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Latest News

Tullow Oil stays in red as weak oil prices drag down asset values

By: Reuters     26th July 2017 Tullow Oil reported a deeper-than-expected operating loss for the first half as lower oil price expectations forced it to book hefty impairment charges, but the market welcomed news it had raised a cost-saving target by $150-million. London-listed Tullow, whose main operations are in Africa,... 

Metair achieves H1 earnings surge

By: Creamer Media Reporter      26th July 2017 Metair Investments expects to report a surge in earnings for the first half of this year as the performance from its automotive components business improves. This was offset slightly by the less favourable results for its energy storage business owing to the currency weakness of foreign reported... 

Cameroon soccer star Milla tackles plastic flooding menace

By: Reuters     26th July 2017 Roger Milla, who shot to worldwide fame for his World Cup goal celebrations, is now tackling flooding with a scheme to turn plastic blocking Cameroon's drains into building blocks. Milla's Coeur d'Afrique (Heart of Africa) is paying unemployed young people to collect the plastic which blocks... 

AECI’s partners to pioneer US-based bio-based PET plant in 2018

By: Natasha Odendaal     26th July 2017 Specialty chemicals group AECI’s R65-million investment into US-based startup Origin Materials is expected to position the JSE-listed group as the preferred industrialisation and applications development partner, with access to Africa, in the renewable chemicals space. The investment was the... 

AECI’s partners to pioneer US-based bio-based PET plant in 2018
AECI CEO Mark Dytor

LafargeHolcim Q2 profit beats forecasts, new CEO to join early

By: Reuters     26th July 2017 LafargeHolcim posted slightly better-than-expected second-quarter results on Wednesday as the world's biggest cement maker sought to put a scandal over payments to armed groups in Syria behind it. The Franco-Swiss company reported adjusted operating profit of 1.735-billion Swiss francs... 

Final decision on steel trade policy may have to wait, Trump tells WSJ

By: Reuters     26th July 2017 A final decision on a steel trade policy may have to wait until other top-priority issues on his agenda get addressed, US President Donald Trump told the Wall Street Journal in an interview on Tuesday. The administration would take time in making a decision on whether to block steel imports,... 

Minister Brown says ‘Gupta freebie’ allegations against officials must be probed

By: African News Agency      26th July 2017 Public Enterprises Minister Lynne Brown says she is fully behind investigations by the Directorate for Priority Crime Investigation (Hawks) into allegations of corruption levelled against officials in her department.  Brown’s personal assistant, Kim Davids, this week became the latest official to... 

Minister Brown says ‘Gupta freebie’ allegations against officials must be probed
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Sishen productivity leaps by spectacular 57% – Kumba 

By: Martin Creamer     25th July 2017 With 30% fewer trucks, the fleet productivity at the Sishen iron-ore mine in the Northern Cape has leapt by an extraordinary 57%, Kumba Iron Ore CEO Themba Mkhwanazi said on Tuesday, when the company reported a 23% increase in production in the six months to June 30. The contribution of... 

Sishen productivity leaps by spectacular 57% – Kumba
Kumba Iron Ore CEO Themba Mkhwanazi was applauded for Sishen’s productivity leap at the presentation of half-year results covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer.

Nepad advocates centralised bankable project information hub

By: Natasha Odendaal     25th July 2017 The New Partnership for Africa's Development (Nepad) Infrastructure Project Preparation Facility (IPPF) is suggesting that a one-stop shop initiative – comprising a project hub and a help desk – be established to promote bankable projects in Africa, with the aim of increasing the accessibility of... 

Mpact launches R46m liquid packaging plant

By: Anine Kilian     25th July 2017 Paper and plastics packaging company Mpact on Tuesday launched a R46-million liquid packaging plant at its Springs mill, in Ekurhuleni. The plant will recycle 25 000 t/y of liquid packaging products, which has so far seen limited beneficiation in South Africa. 

Kumba CEO Mkhwanazi concerned by Minister’s reneging  

By: Martin Creamer     25th July 2017 Kumba Iron Ore CEO Themba Mkhwanazi on Tuesday expressed concern about the mineral rights and mining transaction moratorium that has been gazetted by Mineral Resources Minister Mosebenzi Zwane, especially because it followed his agreement to suspend the implementation of Mining Charter Three... 

Kumba CEO Mkhwanazi concerned by Minister’s reneging
Kumba Iron Ore CEO Themba Mkhwanazi reported a reinstatement of the dividend at the presentation of half-year results covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Darlene Creamer. Video Editing: Lionel da Silva

US electric industry knew of climate threat decades ago – report

By: Reuters     25th July 2017 The US electric industry knew as far back as 1968 that burning fossil fuels might cause global warming, but cast doubt on the science of climate change and ramped up coal use for decades afterward, an environmental watchdog group said on Tuesday. The California-based Energy and Policy Institute,... 

China iron-ore futures snap 3-day losing streak on robust steel sector

By: Reuters     25th July 2017 Chinese iron ore futures broke a three-day losing streak on Tuesday, showing strong gains as investors refocused on China's robust steel sector and as some of the world's biggest suppliers struggle to meet output targets. Hefty price gains in copper and nickel markets, closely linked to China's... 

