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Reuters

South Africa's rand falls nearly 3% on US political turmoil

18th May 2017 South Africa's rand fell nearly 3% to the dollar on Thursday, as the political turmoil in the United States forced investors to flee riskier emerging currencies into safe-haven assets. Most emerging markets currencies fell as uncertainty mounted over US President Donald Trump's future following... 

Elliott Management says Barcelona meeting with BHP CEO was 'constructive'

18th May 2017 Activist investor Elliott Management on Thursday said a meeting with BHP Billiton CEO Andrew Mackenzie in Barcelona had been "constructive". The meeting on Wednesday took place a day after the New York-based fund raised the pressure for strategic changes at the mining giant, including a call for... 

Zambian government says close to agreement with mines on electricity price rises

18th May 2017 Zambia is close to reaching an agreement with mining companies over its plans to increase electricity prices, Finance Minister Felix Mutati said on Wednesday. The government last month proposed introducing a flat tariff of $0.093/kWh backdated to January for mining companies, instead of... 

Bosnian region's Parliament votes against mine sale to Israeli group

18th May 2017 The Bosnian Serb Parliament on Wednesday voted against the sale of a government stake in an iron ore mine to the Israeli Investment Group (IIG) after ArcelorMittal warned it would take legal action if it went ahead. The government plan to sell the Ljubija mine to little-known IIG, which has no... 

Trade agreements must go far beyond just cutting tariffs – Merkel

17th May 2017 Free trade agreements have to do more than just cut tariffs, German Chancellor Angela Merkel told trade unionists on Wednesday, adding that environmental, consumer protection and dispute resolution standards were also essential. "A modern trade agreement has to be about more than cutting... 

Zimbabwe plans $200m platinum refinery with Australia's Kelltech

17th May 2017 Zimbabwe is planning to build a $200-million platinum refinery next year in a joint venture with Australia's Kelltech, the Mines Minister said on Wednesday. The Southern African nation holds the world's largest deposits of platinum after South Africa and has been pushing mining firms operating in... 

Platinum output grinds lower, but not fast enough to boost prices

17th May 2017 South Africa's platinum output is grinding lower as producers cut capital expenditure and shutter unprofitable areas, but it is not happening fast enough to tackle the industry's bigger problem - rock-bottom prices for the metal itself. Platinum prices in dollar terms are up just 4% this year in... 

Tullow says makes oil discovery in Kenyan well

17th May 2017 Africa-focused oil company Tullow Oil said it encountered 75 m of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in North-Western Kenya, would eventually be developed to full field development, the company said on Wednesday. 

Telekom Networks Malawi to invest $30m in 4G network

17th May 2017 Telekom Networks Malawi (TNM), the country's second-largest mobile network operator, said on Tuesday it is to spend an additional $30-million on improving its 4G broadband service. TNM, whose main rival is the local unit of India's Bharti Airtel, said it aimed to give better 4G coverage in... 

Gold rises to two-week high amid Trump concerns

17th May 2017 Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said US President Donald Trump asked the FBI to end a probe into his former security adviser. Spot gold climbed 0.6% to $1 243.31/oz by 0746 GMT, after earlier touching its... 

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