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Congo reviews $6.2bn China mining deal as criticism grows

28th September 2021 The Democratic Republic of Congo (DRC) began reviewing a $6.2-billion minerals-for-infrastructure deal with China that’s faced growing criticism since President Felix Tshisekedi came to power almost three years ago. Congo’s council of ministers agreed to create a commission to investigate “major... 

EU trade chief says time running out to fix US steel dispute

28th September 2021 The European Union’s (EU's) trade chief warned that only about a month remains to resolve a metals dispute with the US, and failure to do so means new EU tariffs will hit American products on Dec. 1. “Allowing for internal decision-making procedures in the EU, we really need an agreement already... 

Zimbabwe asked to settle $70m debt after legal loss

28th September 2021 Zimbabwe has been asked to settle a $70-million debt after it lost an international arbitration case over canceled nickel and platinum ventures between a private company and the State miner more than a decade ago. Companies linked to Amaplat Mauritius made the proposal in a September 15 letter to... 

South Africa has first quarterly primary surplus in three years

28th September 2021 South Africa recorded its first quarterly primary budget surplus since 2018 in the three months through June, a sign that the National Treasury’s efforts to bring spending in line with revenue are succeeding. The government’s primary balance swung to a surplus of R9.8-billion, or 0.6% of gross... 

China power crisis looks set to spur rush for the dirtiest fuel

28th September 2021 China’s power crisis looks set to spur it to import more coal from a wider range of producers, putting it into competition with European and Indian buyers that are also snapping up more of the dirtiest fossil fuel. More than two-thirds of China’s electricity comes from coal-fired plants and,... 

Coal prices are booming but US miner US miners struggle to boost output

28th September 2021 A labor shortage and reluctance to open new mines has left US coal companies struggling to keep up with surging global demand. “It’s very difficult for the coal industry to increase production,” Xcoal Energy & Resources CEO Ernie Thrasher said Monday in a phone interview. “Everyone is working... 

Africa needs $2tr for green manufacturing, McKinsey says

27th September 2021 Africa’s lack of industrial development puts it in a strong position to develop low-carbon manufacturing without the costs of transitioning from fossil fuel-based factories, McKinsey & Co. said. In the process of striving toward net-zero emissions by 2050, the continent could create a net... 

Rand falling prey to global worries fuels South Africa inflation

27th September 2021 The rand is taking a bigger hit than most of its emerging-market peers as an energy crisis and Chinese growth concerns batter the South African currency and worsen the country’s inflation outlook. The currency declined for a second day on Monday to its weakest level in more than a month as oil... 

Nickel falls with most metals as China power crunch spreads

27th September 2021 Nickel declined along with most metals as China’s power crisis spread from factories to residents, adding risks to supply chains, demand and the economic recovery. Residents in several northern provinces have already been dealing with blackouts, while traffic lights are being turned off, causing... 

South African Treasury trumpets stability as key official exits

27th September 2021 The South African National Treasury’s succession planning is sufficient to ensure the exit of key personnel doesn’t disrupt plans to return public finances to a sustainable path, its top civil servant said. Tshepiso Moahloli, the head of assets and liability management and the most high-profile... 

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