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Jacobs Capital, partner invest R300m in recapitalising KZN hardboard manufacturer

By: Shirley le Guern     Updated 7 hours ago Durban-based private equity firm Jacobs Capital and its partner Black Bird Capital are confident that investment of around R300-million will place struggling hardboard manufacturer Masonite back on its feet in the short to medium term.   The troubled company was placed in business rescue in... 

BHP faces rating risk as easing gloom helps rivals’ outlooks

By: Bloomberg     26th September 2016 BHP Billiton faces a battle to hold on to its credit score even as lower-rated mining rivals including Rio Tinto have seen their debt outlooks boosted amid the rebound in resource prices. Credit metrics for the world’s biggest miner will be below limits for existing ratings in the current fiscal... 

Iron giants to add 200Mt of supplies through 2020

By: Bloomberg     26th September 2016 The world’s two largest iron-ore exporters Australia and Brazil will each add about 100-million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup. Shipments from... 

ACSA starts with new strategy while reporting good results

By: Keith Campbell     23rd September 2016 Airports Company South Africa (ACSA) has started to implement elements of its new operational strategy, says chairperson Skhumbuzo Macozoma. "It's very important to have sound corporate governance in a company like ACSA," he said at a briefing on Friday. "I'm happy to announce we've finalised a... 

Ituverava solar photovoltaic plant project, Brazil

By: Sheila Barradas     23rd September 2016 The project involves the construction of a solar photovoltaic plant of which the estimated energy production of which will be about 500 GWh/y. 

Local unit of global defence group enjoying significant success

By: Keith Campbell     23rd September 2016 South African private-sector defence company Saab Grintek Defence (SGD) is enjoying such success that it has had to recruit 198 new staff since January 2015, taking its work force up to 719 people. The company, 75%-owned by Sweden’s Saab and 25% by black South African investors, now has customers... 

Saab, Denel create joint air defence system from their products

By: Keith Campbell     23rd September 2016 Swedish security and defence group Saab has revealed that it and South African Defence group Denel have cooperated to integrate the former's Giraffe radar with the latter's Umkhonto surface-to-air missile. "It's producing a system that's going to be very hard to beat," affirmed Saab Country Unit... 

South32 aluminium production unchanged in FY2016

By: Simone Liedtke     23rd September 2016 Mining resources company South32 announced in its full report for the 2016 financial year that South Africa aluminium saleable production was largely unchanged in, as the impact of electricity load-shedding events were lower than expected, particularly in the December 2015 half-year. 

Train plant construction ‘on track’, says Gibela 

By: Irma Venter     22nd September 2016 The construction of Gibela’s R1-billion train factory at Dunnottar, in Ekurhuleni, is on schedule, says the rail consortium in a project update. Gibela has been contracted to supply the Passenger Rail Agency of South Africa with 600 new passenger trains, in a deal worth R51-billion. The first 20... 

Global steel production rises 1.9% y/y in August

By: Megan van Wyngaardt     21st September 2016 World crude steel production for the 66 countries reporting to the World Steel Association rose 1.9% year-on-year to 134.1-million tonnes in August. China’s crude steel production for August was 68.6-million tonnes, an increase of 3%, while Japan’s production was up 1.5% to 8.9-million tonnes. 

Brazil’s looming wet season poses new Samarco risks, BHP warns

By: Bloomberg     21st September 2016 BHP Billiton, the world’s biggest miner, warns Brazil’s impending wet season may result in further environmental damage due to the failed Samarco dam, carrying the risk of new fines and legal claims. Work is underway to reinforce dam structures to help contain tailings as the November-to-April... 

Iron’s 50m extra tons spell weaker price – Liberum

By: Bloomberg     20th September 2016 The world’s top iron-ore suppliers including Brazil’s Vale will add almost 50-million tons of supply in the 12 months to next June, undermining prices and feeding a global glut, according to Liberum Capital. Suppliers that also include Australia’s BHP Billiton, Rio Tinto and Gina Rinehart’s Roy... 

Vale says rail delay limits new iron-ore mine output to 75mt

By: Reuters     20th September 2016 Brazil's Vale said on Monday output from its new S11D iron-ore mine in the Amazon region will be limited to 83 percent of full capacity as efforts to preserve cash and limit transport disruptions crimp a needed railway expansion. The $14.3 billion project, Vale's biggest-ever investment, was... 

