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Press Office - ECIC

ECIC

ECIC is a self-sustained, state-owned national export credit agency. The Corporation is a registered financial service provider and regulated by the Financial Services Board (FSB). To be at the leading edge of medium/long term export credit and investment insurance business, with specific focus on project finance underwriting, customer needs, and prudent portfolio and risk management. To facilitate and encourage South African export trade by underwriting export credit loans and investments outside the country, in order to enable South African contractors to win capital goods and services' contracts in other countries.

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Acacia Mining says another employee arrested by Tanzania anti-corruption body

By: Reuters     17th October 2018 Acacia Mining said on Wednesday an employee and a former employee were detained by Tanzania's anticorruption authority, a week after the gold miner said another staffer had been released on bail after being charged with corruption. Tanzania's anti-corruption authority was quoted by local media as... 

E-waste recycling sector still underdeveloped in South Africa

By: Marleny Arnoldi     17th October 2018 The South African electronic-waste (e-waste) recycling industry has not yet reached a point where most components are recovered for reuse, University of KwaZulu-Natal rare earth recycling technologies researcher Mark Williams-Wynn told delegates at the WasteCon 2018 exhibition on Wednesday. He... 

South African company building new smelter in Zimbabwe

By: Victor Moolman     17th October 2018 Foundry and engineering company Thos Begbie is working in the Great Dyke of Zimbabwe, close to the town of Shurungwi, where it is helping to construct the Unki platinum smelter, adjacent to a mining operation owned by platinum mining company Anglo American Platinum (Amplats). Thos Begbie was... 

Zambian mining group says tax changes will hit mineral exploration

By: Reuters     16th October 2018 Zambia's proposed mining tax increases will hit mineral exploration and production in Africa's second biggest copper producer, companies involved in exploration said on Tuesday. Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help... 

Brink Towing Systems SA secures additional export volumes

By: Irma Venter     16th October 2018 An unexpected surge in demand will see Brink Towing Systems South Africa (SA) in October and November export almost 10 000 additional units to its parent company, the Brink Group, in the Netherlands. Brink Towing Systems SA is the largest manufacturer of tow bars in the domestic market, and... 

Glencore’s Hail Creek restructuring hits 400 jobs

By: Esmarie Iannucci     15th October 2018 Diversified miner Glencore has announced plans to ‘reconfigure’ its Hail Creek coal mine, in Queensland, resulting in nearly 400 job losses. The miner announced that the two-dragline operation would be reconfigured into a truck-and-shovel mine, with a seven-day on, seven-day off roster. The... 

Canyon to take full ownership of Cameroon project

By: Esmarie Iannucci     12th October 2018 ASX-listed Canyon Resources has inked a letter of intent with its joint venture partner Altus Strategies to gain full ownership of the Birsok bauxite project, in Cameroon. Under the agreement, Canyon would issue Altus 15-million ordinary shares, and a further 100-million some 12 months after the... 

Local constraints preventing SA civil aerospace firms from spreading wings

By: Rebecca Campbell     12th October 2018 In his speech, officially opening the recent Africa Aerospace and Defence (AAD) 2018 exhibition held at Air Force Base Waterkloof in Pretoria (City of Tshwane), President Cyril Ramaphosa made an all-too-brief reference to South Africa’s civil aerospace industry. “Some of our aircraft-related... 

Eskom optimistic plan to boost coal stocks will prevent power outages

By: Paige Müller     12th October 2018 The continuing coal supply shortage at State-owned power utility Eskom Holdings is considered a crisis by industry commentators. Although conceding that it “is not an ideal situation”, Eskom has assured Parliament that it is implementing a recovery plan to prevent any unplanned capacity loss.... 

Opportunities abound for Italian entrepreneurs expanding into Africa

By: Shannon de Ryhove     12th October 2018 The Italian-South African Chamber of Trade and Industries says Italian companies are becoming increasingly positive about the opportunities offered by South Africa, which is being acknowledged as a hub from which to expand and invest into surrounding African countries, says Italian-South African... 

Local constraints preventing SA civil aerospace firms from spreading wings

By: Rebecca Campbell     12th October 2018 In his speech, officially opening the recent Africa Aerospace and Defence (AAD) 2018 exhibition held at Air Force Base Waterkloof in Pretoria (City of Tshwane), President Cyril Ramaphosa made an all-too-brief reference to South Africa’s civil aerospace industry. “Some of our aircraft-related... 

