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Former Xstrata chief Davis eyed for Rio Tinto chairperson's job – FT

By: Reuters     14th November 2017 Rio Tinto investors gave a mixed reaction to a report that former senior mining executive Mick Davis, now chief executive of Britain's ruling Conservative Party, was well-placed to become the Anglo-Australian miner's next chairperson. The Financial Times newspaper reported late on Monday that... 

Exxaro begins Tronox sell-off

By: Martin Creamer     3rd October 2017 Diversified mining company Exxaro Resources on Tuesday commenced the sell-off of a portion of the shares it holds in US mineral sands mining company Tronox. The JSE-listed Exxaro, headed by CEO Mxolisi Mgojo, is monetising its Tronox stake to focus on its core activities as well as provide... 

Merkel may have promised too much in carbon pollution fight

By: Bloomberg     28th September 2017 As German Chancellor Angela Merkel embarks on coalition talks to bed down her fourth term in office, a promise made shortly before her re-election may come back to haunt her. At least that’s the view of nine analysts and researchers from Berlin to London who all say her target of reducing carbon... 

Endeavour board OKs Ity CIL expansion in Cote d'Ivoire

By: Henry Lazenby     20th September 2017 West African gold producer Endeavour Mining has given the $412-million Ity carbon-in-leach (CIL) project, in Cote d'Ivoire, the go-ahead, adding about 235 000 oz/y over the first five years to Endeavour’s current production profile of between 600 000 oz and 640 000 oz this year, at lower costs.... 

Glencore’s half-year showing prompts analyst gusto

By: Martin Creamer     27th July 2017 Thursday’s half-year production report from diversified mining and marketing company Glencore, which is seen as offering particular leverage to copper and zinc’s currently attractive fundamentals, elicited favourable analyst comment. “Glencore remains our sector top pick,” Barclays Equity... 

Transnet Freight Rail 1 064 locomotives acquisition programme

By: Sheila Barradas     21st July 2017 Transnet has reported progress regarding the delivery of the diesel and electric locomotives for the General Freight Business. 

A 50-year-old hole in the wall transformation

By: Martin Zhuwakinyu     14th July 2017 Without question, the word that currently ranks, and undisputedly so, as the most overused word is ‘transformation’. Everything today has to be transformed; that is the fashion. As to what needs to be transformed, and then to what . . . well, that is quite a different matter. The risk of its... 

Varley quits Rio board after UK charges the former Barclays CEO

By: Esmarie Swanepoel     21st June 2017 John Varley has resigned as a nonexecutive director from the board of mining major Rio Tinto after the UK Serious Fraud Office charged Varley and three others with conspiracy to commit fraud. Two counts of conspiracy to commit fraud by false representation, and one of providing unlawful financial... 

Sibanye gets positive boost from ratings agencies

By: Megan van Wyngaardt     7th June 2017 JSE-listed platinum and gold miner Sibanye on Wednesday received a Ba2 rating from Moody’s Investors Service with a stable outlook and a B+ rating with a positive outlook from Standard & Poor’s (S&P’s) Global Ratings. In assigning the Ba2 corporate family rating to Sibanye, Moody’s noted that it... 

UK Serious Fraud Office wins bid to force ENRC to hand over documents in probe

By: Bloomberg     9th May 2017 The UK Serious Fraud Office (SFO) won a bid to force Eurasian Natural Resources Corp (ENRC) to hand over documents the mining company claims are subject to legal privilege, in a triumph for the prosecutor that may have big implications for future cases. The majority of files sought by the SFO... 

Pockets of resilience, but SA’s manufacturing outlook remains fragile

By: David Oliveira     17th February 2017 South Africa’s manufacturing sector, which has been struggling to shed the ‘deindustrialisation’ mantle for the past three decades, despite vocal support for the sector from government, is unlikely to experience a dramatic turnaround in 2017. However, there are some signs of resilience and even... 

Pockets of resilience, but SA’s manufacturing outlook remains fragile

By: David Oliveira     17th February 2017 South Africa’s manufacturing sector is expected to grow by 0.5% this year and by 1.2% in 2018, according to data from economic analysis and forecast provider FocusEconomics. Financial institution Barclays’ latest purchasing managers’ index (PMI) released earlier this month indicates that the... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Goldman sees copper rising as deficit looms on supply threat

By: Bloomberg     8th February 2017 Copper will extend gains as the global market swings to shortage because of sustained demand from China and potential supply disruption at the world’s two biggest mines, according to Goldman Sachs Group. A deficit this year would be the first since 2011, says Citigroup. “We expect copper will... 

Barclays PMI off to strong start in 2017, moves above neutral 50-point level

By: Anine Kilian     1st February 2017 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) rose to 50.9 in January, up from 46.7 in December. “This was the first time since July 2016 that the index edged above the neutral 50-point mark, suggesting that the manufacturing sector started the year on a relatively solid... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

By: African News Agency      23rd January 2017 A campaign to get Barclays-owned Absa to pay back apartheid debt is led by “State Security” and the controversial Gupta family, Economic Freedom Fighters (EFF) leader Julius Malema said on Monday. The EFF has been attacked in recent times for being complacent after announcing that it would occupy... 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     13th January 2017 Transnet has reported progress regarding the delivery of the diesel and electric locomotives for the General Freight Business. 

PMI shows South Africa’s manufacturing sector is ‘in trouble’, says Manufacturing Circle

By: Natasha Odendaal     12th January 2017 The Barclays Purchasing Manager’s Index (PMI) for December, which showed that South Africa’s manufacturing sector’s growth was “stuck”, compared with the global upswing in manufacturing activity, has sparked warnings from the Manufacturing Circle. December’s seasonally adjusted PMI remained below... 

