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Russia, China add more gold reserves; Venezuela sells more

By: Reuters     25th May 2016 China and Russia, two of the largest holders of bullion, and Kazakhstan bolstered their gold reserves last month, while Venezuela sold off more of its bullion earlier this year, data from the International Monetary Fund showed on Tuesday. Extending a prolonged buying spree, Russia added 16.2 t... 

AMSA insists fair pricing does not equate to no price increases

By: Terence Creamer     25th May 2016 Steel producer ArcelorMittal South Africa (AMSA) dismissed suggestions again on Wednesday that its deal with government to raise steel import protection in return for fairer pricing – as well as jobs and investment guarantees – precluded it from increasing prices. The JSE-listed company was... 

China iron-ore, steel stabilise after rout, spot ore may hold near $50/t

By: Reuters     25th May 2016 Iron-ore and steel futures in China steadied on Wednesday after recent steep losses, supporting market expectations that the price of spot iron-ore could find support at around $50/t. After a seasonal pickup in demand, consumption in China, the world's top steel user, has softened, pushing... 

Karara Mining secures $200m loan

By: Mariaan Webb     25th May 2016 Iron-ore joint venture (JV) Karara Mining has secured a $200-million loan from China-based Shanghai Pudong Development Bank, ASX-listed Gindalbie Metals reported on Wednesday. The new loan would provide the JV with working capital to support the Karara iron-ore project, in Western Australia. 

MPs demand to see Davies over steel price hikes

By: African News Agency      24th May 2016 Opposition MPs on Tuesday accused Trade and Industry Minister Dr Rob Davies of turning a blind eye to repeated steel price increases and demanded that he be called to explain government’s inaction. Democratic Alliance MP Dean McPherson said four steel price increases so far this year violated an... 

Dubai says opens world's first functioning 3D-printed office

By: Reuters     24th May 2016 Dubai has opened what it said was the world's first functioning 3D-printed office building, part of a drive by the Gulf's main tourism and business hub to develop technology that cuts costs and saves time. The printers – used industrially and also on a smaller scale to make digitally designed,... 

DTI moving to iron out local-content frustrations around Transnet contracts

By: Terence Creamer     24th May 2016 The Department of Trade and Industry (DTI) has confirmed that it is “concerned” about whether all four of the original equipment manufacturers (OEMs) that have been awarded parts of a R50-billion contract to supply 1 064 electricity and diesel locomotives to Transnet will meet the minimum... 

Dürsot Food Corporation opens R100m tomato processing plant

By: Anine Kilian     23rd May 2016 Eastern Trading Company, trading as Dürsot Food Corporation, the controlling shareholder of AH-Vest, which produces All Joy products, on Monday launched a R100-million tomato processing plant in Modjadjiskloof, Tzaneen, to meet rising demand for tomato paste in South Africa. South Africa was... 

Global steel production down 0.5% y/y in April

By: Samantha Herbst     23rd May 2016 Despite clawing its way back in recent months from a brief slump in January and February, global crude steel production fell 0.5% year-on-year to 135-million tonnes in April, according to the World Steel Association’s (worldsteel’s) crude steel production report for April. South America was... 

Regulator asks China Molybdenum how it will finance Brazil buy

By: Reuters     23rd May 2016 China Molybdenum (CMOC) said Chinese regulators have asked it to disclose how it will finance its $1.5-billion acquisition of Anglo American Plc's niobium and phosphates business in Brazil. The request comes after CMOC, one of China's largest producers of molybdenum, agreed to buy... 

To regain FDI ranking, South Africa must ‘rebuild trust’ with investors 

By: Terence Creamer     20th May 2016 South Africa’s absence – for the second year running – from the top 25 countries listed in AT Kearney’s annual foreign direct investment (FDI) confidence index is suggestive of heightened investor concern about perceived political, policy and regulatory instability. Africa region head Wim... 

Alternative fundraising model seen flourishing but regulatory issues could stifle uptake in South Africa

By: Mia Breytenbach     20th May 2016 The mining industry is facing increasing risk aversion from equity and debt investors, owing to testing circumstances in the depressed global market, particularly with regard to falling commodity prices, slower economic growth in China and reduced mining production. Owing to traditional funding... 

