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Peru to cut red tape in bid to spur mining exploration

By: Reuters     Updated 1 hour 21 minutes ago Peru will introduce new rules this week that will aim to turn around the Andean country's three-year slump in mining investment by eliminating permit requirements for exploration projects, the energy and mines minister told Reuters on Monday. Ahead of a visit to Toronto for the annual Prospectors... 

Amplats launches new Chrome Recovery Plant 

     23rd February 2017 Anglo American Platinum launched its newly commissioned chrome recovery plant earlier in January at its Thabazimbi-based Amandelbult complex in Limpopo.  

Goldman says commodities need proof of demand to rally more

By: Bloomberg     22nd February 2017 Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group, which expects such evidence to emerge in the second quarter. “Market positioning is now extremely... 

Australia wage growth stays stubbornly weak, building bounces back

By: Reuters     22nd February 2017 Australian wage growth stayed stuck at record lows last quarter amid subdued demand for labour, a drag both on household spending power and on the course of inflation. The Australian Bureau of Statistics said on Wednesday that its wage price index rose just 0.5% in October-December, in line with... 

Eight digital banking scams to lookout for

     21st February 2017 As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud.   Yolande Steyn, Head of Innovation at FNB says “We view security as an integral part of a seamless online banking experience. Therefore,... 

Gauteng infrastructure dept mulls concept of construction bank or fund

By: Natasha Odendaal     20th February 2017 The Gauteng Department of Infrastructure Development (DID) is exploring the possibility of establishing a dedicated construction or infrastructure bank or fund aimed at providing specialised funding or financing services to the construction sector. Chairing an exploratory roundtable on the... 

Standard Bank appoints new vehicle and asset finance head

By: Megan van Wyngaardt     16th February 2017 Standard Bank has appointed Simphiwe Nghona as its Vehicle and Asset Finance (VAF) head, effective March 1. He will also join the bank’s Personal and Business Banking (PBB) group executive committee. Having worked most recently as CEO of WesBank’s motor division, Nghona brings 18 years of... 

Basa calls for collusion case against banks to run its course

By: Megan van Wyngaardt     16th February 2017 The Banking Association South Africa (Basa) on Thursday implored the public to not make harsh comments or brash decisions following the Competition Commission’s decision to refer a case of alleged collusion against 17 banks to the Competition Tribunal for prosecution. The commission on Wednesday... 

South Africa remains on junk ‘knife-edge’ as ANC succession takes centre stage  

By: Terence Creamer     14th February 2017 South Africa will remain on a downgrade “knife-edge” in 2017, Standard Bank chief economist Goolam Ballim warns, despite the bank’s view that the country’s growth will recover to 1.4% from only 0.4% last year. Both Fitch Ratings and S&P Global currently have South African on ‘negative watch’,... 

Value-for-money motoring entrenched in 2017

     13th February 2017 The 2017 motoring year will mark the entrenchment of value-added, stylish cars in the South African market, predicts Datsun South Africa General Manager, Des Fenner, as he assesses the changes taking place in local car buying circles. The 2017 motoring year promises to be challenging for South... 

Goldman sees copper rising as deficit looms on supply threat

By: Bloomberg     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... 

Randgold proposes 52% dividend-payout increase as FY16 profits rise 38%

By: Ilan Solomons     6th February 2017 Africa-focused Randgold Resources has increased production for the sixth consecutive year in 2016, while reducing total cash cost per ounce, and remains upbeat about its future prospects despite global uncertainties. Speaking to Mining Weekly Online on the sidelines of the Investing in African... 

Drowning in debt to swimming in cash, miners told to pay up

By: Bloomberg     3rd February 2017 The last time mining companies made this much money, they went on a debt-fueled buying spree that almost buried some of the biggest in the industry. Investors hope they’ve learned their lesson. 

Battered by low prices, Congo copper output fell 5% in 2016

By: Reuters     3rd February 2017 Copper output in the Democratic Republic of Congo, Africa's top copper producer, fell by 5% on an annual basis in 2016 due to low prices and production cutbacks, the central bank said on Friday. Congo's economy, which depends on its mining and oil sectors for roughly 95% of export revenues, mined... 

Bidvest can tap $1bn for deals outside South Africa

By: Bloomberg     3rd February 2017 Bidvest Group is seeking deals outside its South African home market and could borrow as much as $1-billion for acquisitions after it spun off its food-services unit last year, its CEO said. 

Driftwood liquefied natural gas terminal project, US

By: Sheila Barradas     3rd February 2017 The project aims to build a liquefied natural gas (LNG) facility with an export capacity of 26-million tonnes of LNG a year. 

Resgen considers loan facility increase

By: Natasha Odendaal     30th January 2017 As work continues at its Boikarabelo coal mine, in the Waterberg, dual-listed Resource Generation (Resgen) is considering a proposal to increase an existing unsecured loan facility. The provider of the three-year-old facility, which was now fully drawn down, had offered Resgen an increase in the... 

Legislation to unlock South Africa’s unrealised gas potential Gas offers game-changing opportunity to reinvent growth 

     27th January 2017 “South Africa presents a strong case for the development of an integrated gas industry - covering the exploration, production and beneficiation of gas - with huge potential for energy supply diversification, broader industrialisation and job creation,” says Khwezi Tiya, Head, Oil and Gas South... 

Putin ally grabs giant gold deposit in barely contested auction

By: Bloomberg     26th January 2017 A long-time ally of President Vladimir Putin has snapped up a chunk of Russia’s giant Sukhoi Log gold field in a barely contested government auction. Bidding for the deposit was won by a venture between State-owned Rostec Corp. and Polyus PJSC, Russia’s biggest miner of the metal, after it made a... 

