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AfDB to invest $24m in East African Development Bank

By: Natalie Greve     17th January 2013 The African Development Bank on Thursday announced an equity investment of $24-million in the East African Development Bank (EADB) to strengthen its balance sheet and contribute to the improvement of its international credit rating. 

DBSA calls for experts for green fund

By: Natasha Odendaal     14th January 2013 The Development Bank of Southern Africa (DBSA) has called for a panel of experts to provide technical, strategic and specialist support to the Department of Environmental Affairs’ (DEA’s) newly formed Green Fund, as it selects prospective green projects. The DBSA, the Green Fund’s implementing... 

AFC secures $50m loan facility for Africa projects

By: Natalie Greve     10th January 2013 International financial institution Africa Finance Corporation (AFC) further enhanced its medium-term Africa-focused funding programme on Thursday by completing a $50-million bilateral loan facility with Rand Merchant Bank (RMB). 

Whitehaven share price drops following hoax media release

By: Esmarie Iannucci     7th January 2013 The share prices of ASX-listed Whitehaven Coal took a tumble on Monday after a hoax media release suggested that commercial bank ANZ had withdrawn its recently announced A$1.2-billion banking facility to the company. Share prices dropped to a low of A$3.21 on Monday, after opening trading at... 

Company Announcement: MTN launches global brand campaign to articulate new strategic direction

13th December 2012 MTN is launching its latest multi-channel global brand campaign, which pronounces the mobile operator’s bold views on the potential of emerging markets 

Miners struggle to fund tin projects, deeper shortages loom

By: Reuters     11th December 2012 Companies seeking to build new tin mines are struggling to finance the projects, which could deepen shortages in a market that is already in deficit and exacerbate price moves that are already volatile. Financing any new mine has become difficult following the global financial crisis, but the... 

DBSA restructuring to lay basis for ‘scale-up’ of ‘core’ lending to R91bn 

By: Terence Creamer     11th December 2012 The State-owned Development Bank of Southern Africa has indicated that it is finalising a new strategy and organisational structure that will lay the basis for a doubling of its loan book to R91-billion over the coming five years to 2017.  

Funders require energy efficiency evidence before supporting projects 

By: Schalk Burger     7th December 2012 The specific measurements and energy reduction achieved by various energy efficiency projects or technologies must be proven and sustainable to receive funding from development organisations and fund managers for energy efficiency projects, said two finance institutions at the Industrial... 

IHS secures finance for West African cell-tower deal

By: Natasha Odendaal     3rd December 2012 Nigeria-based telecommunications infrastructure provider IHS Holdings has secured a $202-million syndicated credit facility from Ecobank Capital to partly fund its acquisition of over 1 700 mobile network towers from South Africa-based telecommunications group MTN. IHS last month agreed to buy... 

R1.4bn DBSA loan for Zimbabwe road upgrades, tolling 

By: Natasha Odendaal     27th November 2012 The Development Bank of Southern Africa (DBSA) has granted a R1.4-billion loan to a joint venture (JV) focusing on road rehabilitation and tolling initiatives in Zimbabwe. Infralink, a 70:30 JV between the Zimbabwe National Road Administration and South Africa-based construction firm Group Five,... 

Coal now Mozambique’s second-largest export earner

By: Keith Campbell     23rd November 2012 During the first six months of 2012 coal became Mozambique’s number two export, the Bank of Mozambique has revealed in its recent “Economic Climate and Inflation Perspectives” report. The country’s coal exports in this period were worth $196.4-million. This helped boost the country’s exports to... 

Rates held at 5%, risks to inflation

By: Reuters     22nd November 2012 South Africa's Reserve Bank left its benchmark repo rate unchanged as expected on Thursday, balancing weakening economic growth against a deterioration in the inflation outlook due to a sharply weaker rand currency. All 22 economists polled by Reuters last week said the Reserve Bank's Monetary... 

Tshipi Borwa loads first manganese ore

By: Esmarie Iannucci     20th November 2012 The new Tshipi Borwa manganese mine, in which Jupiter Mines holds a 49.9% stake, has loaded its first full trainload of ore, the ASX-listed company reported on Thursday. The first train comprising 104 wagons loaded with 6 430 t of manganese ore was currently being railed to Port Elizabeth, where... 

