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Reuters

Strike impacts Freeport's Grasberg mine, workers 'resigned'

25th May 2017 Freeport McMoRan said on Thursday that mining and milling rates at its Grasberg copper mine, in Papua, Indonesia, have been affected as some 9 000 workers stage an extended strike, and a "large number" of approximately 4 000 absentee workers were deemed to have resigned. Escalating tensions with... 

SARB holds repo rate on inflation concerns

25th May 2017 South Africa's central bank kept its benchmark repo rate steady at 7% on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. Governor Lesetja Kganyago said consumer inflation is now within the bank's target of between 3% and 6%, but the... 

South Africa's govt wants Sinopec to retain refinery capacity

25th May 2017 South Africa is in talks with China's Sinopec over its take-over of Chevron Corp's Cape Town refinery and will look to ensure that production capacity was retained and enhanced, Economic Development Minister Ebrahim Patel said on Thursday. Sinopec will pay almost $1-billion for a 75% stake in... 

Cabinet approves review of mining charter changes

25th May 2017 South Africa's Cabinet said on Thursday it has approved for publication a review of revisions to its charter for the mining sector, a process that was supposed to have been done months ago raising concerns about policy uncertainty in the industry. "Mineral Resources Minister Mosebenzi Zwane will... 

Nigeria oil Minister says not opposed to eventually joining output cuts

25th May 2017 Nigerian Oil Minister Emmanuel Ibe Kachikwu said on Thursday that conceptually Nigeria was not opposed to joining Opec production caps but would have to wait and see if production came back to acceptable levels. "We are targeting that by the end of the extension period (9 months) we are trying to... 

LBMA launches code of conduct for precious metals markets

25th May 2017 The London Bullion Market Association (LBMA) is launching a code of conduct aimed at boosting confidence in the $5-trillion a year London gold market, it said on Thursday, following years of heightened regulatory scrutiny of the city's financial sector. The guidelines set out best practice in... 

Coal India wins tax-cut boost as environmentalists fret

25th May 2017 State-run Coal India Ltd , saddled with millions of tonnes of unsold coal, is expected to be the biggest beneficiary of a controversial government decision to more than halve the sales tax on the fuel after a jump in local supplies. The world's third-largest greenhouse gas emitting country said... 

Djibouti opens new port as part of $7bn/y free-trade zone plan

25th May 2017 Djibouti has formally opened one of four new ports designed to cement the tiny Horn of Africa nation's position as a continental hub, a statement from the ports authority said on Wednesday. Doraleh Multipurpose Port has been substantially upgraded as part of a Chinese-backed plan to establish... 

Côte d'Ivoire to build 25 MW solar power station

25th May 2017 Côte d'Ivoire plans to build a 25 MW solar power plant in the north of the country as it seeks to bolster a strained power grid with renewables, a government spokesman said on Wednesday. The 23.6-billion CFA franc ($40-million) plant will be built by Korhogo Solaire, a subsidiary of Morocco's... 

Polish coal miner JSW returns to profit in first quarter

25th May 2017 Poland's JSW, the European Union's biggest coking coal producer, reported on Wednesday it made a net profit of 864.53-million zlotys ($231.3-million) in the first quarter, thanks to a surge in coal prices and cost cutting. Analysts had expected JSW to report a net profit of 744-million zlotys,... 

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