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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

Buy local to save jobs in South Africa, says Ramaphosa

By: African News Agency      4th October 2018 President Cyril Ramaphosa on Thursday urged companies doing business in South Africa, government entities and the general populace to prioritize purchasing locally manufactured goods and products in a bid to create and save jobs. "For the economy to grow and for jobs to be created, it is... 

Ramaphosa says jobs plan will create 275,000 jobs a year 

By: Reuters     4th October 2018 South African President Cyril Ramaphosa said on Thursday that a gathering of top officials and business leaders had agreed on a package of measures that would create an additional 275 000 jobs a year. Under pressure after the economy slipped into recession this year, Ramaphosa said the measures... 

Detailed Jobs Summit package includes R100bn for black industrial firms  

By: Terence Creamer     4th October 2018 The detailed 84-page framework agreement unveiled by President Cyril Ramaphosa at the much-anticipated Jobs Summit on Thursday includes a reaffirmation of a commitment by the financial sector to invest R100-billion in black-owned industrial enterprises over the coming five years. Funding for... 

Ports’ Customer Forum seeks to align Eastern Cape planning

4th October 2018 Transnet National Ports Authority (TNPA) hosted port clients and representatives of government, business and industry at the Nelson Mandela Bay ports’ Customer Forum on 28 September in the Port of Ngqura. The session aimed to align TNPA’s plans to meet the business requirements of port users.... 

Mining remains key driver in low to middle income countries – ICMM

4th October 2018 Despite falling commodity prices, many of the world’s poorest countries have become more dependent on their income from mining, new research published by the International Council on Mining and Metals (ICMM) has found. The ICMM on Thursday released the fourth edition of its Mining Contribution... 

Shell LNG, trade deal no help to stalled Trans Mountain pipeline

By: Bloomberg     4th October 2018 Royal Dutch Shell’s commitment to invest in the largest private-sector project in Canada’s history and a new trade deal with the US and Mexico show the country is open for business again. But neither are likely to help Trans Mountain, the troubled oil pipeline project that has epitomized the... 

Exxaro eyes South32's coal assets, export quota - CEO

By: Reuters     3rd October 2018 South African miner Exxaro is eyeing South32's local coal assets, which include an export quota, as it looks to increase its exports, Exxaro's CEO told Reuters on Wednesday. "We have expressed interest at this very early round in the South32 assets," Mxolisi Mgojo said on the sidelines of the... 

Uganda to join transparency programme as it seeks mining investors

By: Bloomberg     2nd October 2018 Uganda plans to join a program aimed at rooting out corruption in resource industries as the East African nation seeks to reassure potential investors that it isn’t involved in “conflict minerals.” The Cabinet has already endorsed the plan to join the Extractive Industries Transparency Initiative... 

Dube TradePort continues to inject billions into local economy, job creation – MEC

By: Simone Liedtke     2nd October 2018 The Dube TradePort, which incorporates the King Shaka International Airport, has in the past ten years invested R11.5-billion into the South African economy and created nearly 100 000 jobs, KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala said on Tuesday.... 

Australia resources exports heading for record; country takes lithium crown

By: Esmarie Iannucci     2nd October 2018 Australia’s resources and energy exports are forecast to hit a record high of A$252-billion in 2018/19, helped along by a decline in the Australian dollar over the past quarter. In its newest Resources and Energy Quarterly, the Office of the Chief Economist notes that the new outlook had been... 

New-vehicle market declines by 1.9%, record exports for September

By: Irma Venter     1st October 2018 The South African new-vehicle market declined by 1.9% in September, to 49 670 units, compared with the same month last year. The newest sales numbers, released on Monday, indicated that September new-passenger car sales decreased by 2.6%, to reach 32 786 units. 

Absa PMI weakens further in September

By: Marleny Arnoldi     1st October 2018 The Absa Purchasing Managers’ Index (PMI) remained virtually unchanged at a weak level of 43.2 points in September. The latest figure dashed hopes that the sharp PMI decline in August – to 43.4 points, down from July’s 51.5 points – was a one-off occurrence. The August figure was already an... 

Babcock and ZAC partnership a success story

By: Creamer Media Reporter      1st October 2018 Striving to find effective, flexible solutions to customers’ unique needs underpinned Babcock’s recent partnership with Zululand Anthracite Colliery (ZAC). Earlier this year ZAC celebrated an impressive average of 5 000 machine hours worked in the space of just one year, with zero downtime while... 

