http://www.engineeringnews.co.za
R/€ = 16.87 Change: -0.04
R/$ = 14.32 Change: -0.03
Au 1208.29 $/oz Change: 5.64
Pt 835.50 $/oz Change: 11.25
 

Topic

Gold's 'good week' gets better as trade war ignites haven demand

By: Bloomberg     23rd March 2018 Gold’s getting a double boost this week as investors piled into the traditional haven as a long-awaited trade war finally erupted between the US and China, extending gains that came after the Federal Reserve’s policy outlook proved less hawkish than feared. Bullion for immediate delivery rallied... 

Shnogh hydroelectric project, Armenia

By: Sheila Barradas     23rd March 2018 The project will harness the water from the Debed and Martsiget rivers.  

G20 agrees to 'monitor' cryptocurrencies but no action yet

By: Reuters     21st March 2018 Financial policymakers from the world's top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private... 

SARB's Naidoo: We warned VBS on its reliance of huge depositors 

By: African News Agency      20th March 2018 In his presentation to the Standing Committee on Finance, South African Reserve Bank (SARB) registrar Kuben Naidoo raised concerns including deficient compliance culture, weak asset and liability management, potentially illegal municipal depositions and poor quality in regulatory reports. The... 

Q4 current account deficit widens as strong rand boosts imports

By: Reuters     20th March 2018 South Africa's current account deficit widened more than expected to 2.9% of GDP in the fourth quarter due to a smaller trade surplus driven by a rally in the currency late last year, central bank said on Tuesday. The rand has appreciated by about 20% against the dollar since mid-November, in the... 

Reserve Bank expected to cut repo rate on March 28

By: Reuters     20th March 2018 The South African Reserve Bank (SARB) will cut its repo rate by 25 basis points to 6.50% just days after Moody's is expected to give the country another chance to reform its finances, a Reuters poll found on Tuesday. Fifteen of 22 economists said the Bank would cut interest rates by 25 basis... 

AfDB teams up with international organisation to drive solar development in Africa

By: Simone Liedtke     19th March 2018 The African Development Bank (AfDB) has signed a joint declaration with the International Solar Alliance (ISA) to promote the development of solar energy in Africa. The joint declaration recognises the bank's leadership in working with several parties, including governments, the private sector... 

US legislation bodes well for Thor Mining's Nevada tungsten project

By: Simone Liedtke     16th March 2018 The US House of Representative's Natural Resources Committee has passed the National Strategic and Critical Minerals Production Act, which Aim- and ASX-listed Thor Mining said would benefit its Pilot Mountain tungsten project in Nevada. While further steps are required in the legislative process,... 

Despite bitcoin craze, bullion unlikely to lose its status as a major investment vehicle – economist

By: Nadine James     16th March 2018 Although some economists regard cryptocurrencies – bitcoin being the most popular – as a fad, others, such as Nascence Advisory director and economist Xhanti Payi, remain open-minded, unwilling to write off a potentially disruptive technology with massive implications for global economic... 

Venezuela gold reserve value falls 14% in 2017

By: Reuters     16th March 2018 Gold held by Venezuela's central bank fell 14% in value in 2017 compared with the previous year, according to the bank's financial statement. Gold represents just under 70% of the bank's international reserves, which at the end of 2017 totaled $9.67-billion. 

WesBank forecasts meagre 0.75% growth in new-vehicle sales

By: Irma Venter     14th March 2018 South Africa’s new-vehicle industry is forecast to grow by 0.75% in 2018 compared with last year, says vehicle finance provider WesBank. WesBank CEO Chris de Kock delivered the bank’s view on the market at the 2018 Car of the Year awards held on Tuesday, in Gauteng. 

Kazungula Bridge set to open corridor between Zambia, Botswana

By: African News Agency      14th March 2018 The Kazungula Bridge project is set to open up the transport corridor between Zambia and Botswana, a move which will see Zimbabwe lose out on transit revenue. The project is being carried out with partial financial assistance from the African Development Bank (AfDB). The primary objective of the... 

