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Gold companies take a shine to China's Silk Road

By: Reuters     25th September 2017 As far as China's miners are concerned, the modern-day Silk Road is paved with gold. Buoyed by a 15% rise in the gold price this year, Chinese mining executives in Tianjin this weekend were talking up their ambitions for overseas expansion. 

Opec says winning battle to curb oil glut

By: Reuters     22nd September 2017 Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018. The Organization of the Petroleum Exporting Countries, Russia and several other producers... 

Giant pink diamond discovered could be Alrosa's most expensive

By: Bloomberg     22nd September 2017 Russia’s Alrosa has unearthed a pink diamond that the gem giant says could be the most expensive it has ever found. Alrosa, which produces more stones than anyone else, found the 27.85 ct pink gem at its alluvial mines in Russia’s Far East. The company said the biggest pink diamond it had... 

Abrupt end to North Pole expedition on a yacht

By: Kelvin Kemm     22nd September 2017 I told the story of British explorer Pen Hadrow (Engineering News, September 1, 2017) setting out in two sailing ships in an attempt to sail all the way to the North Pole on open water to prove how horrible mankind has produced horrible climate change, which is melting the Arctic ice. I said I... 

Intercontinental alignment agrees to increased economic cooperation

By: Keith Campbell     22nd September 2017 The five member countries of the Brics alignment – Brazil, Russia, India, China and South Africa – are to strengthen trade and investment between themselves. This was affirmed in the “Xiamen Declaration” issued during the IX Brics Summit in the southeastern Chinese coastal city of Xiamen. The... 

Necsa plans to restart nuclear pebble-fuel production

By: Keith Campbell     22nd September 2017 The South African Nuclear Energy Corporation (Necsa) is reactivating its ability to manufacture nuclear pebble fuel, originally created to support South Africa's Pebble Bed Modular Reactor (PBMR) programme. The corporation is also looking for a strategic equity partner for its speciality... 

Bolivia signs contract with Russia to create nuclear centre

By: Keith Campbell     21st September 2017 Russia’s State-owned Rosatom nuclear energy group is to establish a Nuclear Research and Technology Centre (NRTC) in Bolivia. The contract was signed in Vienna, Austria, on Tuesday, between Rosatom group company State Specialised Design Institute (SSDI) and the Bolivian Nuclear Energy Agency... 

Russian nuclear giant joins scramble to supply electric-car boom

By: Bloomberg     20th September 2017 Russia’s State-owned nuclear corporation is joining the lithium rush. After a collapse in the price of uranium, Rosatom Corp. plans to start mining and trading the metal used in batteries as it seeks to profit from the rapid rise of electric vehicles. 

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

Cybercrime becoming a major threat in South Africa

By: Anine Kilian     19th September 2017 The US Federal Bureau of Investigation has ranked South Africa sixth and seventh on the cybercrime predator list, which means that there is an increasing amount of fraud being perpetrated from the country, says computer forensics company Cyanre CEO Danny Myburgh. Speaking at the ninth Chartered... 

R2K picketers call for cellphone companies to ring in the changes

By: News24Wire      19th September 2017 Right2Know has led pickets outside the four major telecommunications companies in Gauteng on Tuesday, demanding affordable voice and data costs for South Africans. Tariffic, a research company, found that South Africa has the second highest data contract prices among seven countries, including... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance 

By: Terence Creamer     19th September 2017 The World Bank’s tenth and latest South Africa Economic Update points to serious weaknesses in the area of domestic innovation, which it says lies at the heart of a worrying divergence in the country’s productivity performance when compared with both advanced economies and the country’s Brics... 

Ukraine's DTEK says power output, import contracts at risk if tariff not raised

By: Reuters     18th September 2017 The head of Ukraine's largest private power and coal producer, DTEK, said the company may have to halt production at one of its power plants or suspend import contracts if the government does not raise tariffs to account for expensive anthracite imports. Pro-Russian separatists seized control of... 

