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Rusoro shares suspended as nationalisation hampers audit

By: Henry Lazenby     22nd May 2013 Canadian securities authorities suspended trade in TSX-V-listed Rusoro’s stock late on Tuesday, as a result of the company’s failure to file its 2012 full-year financial results, as required by Canadian continuous disclosure rules. Rusoro on Wednesday said the filing of its financial statements... 

Inspection panel findings on impact of Medupi

17th May 2013 Following a request for inspection of the World Bank’s Eskom Investment Support Project (EISP) pertaining to the Medupi coal-fired power station in Limpopo, an inspection panel found that at system level the bank management’s assessment of South Africa’s legal and institutional framework is well... 

Big renewables financing push a highlight of bank’s sustainability report

By: Joanne Taylor     17th May 2013 Standard Bank Group (SBG) has recently released its 2012 ‘Sustainability Report’ and says its sustainability programmes are mutually reinforcing and have served the company well. 

Brics bank should be in Africa – Zuma

By: Sapa     9th May 2013 The highly-anticipated Brics bank should be based in Africa, President Jacob Zuma said on Thursday. "Africa feels the bank should be established here, particularly because the greater need for the bank is on the continent of Africa," Zuma told delegates at the World Economic Forum on Africa, in... 

Tiger moves closer to securing bridging finance

By: Esmarie Iannucci     9th May 2013 Copper developer Tiger Resources on Thursday announced that FirstRand Bank was ready to move ahead with a $30-million bridging facility after the bank confirmed internal credit approval. The bridging facility was being jointly arranged by FirstRand Bank, through its Rand Merchant Bank (RMB)... 

New Sandton development is SA’s thirtieth Green Star building

By: Joanne Taylor     3rd May 2013 Building developer Abland received a four-star Green Star SA certification from the Green Building Council of South Africa (GBCSA) for the design of its Alice Lane project, in Sandton. This is the GBCSA’s thirtieth green star certification. 

AfDB outlines ‘transformational’ ten-year Africa growth strategy

By: Natalie Greve     30th April 2013 The African Development Bank Group (AfDB) has, following board approval and a lengthy consultation process, released a new ten-year Africa-focused development strategy for 2013 to 2022, which focuses on the economic transformation of the continent. The strategy identified infrastructure... 

Ministers agree to six-month Brics Bank work programme

By: Terence Creamer     26th April 2013 Finance Ministers and central bank governors from Brazil, Russia, India, China and South Africa (Brics) agreed, during meetings in Washington in April, to an “intensive” six-month work programme to firm up arrangements for the establishment of the so-called Brics Development Bank. The programme,... 

India plans to tap free reserves of govt companies for overseas acquisitions

By: Ajoy K Das     26th April 2013 The Indian government is exploring mechanisms for pooling the free cash reserves of government-owned mineral and mining companies to acquire mineral and energy assets overseas. The new proposal followed the government’s rejection of floating a dollar-denominated $10-billion sovereign wealth fund... 

Mind the Gap

By: Terence Creamer     26th April 2013 Although the outlook for economic growth across sub-Saharan Africa remains robust for the forthcoming three years, a new World Bank analysis has put its finger on a key policy problem now confronting just about all countries in the region.Its latest Africa's Pulse publication shows that poverty... 

Exaggerated expectations eclipse Durban summit progress

By: Keith Campbell     26th April 2013 The agreement in principle between the Brics group countries (Brazil, Russia, India, China and South Africa) to establish a joint development bank represents significant progress for the loose alignment. This agreement was announced at the Brics summit in Durban late last month.  

Troy secures A$40m in finance

By: Esmarie Iannucci     22nd April 2013 Dual listed gold miner Troy Resources has secured A$40-million in funding to fund the takeover of fellow listed Azimuth Resources, and to fund ongoing work on that company’s West Omai deposit. Earlier this year, the ASX- and TSX-listed Troy launched a takeover offer for Azimuth, offering one of... 

Karuma hydropower project, Uganda 

By: Sheila Barradas     19th April 2013 Uganda is negotiating with China to obtain funding for the construction of the Karuma dam. 

