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Call for three-year renewal of Canada’s exploration tax scheme to arrest signs of decline

By: Mariaan Webb     Updated 44 minutes ago The Mineral Exploration Tax Credit (METC), which incentivises exploration financing by providing individuals investing in companies exploring for minerals in Canada with a 15% tax credit on eligible expenditures, has to be renewed for at least three years to provide greater certainty and boost... 

Union takes illicit cigarettes trade fight to National Treasury

By: African News Agency      14th August 2018 Members of the Food and Allied Workers’ Union (Fawu) joined by tobacco farmers and informal traders on Tuesday as they marched to the National Treasury offices in Pretoria CBD, protesting about the thriving inflow of illegal cigarettes into the South African market, suffocating the local... 

Champion appoints Roxgold finance chief as its CFO

By: Creamer Media Reporter      14th August 2018 TSX-listed Champion Iron on Tuesday announced the appointment of Natacha Garoute as CFO. Garoute has more than 20 years of finance experience, with a strong focus on mining, most recently as CFO of TSX-listed gold producer Roxgold. 

Ivanhoe advances projects in ‘productive’ Q2

By: Marleny Arnoldi     13th August 2018 Canadian miner Ivanhoe Mines had a productive second quarter ended June 30, with underground development at the planned initial copper mine at Kakula, in the Democratic Republic of Congo (DRC), making steady progress. The mine is expected to reach the high-grade copper mineralisation later this... 

Increasing nontaxed items could damage tax base, warns Parsons

By: Marleny Arnoldi     13th August 2018 North-West University Business School economist Professor Raymond Parsons says the independent panel’s recent recommendations for the zero-rating of several additional food and nonfood commodities under value-added tax (VAT) poses a wider challenge to the existing fiscal framework. Finance... 

VAT panel recommends zero-rating of white bread, sanitary products and nappies

By: Anine Kilian     10th August 2018 The independent panel established to review the current list of items that are zero-rated for value-added tax (VAT) has recommended that white bread, flour, cake flour, sanitary products, school uniforms and nappies be included in the list of zero-rated items. Finance Minister Nhlanhla Nene on... 

NLMK's Lisin warns against higher Russian mining taxes

By: Reuters     10th August 2018 Hitting Russian mining and metals companies with extra taxes because they are making profits will only encourage them to be less efficient, according to billionaire Vladimir Lisin, who controls top steel producer NLMK . "The proposed method of creating an extra tax base looks like an... 

Govt moving to accelerate measures to boost township economy

By: Sydney Majoko     10th August 2018 One of the most frustrating realities of government operations is the red tape that entrepreneurs experience when they seek assistance. The slow wheels of government-led initiatives tend to drive many entrepreneurs to despair before they even embark on the first step of their economic endeavours.... 

Property developer celebrates completion of R250m Sandton apartment skyscraper

By: Nadine James     10th August 2018 Property development company Masingita Group subsidiary Masingita Properties hosted a roof-wetting last month to celebrate the completion of its R250-million luxury apartment skyscraper, Masingita Towers, which is situated in West Road South near the Sandton central business district. The project... 

Should we worry about Chinese generosity?

By: Martin Zhuwakinyu     10th August 2018 Back in March, former US Secretary of State Rex Tillerson became the umpteenth Western big gun to urge Africans to beware of Chinese generosity on the continent, which has taken the form of freebies such as the African Union headquarters in Addis Abba, Ethiopia – built at a cost of $200-million... 

Borssele III/IV wind farms, the Netherlands

By: Sheila Barradas     10th August 2018 Blauwwind Consortium is building a wind farm with a 731.5 MW capacity off the coast of the Netherlands. 

Bauba signs chrome offtake agreement

By: Anine Kilian     8th August 2018 JSE-listed Bauba Platinum has signed a chromite ore commodity purchase contract with Gerald Metals and Pelagic Resources for chrome ore run-of-mine (RoM) produced at its Moeijelijk mine, in Limpopo. This agreement is underpinned by a $5-million prepayment, which represents a part prepayment on... 