Countdown begins for key South Africa-linked radio astronomy developments

By: Keith Campbell     20th May 2016 South Africa’s MeerKAT radio telescope array will be ready to start scientific observations by the end of next month, South African Science and Technology Minister Naledi Pandor announced at last month’s Third SKA African Partner Countries Ministerial Meeting. By then, 21 antennas would be... 

Be wary of self-proclaimed environmental campaigners

By: Kelvin Kemm     20th May 2016 The concept of environmentalism is undoubtedly good. People across the plant need to have a mental frame of reference in which they appreciate living in a clean world – no litter, no waste chemicals in rivers, and so on. But it goes further than that. An appreciation of the balance of nature and... 

Big potential for SA to use ICT investments to stimulate growth

By: Schalk Burger     20th May 2016 South Africa is among the top three developing countries that have the most potential to use information and communication technology (ICT) to boost their economic growth, along with China and Chile, according to the 2015 Global Connectivity Index, says information technology firm In2IT... 

Countdown begins for key South Africa-linked radio astronomy developments

By: Keith Campbell     20th May 2016 South Africa’s MeerKAT radio telescope array will be ready to start scientific observations by the end of next month, South African Science and Technology Minister Naledi Pandor announced at last month’s Third SKA African Partner Countries Ministerial Meeting. By then, 21 antennas would be... 

Huaneng Rudong offshore wind farm project, China

By: Sheila Barradas     20th May 2016 The wind farm is expected to generate 746-million kilowatt hours of electricity a year.  

Skyjacks

     20th May 2016 East Rand-based Skyjacks has been supplying  the construction, mining, building and maintenance industries with specialised access systems – including powered suspended platforms, aerial work platforms and aluminium scaffolding – for over three decades, having been established in 1978. Since... 

Too costly to shut: Mine sales stumble on looming clean-ups

By: Reuters     19th May 2016 Major miners are trying to avoid hundreds of millions of dollars in closure costs by selling off pits, as cash is tight due to a prolonged commodities price slump, but the crippling cost of environmental rehabilitation makes it tough to seal deals. Where mine sales have gone ahead, production is... 

Exchange rate volatility a big concern for African CEOs – survey 

By: Anine Kilian     19th May 2016 Exchange rate volatility is one of the biggest concerns for African CEOs and their global peers, a survey has found. PwC’s Africa Business Agenda survey, published on Thursday, showed that CEOs were also worried about governments’ response to fiscal deficits and debt burdens, as well as about... 

Rosatom seeks cooperation agreements for African nuclear expansion

By: Reuters     19th May 2016 Russia's State nuclear agency Rosatom plans to sign cooperation agreements with Kenya, Uganda and Zambia to lay the groundwork for an expanded presence in sub-Saharan Africa beyond its planned bid to build nuclear power plants in South Africa. Rosatom has voiced confidence in its ability to see... 

Chinese investors interested in privatisation of Russia's Alrosa – TASS

By: Reuters     19th May 2016 Chinese investors are interested in taking part in the government sell-off of a 10.9% stake in Russian diamond miner Alrosa, the TASS news agency quoted Alrosa CEO Andrey Zharkov as saying on Thursday. Alrosa, the world's largest producer of rough diamonds in carats, competes with De Beers, a... 

China sets aside $4bn to finance steel, coal capacity cuts

By: Reuters     19th May 2016 The Chinese central government will earmark 27.64-billion yuan ($4.23-billion) to help local governments pay for capacity closures in the steel and coal sectors this year, the Finance Ministry said on Thursday. The industrial enterprise restructuring funds will come in two parts, with the first... 

PanAust sees costs of PNG copper/gold mine doubling to $3.6bn

By: Mariaan Webb     19th May 2016 The cost estimate of the Frieda River mine, in Papua New Guinea, has more than doubled to $3.6-billion, from an earlier estimate of $1.7-billion, China-owned PanAust reported on Thursday. The company published a feasibility study for the project, which contemplated a large-scale, openpit mining... 

Govt misses court deadline on nuclear plan

By: News24Wire      19th May 2016 The government failed to submit answering affidavits in the court case with leading environmentalists and activists who claim that Energy Minister Tina Joemat-Pettersson acted unconstitutionally in not submitting the government's nuclear deal with Russia to Parliament. In October last year,... 

BHP says over 50 Mt of steel capacity restarted in China

By: Reuters     19th May 2016 More than 50-million tonnes of steel capacity has been restarted in China since the start of the year as rising prices boosted margins, a senior official told an industry conference on Thursday. The world's No. 3 iron-ore miner also sees around 30-million tonnes of new seaborne supply this year,... 

