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Gold rises for second day as investors seek havens after Brexit

By: Bloomberg     27th June 2016 Gold rose a second day as financial markets continued a selloff following the UK’s vote to exit the European Union, with inflows into bullion-backed funds surging the most by value since 2012. Bullion for immediate delivery advanced as much as 1.5% to $1 335.55 an ounce before trading at $1... 

Will Brexit break up the African Union?

By: News24Wire      27th June 2016 African Union Commission chairperson Nkosazana Dlamini-Zuma’s Twitter timeline was quiet on Friday morning, even as #Brexit was trending. The African Union, too, did not immediately issue a statement. 

Gold rises most since 2008 crisis as investors seek Brexit haven

By: Bloomberg     25th June 2016 Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand. Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound... 

Gold delivers on day of tumult as Brexit supports bull case

By: Bloomberg     24th June 2016 Gold delivered and more gains may be on the cards. As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial... 

Nigeria's Dangote shifts focus from cement to oil and gas

By: Reuters     24th June 2016 Africa's richest man, Aliko Dangote, plans to launch Nigeria's first private crude oil refinery by 2019 while almost doubling his cement production on the continent by adding plants in eight countries as he shrugs off a regional economic downturn. Dangote told Reuters the $12-billion refinery... 

South African financial institutions can withstand Brexit shock – Zuma 

By: Reuters     24th June 2016 South African banks and financial institutions can withstand shocks after Britons voted in favour of quitting the European Union, President Jacob Zuma said on Friday. Zuma said the Treasury and the central bank were in talks with financial institutions on the possible implications of the Brexit... 

SARB says little room to defer policy response

By: Reuters     24th June 2016 South Africa's Reserve Bank (SARB) said on Friday there is little space to defer a monetary policy response as inflation expectations are already close to the top end of its target range. The central bank has raised lending rates by 200 basis points to 7% over the past two years in a bid to keep... 

Gold surges to highest since ‘14 as BBC predicts vote for Brexit

By: Bloomberg     24th June 2016 Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll. Bullion for immediate delivery jumped as much as 8.1% to $1 358.54 an ounce, the highest price since... 

$5m equipment for Zim small-scale gold miners

By: Oscar Nkala     24th June 2016 Chinese-made mining equipment worth $5-million is to be delivered to small-scale gold miners in Zimbabwe by the end of August as the first consignment of a much bigger deal that has been in abeyance since 2012, owing to failure by the Southern African country to guarantee a loan from the China... 

Copper hits seven-week peak on optimism Britain will stay in EU

By: Reuters     23rd June 2016 Copper prices rose to their highest in seven weeks on Thursday as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange (LME) gained 1.6% to $4 774/t by 15:00 GMT. It... 

Gupta-owned Oakbay responds to claims it's buying a bank

By: News24Wire      23rd June 2016 Gupta-owned Oakbay Investments on Thursday slammed media reports about an approach to buy UBank as "speculation", with "several significant untruths and misunderstandings". Oakbay Investments CEO Nazeem Howa told Fin24 in an emailed response that the company did express an early interest in UBank... 

Copper is just a bystander in commodities’ best start since 2008

By: Bloomberg     23rd June 2016 The best start to a year for commodities since 2008 is leaving copper in the dust. The metal is one of the weakest of the 22 raw materials in the Bloomberg Commodity Index of returns this year and the worst of the major metals. 

Africa’s richest man got a fistful of dollars in Nigerian currency squeeze

By: Reuters     23rd June 2016 As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa's richest man. When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a... 

South African rate hike unlikely next month as inflation slows

By: Reuters     22nd June 2016 South Africa's headline consumer inflation unexpectedly slowed in May, adding to recent data that could prompt the central bank to keep interest rates on hold at its policy meeting next month. The Reserve Bank has raised the key repo rate by a cumulative 75 basis points so far this year,... 

BHP flags ‘another 10 years’ as iron-ore adjusts after boom

By: Bloomberg     21st June 2016 The iron-ore market will take longer to balance out than other commodities as excess supply may take years to be absorbed after a boom, according to BHP Billiton CEO Andrew Mackenzie, who flagged his company’s low production costs as a lure for hedge-fund investors. “There are some commodities,... 