The ‘weird’ commodity that’s hurting bears as prices double

By: Bloomberg     7th December 2016 Iron-ore’s probably heading for a retreat in 2017 as new mine supply comes online and a surplus builds, according to UBS Group, which acknowledged that the commodity’s recent surge was unexpected and had torpedoed an earlier forecast for a slump this quarter. “It’s just surprised me,” Wayne... 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     2nd December 2016 Transnet has reported progress regarding delivery of the diesel and electric locomotives for the General Freight Business. 

November PMI recovers most of October’s dip

By: Natasha Odendaal     1st December 2016 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) has bounced back with a 2.4 index point rise to 48.3 in November, reversing October’s 2.6 index point decline to 45.9. However, factory sector output growth remains under pressure, as indicated by the index staying below the... 

Kibo receives integrated draft financial model for MCPP

By: Anine Kilian     1st December 2016 Tanzania-focused mineral exploration and development company Kibo has received an advanced draft of the integrated financial model for the Mbeya coal-to-power project (MCPP) from its financial advisers, Absa/Barclays. The model will be the subject of extensive review and further adjustment, based... 

AMSA reiterates call for safeguards as Itac probe advances

By: Terence Creamer     8th November 2016 JSE-listed steel producer ArcelorMittal South Africa (AMSA) has reiterated its call for additional import protection through safeguard duties, despite a “slight fall” in imports during the third quarter. In a quarterly operational update, CEO Wim de Klerk argued that imports remained high,... 

Lithuania seeking trade partnership with South Africa

By: Keith Campbell     4th November 2016 The first ever trade mission to South Africa from Lithuania, although small, represented no fewer than six sectors of the latter country’s economy. The just-concluded mission is part of the small European country’s programme of diversifying its trade and investment partners and expanding into the... 

Seifsa expects longer, deeper contraction in metals, engineering sector

By: Anine Kilian     2nd November 2016 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has expressed concern at the continuing contraction in the metals and engineering sector, as indicated by the Purchasing Managers’ Index (PMI) data released by the Bureau for Economic Research and Barclays on Tuesday.... 

Zinc hits five-year high as metal traders bet on China rebound

By: Bloomberg     1st November 2016 Zinc touched the highest in five years as the London Metal Exchange’s annual LME Week began with investors betting that a rebound in demand from China will underpin prices. Mining stocks also climbed. Metals are extending their advance after China’s economy stabilised in the third quarter,... 

Trillian to investigate alleged pre-knowledge of ‘Nenegate’

By: Anine Kilian     27th October 2016 Following a Sunday Times article published last week alleging that a member or members of advisory group Trillian had pre-knowledge that President Jacob Zuma would replace former Finance Minister Nhlanhla Nene with now Cooperative Governance and Traditional Affairs Minister Des van Rooyen, Tokyo... 

PMI rises to 49.5 in Sept

By: Creamer Media Reporter      3rd October 2016 Although the Barclays Purchasing Managers’ Index (PMI) rose by 3.2 points to 49.5 in September, it averaged 49.4 in the third quarter, compared with the average of 53.5 in the second quarter. “While the headline index failed to climb back above its neutral level of 50 in September, it was... 

Noupoort Wind Farm project, South Africa

By: Sheila Barradas     23rd September 2016 The Noupoort Wind Farm, in the Northern Cape, has been declared officially operational. 

Kibo appoints Absa as Mbeya Project’s financial adviser

By: African News Agency      22nd September 2016 Kibo Mining on Thursday said it had signed an advisory engagement letter with Absa Bank laying out the scope of work and terms under which it will act as financial advisor on the Mbeya Coal to Power Project (MCPP). Kibo is developing a 250 MW to 350 MW mouth-of-mine thermal power station in its... 

Big August PMI slump described as 'alarming'

By: Megan van Wyngaardt     1st September 2016 There are fresh fears about the outlook for South Africa’s embattled manufacturing sector and for economic growth more generally after the Barclays Purchasing Managers Index (PMI) dropped a significant 6.2 index points to 46.3 in August. “The magnitude of the drop is somewhat surprising, after... 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     19th August 2016 One-hundred-and-forty-eight locomotives will be delivered in 2016. 

Barclays PMI falls to 52.5 in July

     1st August 2016 Although the seasonally adjusted Barclays Purchasing Managers’ Index (PMI) fell by 1.2 index points to 52.5 in July, the index’s level still indicates that the sector experienced a reasonably strong start to the third quarter, says Barclays. The Barclays PMI remains in line with recent... 

Africa’s brightest youth brainstorm solutions to socioeconomic challenges 

By: David Oliveira     22nd July 2016 One hundred of Africa’s most innovative youth gathered at the Brightest Young Minds (BYM) 2016 summit, held in Johannesburg last month, to discuss and find innovative solutions for Africa’s socioeconomic challenges. “BYM is a nonprofit public-benefit organisation aimed at providing a platform for... 

Noupoort Wind Farm project, South Africa

By: Sheila Barradas     15th July 2016 The Noupoort Wind Farm entered commercial operation on July 11. 

New-vehicle sales down 10.4% in the first half of 2016 

By: Irma Venter     1st July 2016 Statistics released by the Department of Trade and Industry on Friday revealed that South Africa’s new car market was down 10.4% for the first half of the year compared with the first six months of 2015. Light commercial vehicle (LCV) sales had declined by 8.9% in the first half of 2016, while... 

Corporates urged to support youth development through football programme  

By: Sashnee Moodley     2nd June 2016 The South African Football Association’s (Safa’s) Development Agency (SDA) is urging corporate companies to partner and invest in its football-based Safe-Hub programme, which aims to encourage youth to engage in life skills programmes through the use of football.  The Safe-Hub programme – which... 

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