R/€ = 16.53 Change: -0.15
R/$ = 14.43 Change: -0.19
Au 1226.60 $/oz Change: 4.11
Pt 828.00 $/oz Change: -10.24


Nigeria State oil company denies existence of $3.5bn fuel subsidy fund

17th October 2018 Nigeria's State oil company on Wednesday denied parliament's accusation that it had a $3.5-billion fund to surreptitiously subsidise imports of gasoline. The upper house Senate said on Tuesday it would investigate the fund it said the Nigerian National Petroleum Corporation (NNPC) was using... 

Workers strike over pay at South African arms maker Denel

17th October 2018 Hundreds of South Africa's Solidarity union members held a strike on Wednesday over a pay dispute at cash-strapped State-owned weapons manufacturer Denel. Denel, which produces military kit for South Africa's army and foreign forces, has held talks with unions over voluntary severance packages,... 

Samarco could begin partial production in 2020 after dam burst – Vale CEO

17th October 2018 Samarco, a joint mining venture between Brazil's Vale and BHP Billiton, could resume production at a third of its capacity at the beginning of 2020, Vale's CEO said on Tuesday. Samarco halted operations in late 2015 after one of its dams collapsed, killing 19 people and causing one of Brazil's... 

Zambian power firm CEC divests from telecoms business

17th October 2018 Copperbelt Energy Corp (CEC) has sold its 50% stake in CEC Liquid Telecom to Pan-African telecoms group Liquid Telecommunication Holdings, the power firm said on Tuesday. CEC, Zambia's main supplier of power for its mines, and Liquid Telecom were equal partners in the joint telecoms firm since... 

Chile's State copper firm outlines lifeline plan for Salvador mine

17th October 2018 Chile's State copper miner, Codelco, has submitted an environmental impact assessment of its plans to overhaul its aging Salvador deposit that would sharply increase its production and extend its life by 40 years. The Rajo Inca project would convert the existing mine, which has been in operation... 

Second activist targets Canadian miner Detour; seeks board changes

16th October 2018 US hedge fund Livermore Partners is calling for an overhaul of the board at Detour Gold Corp and a strategic review, becoming the second activist to target the Canadian mining company. Livermore, which has engaged in other activist campaigns including at Canadian and UK media firm Entertainment... 

Ramp-up for Anglo American's Minas Rio mine likely delayed to 2021

16th October 2018 Anglo American should restart operations at its Brazilian Minas Rio iron ore mine in November or December but a planned ramp-up to 26.5-million tonnes per year is likely to be pushed back to 2021 from 2020 as previously expected, the miner's Brazil chief said on Tuesday. The company halted... 

Zambian mining group says tax changes will hit mineral exploration

16th October 2018 Zambia's proposed mining tax increases will hit mineral exploration and production in Africa's second biggest copper producer, companies involved in exploration said on Tuesday. Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help... 

Polish govt promises tax relief to help copper region

16th October 2018 The Polish government is working on amending tax laws, which could lead to tax deductions of up to 5% on certain minerals, it said on Tuesday. Poland currently taxes copper and silver exploration, but the only company paying the levy is KGHM, one of the world's biggest copper and silver producers. 

Moody's ratings review of South Africa to come after next week's budget – Treasury

16th October 2018 South Africa expects Moody's to release its ratings review after next week's medium term budget policy statement (MTBPS), Dondo Mogajane, the director general of the National Treasury said on Tuesday. Mogajane said he met Moody's representatives at an international financial conference in Bali... 

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