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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.

Topic

Reflections on the Harmonised System

By: Riaan de Lange     25th January 2019 It is ‘harmonized' with a 'z', and not an 's', as it is 'organization' with a 'z', and not an 's'. But I am getting a bit ahead of myself – well, with the organization, that is. In last week’s instament of this column, I alluded to the three things that any business involved in international... 

Growth forecast for sub-Sahara

By: Martin Zhuwakinyu     25th January 2019 In last week’s instalment of this column, I took issue with African institutions’ not-so-golden silence while rogue governments on the continent ride rough-shod over their citizens. One of the examples I mentioned was the Democratic Republic of Congo (DRC), where Presidential and Parliamentary... 

La Genoveva Wind Farm, Argentina

By: Sheila Barradas     25th January 2019 The project involves the construction of a wind farm with a capacity of 130 MW. 

Anglo American delivers solid Q4 performance  

By: Tasneem Bulbulia     24th January 2019 Diversified miner Anglo American achieved a 7% year-on-year increase in total production on a copper equivalent basis for the fourth quarter of 2018, excluding the effect of the stoppage at its Minas-Rio iron-ore mine, in Brazil. “Our continuing focus on efficiency and productivity improvements... 

RBCT coal exports decline 

By: Martin Creamer     24th January 2019 Richards Bay Coal Terminal (RBCT) exported 73.47-million tonnes of coal in 2018, 4.1% less than in 2017. The main export destination of the South African-mined coal was Asia at 81.6%. 

Kumba meets 2018 production, sales guidance

By: Natasha Odendaal     24th January 2019 Despite significant logistical challenges experienced during the fourth quarter of 2018, JSE-listed Kumba Iron Ore met its production and sales volume guidance for the year. Kumba produced 43.1-million tonnes of iron-ore and sold 43.3-million tonnes, in line with the year’s guidance output of... 

Miners welcome Labour’s A$1bn hydrogen strategy

By: Esmarie Iannucci     23rd January 2019 The resources sector has welcomed the federal opposition’s A$1-billion hydrogen strategy, to fund hydrogen research and commercial development. Labour’s plan will see A$1-billion in funding from the Clean Energy Finance Corporation go towards supporting clean hydrogen development, with up to... 

Tanzania to cancel licenses for undeveloped mineral sites

By: Bloomberg     23rd January 2019 Tanzania intends to cancel permits for mineral sites belonging to large-scale miners that remain undeveloped and will allocate the licences to smallholders, President John Magufuli said. The announcement comes amid a tax dispute between the state and Acacia Mining, in which the government is... 

Wine export values rise despite drought, lower volumes

By: Marleny Arnoldi     22nd January 2019 Despite 2018 being a challenging year for the wine industry, with a low-yielding harvest owing to the regional drought, the Wines of South Africa (WoSA) Export Report has found positive growth in the overall value of exports. The 4% increase in the value of exports to R9.06-billion reflected... 

Marillana JV kicks off

By: Esmarie Iannucci     22nd January 2019 A joint venture (JV) over the Marillana iron-ore project, in the Pilbara, between ASX-listed Mineral Resources (MRL) and Brockman Mining has kicked off, after the parties executed a mine-to-ship logistics agreement for the transport of the Marillana ore to Port Hedland. MRL said on Tuesday that... 

Universal achieves steady increase in production, earnings in Q2 

By: Marleny Arnoldi     22nd January 2019 ASX-listed Universal Coal is on track to achieve forecast earnings before interest, taxes, depreciation and amortisation (Ebitda) guidance of A$93-million for the 2019 financial year. The coal miner achieved Ebitda of A$30.5-million, of which A$17-million was attributable, for the quarter ended... 

Eskom faces coal supply shortfall, long term contracts coming to an end – manager

By: African News Agency      18th January 2019 State-owned electricity utility Eskom is grappling with a coal supply shortfall at several power stations with long term contracts coming to an end, a senior company executive has said. South Africa is also experiencing lack of new mining investments in large scale coal mines and execution of... 