Best friends? Anglo keeps De Beers' diamonds

By: Reuters     18th May 2016 Mining group Anglo American has retained De Beers as a prize asset after a radical overhaul in the belief that surging Chinese and Indian demand for diamonds will outstrip dwindling supply even after a 2015 crunch. The group, in which Anglo American has an 85% stake, has seen its market share... 

Renewable-energy prices reach low of $0.03/kWh 

By: Kim Cloete     18th May 2016 New technologies and the rapid rise of renewable energy have shaken up the global energy landscape, with prices falling to below $0.03/kWh. “We are now in the world of three cent renewable energy,” said Bloomberg New Energy Finance UK advisory board chairperson and founder Michael Liebreich. 

US sets steep duties on imports of Chinese cold-rolled steel

By: Reuters     17th May 2016 The US on Tuesday set final anti-dumping duties of 265.79% on imports of cold-rolled flat steel from China and 71.35% on imports from Japan, finding that producers from these countries were selling the products at unfair prices. The Commerce Department also said it levied final anti-subsidy... 

CIL’s consultancy arm tapped as nodal agency for UCG projects

By: Ajoy K Das     17th May 2016 The Central Mine Planning and Development Institute Limited (CMPDIL), the consultancy arm of miner Coal India Limited (CIL), has been appointed by the Indian government to act as the nodal agency for the development of underground coal gasification (UCG) projects in the country. The mandate for... 

Eldorado announces $600m exit from China by selling remaining assets

By: Henry Lazenby     16th May 2016 Having sold its 82% interest in the Jinfeng mine to China National Gold Group for $300-million in cash late last month, Eldorado Gold on Monday announced the sale of its remaining two mines and one development project for $600-million, signalling the Canadian miner’s exit from China.... 

Platinum bear cycle tipped to turn this year – report

By: Reuters     16th May 2016 Platinum's slide to seven-year lows in January marked the end of the 18-month bear cycle that saw it nearly halve in value, Metals Focus said in a report on Monday, as it forecast a shortfall in supply this year. However, a weak start to the year and limited investor demand will peg prices at $1... 

Construction starts on R250m optical fibre cable manufacturing plant

By: Shirley le Guern     16th May 2016 A R250-million new optical fibre cable manufacturing plant at Dube TradePort, north of Durban, would be fully operational by January 2017, proving that much-needed industrial development could be fast-tracked, government officials said at a sod-turning event at the construction site on Friday.... 

Platinum deficit to reach 455 000 oz in 2016

By: Ilan Solomons     16th May 2016 Lower supply of and higher demand for platinum are expected to lead to a 455 000 oz deficit this year, compared with the 135 000 oz deficit previously anticipated. Total supply was forecast to decrease 1% to 7.8-million ounces this year, from 7.9-million ounces in 2015, owing to lower refined... 

Freeport may be hiding value of Congo Tenke mine sale – minister

By: Reuters     13th May 2016 Democratic Republic of Congo's mines minister said on Friday that he suspects Freeport-McMoRan is hiding the true value of the sale of its majority stake in the Tenke copper project and should pay taxes on the deal. Freeport, which agreed to sell its 56% stake to China Molybdenum (CMOC) on... 

From challenges to opportunities: favourable climate for the plastics industry

     13th May 2016 The plastics industry in ASEAN remains unperturbed by global developments that are also impacting the growth path of key industries. With K 2016, the world’s largest trade fair for plastics and rubber, coming up in Düsseldorf, Germany, from 19 to 26 October, we take a closer look at this market.... 

New nuclear project financing discussed at conference in France

By: Keith Campbell     13th May 2016 Organisation for Economic Cooperation and Development (OECD) secretary-general Angel Gurría has called for a level playing field for all low-carbon electricity generating technologies in energy markets. He was delivering the opening address at an international conference in Paris on Wednesday, on... 

Mongolia set to pay $70m to end Khan mine dispute-source

By: Reuters     13th May 2016 Mongolia is ready to deliver a $70-million payment to Toronto-listed uranium miner Khan Resources, a government source said, wrapping up a seven-year dispute that tarnished the country's reputation as a hot mining destination. The resource-rich country that relies on China to buy nearly all of... 

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