AFC welcomes completion of, first shipment from Guinea bauxite mine

By: Nadine James     8th August 2018 Infrastructure development finance institution Africa Finance Corporation (AFC) on Wednesday announced the on time completion of the Bel Air mine, in Guinea, and its first shipment of high-grade bauxite to China.  The construction of the mine was completed on time and within budget.  

Ink dries on Sandfire-Talisman deal

By: Esmarie Swanepoel     8th August 2018 Copper/gold miner Sandfire Resources has signed a binding conditional sale and purchase agreement with fellow-listed Talisman Mining to acquire its 30% interest in the Springfield exploration and mining joint venture (JV), in Western Australia, for A$72.3-million. The two companies in June this... 

Sars appoints acting finance chief to permanent position

By: Schalk Burger     7th August 2018 The South African Revenue Service (Sars) has appointed Johnstone Makhubu as its chief officer: finance with immediate effect. He had been the acting chief financial officer since August 2017. 

Draft charter offers opportunity to improve policy certainty, investor perception

By: Simone Liedtke     7th August 2018 The draft 2018 iteration of the Mining Charter, as well as the Mineral and Petroleum Resources Development Act and social and labour plans amendments expected later this year, offer an opportunity to improve regulatory and policy certainty and, subsequently, investor perception in the South... 

Tasmanian nickel mine to restart, Transamine secures offtake

By: Reuters     7th August 2018 Privately held Dundas Mining is restarting its Avebury nickel mine in Tasmania early next year and Swiss trading house Transamine has secured the offtake, a source familiar with the matter said on Tuesday. Avebury, which had most recently been owned by China-backed MMG, was sold to Dundas last... 

Study says gender a challenge for female entrepreneurs in construction 

By: Irma Venter     7th August 2018 Women in the construction and related industries not only face discrimination while working for existing firms, but also when starting their own businesses, says Mercantile Bank. A recent study conducted on behalf of the institution found that 67% of female business owners surveyed in the... 

Eureka Roodepoort to Save 60% on Electricity Bill with New 312kWp Solar System

By: Creamer Media Reporter      7th August 2018 Johannesburg based turnkey energy solutions company, Hanonox, has recently completed a 312kWp solar project for major South African hardware manufacturer, Eureka DIY Solutions. The project is a combination of two systems – 92kWp and 220kWp – generated by advanced JA Solar modules and Huawei... 

Staude to retire as Tongaat CEO; CFO to take extended medical leave of absence

By: Creamer Media Reporter      6th August 2018 Peter Staude will retire as CEO of JSE-listed Tongaat Hulett, with effect from October 31. He worked for the company for 40 years and served as CEO for the past 16 years. 

Glencore-Merafe venture’s H1 ferrochrome output decreases as production costs rise

By: Simone Liedtke     6th August 2018 JSE-listed Merafe Resources’ attributable ferrochrome production from the Glencore-Merafe chrome venture for the six months ended June 30, decreased by 2.3% to 211 000 t, with production for the period equivalent to an installed capacity utilisation of 88%. Total production costs per tonne of... 

Sihayo to cost $58.7m

By: Esmarie Swanepoel     6th August 2018 An updated feasibility study (FS) into the Sihayo gold project, in Indonesia, has increased the expected capital cost from the $58.7-million estimated in the start of 2014, to $153-million. However, with an increase in the mineral resource estimate, the project is now expected to recover some... 

Rising oil prices threaten to erode mining sector's profitability

By: Reuters     6th August 2018 Rising oil prices are the latest challenge to the mining sector's profitability, threatening to eclipse hard-fought efficiency gains during the past two years and increasing metals demand. Miners use heavy fuel oil to generate electricity at remote sites; they also use it for transport, with... 

Noble Group sues Australian coal producers for alleged breaches

By: Bloomberg     3rd August 2018 Noble Group, the commodity trader seeking to push through a restructuring after losing billions of dollars and defaulting, has filed a claim in Australia against two coal producers for alleged breaches of contractual obligations under a marketing services agreement. The Singapore-listed company,... 

Paladin noteholders set to meet

By: Esmarie Swanepoel     3rd August 2018 The noteholders of dual-listed Paladin Energy are expected to meet on August 21 to vote on the creation of a lien of Paladin Finance in favour of Nedbank in relation to the environmental performance bond obligations for the Kayelekera mine. The noteholders are also expected o vote on a waiver in... 