Electrically mobile 

By: Terence Creamer     12th October 2018 Following a somewhat questionable hiatus in September, petrol and diesel prices resumed their sheer climbs in October, leaving motorist with the financial equivalent of altitude sickness. The decision to freeze prices last month (apart from a 4.9c/l increase to cater for a wage settlement) was... 

Galilee coal-fired power station, Australia

By: Sheila Barradas     12th October 2018 Waratah Coal is building a 700 MW high-efficiency, low-emission ultra-supercritical coal-fired power station on its mining lease for the Galilee coal project. 

Jizzakh refinery, Uzbekistan

By: Sheila Barradas     12th October 2018 Jizzakh Petroleum plans to build five-million-ton-a-year crude oil refinery to produce clean-burning gasoline, diesel and jet fuel. 

SA HIPPO in big demand for USA Coal Mines

By: Creamer Media Reporter      11th October 2018 Due to President Donald Trump insisting that USA international companies, such as General Motors, bring their manufacturing activities back to the USA it is expected that a shortage of electrical power would be experienced. Several USA coal mines that have been closed for the last 20 years, most... 

Leading occupational health & safety trade expo to launch in Botswana

By: Creamer Media Reporter      11th October 2018 Brand new A-OSH Expo Botswana to take place alongside Electra Mining Botswana at the Gaborone Fairgrounds in September 2019. Bringing together all aspects of occupational safety and health concerns in the workplace, A-OSH Expo Botswana will showcase the latest products, technologies and services... 

Altus to transfer Cameroon licences to Canyon

By: Marleny Arnoldi     11th October 2018 Aim- and TSX-V-listed Altus Strategies has signed a letter of intent with ASX-listed Canyon Resources to terminate its existing bauxite joint venture agreement with Canyon and to transfer 100% of Altus’ interest in the Birsok and Mandoum licences to Canyon. In return, Altus will receive up to... 

Evicted Kenyans demand compensation after mining firm exits

By: Reuters     11th October 2018 Nathaniel Tumo was astounded when an excavator arrived at his farm in western Kenya four years ago and started digging for minerals, almost bringing down his house. "They started blasting a few metres away and the stones fell on my house," said Tumo, 62, his breath laboured from living alongside... 

Latest products and technologies revealed at Electra Mining Africa

By: Creamer Media Reporter      11th October 2018 Over 850 exhibitors showcased their latest new innovations, products and services at one of the world’s biggest mining and industrial trade exhibitions. Held at the Johannesburg Expo Centre in Nasrec from 10-14 September, leading players in the mining, manufacturing, automation, electrical and... 

AMSA seeks growth opportunities in sub-Saharan Africa amid muted domestic steel demand

By: Nadine James     10th October 2018 In light of weak domestic demand, ArcelorMittal South Africa (AMSA) has implemented a strategy to enhance its short-term profitability and cashflow, thereby, ensuring the business’ sustainability and positioning it to exploit growth in the sub-Saharan Africa region, says CEO Kobus Verster. During... 

SAPSDA joins SASSDA

By: Creamer Media Reporter      10th October 2018 In 2013 the South African Pump Manufacturers Association (Sapma®) was requested by the dti as well as ESKOM to form the South African Pump Cluster and in order to comply with the dti requirement to form a cluster, Sapma had to change from being an employer’s association to become a development... 

DRC, Tanzania resource nationalist measures more extreme – Leon 

By: Martin Creamer     10th October 2018 The resource nationalist measures being implemented in the Democratic Republic of Congo (DRC) and Tanzania are significantly more extreme than those being adopted and even considered in most other African countries. One likely reason for this is that the DRC and Tanzania both suffer from... 

Sacci BCI marks slight improvement in September

By: Marleny Arnoldi     10th October 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) improved by 2.8 index points to 93.3 points in September, from 90.5 points in August. The BCI was in line with the 93 points measured in September 2017.  

New equipment to boost PE port’s manganese export capacity by 1.8 Mt/y

By: Marleny Arnoldi     10th October 2018 Transnet Port Terminals (TPT) has taken delivery of the first two of four RAM rotating spreaders that are set to create an additional 1.8-million tons a year of capacity for manganese exports at its Port Elizabeth (PE) terminal. A further two spreaders will arrive from China at the end of... 

Shell to drill 250 new wells at Queensland venture

By: Esmarie Iannucci     10th October 2018 Energy major Shell has announced plans to produce more gas from its QGC joint venture, in the Western Downs region of Queensland. Under the Goog-a-binge project, Shell will progressively drill 250 new wells during 2019 and 2020, which will connect the existing QGC gas processing plants and bring... 

