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Black farmers urge Mboweni not to hike excise taxes

By: African News Agency      Updated 2 hours 30 minutes ago The recently launched Black Tobacco Farmers Association (BTFA) on Monday called for government to keep excise taxes at their current level as finance minister Tito Mboweni readies to table his maiden Budget this week.  BTFA said their call to action was inspired by the SA Revenue Service's (Sars)... 

Trust in tailings? Vale dam disaster spurs investors into action

By: Reuters     15th February 2019 Seeking assurances from Brazilian miner Vale by phone after a second deadly dam disaster in three years is not enough for Sasja Beslik. He plans to fly there himself to get answers. Beslik, head of sustainable finance at Swedish bank Nordea, blocked the bank's investment managers from buying any... 

Gordhan’s IPP renegotiation proposal triggers ‘breach of contract’ warnings 

By: Terence Creamer     15th February 2019 A report indicating that the South African government may seek to renegotiate power purchase agreements (PPAs) concluded with independent power producers (IPPs) in 2011 and 2012 is raising alarm bells within the industry, which is still recovering from a protracted period of uncertainty created... 

Petropavlovsk says IRC facility refinanced

By: Simone Liedtke     15th February 2019 Russian miner Petropavlovsk announced on Friday that it had reached an important step in concluding the refinancing of a $240-million facility that Hong Kong-based IRC, in which it is a large shareholder, has with the Industrial and Commercial Bank of China (ICBC). Petropavlovsk is the guarantor... 

The world still doesn’t have enough places to plug in cars

By: Bloomberg     15th February 2019 Even in the biggest electric vehicle markets, a driver venturing too far from home can have a hard time finding a place to recharge. Try your luck on California’s Pacific Coast Highway. The roughly 600-mile route between San Diego and San Francisco has dramatic sea cliffs, off-the-grid retreats,... 

Hostile construction environment to persist until infrastructure spend recovers 

By: Nadine James     15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... 

Equatorial Guinea praised for improved business environment

15th February 2019 Continental industry association the African Energy Chamber welcomes the improvement of Equatorial Guinea’s business environment through the establishment of an all inclusive model for setting up businesses in the country. “The implementation of Equatorial Guinea’s one-stop shop allows companies... 

Cesa optimistic after president’s address

By: Halima Frost     15th February 2019 The 2019 presidential address of industry body Consulting Engineers South Africa (Cesa) president Neresh Pather, which he delivered with cautious optimism, calling for a transparent drive for the betterment of the sector, sent out a strong message about the future of the civil engineering and... 

Energy capacity shortfalls stunting Africa’s industrialisation efforts

By: Paige Müller     15th February 2019 Insurance company the Export Credit Insurance Corporation of South Africa (ECIC) says there are significant shortfalls and backlogs in Africa’s installed energy capacity, which is stunting the continent’s efforts to industrialise and expand its local economies. ECIC COO Mandisi Nkuhlu stresses... 

Renewable grids present investment opportunity

By: Paige Müller     15th February 2019 The recent trend towards the development of renewable energy, including those based on smart grids and microgrids in Africa, has encouraged the establishment of a new renewable energy equity fund. With the Africa Energy Indaba set to take place from February 19 to 20 at the Sandton Convention... 

Transport projects in Africa provide fillip for infrastructure development

By: Schalk Burger     15th February 2019 Transport infrastructure projects comprise 40% of the 482 infrastructure development projects surveyed in Africa, and represent a critical element for supporting further infrastructure development, says Deloitte Infrastructure and Capital Projects East and West leader J-P Labuschagne. The... 

Hostile construction environment to persist until infrastructure spend recovers

By: Nadine James     15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... 

Tahrir petrochemicals project, Egypt

By: Sheila Barradas     15th February 2019 Tahrir Petrochemicals Corporation is building the largest petrochemicals plant in Egypt and one of the largest naphtha cracker plants in the world. 

Local manufacturers to benefit from Mining Charter 3's implementation 

By: Nadine James     14th February 2019 Mining Charter 3 and its Implementation Guidelines have created an environment where it is possible for local manufacturers to leverage procurement capacity to drive transformation, Department of Mineral Resources representative Xolile Mbonambi said at a breakfast held at the Industrial... 

Kibo, Edenville’s shares knocked by Tanesco bid rejection

By: Marleny Arnoldi     14th February 2019 The share prices of Kibo Energy and Edenville Energy took a knock on Thursday after the companies announced that they had not qualified to participate in the next stage of a bidding process by the Tanzania Electricity Supply Company (Tanesco) to develop coal power projects with a total capacity... 

Ramaphosa promises to correct lack of consultation with labour on Eskom unbundling 

By: Terence Creamer     14th February 2019 President Cyril Ramaphosa acknowledged on Thursday that there had been insufficient consultation with labour on government’s plan to unbundle Eskom into three separate companies, but he also stressed that the proposed restructuring would not result in privatisation. In his response to the debate... 

Luxembourg Protocol can save South Africa billions – Rail Working Group

By: Natasha Odendaal     14th February 2019 The adoption of the Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment is expected to be a game changer for South Africa, said Rail Working Group chairperson Howard Rosen on Thursday. The treaty, which is expected to enter into force late in 2019,... 

KenGen to raise funds from the market this year, eyes green bond

By: Reuters     14th February 2019 The Kenya Electricity Generating Company plans to raise funds from the market later this year and it may opt to issue the country's first green bond, its chief executive said. KenGen has a 1 631 MW annual capacity and it supplies 70% of the East African nation's electricity. Private investors... 

