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Reuters

Competition Commission settles with Citi over currency rigging

20th February 2017 South Africa's Competition Commission has reached an agreement with Citibank for its role in a forex trading cartel, the antitrust watchdog said on Monday. The commission said in a statement Citi would pay a fine of R69.5-million rand ($5-million), less than the 10% of South African annual... 

Ten firms express interest in Kenya road building partnership

20th February 2017 Ten companies have expressed interest in building a major road project from Nairobi into the Rift Valley and managing it for 30 years, Kenya's Public Private Partnership Unit (PPPU) has said in a statement. The East African nation is seeking more private investment to maintain the pace of... 

Vale scraps controlling bloc, merges shares in major transparency move

20th February 2017 Vale SA plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world's largest iron-ore producer. In a Monday statement, Vale said controlling shareholders grouped under... 

Solar-powered Africa 'never more possible and less expensive' – energy chief

20th February 2017 A “solar revolution” is coming to Africa, comparable in scale and importance to the rapid surge in mobile phone use on the continent two decades ago, predicts the head of the International Renewable Energy Agency. Fast-dropping costs for solar power, combined with plenty of sun and a huge need... 

Freeport Indonesia says could seek arbitration over mining contract violations

20th February 2017 Freeport-McMoRan Inc's Indonesian unit said on Monday it hoped to resolve a dispute with the government over its mining contract, but reserved the right to start arbitration against the government and seek damages. Freeport has submitted a notification to Indonesia's mining ministry describing... 

Philippines minister stands by call to shut mines ahead of review

20th February 2017 The Philippines' environment minister said on Monday she stands by her decision to shut more than half the country's operating mines and bar mining in watershed zones ahead of an inter-agency meeting later in the day to review the move. The government's Mining Industry Coordinating Council will... 

De Beers' Forevermark diamonds to add 10% more outlets in 2017, says CEO

18th February 2017 Diamond jewellery retailer Forevermark, part of the Anglo American mining group, has expanded to 2 000 outlets globally and expects a further 10% rise this year, CEO Stephen Lussier said on Friday. The number of new Forevermark outlets, which sell selected De Beers diamonds, rose by 14% last... 

Freeport declares force majeure at Indonesia copper mine

18th February 2017 Freeport-McMoRan said on Friday it cannot meet contractual obligations for copper concentrate shipments from its Grasberg mine in Indonesia following a five-week export ban, the second big producer in a week to declare force majeure. Production at Freeport's giant mine in Papua, Indonesia, came... 

Anglo to suspend copper mining at El Soldado in Chile

18th February 2017 Anglo American will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. Chilean mining regulator Sernageomin has rejected the permit request for... 

Philippine miner ordered shut says to ship nickel ore in March

17th February 2017 Philippine miner Marcventures Mining and Development Corp, whose nickel mine was one of 23 ordered to close by the environment ministry, said on Friday it will take legal action to overturn the ruling and plans to ship out ore next month. Marcventures' mine in southern Philippines was among... 

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