Ford produces first trial Ranger Raptors in SA, invests another R160m

By: Irma Venter     10th October 2018 The Ford Motor Company of Southern Africa has produced its first batch of trial Ranger Raptor bakkies at its Silverton assembly plant, in Pretoria. In preparation for full-scale production of the new model, the plant assembled its first ten official Ranger Raptor units as part of the tooling... 

China aluminium exports to surge on trade war - CRU

By: Reuters     9th October 2018 Chinese aluminium exports are expected to surge in coming months and next year after Beijing boosted tax rebates as part of a package to soften the impact of a trade war with the United States, according to industry consultancy CRU. High Chinese exports of metals such as aluminium and steel in... 

Africa needs to invest more in infrastructure to meet Agenda 2063 goals

By: Marleny Arnoldi     9th October 2018 For Africa to reach its Agenda 2063 goals, the necessary infrastructure needs to be in place, especially to support Africa’s accelerated integration and growth, technological transformation, trade and development. This will include high-speed railway networks, roads, shipping lines, sea and air... 

Steel major calls for drastic measures to counter current steel industry crisis

9th October 2018 Currently, the South African downstream steel sector is beset by numerous severely challenging issues which - if the situation continues unabated - will be severely detrimental to the ongoing viability of the entire steel sector in this country. One of the primary issues to be addressed is the... 

RioZim to sue central bank over dollar payments

By: Reuters     9th October 2018 Zimbabwe's gold miner RioZim on Tuesday said it would take legal action to force the central bank to pay it in US dollars for part of its output, signalling impatience by mining companies over acute dollar shortages afflicting the economy. The shortages have worsened since 2016 and are the... 

UMMC mining firm draws first €100m syndicated loan

By: Reuters     9th October 2018 Russia's Urals Mining and Metals Co (UMMC) said on Tuesday it had drawn a three-year €100-million syndicated loan from a group of banks to refinance loans and increase its working capital. The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured... 

SA HIPPO goes big at the 2018 SASSDA Awards

By: Creamer Media Reporter      9th October 2018 Introduction In view of the success of the HIPPO Slurry pump and pumping systems range HAZLETON PUMPS® has entered into six of the categories for 2018 SASSDA awards; namely: 

Kefi gets Ethiopian government go-ahead for community resettlement plan

By: Marleny Arnoldi     8th October 2018 Aim-listed Kefi Minerals has received approval from Ethiopian authorities to proceed with the resettlement of the Tulu Kapi community, surrounding the company’s Tulu Kapi mine. Preparatory activities for the resettlement will now turn to an exhaustive community communication and consultation... 

Mitak's capacity, technology and local manufacture underpins the quality of its high chrome white iron mill liners

8th October 2018 The Johannesburg-based company Mitak, which exhibited for the first time at this year’s Electra Mining 2018, ranks among the world's majors in terms of high chrome white iron (HCWI) foundries. Since its founding in 1973, the company has developed and capitalised on its extensive experience in... 

Tongaat warns of significant decreases in interim profit, earnings

By: Simone Liedtke     5th October 2018 JSE-listed agriculture and agroprocessing group Tongaat Hulett on Friday warned that its operating profit for the six months ended September 30, is expected to be at least 40% below the R1.4-billion earned in the prior comparable period. The company attributed the decrease to land conversion and... 

Vitol, Trafigura to bid for coal mines once owned by Guptas

By: Bloomberg     5th October 2018 Commodities traders Vitol Group and Trafigura Group have entered the bidding process for South Africa’s Optimum Coal, a miner under bankruptcy protection that was once controlled by the Gupta family. The interest from two of the biggest commodities trading houses underscores the strategic value... 

Balking miners jeopardise $2.8bn Mozambican coal rail

By: Bloomberg     5th October 2018 A plan to develop a $2.8-billion railway and port to ferry coal in Mozambique may collapse because miners are balking, according to the man trying to build it. Failing to get the project off the ground would deprive the southern African country of a source of revenue it’s come to rely on as it... 

Govt looking at ‘modernising’ defence funding – Ramaphosa

By: Rebecca Campbell     5th October 2018 President Cyril Ramaphosa has stated that the Government was looking at reducing the dependency of the South African National Defence Force (SANDF) on direct funding by the State. He was delivering the opening address for the Africa Aerospace and Defence 2018 exhibition at Air Force Base... 

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