Optimum should have gone into business rescue months ago – Hogan Lovells

By: Anine Kilian     12th March 2018 The public announcement of the Gupta-owned Optimum coal mine going into business rescue has caused much uncertainty for employees and residents living in mine-owned properties are anxious about the implications of this process for their futures. In an interview, Hogan Lovells partner Gareth... 

Court orders preservation order for Guptas' mine rehabilitation funds

By: News24Wire      12th March 2018 The National Prosecuting Authority has secured a court order to preserve the mining rehabilitation funds of two Gupta-owned mines held by the Bank of Baroda which intends leaving South Africa. According to the North Gauteng High Court order, dated March 8, the money in the in the Optimum Mine... 

VAT hike tests SARB's hawkish stance 

By: Reuters     9th March 2018 After the first VAT hike since apartheid, South African consumers are calling for an interest rate cut but the South African Reserve Bank (SARB) has numerous reasons to resist this pressure, chief amongst them a desire to sustain an inflation-busting rally in the rand. Since market-friendly Cyril... 

Thor zones in on three projects

By: Megan van Wyngaardt     9th March 2018 Dual-listed Thor Mining on Friday said it would intensify its focus on its Pilot Mountain tungsten/silver/copper project, in the US; as well as the Kapunda copper project and the Molyhill tungsten project, in Australia. “Our main business investment decisions will be strictly focused on [these]... 

S&P makes case for positive blockchain disruption, amid cryptocurrency concern

By: Schalk Burger     9th March 2018 Global ratings agency Standard and Poor’s (S&P’s) currently views cryptocurrencies as speculative instruments that will have an “insignificant effect on global financial stability if its value were to collapse”, but that blockchain – a shared digital transaction ledger – presents an opportunity... 

Eyeing the diaspora dollar

By: Martin Zhuwakinyu     9th March 2018 Zimbabweans are becoming creative when it comes to raising funds to invest in their economy, and the stimulus seems to be the ouster of Robert Mugabe, the long-ruling dictator who ran into the ground a country once hailed as the “jewel of Africa” by Tanzania’s Julius Nyerere. During the latter... 

Lawmakers urge mines ministry to be vigilant on Gupta-owned mines

By: Reuters     8th March 2018 The Portfolio Committee on Mineral Resources on Thursday called on the Department of Mineral Resources (DMR) to be vigilant of the mines owned by Tegeta Exploration and Resources in order to prevent a situation that occurred at Aurora Empowerment Systems seven years ago. At Aurora, directors... 

AfDB secures $52.5m to fund renewable energy projects in Zambia

By: Marleny Arnoldi     7th March 2018 The board of the Green Climate Fund (GCF) has approved the first funding proposal of the African Development Bank (AfDB) for Zambia’s renewable energy financing framework, providing a $50-million loan and a $2.5-million grant.  

UBS warns of 'deep trade war' as commodity giant sees no winners

By: Bloomberg     7th March 2018 Raw materials are at great risk as Donald Trump’s White House prepares to pull the trigger on tariffs. UBS Group warned metals to energy will be hurt should US levies spark a global trade war, while commodity powerhouse Australia forecast only a damaging race to the bottom. “Obviously, going... 

ANC to re-table motion to fully nationalise SARB 

By: News24Wire      7th March 2018 The African National Congress (ANC) intends to re-table a Parliamentary motion to nationalise the South African Reserve Bank (SARB) by doing away with its private shareholders. On Tuesday, just hours before it was set to be heard, the ANC withdrew its initial motion to debate the nationalisation... 

Australia's Lowe warns Trump tariffs could shock global economy

By: Bloomberg     7th March 2018 Australian central bank Governor Philip Lowe slammed President Donald Trump’s tariffs proposal, warning escalation and retaliation could develop into a “very big shock for the global economy.” In unusually strong language for the Reserve Bank of Australia chief, Lowe described Trump’s proposed... 

ANC withdraws motion to debate nationalisation of SARB

By: News24Wire      6th March 2018 An African National Congress (ANC) Parliamentary motion to debate the nationalisation of the South African Reserve Bank (SARB) has been withdrawn, to allow the party to consult further on the matter within its structures and with key stakeholders. The debate was set to take place in Parliament on... 