Planned South Sudan–Kenya road to boost trade between the East African neighbours

By: John Muchira     9th November 2012 Neighbouring Kenya and South Sudan intend to boost trade with a new road linking the western town of Eldoret with Juba. Kenya’s Roads Minister Franklin Bett revealed the two nations plan to construct the Juba-Nadapal-Eldoret Road with a price tag of $1-billion to ease transportation for traders’... 

Standard Bank commits R9.4bn to 11 renewables projects, pursuing more

By: Terence Creamer     7th November 2012 JSE-listed Standard Bank reports that it is backing 11 of the 28 wind and solar projects selected following the first bid window under South Africa’s Renewable Energy Independent Power Producer Programme (REIPPP) and that it has underwritten R9.4-billion worth of debt for the developments. The... 

Saracen secures A$50m to expand openpit operation, processing plant

By: Esmarie Iannucci     7th November 2012 Gold miner Saracen Mineral Holdings has secured debt financing for the expansion of its Whirling Dervish openpit operation, and the Stage 1 upgrade of the processing plant at its Carouse Dam operations. Saracen said on Wednesday that the A$50-million facility, comprising a A$35-million project... 

Rand seen under pressure for rest of year

By: Reuters     2nd November 2012 South Africa's rand was a touch softer against the dollar on Friday and unlikely to break out of present ranges as concerns about waning economic growth keep rand bulls largely in check. Government bonds were flat, with yields seen holding up as the market gradually prices out the likelihood of... 

Philippi retail project secures R70m loan facility

19th October 2012 The community of Philippi, in the southern suburbs of Cape Town, will soon enjoy access to its own conveniently located shopping centre, as a result of the recent approval of a R70-million loan facility by major bank Nedbank’s Cape Corporate Property Finance division.  

Poverty rate a worry despite Africa’s middle-income transition

By: Terence Creamer     19th October 2012 As many as 38 of sub-Saharan Africa's 48 countries could be regarded as ‘middle income’ by 2025, but World Bank chief economist for Africa Shantayanan Devarajan has warned that such an advancement would not necessarily translate into a reduction in poverty. Currently, 21 countries, collectively... 

Chrometco scouts for acquisitions, to move into platinum

By: Megan van Wyngaardt     17th October 2012 JSE-listed junior Chrometco would reposition itself to move into platinum-group metals (PGMs) and other bulk commodities, on top of its chrome exploration assets, MD Petrus Cilliers said on Wednesday. Despite the current global downturn in the chrome and PGM markets, Chrometco is looking to... 

AfDB grant to help Zambia reformulate small dams approach

12th October 2012 The African Development Bank (AfDB) approved an African Water Facility (AWF) grant of €950 000 in Zambia, which will be used to modernise and update the guidelines that govern and promote investments in multipurpose small dams.  

Energy features strongly in 2012 DBSA disbursements

By: Natasha Odendaal     8th October 2012 The Development Bank of Southern Africa (DBSA) on Monday reported disbursements of R8.1-billion in the financial year ended March 2012 and said it had committed to projects worth R8.4-billion. The energy sector accounted for 44.4% of South Africa’s 61% portion of the DBSA’s total disbursements,... 

Most African countries to be middle income by 2025, but poverty rates a worry

By: Terence Creamer     4th October 2012 As many as 38 of sub-Saharan Africa's 48 countries could be regarded as ‘middle income’ by 2025, but World Bank chief economist for Africa Shantayanan Devarajan warned on Thursday that such an advancement would not necessarily translate into a reduction in poverty. Currently, 21 countries,... 

Minerals boosting African economies – World Bank

By: Keith Campbell     4th October 2012 Recent and continuing discoveries of metals, hydrocarbons and other minerals are stimulating economic activity and are set to continue to support economic growth in sub-Saharan Africa for the remainder of this year and into the future, stated the World Bank in the most recent edition of its... 

Platinum expected to bounce back in 2013, metals stocks in surplus

By: Henry Lazenby     3rd October 2012 Platinum and palladium were expected to regain some of its lustre in 2013 as rising production costs in South Africa, which produces about 70% of the global supply of platinum, looked set to push prices higher, French bank Natixis said in its latest quarterly metals review. The ongoing labour... 