Renault Kwid set for SA debut in Nov, Oroch small bakkie possibility for 2017

By: Irma Venter     19th September 2016 Renault South Africa (SA) is set to launch a fresh attack on the country’s budget market in November, when it introduces the A-segment Kwid. The India-made Kwid should be priced below Renault SA’s current entry-level Sandero. 

Brazil grants Vale licence for Amazon iron-ore mine rail branch

By: Reuters     17th September 2016 Brazil granted Vale a ten-year licence to operate a 101-km branch line connecting its $14.3-billion S11D iron-ore mine project in the Amazon jungle to the Carajas Railway, the company said in a statement on Friday. The Carajas Railway branch will allow Vale, the world's largest iron ore exporter,... 

Wacker Neuson Group confident for 2016 – despite a difficult start to the year

     16th September 2016 During the first quarter of 2016, international light and compact equipment manufacturer Wacker Neuson continued to feel the impact of difficult conditions across many of its markets, in particular in the Americas region. Although the Group managed to maintain revenue at almost the same level as... 

Prices are flying for the commodities Anglo wants to ditch

By: Bloomberg     16th September 2016 Anglo American, the century-old mining firm seeking to cut debt, is getting an unexpected windfall from the commodities it wants to ditch. When Anglo announced a plan in February to shrink its business by more than half to weather a crisis in raw-material prices, it put coking and thermal coal... 

Korean auto firms aiming to assemble bakkies at Benoni plant

By: Irma Venter     16th September 2016 Kia Motors South Africa (KMSA) is close to finalising a deal with Hyundai Motors South Africa (HMSA) to assemble its K2700 and K2500 workhorse bakkies at HMSA’s Benoni plant, says KMSA CEO Ray Levin. HMSA assembles the Hyundai HD65 and HD72 medium-duty trucks at the Benoni facility, as well as... 

Brazil's Coelho says Samarco may resume operations subject to conditions

By: Reuters     15th September 2016 Brazil's Samarco Mineração will be able to resume iron-ore mining operations should co-owners Vale and BHP Billiton come through with promised investments, Mining and Energy Minister Fernando Coelho said on Thursday. Samarco had operations halted last November, when a tailings dam at the mine... 

African companies and govts need to work harder to benefit from growth potential – McKinsey 

By: Anine Kilian     15th September 2016 Some of Africa’s economies have been experiencing significantly less accelerated growth than five to fifteen years ago, having started experiencing a marked slowdown as a result of lower resource prices and higher sociopolitical instability. This is despite the bulk of the continent’s countries... 

Iron-ore hits the skids as miners, banks wrangle over supply

By: Bloomberg     15th September 2016 After a stellar run in 2016, iron-ore has hit a rough patch. The prospect of a slump below $50 a metric ton is now back in view after the longest losing streak in more than five months as investors, analysts and miners spar over the impact of additional low-cost supply. 

Rinehart’s iron-ore mine won’t reach capacity this year

By: Bloomberg     15th September 2016 Billionaire Gina Rinehart’s iron-ore producer said its mine in Western Australia won’t reach full capacity this year following issues at its port and processing plant. The target of 55-million metric tons a year is now expected to be reached early in 2017, instead of late this year, Roy Hill... 

Tucano taps into power grid

By: Esmarie Swanepoel     14th September 2016 Gold miner Beadell Resources has inked a deed of understanding with the Amapa Electricity Company to transition its Tucano gold project, in Brazil, to grid power. Beadell would start required improvements to the existing 110 km 69 KV power line, which terminates at the Tucano mine, which would... 

Vedanta wins Cairn nod for BHP-style resources conglomerate

By: Bloomberg     13th September 2016 Vedanta’s plan to create an Indian resources heavyweight to compete with the likes of BHP Billiton got a boost Monday after shareholders in its oil unit, Cairn India, agreed to a proposal to combine the two companies. Cairn India’s shareholders “will benefit from exposure to Vedanta’s... 

‘Know-nothing’ iron bears will be wrong again, Cliffs says

By: Bloomberg     13th September 2016 The largest US iron-ore producer says the bears are getting it wrong all over again. Prices will probably be sustained above $50 a metric ton as demand in China is stable and the impact of new supply won’t be as severe as forecast, according to Cliffs Natural Resources. “Those forecasts saying... 