Russia's 2018 gold production expected to rise 3% – lobby

By: Reuters     6th March 2018 Russia's gold production in 2018 is expected to rise by 3% to 328 t on higher output from mines, producers' lobby Gold Industrialists' Union said on Tuesday. The estimate includes output from mines, from gold as a by-product of other metals, refined from scrap and gold containing concentrate. 

Standard Bank PMI improves to 51.4 in February

By: Megan van Wyngaardt     5th March 2018 For the first time in 11 months, business activity expanded in the South African private sector in February, with the Standard Bank Purchasing Managers Index (PMI) increasing from 49 in January to above the crucial 50-point mark, at 51.4 points. This was after being in contraction for six months.... 

South Africa to investigate water ministry amid severe drought

By: Reuters     2nd March 2018 Parliament will conduct an inquiry into allegations of mismanagement at the water ministry, a senior lawmaker said on Friday, as the country's tourist hub Cape Town grapples with the worst recorded drought in its history. Mlungisi Johnson, chairman of parliament's Portfolio Committee on Water and... 

Gold struggling to compete with battery metals

By: Bloomberg     28th February 2018 Gold producers are doing everything they’re supposed to be doing -- squeezing more profit out of mines, penny-pinching on projects and resisting the kind of big deals that got them into trouble when prices fell. While that’s satisfying their large institutional shareholders, it’s not enough to... 

Scotiabank pulls plug on sale of metals business

By: Reuters     27th February 2018 Canadian lender Bank of Nova Scotia said on Tuesday it would keep its ScotiaMocatta metals trading business, ending months of speculation that it could be sold, and the bank also reported earnings that beat market expectations. However, the metals business will be slimmed down following a... 

Township economy, jobs remain top priority for Gauteng

By: Natasha Odendaal     26th February 2018 Gauteng Premier David Makhura’s State of the Province Address (SoPA) has highlighted “greater determination” to accelerate South Africa’s most populous province’s radical transformation, modernisation and reindustrialisation programme, particularly the revitalisation of the township economy and... 

More Gupta-owned companies apply for business rescue 

By: News24Wire      23rd February 2018 More Gupta-linked companies have filed for business rescue, company documents show. This comes shortly after the family's Optimum mines filed for business rescue earlier this month. This leaves their creditors holding a particularly busy bag of cats. 

Torex ramps up ELG throughput; reports Q4 loss

By: Henry Lazenby     23rd February 2018 TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an... 

Stokvels changing the face of the township economy

By: Sydney Majoko     23rd February 2018 Stokvels, defined by Oxford Dictionary as "a savings or investment society to which members regularly contribute an agreed amount and from which they receive a lump sum payment", usually at the end of the year, are one of the most common features of the township economy. They have always had a... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' – Scotiabank

By: Henry Lazenby     22nd February 2018 The price received for Western Canadian oil will remain vulnerable to service disruptions in current transportation channels, given the excess of production over takeaway capacity up to about 2020, a new report by the Bank of Nova Scotia (Scotiabank) has found. In a report published on Tuesday,... 

Social grants set to increase faster than inflation as taxes rise 

By: Megan van Wyngaardt     21st February 2018 The South African government has committed R259.4-billion towards social development in the 2018 Budget, with social grant payments set to increase faster than inflation to offset the effect of higher taxes on poor households. During the tabling of the Budget on Wednesday, Finance Minister Malusi... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

AfDB expresses strong support for new Eskom leadership

By: Terence Creamer     20th February 2018 The African Development Bank (AfDB), which has extended loan facilities worth a collective R20-billion to South Africa’s power utility Eskom, expressed confidence on Tuesday that the new leadership at the cash-strapped State-owned company would restore the group’s governance and creditworthiness.... 

Cryptocurrencies speculative, but blockchain can bring positive disruption – S&P’s

By: Schalk Burger     19th February 2018 Global ratings agency Standard and Poor’s (S&P’s) currently views cryptocurrencies as speculative instruments that will have an “insignificant effect on global financial stability if its value were to collapse”, but that blockchain – a shared digital transaction ledger – presents an opportunity... 

Latest News

more

Latest Videos

more

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Subscribe Now for $119
Free daily email newsletter Register Now
Subscribe Now for $119 Close