R/€ = 16.08 Change: 0.02
R/$ = 14.41 Change: 0.02
Au 1277.10 $/oz Change: -8.78
Pt 815.90 $/oz Change: -10.92


Rand softer, market looks to policy meeting

7th January 2013 South Africa's rand softened against the dollar on Monday and could remain on the back foot as prospects of less monetary stimulus in the United States boosts the greenback. At 0657 GMT the local currency was 0.27% weaker at 8.5885 to the dollar after closing Friday's session at 8.5651. 

Zambia asks mining firms to reduce electricity use

7th January 2013 LUSAKA  - Zambia's state-owned utility Zesco Ltd has asked mining companies in Africa's top copper producer to cut back on electricity use to help ease a power shortage, its managing director said on Friday. Zambia generates 1,746 megawatts (MW) of electricity but demand exceeds capacity by about... 

Miners struggle to fund tin projects, deeper shortages loom

11th December 2012 Companies seeking to build new tin mines are struggling to finance the projects, which could deepen shortages in a market that is already in deficit and exacerbate price moves that are already volatile. Financing any new mine has become difficult following the global financial crisis, but the... 

Xstrata, Glencore hearing in SA postponed

10th December 2012 A hearing by South Africa's Competition Tribunal on commodities trader Glencore's $33-billion takeover of miner Xstrata has been postponed until next month, the tribunal said on Monday. Glencore was expected to defend its case this week after South African power utility Eskom raised concerns the... 

Rand steady as Zuma closes in on re-election

4th December 2012 South Africa's rand is expected to remain range-bound as the ruling African National Congress moves closer to reappointing President Jacob Zuma as its leader, reducing the uncertainty hanging over this month's internal party election. The rand was at 8.8680 to the dollar, largely in line with... 

Eskom says power supply very tight

4th December 2012 South African power utility Eskom said on Monday that available spare supply on its electricity network had fallen to just over 2% of total capacity owing to a sharp increase in unplanned outages. In a bi-weekly status update, Eskom said it had 32 326 MW of capacity for the Monday evening peak... 

Gold Fields to spin off, separately list unit

29th November 2012 South Africa's second-largest gold miner Gold Fields said on Thursday it plans to spin off its domestic unit, GFI Mining South Africa, and list it separately on the JSE. The unit, whose major assets are KDC and Beatrix gold mines, would be renamed Sibanye Gold Limited. 

KenGen chief executive says to quit in 2013

28th November 2012 The head of the Kenya Electricity Generating Company (KenGen) said on Wednesday he will resign next year before his term ends in 2015. Chief Executive Eddy Njoroge, who took the helm of the power utility in 2003, presided over its successful initial public offering in 2006. He did not give a... 

Namibia's State-owned miner buys into Swakop Uranium

28th November 2012 Namibia's State-owned mining company, Epangelo, has agreed to buy a 10% stake in Swakop Uranium for N$1.88-billion Namibian dollars ($213-million) to boost State participation in the key economic sector, the companies said on Wednesday. "We haven given (Epangelo) a loan at commercial interest... 

Gold Fields Q3 earnings fall as strikes bite

26th November 2012 Gold Fields, the world's fourth largest gold producer, posted a 19% fall in third quarter earnings on Thursday that fell short of expectations as a fire and illegal strikes at its South African mines ate into profit. Gold Fields, a South Africa-based miner with global operations, said adjusted... 

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