African countries urged to rethink use of mineral revenues for poverty reduction  

By: Terence Creamer     15th April 2013 The outlook for economic growth across sub-Saharan Africa remained robust for the forthcoming three years, but a new World Bank analysis shows that poverty is not declining at a similarly robust pace, particularly in those African economies that are resource rich. The bank expects the economies... 

DBSA denies it is ‘bleeding’ core skills as it cuts jobs

By: Terence Creamer     15th April 2013 The State-owned Development Bank of Southern Africa (DBSA) has dismissed suggestions that it is “bleeding” core skills as it moves ahead with a far-reaching restructuring exercise, which will result in it shedding nearly half of its 811 employees over the coming months. CEO Patrick Dlamini also... 

Standard Banks’ R10bn renewable lending boosts international green status

By: Natasha Odendaal     12th April 2013 Financial firm Standard Bank’s R9.4-billion involvement in government-approved renewable-energy projects has earned the bank the ranking of twelfth greenest bank globally by Bloomberg Markets. Each year, Bloomberg Markets assesses the top 40 global banks based on their lending to clean-energy... 

Company Announcement: TotallyConcrete keeps pace with the African construction industry

By: Creamer Media Reporter      5th April 2013 Industrial, commercial and residential projects are cropping up across the continent and opening up tenders; speeding up the pace of the African construction industry 

Open platform aims to improve visibility of African developmental data

5th April 2013 An open-access development data platform for 20 African countries has been launched, which enables users to extract and view developmental data from international and national sources, says development finance institution the African Development Bank (AfDB). “The Open Data Platform is a... 

AfDB earmarks $73m for Malawi road, irrigation projects

By: Marcel Chimwala     5th April 2013 The African Development Bank (AfDB) has approved a total of $73-million to finance the rehabilitation of the Mzuzu-Nkhata Bay road and the construction of irrigation schemes across Malawi. The Bank says in a statement that out of the financial package comprising loans and grants, $33,2-million... 

BAIL-OUT PAIN

5th April 2013 Cypriote Finance Minister Michael Sarris showing strain during a news conference held in Brussels, Belgium, in late March to confirm that a last-ditch bail-out deal had been struck. Cyprus agreed to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including... 

EMED Mining’s Cyprus impact reduced

By: Henry Lazenby     2nd April 2013 Toronto- and London-listed EMED Mining has said it expects its exposure to the restructuring of banks in Cyprus to be about €110 000, which was €160 000 less than previously thought. The Europe-based company on Tuesday said that when Cyprus temporarily suspended its banking operations on March... 

North America becoming big coal exporter as domestic consumption declines

By: Henry Lazenby     28th March 2013 The North American coal industry is in transition; a significant decline in domestic consumption means that it is becoming a significant exporter of the fossil fuel to emerging economies, especially those in Asia. The domestic US coal market has seen a whirlwind decline in recent years as... 

Brics reach deal on development bank

By: Sapa     26th March 2013 The BRICS grouping of emerging powers on Tuesday reached a deal to establish a development bank that would rival Western-backed institutions, South Africa's finance minister told AFP. "It's done," minister Pravin Gordhan said after meeting with his counterparts from Brazil, Russia, India and China. 

Absa, Imperial JV to improve access to commercial vehicle finance 

By: Natalie Greve     26th March 2013 A newly formed preferred supplier agreement between Absa Group and transport company Imperial Group is set to afford prospective Imperial customers improved access to vehicle and asset finance from the Barclays subsidiary. As part of the deal, Absa would carry the credit risk while providing... 

China's Xi hopes to strengthen ties with Africa on first trip

By: Sapa     25th March 2013 China's new President Xi Jinping pledged on Monday to strengthen his nation's ties with Africa during his first trip to the continent. Addressing the Tanzanian parliament during the new leader's first official tour abroad, Xi said China's trade with Africa has exploded, reaching some 200 billion... 

AfDB provided Ghana with $211.6m in 2012

By: Natalie Greve     22nd March 2013 The African Development Bank (AfDB) provided Ghana a total of $211.6-million in grants and loans in 2012 to support the country’s development. This amount represented the highest level of support received by the country from the bank in a one-year period since the group started operations in... 