'Brics bank' says to issue bonds in members' local currencies

By: Reuters     21st June 2016 he New Development Bank (NDB), an infrastructure-focused lender established by the Brics emerging economies, plans to issue debt in the local currencies of its five member countries, the bank's president said. Known as the Brics bank, the NDB is seen by its members as an alternative to the World... 

Peruvian mining volumes continue to grow as new president takes helm

By: Simon Rees     15th June 2016 The Peruvian mining industry is expected to spur renewed growth in the country as output grows, prices stabilise and revive, several speakers told a recent Peruvian-Canadian Chamber of Commerce economic outlook seminar. The recent Peruvian election was so close that the winner Pedro Pablo... 

Weak demand keeps the mood in manufacturing in doldrums

By: African News Agency      15th June 2016 Weak demand continues to dog the South African manufacturing sector, according to the Absa Manufacturing Survey, which was released on Wednesday. Domestic demand indicators fell further into negative territory compared to the first quarter of 2016. In addition, the bank said, it seemed there was... 

South Africa's current account deficit widens in Q1 as exports slump

By: Reuters     14th June 2016 South Africa's current account deficit widened in the first quarter of 2016 as exports slumped despite a recovery in the global prices of commodities and a weaker rand, the central bank said on Tuesday. The current account deficit widened to 5% of gross domestic product in the first quarter from... 

World Bank to loan Kenya $1.1bn for northern region, bank VP says

By: Reuters     14th June 2016 Kenya will get a World Bank loan of $1.1-billion for infrastructure projects in the country's arid northern region, the bank's vice president for Africa said. The loan is the latest in series to Kenya, which amount to $5.5-billion, excluding the new package. 

Mine superpower status awaits Peru if new leader can woo farmers

By: Bloomberg     10th June 2016 Arriving late to the mining boom helped Peru defy a global freeze on project spending as prices plunged. Now the pipeline’s drying up, and the country’s chances of joining neighbouring Chile as a copper superpower depend largely on the next president’s affinity with remote communities. For Pedro... 

Australia halfway down mining investment ‘cliff’ – NAB

By: Mariaan Webb     10th June 2016 Australia’s mining investment, which peaked in 2012/13, is forecast to fall further over the next three years and employment will follow suit, as the industry is only halfway down the so-called mining investment cliff, analysis by economists from the National Australia Bank (NAB) has shown. As... 

Miners starved of M&A set to see deals revive following cutbacks

By: Bloomberg     9th June 2016 The metals and mining world might be about to see a resurgence in deal-making. Mergers and acquisitions in the sector reached a decade-low last year, accounting for 3% of transactions across all industries, Macquarie Group said. As long as commodities don’t plunge, weaker prices in the second... 

S African economy contracted by 1.2% in Q1 on big mining slump 

By: Terence Creamer     8th June 2016 The South African economy contracted by 1.2% quarter-on-quarter during the first quarter of 2016, dragged lower by the poor performance of mining and agriculture – the economy was also 0.2% weaker year-on-year. The performance represented a sharp turnaround from the 0.4% growth recorded in the... 

DRC mining sector sheds 3 000 direct jobs since last year – chamber

By: Reuters     8th June 2016 Democratic Republic of Congo's (DRC's) mining sector has lost at least 3 000 direct and 10 000 subcontractor jobs since commodity prices began to tumble last year, the chamber of mines said on Tuesday. Congo, Africa's largest copper producer, is heavily dependent on the mining sector, which... 

Iron-ore glut to persist with third-largest exports from Port Hedland

By: Bloomberg     7th June 2016 Iron-ore shipments from Australia’s Port Hedland, the world’s largest bulk export-terminal, expanded to the third-highest level on record, signalling that a global surplus is set to persist. Exports totaled 39.4-million metric tons last month from 37.7-million tons in April and 38-million tons a... 

