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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... 

S&P's downgrade will tip South Africa into job-shedding recession, bank economist warns 

By: Terence Creamer     23rd May 2016 A downgrade of South Africa’s credit rating to junk was currently only partially priced in, a leading bank economist warned on Monday, arguing that a negative assessment by Standard & Poor’s (S&P’s) on June 3 would most probably trigger a recession and precipitate the shedding on around 200 000... 

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... 

Safcei prepared to go to ConCourt over ‘secret’ nuclear deal 

By: News24Wire      23rd May 2016 An environmental group locked in a legal battle with government over its nuclear procurement plans said on Monday that it is prepared to take the matter all the way to the Constitutional Court. Speaking after a fundraising breakfast to raise funds for the court battle, Southern African Faith... 

Oil prices fall on strong dollar, firm global supply

By: Reuters     23rd May 2016 Oil prices fell in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs. In a further indication of abundant supply, the number of rigs operated by US drillers was steady last week for... 

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... 

Russia eyes $1.3bn proceeds from Alrosa, Sovkomflot stake sales - reports

By: Reuters     20th May 2016 The Russian government aims to make over 84-billion roubles ($1.3-billion) from selling its stakes in diamond miner Alrosa and the shipping firm Sovkomflot this year, Economy Minister Alexei Ulyukayev was quoted as saying on Friday. Russia plans a major privatisation push this year in a move to... 

Applied Mineral Technologies

By: Zandile Mavuso     20th May 2016 Established in 2001, Applied Mineral Technologies (Amtec) has grown into a large structural, mechanical, platework and piping (SMPP) services company specialising in the fabrication and construction of materials handling systems and processing plants for clients in the coal, diamonds, iron-ore,... 

Russia to lend Egypt $25bn to build nuclear power plant

By: Reuters     19th May 2016 Russia will loan Egypt $25-billion to finance building and operating a nuclear power plant in Egypt, the official gazette said on Thursday. Egypt and Russia signed an agreement on Nov. 19 for Russia to build Egypt's first nuclear power plant in Egypt and to extend Egypt a loan to cover the cost... 

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... 

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,... 

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... 

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... 

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... 

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... 

Greater investor interest in ETFs drives gold demand to record levels in Q1

By: Mia Breytenbach     12th May 2016 Global gold demand reached 1 290 t in the first quarter of 2016 – a 21% year-on-year increase and the second-highest quarter on record, according to the World Gold Council’s (WGC’s) latest Gold Demand Trends (GDT) report. The higher demand was driven by significant inflows into exchange-traded... 

Global energy consumption forecast to rise 48% by 2040 – EIA

By: Henry Lazenby     11th May 2016 The world’s hunger for energy is insatiable and is expected to rise by about 48% between 2012 and 2040 – an increase of about 1.4% a year, as global economies grow and populations expand. The US-based Centre for Strategic and International Studies on Wednesday published its updated projections of... 

Osborn’s Sa Designed And Manufactured Equipment Showcased At Russian Exhibition

     11th May 2016 Johannesburg-based equipment specialist Osborn was one of the exhibitors at the recent Mining World Russia exhibition. This three-day event was held at the Crocus Expo International Exhibition Centre in Krasnogorsk, in Russia’s Moscow Oblast. Osborn marketing director Martin Botha reports that it... 

DoE tests market appetite for three new public-private solar parks

By: Terence Creamer     11th May 2016 The Department of Energy (DoE) indicated on Wednesday that it would canvass the appetite of independent power producers (IPPs) to develop, finance, construct and operate three new Northern Cape solar parks, of between 400 MW and 700 MW in size, in partnership with State-owned companies (SoCs). In... 

There is a business case for nuclear in South Africa, says Necsa CEO 

By: Natasha Odendaal     6th May 2016 Government’s proposed 9.6 GW nuclear build programme has a place in South Africa, with new research showing that its base case cost could be lower than that of coal-fired power generation, South African Nuclear Energy Corporation (Necsa) CEO Phumzile Tshelane said on Friday. He noted that the... 

African countries have major nuclear ambitions

By: African News Agency      6th May 2016 Eleven African countries are considering building nuclear power plants over the next 14 years to overcome the continent’s extreme electricity shortage. Outside South Africa, the entire installed generation capacity of Sub-Saharan Africa was now just 28 GW – equivalent to that of Argentina – Anton... 

Brics bank gives $811m in first round green energy loans

By: Bloomberg     6th May 2016 The New Development Bank, a multilateral lender formerly known as the Brics Development Bank, will provide $811-million in a first round of loans for clean energy projects in four nations. 