UP researchers join fight against avian flu

By: Natasha Odendaal     25th July 2017 With four South African farms having been hit by the current bird flu outbreak, University of Pretoria (UP) researchers have joined the poultry industry and the Department of Agriculture, Forestry and Fisheries (DAFF) to contain the highly pathogenic avian influenza, or H5N8 variant of bird flu.... 

BMW says received no post-Brexit trade reassurances from UK over Mini investment

By: Reuters     25th July 2017 BMW did not receive any reassurances from the British government over post-Brexit trading arrangements as it made the decision to build its electric Mini at its Oxford plant, a spokesman said on Tuesday. On Tuesday the German carmaker said its plant in Oxford, England has been chosen as the... 

FNB, DTI pledge to make finance, incentive access easier for black industrialists

By: Natasha Odendaal     25th July 2017 As the Department of Trade and Industry (DTI) marks some successes with its Black Industrialists Programme, the department and financial institution First National Bank (FNB) have inked a deal that will pave the way for improved access to finance for black industrialists. A collaborative pledge,... 

FNB, DTI pledge to make finance, incentive access easier for black industrialists
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Drought-hit Nairobi looks to filthy dam to keep business flowing

By: Reuters     25th July 2017 As residents of Nairobi's largest slum look for new sources of water amid lingering drought, they have seized on an unlikely one: An old 88-acre water reservoir full of sewage and trash, draped in water hyacinth. The Nairobi dam has been the capital's spare water reservoir in times of drought... 

Joffe’s Long4Life to acquire Sportsmans, Outdoor Warehouse

By: Samantha Herbst     25th July 2017 Business mogul Brian Joffe’s new investment holding company, Long4Life, which recently debuted on the JSE, has announced its intention to acquire local cash retailer Holdsport, which trades as Sportsmans Warehouse and Outdoor Warehouse. With Long4Life’s offer being implemented by way of a scheme... 

Joffe’s Long4Life to acquire Sportsmans, Outdoor Warehouse

SAA asked for R10bn injection – Treasury

By: Reuters     25th July 2017 South Africa's troubled state-run airline South African Airways asked the Treasury for a R10-billion ($770-million) bail-out in March, Finance Minister Malusi Gigaba said in a written reply to parliamentary questions. Gigaba did not say if the request for R10-billion would be granted. The... 

SAA asked for R10bn injection – Treasury

Calls for more investment in science infrastructure in Africa

By: Creamer Media Reporter      25th July 2017 Researcher Professor Kelly Chibale has called for a deep commitment to investing in world-class infrastructure and skills for scientists to succeed on the continent. The founder and director of Africa’s only integrated drug discovery and development centre, H3D, at the University of Cape Town... 

Invicta to distribute Fenner’s products in Africa

By: African News Agency      25th July 2017 Invicta Holdings said on Tuesday that its subsidiary company, Bearing Man Group (BGM), has entered into a long-term agreement with Fenner Conveyor Belting to distribute Fenner's products in sub-Saharan Africa on an exclusive basis and on a nonexclusive basis in the rest of Africa. Invicta is an... 

Political uncertainty leads to drop in M&A deals in Africa in Q2

By: Natasha Odendaal     25th July 2017 Inbound merger and acquisition (M&A) deals in Africa plunged 48% from 33 in the second quarter of 2016, and 45% from 31 in the first quarter of this year, to just 17 in the second quarter of this year. The total deal value for inbound deals decreased to $780-million – an 83% year-on-year and an... 

Sasol expects FY earnings to fall as much as 21%

By: Reuters     25th July 2017 South African petrochemicals group Sasol said on Tuesday it expected its full-year headline earnings to fall as much as 21%, hit by lower oil prices and a stronger rand currency. Sasol said headline earnings per share for the year to end June are expected to decrease by between 11% and 21% from... 

Mandla Gantsho to replace Fani Titi as Kumba chair

By: Martin Creamer     25th July 2017 Kumba Iron Ore chairperson Fani Titi is to step down from the board of the Johannesburg Stock Exchange-listed mining company from September 30 and will be replaced by Dr Mandla Gantsho, who has been appointed as chairperson designate. Gantsho will join the board on August 1 and will succeed Titi... 

Mandla Gantsho to replace Fani Titi as Kumba chair
Outgoing Kumba Iron Ore chairperson Fani Titi

Kumba lifts iron-ore output 23%, reinstates dividend, shares rise

By: Martin Creamer     25th July 2017 Iron-ore mining company Kumba Iron Ore on Tuesday reported a 23% increase in production in the six months to June 30 on the back of a productivity step change linked to the revised Sishen mine plan. The Anglo American subsidiary achieved a fatality-free half year and reduced lost-time injuries in... 

