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Tongaat, Barloworld appoint third party to check for material adverse change

By: Marleny Arnoldi     8th July 2020 JSE-listed companies Tongaat Hulett and Barloworld have appointed Rothschild and Co South Africa as the independent third party to evaluate whether a material adverse change (MAC) had occurred in the sale and purchase agreement terms between the companies. The sale and purchase agreement... 

Africa’s biggest investment takes shape under Islamist threat

By: Bloomberg     7th July 2020 Dozens of soldiers clutching AK-47s and grenade launchers watch over roaring bulldozers on the white sand beach that meets a tropical turquoise sea. They’re guarding Africa’s biggest investment: a $23 billion project to export Mozambique’s natural gas from an area increasingly besieged by an... 

Power Metal raises £1m to accelerate exploration

By: Schalk Burger     6th July 2020 Aim-listed metals exploration and development company Power Metal Resources has raised £1-million to accelerate exploration across its portfolio of projects and to commercialise select project interests. The funds raised will increase the available working capital (cash and listed financial... 

Blue Label expects double-digit rise in earnings

By: Natasha Odendaal     6th July 2020 JSE-listed Blue Label Telecoms expects to report a more than 20% increase in earnings for the year ended May 31, 2020. This will be a turnaround on the prior year’s performance, which reported losses on basic, headline and core headline a share of 727.81c, 312.49c and 304.77c respectively. 

Prospect appoints Renaissance Capital as adviser for proposed sale of Zim mine

By: Donna Slater     6th July 2020 ASX-listed lithium project developer Prospect Resources has appointed independent investment bank Renaissance Capital as its financial and merger and acquisition adviser for the proposed sale of its 87%-owned Arcadia lithium mine, in Zimbabwe, to Uranium One. Prospect and Uranium One in December... 

Third-quarter ferrochrome benchmark price rolls over at $1.14/lb

By: Martin Creamer     6th July 2020 The European benchmark ferrochrome price for the third quarter of 2020 has been settled at $1.14/lb, a rollover from the second quarter of 2020, JSE-listed Merafe Resources advised shareholders on Monday. This price remains an increase of 12.9% on the first-quarter price of $1.01/lb. 

Australia's Prospect Resources picks adviser for sale of Zimbabwe lithium mine

By: Reuters     6th July 2020 Australian-listed Prospect Resources said on Monday it had picked Renaissance Securities Capital as its exclusive financial advisor for the possible sale of shares in Zimbabwe's Arcadia Lithium mine to Russian energy firm Uranium One. Uranium One, a unit of Russia's state-owned nuclear energy... 

Nedbank launches SDG-linked capital instrument

By: Marleny Arnoldi     6th July 2020 Nedbank has launched a new “green” tier two capital instrument that is linked with sustainable development goals (SDG), which is the first of its kind in South Africa. The instrument is linked on the green bonds segment of the JSE.  

CoJ council has until Friday to approve budget

By: Sane Dhlamini     6th July 2020 Gauteng Cooperative Governance MEC Lebogang Maile has urged  the City of Johannesburg Municipal Council to put the interest of the residents of the City first following its failure to approve an annual budget for the start of the municipal financial year 2020/21. The Gauteng Provincial Executive... 

Roles of govt, business in restarting economy need clearer definition, says BLSA

By: Donna Slater     6th July 2020 In her weekly newsletter, Business Leadership South Africa (BLSA) CEO Busi Mavuso says a clearer perspective of the roles and responsibilities of business and government needs to be established as the country grapples with restarting its economy. She notes that, on one level, there are common... 

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