, which saw the lira currency tumble over five percent on Thursday, and a similar fall in Argentina's peso are having a negative knock-on impact on emerging markets, an economist said on Friday. The lira's sharp retreat followed a report that Turkey's central bank's deputy... 

Congo's H1 copper production rises 8%; cobalt output up 38%

By: Reuters     31st August 2018 Copper output in Democratic Republic of Congo rose 7.9% year-on-year in the first half of 2018 to 597 249 tonnes and cobalt production jumped 37.6% to 52 491 tonnes, the central bank said on Thursday. Congo is Africa's top copper producer and the world's leading miner of cobalt, which is a key... 

Gold's dismal run sets half-decade mark as dollar and stocks win

By: Bloomberg     31st August 2018 Gold is set for a fifth straight monthly decline, the longest losing run in half a decade, as the dollar gets a twin boost from trade tensions and the Federal Reserve’s path for higher interest rates, while inflation remains stuck in hibernation and US equities notch record after record. Bullion... 

Trudeau’s grand bargain unravels after Alberta nixes carbon plan

By: Bloomberg     31st August 2018 Canada’s precarious relationship with its vast oil riches flared up again Thursday after a federal court struck down Prime Minister Justin Trudeau’s approval of a key pipeline, reviving fears about the country’s ability to get its resources to market. While the government pledged to press ahead... 

MTN plunges as Nigeria orders $8.1bn be refunded

By: Reuters     30th August 2018 Shares in MTN Group plunged as much as 19% early on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return $8.1-billion. Nigeria's central bank said the funds had been illegally moved abroad. MTN denies the allegations. 

Positive ratings from S&P’s, Fitch enhances NDB’s lending capacity

By: Marleny Arnoldi     29th August 2018 Multilateral development bank New Development Bank (NDB) has been assigned an AA+ long-term and A-1+ short-term issuer credit rating by Standard & Poor’s Global Ratings (S&P’s). Earlier this month, Fitch Ratings assigned the bank a long-term issuer default rating of AA+ with a stable outlook... 

US Trade and Development Agency grants $1.2m funding for Mozambique solar project

By: Marleny Arnoldi     28th August 2018 Investment bank Fieldstone has assisted WHN Solar to raise grant funding of almost $1.2-million for a solar energy project in Mozambique. The funding was conferred by the US Trade and Development Agency for a feasibility study to assess the viability of a photovoltaic plant of up to 100 MW to... 

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Ghana opposition seeks IMF view on $2bn Chinese Bauxite deal

By: Reuters     24th August 2018 Ghana's opposition in parliament wants the International Monetary Fund (IMF) to decide whether a $2-billion Chinese deal agreed by the government in exchange for bauxite will add to the country's debt burden, it said on Thursday. Under the deal, approved by Ghanaian lawmakers last month, China's... 

2018 motoring costs highest to date, says WesBank

By: Irma Venter     24th August 2018 The average monthly cost of motoring has increased by about R940, or 14% in the last year, and a whopping 31% since 2013, this according to the latest data from vehicle and asset finance specialist WesBank. Despite prevailing interest rates remaining at low levels and favourable vehicle price... 

Cost-effective braking systems brand launched

By: Paige Müller     24th August 2018 Commercial vehicle technologies supplier WABCO South Africa (SA) last month launched ProVia – a high-quality, price-competitive aftermarket brand for commercial vehicle braking systems – across ten Southern Africa countries. ProVia is a safety-focused and reliable budget parts product range for... 

Upper Trishuli 1 hydroelectric project, Nepal

By: Sheila Barradas     24th August 2018 Nepal Water & Energy Development Company is proposing the construction of a 216 MW run-of-river hydropower project. 

One in three chance of South Africa recession this year

By: Reuters     23rd August 2018 South Africa's economy probably struggled to gain traction in the second quarter after shrinking at the start of 2018, according to a Reuters poll of economists who said there was a one in three chance of recession this year. Around 30 economists polled expect Africa's second-largest economy to... 

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