South Africa’s food and beverage industry a key driver for future economic growth

By: Creamer Media Reporter      1st October 2018 With South Africa having the most advanced and refined food and beverage market on the African continent, Frost & Sullivan believes in a 4%-7% estimated growth in the sector by 2020. The agricultural, agro-processing and food and beverage industries provide an abundance of opportunity for... 

Zambia hikes mining taxes in 2019 budget to rein in debt

By: Reuters     28th September 2018 Zambia will introduce new mining duties and increase royalties to help bring down mounting debt and narrow its fiscal deficit, Finance Minister Margaret Mwanakatwe said on Friday. Presenting a 86.8-billion kwacha ($7.10-billion) budget, Mwanakatwe said Zambia planned to trim its fiscal deficit to... 

Law firms see benefits of gazetted Mining Charter 3, MPRDA amendment Bill removal

By: Simone Liedtke     28th September 2018 To effect the necessary changes that are needed for South Africa’s economy to grow, government and industry will, moving forward, have to focus on economic assessments, instead of policy development, says law firm Webber Wentzel partner and mining sector head Jonathan Veeran. Following the... 

Hwange Colliery narrows interim loss, signs of recovery shown

By: Tasneem Bulbulia     28th September 2018 Hwange Colliery Company has narrowed its loss for the six months ended June 30 to $23-million, compared with a loss of $24.5-million reported for the six months to June 30, 2017. Despite the loss position, the financial results indicate signs of recovery. 

Post-Mugabe policies raising expectations for Zim platinum-sector growth

By: Nadine James     28th September 2018 Amid Zimbabwe’s policy changes after former President Robert Mugabe’s removal in November 2017 and the subsequent air of expectation, the country’s platinum sector is poised for positive growth, if not for the challenges presented by the depressed global platinum market.  The Zimbabwe Geological... 

Free State natural gas project, South Africa

By: Sheila Barradas     28th September 2018 The project entails the construction of a 52 km gas gathering pipeline and cryogenic liquefaction processing facilities. 

Kusile power plant project, South Africa

By: Sheila Barradas     28th September 2018 The remaining Kusile units are progressing well. 

Record-high margins for aluminium sales

By: Erin Steenhoff-Snethlage     28th September 2018 Johannesburg-based precision water-cutting and -profiling company AquaJet Profiles noted record-high aluminium sales profit margins earlier this year, owing to the sanctions placed on Russian suppliers exporting to the US, claims AquaJet Profiles director Preeshan Naidoo. The sanctions were... 

Musings on the local aerospace and defence industries

By: Rebecca Campbell     28th September 2018 Last week saw the latest edition of Africa Aerospace and Defence, still the continent’s premier exhibition in this sector, attracting exhibitors and visitors from all over the world. And, naturally, drawing one’s thoughts to the state of the closely related but not identical aerospace and defence... 

Local strides to hydrogen economy tempered by cost, industrialisation questions

By: Schalk Burger     27th September 2018 The use of platinum group metals-based fuel cells in electricity and mobility applications is expected to provide ample commercial opportunities for South Africa, in line with worldwide trends to decarbonise electricity generation and transport. However, the high cost of these technologies,... 

The Californian rare earths mine caught between Trump and China

By: Bloomberg     27th September 2018 The only operating rare earths mine in the US - and once the world’s biggest -- is caught up in the crossfire of the Trump administration’s trade war with China. Rare earths, an esoteric group of materials used in everything from Tesla Inc. automobiles to high-tech military equipment, were... 

Unbalanced trade heightens inequality – Unctad

By: Tasneem Bulbulia     26th September 2018 Trade under hyperglobalisation has failed to foster broad-base structural change in developing countries and has contributed to increased worldwide inequality, the United Nations Conference on Trade and Development (Unctad) says. Its Trade and Development Report for 2018, entitled ‘Power,... 

Trafigura Group helps re-establish historic African trade route

By: Tasneem Bulbulia     26th September 2018 Independent commodity trading group Trafigura has successfully taken the first step towards reopening one of Africa’s most historic trade routes, with a train journey that ended in the Angolan port of Lobito on Saturday, September 22. A cargo of 800 t of copper blister, bought by Trafigura from... 