PMI Gold secures $30m standby facility, to receive Ghana mining leases

By: Henry Lazenby     28th September 2012 TSX-V- and ASX-listed PMI Gold secured a $30-million standby funding facility from finance provider Macquarie Bank for use while it completes its flagship Obotan gold project, in south-west Ghana. The company said that although it had $30-million cash in the bank at the end of August, the... 

Interest rates remain unchanged

By: Sapa     20th September 2012 The South African Reserve Bank's (SARB) Monetary Policy Committee has opted to leave interest rates unchanged, the bank's governor Gill Marcus said on Thursday. "The monetary policy committee is of the view that a further reduction in the repo rate would not be appropriate at this stage," she... 

Doray secures funding for Andy Well

By: Esmarie Iannucci     17th September 2012 ASX-listed junior Doray Minerals on Monday announced that it had finalised project debt for its Andy Well gold project, in Western Australia, making its first drawdown. The project finance debt package, secured from the Commonwealth Bank of Australia, totalled A$55-million and provided full... 

Indian bank opens SA branch as bilateral trade grows

By: Creamer Media Reporter      12th September 2012 Government-owned Bank of India (BOI) has opened its first branch in South Africa, in Johannesburg. BOI chairperson and MD Shri Alok K. Misra said that the growing trade between South Africa and India meant that banking requirements of businesses in both countries would increase. 

Confidence levels drop for Australian mining

By: Esmarie Iannucci     12th September 2012 Business confidence in the mining industry declined during August, with the sector affected by the weakened outlook for commodity prices, National Australia Bank (NAB) reported in its monthly business survey. NAB noted that the weakening in mining conditions had emerged as a key theme over the... 

Bank extends $231m loan package for Malawi projects

By: Marcel Chimwala     7th September 2012 The World Bank has extended loans totalling $231-million to Malawi for three projects in the water, public works and agriculture sectors. 

Infrastructure and policy delivery to form basis of World Bank’s future engagement with SA  

By: Terence Creamer     6th September 2012 Newly appointed World Bank president Dr Jim Yong Kim, who visited South Africa on Thursday as part of a larger African tour, said the bank stood ready to support Africa’s largest economy in its efforts towards improving social inclusion through higher levels of, as well as more inclusive, growth.  

Paladin Energy posts significant full year loss, sees upside

By: Henry Lazenby     31st August 2012 Dual-listed Paladin Energy on Thursday said it had widened its full-year loss by 110% to 172.8-million, mainly impacted by its decision to take an impairment associated with the write down of its Kayelekera assets in the September-quarter of 2011. The $133-million write-down and impairment of... 

Mandalay Resources poised for significant production upside

By: Henry Lazenby     27th August 2012 Through handpicking its projects, with the focus firmly on acquiring underperforming assets, TSX-listed Mandalay Resources had transformed itself from holding a number of poor-performing assets three years ago, to having become a formidable mining force on the Toronto bourse. During the time... 

$413m facelift for Nairobi’s transport system

By: John Muchira     24th August 2012 Efforts to transform Kenya’s capital, Nairobi, into regional economic hub will be enhanced following the unveiling of a $413-million programme to rehabilitate and improve its transport network. 

Basil Read announces board changes

By: Megan van Wyngaardt     23rd August 2012 JSE-listed construction company Basil Read has appointed Dr Claudia Manning and Nopasika Lila as independent nonexecutive directors to its board, effective August 23. This follows Given Sibiya’s resignation as independent nonexecutive director and chair of the audit and risk committee and member... 

Devin van Zyl

By: Nomvelo Buthelezi     17th August 2012 Position: CEO of Lambson’s Hire Main Activity of the Company: Equipment and compact plant hire 

Land Bank finances ‘healthier’, loan book doubles

By: Natasha Odendaal     16th August 2012 Development finance institution the Land Bank reported a 54.5% jump in its performing loan book during the year ended March 2012, which was further strengthened by a 17.6% drop in nonperforming loans, CEO Phakamani Hadebe said on Thursday. Speaking at the group’s financial results presentation,... 

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