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

Barloworld celebrates 90-year Caterpillar milestone

By: Dylan Slater     15th September 2017 Barloworld Equipment, which is the distributor and service supplier of US earthmoving equipment manufacturer Caterpillar, celebrated a 90-year partnership with Caterpillar in South Africa at the end of last month.  

The six major economies reaffirm their commitment to free trade

By: Keith Campbell     15th September 2017 Leaders of six of the world’s ten biggest economies have reaffirmed their support for free trade, at two high level meetings held in Asia recently. The countries concerned are Brazil, China, India, Japan, Russia and the UK. In terms of gross domestic product (GDP) measured in purchasing power... 

Campaign for more diamond ads wins support from India's gem hub

By: Bloomberg     14th September 2017 The push for bigger diamond advertising campaigns and marketing to wealthy millennials has won support from a key part of the industry: India’s manufacturers and retailers. India’s Gem & Jewellery Export Promotion Council, which represents almost 6 000 diamond companies, has agreed to contribute... 

Glasenberg emerges from Rosneft flip with oil deal and medal

By: Bloomberg     12th September 2017 Nine months after surprising the world with an $11-billion venture to buy a stake in Russia’s state oil company, Glencore is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished. The companies announced on Friday that the... 

Petropavlovsk H1 profit surges on revenue growth

By: Mariaan Webb     12th September 2017 Gold miner Petropavlovsk on Tuesday reported a 166% increase in profit for the half-year ended June 30, as revenue jumped 20% on higher production from its hard-rock mines and an increase in the average realised gold price. London-listed Petropavlovsk, which operates the Pioneer, Pokrovskiy,... 

PotashCorp, Agrium merger gets no-strings thumbs up from Canada’s competition bureau

By: Henry Lazenby     12th September 2017 Merging potash firms Potash Corp of Saskatchewan and Agrium Inc say they have received an unconditional approval from the Canadian Competition Bureau (CCB) for their proposed merger of equals. The transaction, billed as a “merger of equals”, which will see the creation of a new $36-billion... 

Diamonds fund Zimbabwe political oppression, Global Witness says

By: Bloomberg     11th September 2017 Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern... 

Necsa re-establishing its nuclear pebble fuel production capability

By: Keith Campbell     11th September 2017 The South African Nuclear Energy Corporation (Necsa) is reactivating its ability to manufacture nuclear pebble fuel, originally created to support South Africa's Pebble Bed Modular Reactor (PBMR) programme. This was reported by Necsa CEO Phumzile Tshelane at a media briefing at Pelindaba on... 

Necsa looks to make fluorchemical subsidiary profitable and expand manufacturing division

By: Keith Campbell     11th September 2017 The South African Nuclear Energy Corporation (Necsa) is looking for a strategic equity partner for its speciality fluorochemical products manufacturing subsidiary Pelchem. It is also planning to expand its engineering and manufacturing division (not subsidiary) Pelindaba Enterprises. Pelchem... 

Russia's Gokhran has bought only gold this year

By: Reuters     8th September 2017 Russia's precious metals and gems repository Gokhran has been buying only gold for its reserves this year, its head Andrey Yurin told reporters in Moscow on Friday. Purchases of platinum group metals are possible but remain subject to market conditions, Yurin said, adding that no purchases of... 

China's CEFC buys into Rosneft as Glencore, Qatar cut stakes

By: Reuters     8th September 2017 Chinese conglomerate CEFC will buy a 14.16% stake in Russian oil producer Rosneft from a consortium of Glencore and the Qatar Investment Authority in a move that further strengthens the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil... 

Information systems in the field for 10+ years

     8th September 2017 The phrase ‘information is power’ is a widely used term. However, RCT believes its relevant information that empowers customers; which is why for the past 10 years, the company has been providing exactly that. This information journey began in 2005 when RCT saw the opportunity to expand into a... 

South African business delegation sets off for Russia

By: Natasha Odendaal     8th September 2017 A 20-member South African business delegation is heading to Russia next week to showcase their home-grown products and services at the 2017 World Food Moscow International Food Exhibition. Through its Export Marketing and Investment Assistance (EMIA) scheme, the Department of Trade and Industry... 