South32 delivers solid Q2 results; announces leadership shuffle 

By: Esmarie Iannucci     17th January 2019 Diversified miner South32 has reported a solid production performance in the December quarter, with the miner maintaining its production guidance for the full year to June 2019. “We achieved a strong quarter of production, maintaining full-year guidance for all operations with the exception of... 

India mulling higher iron-ore import duty

By: Ajoy K Das     17th January 2019 The Indian government is mulling an increase in the iron-ore import duty to check rising inward shipments of the steel-making raw material even as domestic market faces a glut. Government sources said that various industry stakeholders, including miners and the government of mineral-rich... 

New SAPA division GM to focus on chicken dumping issue in South Africa

By: Marleny Arnoldi     16th January 2019 The South African Poultry Association (SAPA) has appointed businessperson Izaak Breintenbach GM of the association’s Broiler Organisation division. He succeeds Kevin Lovell who headed up the division for several years.  

Talks under way to build new gas pipeline to Egypt, Israel says

By: Bloomberg     16th January 2019 Talks are in progress to build a new underwater gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose. Construction could begin as early as... 

Woodside awards Scarborough contracts ahead of FID next year

By: Esmarie Iannucci     16th January 2019 Australian oil and gas major Woodside is pushing ahead with the development of its $11-billion Scarborough gas project, announcing four contract awards for front-end engineering design activities. CEO Peter Coleman said the award of the contracts would support the project schedule and Woodside’s... 

Weba Chute Systems Signs Up Distributor In Canada

15th January 2019 Weba Chute Systems has announced the appointment of FWS Bulk Material Handling as the official distributor of Weba Chute Systems and Solution in Canada. The signing of this latest licence agreement underpins the South African OEM’s strategy of extending its global reach. Mark Baller, managing... 

Agri-hub seen as key post-mining-economy jobs driver in west Gauteng  

By: Terence Creamer     14th January 2019 An ambitious plan to develop Gauteng’s West Rand into an agri-industrial hub, primarily producing high-value crops for domestic and export markets, is starting to take shape and is expected to be officially launched during the first quarter of 2019. The initiative has been branded ‘Bokamoso Ba... 

Hydrogen leap needed to aid platinum’s future 

By: Martin Creamer     11th January 2019 A South African decision to step firmly into the hydrogen age, like so many other countries are doing, has great potential benefit for the country. Because South Africa has better combined solar and wind resources than just about any other country, it is well positioned to generate hydrogen using... 

Manufacturing production up 1.6% y/y in November  

By: Tasneem Bulbulia     10th January 2019 Manufacturing production increased by 1.6% year-on-year in November, Statistics South Africa reported on Thursday. The largest positive contributions were made by the food and beverages; and motor vehicles, parts and accessories and other transport equipment sectors. 

BRPs to meet with Optimum, Koornfontein creditors to vote on proposed business rescue plans 

By: Simone Liedtke     10th January 2019 The joint business rescue practitioners (BRPs) of Optimum Coal Mine (OCM) and Koornfontein Mines (KFT) expect to convene meetings with creditors within the next few weeks to vote on the proposed business rescue plans for the mines. The meetings will take place once the BRPs have resolved... 

Blaze damages Rio Tinto's Cape Lambert iron-ore export facility

By: Reuters     10th January 2019 Rio Tinto closed part of its Cape Lambert iron-ore export terminal in Western Australia after a fire caused damage, the company said on Thursday. The blaze occurred early on Thursday and was extinguished with no injuries, the company said in an emailed statement. Cape Lambert is located about 1... 

DRA wins Dargues EPC contract

By: Esmarie Iannucci     10th January 2019 Project house DRA Global has been awarded the engineering, procurement and construction (EPC) contract for the Dargues gold mine, in New South Wales, being developed by Diversified Minerals. The contract scope entails the EPC of a 355 000 t/y gold processing facility and mine backfill plant at... 