Kumba lifts iron-ore output 23%, reinstates dividend, shares rise
Photo by Duane Daws
Kumba Iron Ore CEO Themba Mkhwanazi

Compensation for taxi drivers affected by Joburg's next BRT phase

By: News24Wire      25th July 2017 Compensation will be paid to minibus taxi operators affected by the next phase of the Rea Vaya Bus Rapid Transit (BRT) system, the City of Johannesburg said on Monday. Owners who will have their vehicles scrapped to make way for the R2.2-billion Phase 1C BRT project, will share more than... 

Compensation for taxi drivers affected by Joburg's next BRT phase

Cape Town warns residents after water consumption rockets 

By: African News Agency      25th July 2017 The City of Cape Town has warned residents to reduce water consumption immediately or face disaster, this after daily water usage rocketed to well above the target of 500-million litres per day. The City said that recent rains did not mean that life could go back to normal. 

Fuel cell vehicle sales boosting platinum demand outlook   

By: Martin Creamer     24th July 2017 Growth potential for platinum is emerging in the rapid build-up off a low base of fuel cell electric vehicle sales. Fuel cell vehicle sales are expected to grow by more than 200% this year, with Japan targeting 200 000 fuel cell electric vehicles on its roads in 2025 and 800 000 in 2030. 

Fuel cell vehicle sales boosting platinum demand outlook
Anglo American Platinum CEO Chris Griffith outlines platinum’s electric vehicle demand potential to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd.

SNC-Lavalin awarded FEED conversion to EPC contract for Guinea refinery

By: Creamer Media Reporter      24th July 2017 TSX-listed SNC-Lavalin has been awarded a contract by private firm Brahms Oil Refineries to undertake a front-end engineering design (FEED) conversion to engineering, procurement and construction (EPC) contract for a 10 000 bbl/d crude oil refinery in Kamsar, Guinea. The professional services and... 

South Africa’s ‘accelerating’ SOE-guarantee exposure a risk to debt sustainability

By: Terence Creamer     24th July 2017 Rising contingent liabilities in State-owned enterprises (SOEs), together with the recent ratings downgrades pose the main risks to South Africa’s debt sustainability, the Organisation for Economic Cooperation and Development (OECD) cautions in its fifth and latest economic survey of the country.... 

South Africa’s ‘accelerating’ SOE-guarantee exposure a risk to debt sustainability
Photo by Duane Daws
OECD secretary-general Angel Gurría and South Africa's Finance Minister Malusi Gigaba

IMF maintains world economic growth forecast

By: Natasha Odendaal     24th July 2017 The International Monetary Fund (IMF) on Monday maintained its global growth forecast at 3.5% for 2017 and 3.6% for 2018. Its latest World Economic Outlook update, published on Monday, shows economic activity in both advanced economies and emerging and developing economies accelerating this year... 

Adcock expects surge in FY17 earnings

By: Natasha Odendaal     24th July 2017 JSE-listed Adcock Ingram expects continued recovery with a “very satisfying improvement” in earnings per share (EPS) and headline earnings per share (HEPS) for the year ended June 30. The company expects EPS and HEPS for the year under review to surge 220% and 30% respectively to 324.5c and 297.3c. 

BMW, VW and Daimler shares skid on EU probe of German carmakers

By: Reuters     24th July 2017 German auto stocks took a hit in early Monday trading, weighed down by uncertainty over possible antitrust fines after European regulators said they were investigating allegations that carmakers were operating a cartel. Shares in Volkswagen were down 3.3%, with premium rivals Daimler and BMW down... 

Tongaat Hulett launches R550m sugar refinery project in Mozambique

By: Anine Kilian     24th July 2017 Sugar producer Tongaat Hulett on Monday launched a R550-million 90 000 t/y refinery to process brown sugar into white sugar at its Mozambique-based Xinavane sugar mill. The refinery will produce its first product in September 2018. 

SA to probe data costs as a hindrance to small business – Gigaba

By: African News Agency      24th July 2017 Finance Minister Malusi Gigaba on Monday said the South African government wanted to probe the cost of data and its limitations to doing business in the country, particularly for small and medium-sized enterprises. “We believe that further reforms in the telecommunications sector would be... 

SA to probe data costs as a hindrance to small business – Gigaba
Photo by Duane Daws
Angel Gurria & Malusi Gigaba

Opec moves to cap Nigerian oil output, boost compliance

By: Reuters     24th July 2017 Opec moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. Opec has agreed with several non-Opec producers led by Russia to cut oil output by a combined 1.8-million... 

Group Five appoints eight new board members in board shake-up

By: Reuters     24th July 2017 South Africa's construction firm Group Five on Monday appointed eight new nonexecutive directors at an extraordinary general meeting as part of a board overhaul following pressure from its largest shareholder Allan Gray. Fund manager Allan Gray owns 25% of Group Five. In May, Allan Gray requested... 

Botswana coal mine stalls as farmers reject compensation deal

By: Reuters     24th July 2017 Development of a new 1.35-million-tonne-a-year coal mine in Botswana has stalled due to a dispute over compensation payable to farmers holding surface rights in the proposed mining area, the company developing the mine said on Monday. The open cast mine is meant to supply coal to a new 300 MW... 

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