Queensland fires up for gas supply challenge

By: Creamer Media Reporter      26th September 2018 More explorers are on the hunt across Queensland for gas for the hungry Australian market. Natural Resources, Mines and Energy Minister Dr Anthony Lynham on Tuesday announced that four companies would soon start exploring more than 6 600 km2 for more gas for local use, as well as export dollars. 

China’s preference for long-term contracts affecting Indian iron-ore miners

By: Ajoy K Das     25th September 2018 Indian overseas shipment of high-grade iron-ore fines and lumps is facing significant risks as Chinese steel mills are increasingly looking at long term supply agreements. According to three miner-exporters based in the eastern Indian province of Odisha, the largest iron-ore producer in the... 

York Timbers lifts FY18 Ebitda by 12%

By: Simone Liedtke     25th September 2018 Despite challenging market conditions, integrated forestry company York Timbers increased its earnings before interest, taxes, depreciation and amortisation (Ebitda) and core earnings by 12% and 59%, respectively, for the full year ended June 30. The company on Tuesday pointed out that the Ebitda... 

Jendamark MD to vie for prestigious African business leadership award

25th September 2018 Quinton Uren flies Nelson Mandela Bay flag high QUINTON Uren, managing director of Port Elizabeth-based global technology company Jendamark Automation, was named a finalist in the prestigious All Africa Business Leaders Awards at an event in Johannesburg last night [Thursday, September 20]. 

US private equity firm launches Coronado Coal IPO in Australia

By: Reuters     24th September 2018 US private equity firm Energy and Minerals Group (EMG) on Monday kicked off its planned float of Coronado Coal Group in Australia, seeking to raise up to A$1.3-billion for 30% of the group. The float will give the company an enterprise value of up to A$4.4-billion, making it the biggest coal... 

India to incentivise consortiums to build iron-ore pellet plants

By: Ajoy K Das     21st September 2018 India’s Mines Ministry is exploring ways to incentivise private merchant iron-ore miners to form consortiums to construct pelletisation plants in mineral bearing states, in view of a changing raw material preference of steel mills worldwide, particularly in China. Government companies like... 

Africa’s metals, engineering cluster needs to do more to attract investment 

By: Marleny Arnoldi     21st September 2018 Steel and Engineering Industries Federation of Southern Africa (Seifsa) chief economist Dr Michael Ade has declared Africa’s metals and engineering sector open for business. Ade was addressing delegates on the second day of Seifsa’s fourth annual Metals and Engineering Indaba, in Johannesburg. 

Ramaphosa aims to crowd in private resources for infrastructure fund

By: Terence Creamer     21st September 2018 President Cyril Ramaphosa has placed the creation of a public-private infrastructure fund at the heart of an economic stimulus and recovery plan, otherwise constrained by South Africa’s serious fiscal constraints. In unveiling the plan during a briefing at the Union Buildings in Pretoria on... 

Ramaphosa moves to revitalise mining, create certainty

By: Martin Creamer     21st September 2018 It is imperative that South Africa restores investment and exploration levels in the mining sector as mining and mineral beneficiation activities have significant potential to drive long term growth, exports and job growth, President Cyril Ramaphosa said in his economic stimulus and recovery plan... 

Fuel cell parts manufacturer ready to commission plant

By: Donald Makhafola     21st September 2018 Fuel cell components manufacturer Isondo Precious Metals (IPM) hopes to commission its platinum-containing membrane electrode assembly (MEA) manufacturing plant in the upcoming months, pending the finalisation of the balance of funding. The state-of-the-art MEA manufacturing technology plant from... 

Minergy lauds Botswana regulatory authorities

By: Martin Creamer     20th September 2018 Minergy CEO Andre Bojé is full of praise for Botswana’s regulatory authorities, who he says use legislation to assist mining investment. Minergy, which is listed on the Botswana Stock Exchange, has begun work on its maiden 390-million-tonne Masama, located in the Mmamabula coalfield, 50 km north... 

Resources industry helping to keep Queenslanders employed – QRC

By: Marleny Arnoldi     20th September 2018 The Queensland Resources Council (QRC) says in the space of a year, the state’s mining industry has created an extra 10 000 jobs, which is a 17% year-on-year increase when compared with the same quarterly data of last year. QRC CE Ian Macfarlane quoted the quarterly labour force data of the... 

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