Nuclear energy obvious solution to SA power problems

By: Simon Sonnekus     6th May 2016 The nuclear new build programme, which is projected to supply the South African grid with 9.6 GW, will be a major step towards resolving South Africa’s power problems, says Russian State Atomic Energy Corporation (Rosatom) sub-Saharan Africa VP Viktor Polikarpov. “ . . . for South Africa to... 

Tyrexpo Africa introduces new knowledge exchange platforms

By: Mia Breytenbach     6th May 2016 To tap into opportunities of the South African automotive industry transforming itself into a global engine for the manufacturing and export of vehicles and components, the tyres, automotive repairs and maintenance and accessories exhibition Tyrexpo Africa introduced three new business segments... 

Lower 2015 silver prices drive record demand

By: Henry Lazenby     5th May 2016 The global silver market saw record demand in 2015, driven by new highs in the jewellery, coin and bar, and photovoltaic sectors, which helped boost total silver demand to 1.17-billion ounces last year, according to a new report by market analysts at Thomson Reuters GFMS. Its latest World Silver... 

Zimnisky rough diamond price index up 2.4% in 30 days, as 2016 sales surprise

By: Henry Lazenby     5th May 2016 The Zimnisky Global Rough Diamond Price Index has indicated that rough prices have risen 2.4% over the last 30 days, which, however, does little to offset the 1.7% decline over the last six months, and 10.8% decline over the last 52 weeks. The index was up 5.4% after hitting a 52-week low on... 

Oil down 3% on Opec output hike, speculative ramp-up in Brent

By: Reuters     3rd May 2016 Oil prices fell about 3% on Monday as production from the Organization of the Petroleum Exporting Countries (Opec) neared all-time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. OPEC's crude production climbed in April to... 

Why invest in South Africa?

By: Riaan de Lange     29th April 2016 Have you ever wondered why anyone would want to invest in South Africa? The economic reasoning for such a decision, that is. In recent weeks, I have been asking myself this question with increased regularity.  On April 13, I decided to employ Google to see the results it delivers for ‘Why invest... 

Low commodity prices hamper South Africa’s job creation efforts

By: Anine Kilian     26th April 2016 There is little hope that South Africa’s manufacturing, mining, electricity, construction and transport sectors will create jobs unless commodity prices strengthen, economist Mike Schüssler asserted on Tuesday. Speaking at an event hosted by union Uasa, he stated that new opportunities would have... 

Hungary nuclear plant expansion progressing

By: Anine Kilian     25th April 2016 The Paks nuclear power plant (NPP), in Hungary, will feature the most advanced nuclear technology in the world by 2027, when its second phase (Paks II) is launched. Paks II would incorporate generation 3+ technology, Hungarian government commissioner for Paks II Atilla Aszodi said during a media... 

Tigers Realm nearly doubles Russia coal project’s mine life, lowers costs

By: Esmarie Swanepoel     22nd April 2016 An updated feasibility study into the Amaam coking coal project, in Russia, has nearly doubled the project’s mine life while reducing capital and operating costs. Owner Tigers Realm Coal on Friday told shareholders that the updated feasibility study incorporated a 33% reduction in stripping... 

Rosatom outlines benefits of nuclear energy

By: Anine Kilian     21st April 2016 The South African government’s decision to build a further 9.6 GW of nuclear power generation capacity would result in a significant boost to the local economy, Rosatom sub-Saharan Africa VP Viktor Polikarpov has told Engineering News Online. “Government should strive to develop an energy mix... 

Global steel production decline slows in March

By: Natasha Odendaal     20th April 2016 After starting the year on a positive upward growth trend, South Africa’s crude steel production in March plunged 14.8% year-on-year to 536 000 t, with output during the first quarter of the year falling some 16.5% to 1.5-million tonnes. Overall global crude steel production by the aggregate 66... 

EHC Global Expands Local Presence in Eastern Europe with New Distributor in the Russian Federation

     19th April 2016 EHC Global, a leading manufacturer of escalator and elevator components, is pleased to announce that it has expanded its local presence in Eastern Europe with the appointment of MyZiP as its authorized handrail distributor and service provider in the Russian Federation. Based in Moscow, MyZiP... 

New Development Bank approves first batch of loans

By: Creamer Media Reporter      18th April 2016 The New Development Bank’s (NDB’s) first set of loans, totalling $811-million, to be disbursed in tranches, was allocated to supporting the development of 2 370 MW of renewable-energy capacity across emerging economies. The NDB, which was formed by Brazil, Russia, India, China and South Africa... 

New Energy modernisation project, Russia

By: Sheila Barradas     15th April 2016 The project involves the upgrade of the 6 000 MW Krasnoyarsk hydropower plant, as well as the Bratsk and Ust-Ilimsk hydropower plants. 

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