Aspen expands anaesthetics portfolio with product acquisitions

By: Megan van Wyngaardt     12th September 2016 To further expand its footprint in the anaesthetics field, healthcare solutions provider Aspen Pharmacare has signed agreements with a number of GlaxoSmithKline’s (GSK’s) subsidiaries to acquire a portfolio of anaesthetics globally. The portfolio, which comprises five established medicines,... 

Guinea goes from zero to hero for world’s top aluminium maker

By: Bloomberg     9th September 2016 Guinea will pass Australia to become China’s main source of bauxite next year as the world’s biggest aluminium maker boosts imports of the raw material from the West African nation that supplied almost nothing just two years ago. Shipments from Guinea to China will reach as much as 13-million... 

SAA is in good hands – Dudu Myeni 

By: News24Wire      9th September 2016 Embattled chairperson of South African Airways (SAA) Dudu Myeni has assured South Africans that the national carrier is in good hands, expressing confidence in the new board that was announced last week to work alongside her. "I want to assure you that this airline is in the right hands: I have... 

Largo closes first tranche of C$4.18m private placement

By: Henry Lazenby     9th September 2016 TSX-listed vanadium producer Largo Resources has closed the first tranche of a private placement of units totalling C$3.36-million. The Toronto-headquartered company sold 7.5-million units in the first tranche, with funds managed by Arias Resource Capital Management buying 5.8-million units for... 

Ropes Group begins business

     9th September 2016 Belgium-based steel wire transformation and coating technologies group Bekaert, and Ontario Teachers' Pension Plan, the previous owner of wire and fibre rope solutions provider Bridon, have successfully closed the definitive merger of their ropes and advanced cords businesses.  Bekaert and... 

Uncertainty over Brazil Samarco mine hinders restructuring, firm at risk

By: Reuters     8th September 2016 Almost a year after a deadly dam spill at the Samarco mine, owned by BHP Billiton and Vale, there is still no date for restarting operations, complicating attempts to restructure Samarco's debt and increasing the possibility the miner may be allowed to run out of money. Vale and BHP have assured... 

Rio versus BHP boils down to investors' choice of commodity

By: Reuters     7th September 2016 The backgrounds of the leaders of the world's top mining companies illustrate the choice facing investors, with BHP Billiton's chief executive having worked in the oil industry and Rio Tinto's new boss more focused on copper. After aggressive cost-cutting and asset sales to drive down debt, the... 

BHP-Vale mine bondholders said to hire lawyers for debt talks

By: Bloomberg     6th September 2016 Samarco bondholders hired US law firm Hogan Lovells for help with debt-restructuring talks as the stalled Brazilian iron-ore miner runs out of money, according to people with knowledge of the matter. With a coupon payment looming, Hogan Lovells is seeking a Brazilian law firm to work with it on... 

BHP expects iron-ore price to notch declines on new mine supply

By: Bloomberg     5th September 2016 BHP Billiton, the world’s largest mining company, expects iron-ore prices to begin retreating as “well-telegraphed” new supply hits the market from Australia and Brazil. “Some of that supply is late, but we have every confidence it will arrive,” Huw McKay, BHP’s vice president of market analysis... 

Green buildings: conserving energy, preserving the environment and saving money

     5th September 2016 There is a global shift towards energy efficiency, environmental sustainability and green buildings. South Africa’s recent signing of the Paris Agreements, coupled with increasing demand on the power grid is driving many businesses to invest in energy efficiency and alternative energy sources.... 

Brics leaders meet informally on the margins of the G20 summit in China

By: African News Agency      5th September 2016 The leaders of the Brazil, Russia, India, China, and South Africa (Brics) grouping of countries met informally on the sidelines of the G20 summit currently underway in Hangzhou, China, on Sunday. The leaders exchanged views on a wide range of global political, security, economic, and global... 

South African poultry producers under threat from cheap imports – SAPA

By: Reuters     5th September 2016 South Africa's poultry industry is battling for survival in the face of stiff price competition from producers in Brazil, the European Union (EU) and the United States (US), as well as the worst drought in a century, the industry association said. The June scrapping of 15 years of punitive duties... 

Iron-ore tax a 'gold-plated gift to competitors'

By: Esmarie Swanepoel     5th September 2016 A new study has revealed that plans to increase taxes on Western Australian iron-ore by another A$7.2-billion will make the nation the world’s highest taxing iron-ore jurisdiction, with a an effective tax rate on iron-ore three times larger than its main competitor, Brazil. In releasing the data... 

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