Food for thought

By: Terence Creamer     22nd March 2013 It is worth pausing to digest some of the findings of a recent report released by the World Bank, entitled ‘Growing Africa: Unlocking the Potential of Agribusiness’. In summary, the document argues that Africa’s farmers and agribusinesses could become key catalysts for ending poverty and that... 

Rusoro Mining files $3.03bn claim against Venezuela

By: Henry Lazenby     21st March 2013 Vancouver-based Rusoro Mining on Thursday filed a $3.03-billion claim in its arbitration against the Bolivarian Republic of Venezuela before the World Bank's International Centre for Settlement of Investment Disputes (ICSID). The Russian-owned company filed the claim under the provisions of the... 

Klondex Mines upbeat about Nevada project, sees lots of potential

By: Henry Lazenby     19th March 2013 Nevada gold explorer Klondex Mines sees the possibility of a potentially greater future resource at its flagship Fire Creek gold project, in Nevada, once bulk sampling gets underway in the second half of the year. The company, which also had a recent management shakeup and announced the... 

Hadebe to step down as Land Bank CEO

By: Natasha Odendaal     14th March 2013 Land Bank CEO and director Phakamani Hadebe would relinquish his post when his contract expired in December, Land Bank chairperson Dr Ben Ngubane said on Thursday. The bank was currently searching for a successor and has advertised the available post. 

Golden Rim eyes DFS in Burkina Faso

By: Esmarie Iannucci     12th March 2013 ASX-listed Golden Rim Resources was looking to launch a feasibility study on the Netiana lodes, which formed part of its Balogo project, in Burkina Faso, after a scoping study proved the gold project profitable. The scoping study suggested an openpit development of the Netiana lodes, which would... 

Infrastructure impact to be muted until supportive conditions created for private investment

By: Terence Creamer     8th March 2013 Constant assurances form senior government leaders, including President Jacob Zuma, that public sector infrastructure spending is gaining momentum have done little to dispel the notion that the multibillion-rand investment drive is failing – as with so much else in South Africa – on... 

Infrastructure impact to be muted until supportive conditions created for private investment

By: Terence Creamer     8th March 2013 Constant assurances form senior government leaders, including President Jacob Zuma, that public sector infrastructure spending is gaining momentum have done little to dispel the notion that the multibillion-rand investment drive is failing – as with so much else in South Africa – on... 

Randgold Resources to remain dividend-driven midtier producer

By: Henry Lazenby     7th March 2013 Africa-focused miner Randgold Resources on Wednesday affirmed its intention to remain a dividend-driven midtier gold producer in a global mining environment of rising costs and difficult equity and debt markets. CE Mark Bristow said that after the past number of years’ sustained gold price above... 

Shopping by cellphone gaining momentum, but not yet a mass retail experience

By: Nomvelo Buthelezi     1st March 2013 The number of South African con- sumers using mobile technology to shop through their cellphones is increasing, eliminating the need to carry cash and banking cards. “This technology is already active in South Africa, but the use versus the mechanism are two completely different things. The... 

AFDB approves $300m loan to Nigeria

By: Reuters     1st March 2013 Tunis  - The African Development Bank said on Thursday it had approved a $300-million loan to finance the transport sector and economic reforms in Nigeria. "The loan aims to support the Nigerian government to accelerate reform implementation in the areas of transport sector governance, and public... 

Shopping by cellphone gaining momentum, but not yet a mass retail experience

By: Nomvelo Buthelezi     1st March 2013 The number of South African consumers using mobile technology to shop through their cellphones is increasing, eliminating the need to carry cash and banking cards. 

World Bank extends $695m for economic recovery projects in Malawi

By: Marcel Chimwala     1st March 2013 The World Bank has committed a$695-million to Malawi for the implementation of a number of projects that will contribute to the country’s economic recovery. World Bank country manager for Malawi Sandra Bloemenkamp says the funds will be released to the Malawi government as part of the bank's... 

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