ABSA PMI ends 2018 on a positive note 

By: Simone Liedtke     9th January 2019 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) ended 2018 on a positive note, reaching the best level of the year – 50.7 – in December. This was an improvement from the 49.5 recorded in November. 

South African company building new smelter in Zimbabwe

By: Creamer Media Reporter      9th January 2019 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... 

Qld exports reach record levels

By: Esmarie Iannucci     9th January 2019 New data by the Queensland government has revealed that the resources industry had increased exports to A$65.6-billion, or some 81% of the state’s total merchandise exports, during the 12 months to November last year. Queensland posted a record A$80.5-billion in exports during that period, with... 

Qld LNG exports reach new heights

By: Esmarie Iannucci     8th January 2019 Liquefied natural gas (LNG) exports through the Port of Gladstone reached a record 20.58-million tonnes in 2018, the Queensland Resources Council (QRC) has revealed, reaffirming the sector’s importance to the Queensland economy. QRC CEO Ian Macfarlane said the data released by Gladstone Ports... 

Copper demand to outstrip production – Fitch

By: Tasneem Bulbulia     7th January 2019 Fitch Solutions Macro Research, a unit of Fitch Group, expects the global copper market will see a persistent undersupply over the coming years, as global consumption, driven by China’s power and infrastructure sectors and increasingly by rising electric vehicle production, continues to outpace... 

If you can't pipe it, refine it: Alberta seeks oil glut solution

By: Bloomberg     7th January 2019 What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and... 

Global Business Services incentive to bolster youth employment opportunities

By: Tasneem Bulbulia     7th January 2019 The Global Business Services (GBS) incentive, which came into effect from January 1, will create employment opportunities for the youth in South Africa, says Trade and Industry Minister Dr Rob Davies. He notes that the opportunities will be especially in the areas of medium to high complexity... 

Train derailment investigation points to sabotage – Transnet

By: Reuters     21st December 2018 Transnet hopes to re-open on Saturday one of two closed coal export lines linking mines to the Richards Bay export terminal after it was closed following a train derailment, the State-run freight company said on Friday. A preliminary investigation into the cause of the derailment points to... 

Australia warns of 'double whammy' risks to commodities outlook

By: Bloomberg     21st December 2018 Commodities are at risk from a “double whammy” of rising trade tensions and a substantial slowdown in global growth, the Australian government warned, as increasing uncertainty threatens to hinder record exports from the raw materials powerhouse. While Australia’s resources and energy shipments... 

South Africa coal train derails, export line shut - Transnet

By: Reuters     20th December 2018 A 200-wagon coal train derailed in South Africa on Thursday, shutting down the rail line that links mines to the Richards Bay export terminal, freight firm Transnet said. The crew were unhurt in the incident in which 51 wagons derailed, the State-run company said. 

Davies to launch revised business process services incentive scheme

By: Marleny Arnoldi     12th December 2018 Trade and Industry Minister Dr Rob Davies will, on Friday, launch the revised Global Business Process Services Incentive Scheme, while on a trip to London, in the UK. The launch of the revised incentive further supports and enhances South Africa’s value proposition, catalysing new investments... 

Battery Minerals tables feasibility study for Balama

By: Esmarie Iannucci     12th December 2018 A feasibility study into Balama graphite project, in Mozambique, has estimated a capital cost of $69.4-million to support production of 58 000 t/y over a mine life of 27 years. ASX-listed Battery Minerals said on Wednesday that Balama would generate earnings before interest, tax, depreciation... 

Transnet praised for rapidly restoring stricken Saldanha iron-ore line 

By: Martin Creamer     7th December 2018 State rail transport enterprise Transnet has earned praise by pulling out all the stops to rapidly restore a railway bridge on South Africa’s crucial Sishen–Saldanha iron-ore line. The line came to a halt on November 28 after a truck carrying heavy equipment at excessive height on a public road... 

Absa PMI rises for first time in three months 

By: Marleny Arnoldi     3rd December 2018 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to 49.5 index points in November from 42.4 in October – the first increase after three consecutive decreases. The improvement was mainly owing to four of the five main subcomponents rising.  

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