Technical due diligence on Kibaran’s Epanko project complete

By: Samantha Herbst     7th June 2016 After securing $2-million through a share placement earlier this year, in conjunction with additional funding mechanisms, junior graphite developer Kibaran Resources announced on Tuesday that technical due diligence on its Tanzania-based Epanko graphite project is now complete, making Kibaran the... 

Nigeria's Oando signs 94.6bn naira restructuring loan

By: Reuters     7th June 2016 Nigerian oil firm Oando said on Monday it has secured a 94.6-billion naira ($475-million) loan facility from ten domestic banks under plans to restructure its finances and return to profitability this year. The financing led by Access Bank, includes Diamond Bank, Ecobank, FCMB, Fidelity Bank,... 

Dollar shortages threaten Zimbabwe mining production

By: Reuters     7th June 2016 Zimbabwe could lose the equivalent of four months of mining output this year because an acute dollar shortage has led to delays by banks in processing payments for imports of spare parts and supplies, the Chamber of Mines said on Monday. The problem affects the entire mining sector, which... 

Citigroup raises iron-ore outlook as China demand ‘may surprise’

By: Bloomberg     7th June 2016 Iron-ore may take longer to bottom out as China steps up efforts to support the economy and as miners’ costs may climb, according to Citigroup, which raised its forecasts by as much as 21%. The raw material is expected to trade at $48/t in the third quarter and $46 in the final three months,... 

Congo copper production down 20% in Q1 amid market slump

By: Reuters     6th June 2016 Copper production in Democratic Republic of Congo, Africa's top miner of the metal, dropped 20% in the first quarter of 2016, while cobalt and gold output also slumped amid low prices and production cutbacks, the central bank said on Saturday. The declines are hammering Congo's economy, which... 

Bank showcases new modular branch design

By: David Oliveira     3rd June 2016 First National Bank’s (FNB’s) new modular branch design, which was piloted at the newly opened Mall of Africa, cost about 30% less than traditional designs, FNB innovation head Yolande Steyn said at the company’s innovation media breakfast, in Sandton, last month. The new branch design was not... 

While iron-ore price crawls sideways, Champion readies for Bloom Lake revival

By: Henry Lazenby     2nd June 2016 Despite the price outlook for the steelmaking ingredient iron-ore crawling sideways at best in 2016, TSX- and ASX-listed junior Champion Iron is preparing to restart its recently acquired Bloom Lake mine, near Fermont, Quebec, as soon as markets improve. Under the leadership of chairperson and... 

Nedbank scoops African Retail Bank of the year award

     1st June 2016 Nedbank has been awarded the African Retail Bank of the year award at the 2016 Retail Banking Global Conference and Awards, held in London on 19 May. Nedbank emerged the winner among Ecobank, Standard Bank and Guaranty Trust who were shortlisted in the African Retail Bank of the year category.... 

Rising food prices undermine economic growth in Southern Africa

By: Reuters     1st June 2016 A severe drought in southern Africa has triggered a surge in food prices preventing central banks from loosening monetary policy to spur economic growth. Central banks in South Africa, Zambia and Mozambique have been forced to raise interest rates to rein in inflation after the El Nino-induced... 

Kganyago says to tame inflation, rand gains

By: Reuters     1st June 2016 Maintaining low and stable inflation was the most effective way for the central bank to help the economy, the central bank governor said on Wednesday, pushing the rand firmer. The economy of Africa's most industrialised country has been hit by a ravaging drought, and its economic prospects do not... 

Integrator has tools for long-term mining company success 

By: Martin Creamer     31st May 2016 With several major, junior and small minerals and mining services companies debt stressed, folding or in business rescue, former investment researcher Stephen Roper has come up with a longevity and success formula – with diamond consultant Dr John Bristow offering input. Accountant Roper and... 

Land Bank to be placed under the department of agriculture

By: African News Agency      31st May 2016 The African National Congress (ANC) has resolved to move the Land Bank to the Department of Agriculture and Fisheries after it was placed under the Treasury, the party said on Tuesday. “It is moving to agriculture, where it belongs. The bank was transferred to national Treasury to stabilise... 

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