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Reuters

Eskom evaluating bids for mortgage business

15th December 2018 Cash-strapped power utility Eskom is evaluating bids for its finance company that specialises in mortgage lending to employees, its spokesman said on Friday. State-run Eskom is scrambling to keep the lights on in Africa's most advanced economy and has been implementing frequent controlled power... 

Imperial Metals hires BMO to speed up restructuring – sources

15th December 2018 Canadian copper producer Imperial Metals has hired Bank of Montreal (BMO) to speed up a restructuring process that could include the sale of the company for up to $1-billion, two sources familiar with the matter said. Imperial Metals, backed by Canadian billionaire Murray Edwards, earlier this... 

Transfer of Eskom's debt to South African government credit neutral – Moody's

14th December 2018  Power utility Eskom's request for government to take up R100-billion of its debt could cause the country's overall debt ratio to jump two%age points from the current 55.8%, ratings agency Moody's said on Friday. Moody's, the last of the top three ratings firms to still rate Pretoria's debt at... 

Denel's accounts littered with flaws – Auditor General

14th December 2018 Shoddy and incomplete accounting at South Africa's troubled state-run arms firm Denel left the country's Auditor General unable to make a judgement on the soundness of its most recent financial statements, according to the firm's annual report. In the report the Auditor General listed more than... 

Climate ideals clash with coal realities at Polish-led UN talks

14th December 2018 Delegates at UN climate talks in the Polish city of Katowice point to the mining museum next to the conference venue as the proper place for coal, which provides 80% of the country's electricity. Poland's decision to host the negotiations to revive the 2015 Paris agreement on phasing out fossil... 

Ministers work around the clock to strengthen global climate deal

14th December 2018 Ministers are working around the clock to complete and strengthen the rules for making a landmark agreement to combat climate change operational, with one day of talks remaining. Delegates from nearly 200 nations are on a self-imposed deadline to produce a "rule book" to flesh out details of... 

AMCU union to remain on strike at Sibanye-Stillwater

14th December 2018 The president of South Africa's Association of Mineworkers and Construction Union (AMCU) said on Friday that the union's Sibanye-Stillwater members remain on strike, disputing the miner's argument the action is now illegal. Joseph Mathunjwa was speaking at a media conference organised to respond... 

Chinese battery firm halts purchases of cobalt from Glencore – sources

14th December 2018 Chinese battery firm GEM has stopped buying cobalt from Glencore as the price of the battery material crashed below that agreed in a three-year deal between the two companies, sources close to the matter said. GEM said in a March 14 regulatory filing that it would buy 52 800 tonnes of cobalt from... 

Mineral Resources and Albemarle agree $1.15bn lithium deal

14th December 2018 Albemarle said on Friday it had finalized an agreement to form a lithium joint venture with Australia's Mineral Resource for $1.15-billion. The deal, announced last month, will give US-based Albemarle a 50% stake in Mineral Resource's Wodgina lithium project in Western Australia which exports... 

Australian rail workers postpone coal haulage strikes as cyclone looms

14th December 2018 Coal railway workers at Australian hauler Aurizon Holdings have postponed some planned strikes in Queensland, a union official said, as a cyclone is forecast to bring poor weather near some of the affected railways. Aurizon's four major railways in the Bowen Basin of Queensland, the world's... 

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