South Africa’s export strategy aims to boost capacity for value-added goods, services trade

By: David Oliveira     8th September 2017 The Department of Trade and Industry’s (DTI’s) Integrated National Export Strategy (INES) aims to help improve the global competitiveness of South African exporters and tap the export-led economic growth benefits that have flowed to other developing countries in recent decades. The strategy was... 

Jaguar Land Rover South Africa plots launch of full electric sports utility vehicle

By: Irma Venter     8th September 2017 Jaguar Land Rover South Africa (JLR SA) will launch the full electric I-Pace sports-utility vehicle in the local market towards the end of 2018 or the start of 2019, says Jaguar Land Rover South Africa and Sub-Sahara Africa MD Richard Gouverneur. “We are now entering the journey toward electric... 

Russia's GV Gold plans for 2018 share listing - CEO

By: Reuters     6th September 2017 The CEO of GV Gold is preparing a much-delayed listing of the Russian mid-sized gold producer for as early as next year, he told Reuters on Wednesday. The privately held firm, whose shareholders include US fund BlackRock, has repeatedly delayed plans after first proposing an initial public share... 

Russian gold miner Polyus sees lower capex in 2018 and 2019

By: Reuters     6th September 2017 Russia's top gold producer Polyus expects its capital expenditure (capex) to decline over the next two years from around $800 million in 2017 as ramp up costs for a new gold mine fall away, CEO Pavel Grachev said. Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, started... 

Vekselberg says doesn't want to increase stake in Rusal further

By: Reuters     6th September 2017 Russian billionaire Viktor Vekselberg said on Wednesday he did not want to increase further his stake in Russia's Rusal, one of the world's top aluminium producers. "No, we don't want (to increase the stake)," he said when asked whether he planned to buy another almost 7% stake in Rusal. 

Russia plans gem reform to compete with India's million workers

By: Bloomberg     6th September 2017 Russia wants its biggest diamond miner to work more closely with the country’s top gem cutters so the industry can better compete in a market that’s dominated by Indian manufacturers. As part of a plan to boost the competitiveness of Russian diamonds, the government wants  Alrosa PJSC to offer... 

Polyus starts commissioning of its main greenfield project

By: Mariaan Webb     5th September 2017 Russia’s largest gold producer Polyus has officially launched the Natalka mine – the LSE-listed company’s main greenfield project. The first stage of hot commissioning of the Natalka plant, which has the capacity to process 10-million tonnes a year and is the largest in Russia, was officially... 

Eurasia in offtake negotiations with Glencore, Sinosteel and others

By: Mariaan Webb     4th September 2017 Precious metals miner Eurasia is in offtake negotiations with commodity trader Glencore, Chinese group Sinosteel and other unnamed parties for the life-of-mine production from its Monchetundra platinum and palladium project in Russia. In a projects update published on Monday, the company said... 

Gold prices near one-year high in wake of North Korea nuclear test

By: Reuters     4th September 2017 Gold prices climbed 1% to their highest in almost a year on Monday after North Korea's latest and most powerful nuclear test drove investors towards safe-haven assets. Spot gold had risen just over 1% to $1 338.36 per ounce by 0708 GMT, after earlier touching its strongest level since late... 

SA Hippo - World’s Safest Submersible Pump For Underground Mining

     1st September 2017 Coal mining accidents caused by gas and coal dust explosions account for the most fatal mining disasters around the world. However, dangerous Methane gas is present at most underground mines as well and not only in coal mines.  This was, once again, confirmed when a fatal methane gas explosion... 

Metair says lead-acid battery will still have key role as EV revolution takes hold

By: Irma Venter     1st September 2017 Metair is ready for the anticipated revolution in the automotive industry, including the introduction of electric vehicles (EV), hybrid vehicles and autonomous drive vehicles. These vehicle still need lights, brakes and wiring harnesses, for example, said Metair MD Theo Loock at the announcement... 

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