Improving Conditions for Solar Energy Investment in Ethiopia

14th February 2019 By Kieran Whyte, Partner and Head of the Energy, Mining & Infrastructure Practice, Mike Webb, Senior Associate, Baker McKenzie Johannesburg, and Yibeltal Shiferaw, on secondment from Tadesse Kiros Law Offices (TKLO) in Ethiopia Project Landscape 

Famed Cullinan mine banks on big diamonds to drive down debt

By: Reuters     14th February 2019 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry assailed by synthetic rivals and uncertain demand. Petra Diamonds bought Cullinan in 2008, aiming to breathe new life... 

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia     13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... 

2019 Budget will present South Africa with ‘a path of hope’ – PwC 

By: Simone Liedtke     13th February 2019 With Finance Minister Tito Mboweni scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20, expectations are high as the country waits to hear how he plans to balance competing expenditure priorities to stimulate economic growth, in spite of fiscal consolidation measures. In the... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences 

By: Terence Creamer     13th February 2019 Amid confirmation that Eskom is technically insolvent and will require a capital injection by April to remain a going concern, a leading economist is cautioning against the proposed transfer of R100-billion of the utility’s debt to government’s balance sheet. Instead, Standard Bank chief... 

Gordhan: Those responsible for Eskom's failures may soon be in 'orange uniforms'

By: News24Wire      13th February 2019 Public Enterprises Minister Pravin Gordhan has said that government plans to hold those responsible for Eskom's failures to account. Gordhan said there would be litigation against those responsible for the poor design of Medupi and also suggested that, in terms of corruption, some people might... 

Lemur completes review of power BFS for Imaloto project

By: Tasneem Bulbulia     13th February 2019 Bushveld Minerals subsidiary Lemur has completed the review of the bankable feasibility study (BFS) for the power aspect of its Imaloto integrated thermal coal mining and independent power producer (IPP) project, in Madagascar. It has also issued a request for proposals for legal advisory... 

Eskom 'technically insolvent', won't last beyond April 2019 – committee hears

By: News24Wire      13th February 2019 Eskom is "technically insolvent" and will cease to exist at the current trajectory by April 2019, the portfolio committee on public enterprises heard. The department of public enterprises (DPE) briefed members of the portfolio committee on public enterprises on Wednesday, where the issues at... 

Bacanora sees busy six months ahead with Zinnwald study, Sonora financing

By: Mariaan Webb     13th February 2019 London-listed lithium exploration and development company Bacanora Lithium CEO Peter Secker said on Wednesday that the company is in for a busy six months, as it works to finalise the funding package for its Sonora project, in Mexico, and complete a feasibility study for the Zinnwald project, in... 

South Africa's biggest labour group embarks on nationwide strike

By: Bloomberg     13th February 2019 South Africa’s biggest labor federation will embark on a nationwide protest on Wednesday that will keep teachers, policemen, miners and workers at embattled power utility Eskom away from their posts amid a fourth day of rolling blackouts. The National Union of Mineworkers -- an affiliate of the... 

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia     12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... 

Three consortiums compete to build dry port west of Cairo

By: Reuters     11th February 2019 Three consortiums are competing to build a dry port west of Cairo worth $100-million, the Egyptian finance ministry said on Sunday. The project will be a public-private partnership between the General Authority For Ports and Dry Land and the winning consortium, to be built on roughly 104 acres in... 

President initiates remedial action on Mogajane appointment

By: News24Wire      11th February 2019 The Presidency has informed the Office of the Public Protector that President Cyril Ramaphosa has initiated remedial action in line with the report of the Public Protector on the appointment of National Treasury Director General Dondo Mogajane.   On 18 December 2018, the Public Protector issued a... 

Business, industry comment on positives, negatives of SoNA 2019 

By: Marleny Arnoldi     8th February 2019 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) and many other industry bodies and companies have welcomed President Cyril Ramaphosa’s State of the Nation Address (SoNA), which was delivered on Thursday evening. His war on corruption and focus on economic growth,... 

Industry shares sentiments on Eskom, energy landscape following SoNA 

By: Marleny Arnoldi     8th February 2019 Following President Cyril Ramaphosa’s State of the Nation Address (SoNA) on Thursday evening, Business Unity South Africa (Busa) said it concurred on the urgent need to implement an effective turnaround strategy at Eskom.  The organisation also welcomed the general thrust of policies mapped out... 

DBSA wins global award for renewable energy project financing 

By: Simone Liedtke     8th February 2019 The Development Bank of Southern Africa (DBSA) has won the African Renewable Energy Programme Award. The award was presented to the DBSA, in London, in the UK, by Project Finance International (PFI), an institution that organises the global awards. 

Indiana looks at Mali JV with Altus

By: Esmarie Iannucci     8th February 2019 Junior Indiana Resources has signed a nonbinding term sheet to form a joint venture (JV) with Aim- and TSX-listed Altus Strategies for exploration licences in the Mali gold belt. Under the terms of the agreement, Indiana could earn an 85% interest in the Lakanfla and Tabakarole gold projects, in... 

Ethiopia and Eritrea announce plans for new rail link

By: John Muchira     8th February 2019 Ethiopia and Eritrea have announced plans to building a railway line connecting the Ethiopian capital city of Addiss Ababa and the port of Massawa, in Eritrea. According to Ethiopian Prime Minister Abiy Ahmed, Italy has pledged to finance a feasibility study for the planned 736 km railway line... 

Ethiopia moving to scale up investments in solar

By: John Muchira     8th February 2019 Ethiopia is scaling up investments in solar energy after unveiling six projects that will have a capacity to generate 750 MW.   As part of its ambitions to become a net exporter of electricity, the Horn of Africa nation said the six projects estimated to cost $800-million will be implemented... 

Kusile power plant project, South Africa

By: Sheila Barradas     8th February 2019 Eskom has offered a sobering update on the difficulties it is having at its Kusile project. 

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