China’s metals curb plan seen risking shortages in biggest user

By: Bloomberg     26th January 2017 China’s proposal to halt some metals production to fight air pollution over the winter would create shortages of alumina but have a more limited impact on aluminium supply, according to China’s top industry body, which has been consulted on the plan. The proposal involves an alumina suspension... 

Alcoa stocks climb as Q4 revenue beats analyst forecasts

By: Henry Lazenby     25th January 2017 The NYSE-listed stock of base metals producer Alcoa gained nearly 6% on Tuesday after the company reported higher-than-expected fourth-quarter revenue. In its first quarterly report since spinning out its upstream and downstream business segments in November, New York-based Alcoa reported... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank

By: Martin Creamer     23rd January 2017 South African mining has a “very tough” year ahead, with "lawfare" breaking out. While existing large, powerful mining companies will persist, growth through new entrants and foreign investment is highly unlikely this year, resulting in escalating opportunity loss. 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

By: African News Agency      23rd January 2017 A campaign to get Barclays-owned Absa to pay back apartheid debt is led by “State Security” and the controversial Gupta family, Economic Freedom Fighters (EFF) leader Julius Malema said on Monday. The EFF has been attacked in recent times for being complacent after announcing that it would occupy... 

Platinum price upside limited despite stronger structural demand in coming years 

By: Henry Lazenby     20th January 2017 Analysts at Bank of America Merrill Lynch (BofAML) Global Research forecast little upside for platinum despite strengthening structural demand, saying South African producers are putting more ounces on the market at a time when discipline is required. In a ‘Global Metals Weekly’ report,... 

We should spend time with our loved ones

By: Terry Mackenzie-hoy     20th January 2017 A week ago, my darling, my best friend, was driving back from her mother’s house. She must have felt a slight pain in her chest and so pulled over into the parking area near Kloof Neck, which has a beautiful view of Camps Bay. There she died. When they found her, she had a smile on her face. She... 

Atterbury builds a vibrant new base for SA’s legal community at The Club Advocates’ Chambers

     19th January 2017 Offering advocates the opportunity to own or rent offices in a modern new urban precinct with a live-work-play lifestyle, Atterbury is developing The Club Advocates’ Chambers in Pretoria. Working hand-in-hand with a group of advocates from the city, the leading South African property investor and... 

Galaxy secures $40m debt funding

By: Esmarie Swanepoel     19th January 2017 Lithium producer Galaxy Resources has secured a debt facility of up to $40-million with BNP Paribas, to repay the outstanding balance of an OCP Asia facility, and for general corporate purposes. The loan will consist of three tranches, the first of which was a $10-million term loan, maturing at... 

Investment key to raising South Africa’s lagging growth potential – World Bank 

By: Terence Creamer     17th January 2017 The World Bank says raising private investment in South Africa will be critical to increasing the country’s growth potential above its current estimate of only 1.3%, which is well below the National Development Plan’s (NDP’s) aspiration of 5.4% a year. In its ninth South Africa Economic Update,... 

Kathu concentrated solar power project, South Africa

By: Sheila Barradas     13th January 2017 Sener is expected to continue providing the engineering, procurement and construction services for the project this year, in conjunction with its joint venture partner Acciona. 

World Bank warns rand could take hit amid global policy flux

By: Terence Creamer     10th January 2017 The World Bank has issued a warning that the South Africa currency could come under pressure in 2017, owing to heightened policy uncertainty in the US and Europe, which could constrain capital flows to emerging and frontier markets. However, the bank’s baseline projection is for the South African... 

Vast Resources set for increased gold production in Zimbabwe

By: Megan van Wyngaardt     20th December 2016 Aim-listed mining company Vast Resources has seen gold production at its Pickstone-Peerless mine, in Zimbabwe, increase 75% in the six months ended September 30, to 9 452 oz. CEO Roy Pitchford on Tuesday said that production at the mine consistently surpassed expectations, having reliably... 

IMF's Christine Lagarde found guilty of negligence 

By: News24Wire      20th December 2016 Christine Lagarde, the chief of the International Monetary Fund (IMF), has been found guilty of negligence by a French court over a massive payout to a tycoon when she was the country's finance minister, but will not be fined or face prison. Lagarde was found to be at fault on Monday for failing... 

With gold prices stuck in ‘purgatory,’ hedge funds pull out

By: Bloomberg     19th December 2016 Gold is in the doldrums. Prices have fallen for six straight weeks, the worst streak in a year, as prospects for higher US borrowing costs damped demand for gold, a for non-interest-bearing asset. Investors do not seem too optimistic about the outlook for 2017. Hedge funds cut their bets on a... 

Absent growth SA’s junk escape may be short-lived

By: Bloomberg     16th December 2016 South Africa’s chances of repeating its escape from a junk credit rating in 2017 are in the balance as focus intensifies on tepid economic growth and simmering political tensions. 

Wind farm completed in Eastern Cape

     16th December 2016 The Nojoli wind farm, in the Eastern Cape, has been completed and connected to the grid by multinational renewable-energy corporation Enel’s subsidiary Enel Green Power RSA (EGP RSA).  

Ready for the holidays? Maybe not?

     15th December 2016 You're building your shopping lists, checking your credit card balances and scanning for can’t miss deals. You may have even installed new apps that can automatically scan and compare prices to make sure you are getting the best deal. But what about cyber security? How safe are you when you are... 

Finance titans face off over $5tn London gold market

By: Bloomberg     14th December 2016 Some of the biggest names in finance are fighting for control of the London gold market – a $5 trillion, three-century-old trading hub that is being forced to adapt to a digital e. As the London Bullion Market Association revamps over-the-counter trades that are the market’s major pricing... 

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