Funding for SA firms seeking to increase African trade and investment exposure

By: Schalk Burger     3rd August 2018 Increased trade and interdependence with the rest of Africa are set to bolster the anaemic economy of South Africa through the R13.4-billion Export Credit Insurance Corporation of South Africa (ECIC) and African Export Import Bank (Afreximbank) South African Trade and Investment Promotion... 

Value for money in sectional title properties

3rd August 2018 Despite challenging economic conditions, there are still opportunities for buyers and investors to purchase property in a desirable address at affordable prices, says leading estate agency Pam Golding. The company says savvy buyers with access to finance are buying up sectional title properties... 

Funding for SA firms seeking to increase African trade and investment exposure

By: Schalk Burger     3rd August 2018 Increased trade and interdependence with the rest of Africa are set to bolster the anaemic economy of South Africa through the R13.4-billion Export Credit Insurance Corporation of South Africa (ECIC) and African Export Import Bank (Afreximbank) South African Trade and Investment Promotion... 

Workers at Chile's Escondida give BHP deadline to avoid strike

By: Reuters     2nd August 2018 The union at BHP Billiton's Escondida mine in Chile, the world's biggest copper mine, told the company on Thursday that it should improve its contract offer by August 6 or it would begin preparations for a strike. Union workers announced earlier on Thursday that they had voted to reject the... 

IDC results give glimpse of the state of SA’s economy 

2nd August 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about what the Industrial Development Corporation’s (IDC’s) results for the 2018 financial year say about the state of the real economy, how the IDC is responding to its high level of impairments and how the... 

MOD eyes LSE listing after Metal Tiger deal

By: Esmarie Swanepoel     2nd August 2018 ASX-listed MOD Resources has announced plans to seek a dual listing on the London Stock Exchange, following its deal with joint venture partner Metal Tiger to consolidate ownership of the T3 project, in Botswana. MOD said on Thursday that the LSE listing will likely take place in the fourth... 

AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

Control of SAA transferred back to public enterprises – Treasury

By: African News Agency      2nd August 2018 Control of South African Airways (SAA) administration has been transferred back to the public enterprises minister from the finance minister, Treasury said on Wednesday. In a statement, Treasury said a proclamation signed by President Cyril Ramaphosa giving effect to the transfer was gazetted on... 

IFC, Gaia partnership working to power Africa

By: Simone Liedtke     1st August 2018 World Bank Group member, the International Finance Corporation (IFC), has forged a new partnership with Moroccan renewable energy developer Gaia Energy to create a joint platform for the development of wind power and other renewable energy projects in Africa. Originally developed by Gaia Energy,... 

New sales channels, expansion lift Go Life’s revenue

By: Simone Liedtke     1st August 2018 JSE-listed Go Life International’s revenue rose by 66.3% year-on-year to $572 287, compared with revenue of $343 730 earned in the quarter ended May 31, 2017. This significant growth, the company said on Wednesday, is attributed to various new sales channels, as well having expanded the Go Life... 

Expropriation will advance economic development, increase food security – Ramaphosa

By: News24Wire      1st August 2018 President Cyril Ramaphosa announced that the ANC would propose an amendment of the Constitution to Parliament, outlining conditions for expropriation of land without compensation. His late-night announcement came following the political party's two-day national executive committee lekgotla, which... 

Nene extends deadline for VAT panel to submit report to him

By: African News Agency      1st August 2018 Finance Minister Nhlanhla Nene has extended the deadline for a panel of experts appointed to review the current list of items exempt from value-added tax (VAT) to submit its final report to him, the National Treasury said on Tuesday. "The Chair of the Independent Panel of Experts for the review... 

Report shows Cape Town is Africa’s tech capital

By: Anine Kilian     31st July 2018 A report commissioned by the Cape Innovation and Technology Initiative (CiTi), Wesgro and the Allan Gray Orbis Foundation – with the support of the Western Cape government – has confirmed that the greater Cape Town area, including Stellenbosch, is Africa’s tech capital. The report, compiled by... 

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