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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

Ichthys liquefied natural gas project, Australia

By: Sheila Barradas     3rd August 2018 The first offshore production well has started. 

Nigeria oil refinery

3rd August 2018 Nigerian business magnate Aliko Dangote has arranged more than $4.5-billion in debt financing for his Nigerian oil refinery project. 

Morgan’s Point ethylene export facility, US

By: Sheila Barradas     3rd August 2018 Enterprise Products Partners and Navigator Holdings are building an ethylene terminal with a capacity to export about 2.2-billion pounds of ethylene a year on the Texas Gulf Coast.  

Resources continue to drive Australian exports

By: Esmarie Iannucci     2nd August 2018 New data from the Australian Bureau of Statistics (ABS) has shown that the resources sector is still driving the economy. The ABS on Thursday reported that Australia’s exports of goods and services surpassed A$400-billion for the first time in 2017/18, owing mainly to growth in resources... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill 

By: Terence Creamer     1st August 2018 Steel producer ArcelorMittal South Africa (AMSA), which announced its first interim profit in six years and may be on track to deliver its first full year profit since 2010, has initiated a study for the construction of a new electric arc furnace (EAF) at its Vanderbijlpark mill and has also... 

Energy access solution lies in adopting VRFB technology in renewable energy – Nikomarov  

By: Simone Liedtke     1st August 2018 With about 650-million people in Africa currently without access to electricity, Bushveld Minerals subsidiary Bushveld Energy CEO Mikhail Nikomarov believes the solution lies in area-specific solutions. He explained in an interview with Mining Weekly Online that a solution needs to be an... 

Menar hopes to expand through $28m Kangra Coal buy

By: Creamer Media Reporter      1st August 2018 Mining investment company Menar Holding plans to acquire a 70% stake in Kangra Coal, which owns assets in Mpumalanga and KwaZulu-Natal, from Madrid-listed Gas Natural Fenosa for $28-million. If approved, the acquisition will add to Menar’s growing portfolio and diversified geographical location... 

New-vehicle sales increase in July, 2018 exports set to disappoint

By: Irma Venter     1st August 2018 The South African new-vehicle market expanded by 2.6% in July, to 47 881 units, compared with the same month last year. The newest sales numbers, released on Wednesday, indicate that July new-passenger car sales gained 4.3%, to reach 32 108 units. 

Kupang operating licence granted

By: Esmarie Iannucci     1st August 2018 ASX-listed Gulf Manganese has been awarded its operating licence for the Kupang smelting facility, in Indonesia. The licence is valid for a period of 30 years, from the end of July 2018, and allows Gulf Manganese to buy, sellc and transport manganese ore within Indonesia for smelting, as well as... 

Strong operational performance lifts Arch Coal’s Q2 income

By: Marleny Arnoldi     31st July 2018 NYSE-listed Arch Coal on Tuesday reported net income of $43.3-million, or $2.06 a share, for the second quarter, compared with the net income of $37.2-million, or $1.48 per diluted share, reported for the second quarter of 2017. The company declared adjusted earnings before interest, taxes,... 

Battery chemical surplus sparks plunge in cobalt price

By: Reuters     31st July 2018 A surplus of cobalt chemicals used to make the rechargeable batteries that power electric vehicles has seen Chinese refiners switch to producing metal, sending prices down 30 percent in recent months. The electric-vehicle revolution is expected to boost demand and prices for cobalt, which... 

Lifting of Karnataka iron-ore restrictions brings miners and consumers into fresh conflict

By: Ajoy K Das     31st July 2018 The Central Empowered Committee (CEC), the body appointed by India’s Supreme Court on all matters related to mining, has recommended lifting restrictions on iron-ore pellet exports from the southern province of Karnataka, bringing to the fore the conflict between producers and consumers of the... 

SA HIPPO applauds trade minister for dissolving SABS board

By: Creamer Media Reporter      30th July 2018 Dr Rob Davies, the South African minister of Trade and Industries dissolved the South African Bureau of Standards (SABS) Board on 28 June 2018 and placed the SABS under administration owing to SABS failing to exercise its fiduciary duties in terms of the Standards Act and the Public Finance... 

Nacala corridor transaction reaffirms ‘Africa open for business’

By: Simone Liedtke     30th July 2018 Owing to a consortium of three export credit agencies (ECAs), the African Development Bank (AfDB) and a lending consortium of six international and four South African banks, a collaboration on funding for the revamp and extension of the Nacala Logistics Corridor has successfully raised... 

France, Mauritania order 60 6 x 6 Land Cruiser conversion kits from SA 

By: Irma Venter     30th July 2018 South Africa has a new go-anywhere vehicle on the market. Pretoria-based 6 x 6 Africa has converted a standard Toyota Land Cruiser to a 6 x 6 vehicle – yes, with six wheels – to supply the local and export markets. 

Anglo draws line in sand for thermal coal 

By: Martin Creamer     27th July 2018 Anglo American has drawn a line in the sand for its thermal coal portfolio. With 14 more years of life in existing assets, the company made it clear this week that it would engage in incremental expansion where it made sense, but not in long-term growth projects. Anglo has halved its footprint in... 

Coking coal continues multiyear price downtrend

By: Nadine James     27th July 2018 BMI Research expects coking coal prices to gradually edge lower in the second half of this year. Its expectation from the previous forecast done in March that premium hard coking coal export prices will fall below $200/t by mid-year, has played out as prices are now hovering at around $170/t. 

Chinese investors plan $10bn metallurgical complex in South Africa

By: Reuters     27th July 2018 Chinese investors signed agreements to build a $10-billion metallurgical complex in South Africa during President Xi Jinping's state visit this week and hope to start construction next year, an executive involved in the project and a provincial official told Reuters. South Africa's President... 

Funding a vital link across 912kms

27th July 2018 Railway infrastructure is key to the growth of any economy – all the more, if you are exporting coal across international trade waters. Thanks to the revamped and extended Nacala Logistics Corridor, the Moatize coal mine in the northwest Tete region of Mozambique can now export greater volumes of... 

MinRes to earn into Brockman’s Marillana project

By: Esmarie Iannucci     27th July 2018 ASX-listed Mineral Resources (MinRes) has struck a deal with fellow-listed Brockman Mining, which could see it acquire a 50% share in the Marillana iron-ore project, in the Pilbara. Under a farm-in agreement, MinRes could earn a 50% interest in the project by spending A$250 000 on exploration... 

Lack of investment stymies SA coal producers

By: Nadine James     27th July 2018 A lack of investment is hindering the South African coal industry’s ability to capitalise on a period of relatively stable demand for thermal and metallurgical coal locally and abroad, says XMP Consulting senior coal analyst Xavier Prevost. The local coal industry is experiencing a challenging... 

Growth potential positive – Naamsa

By: Halima Frost     27th July 2018 Owing to the right policies, interventions and goodwill by all automotive industry stakeholders, National Association of Automobile Manufacturers of South Africa (Naamsa) director Nico Vermeulen says the industry’s growth potential remains positive. “Currently, the automotive industry is the... 

Company completes reusable bins supply for new vehicle model

By: Halima Frost     27th July 2018 Rotational and low pressure injection moulding specialists Kaymac Structural Foam (KSF) completed a contract with a leading German automobile manufacturer last month, where it supplied reusable collapsible bins for components of a new vehicle model being manufactured in South Africa for world... 

BAIC vehicle manufacturing plant project, South Africa

By: Sheila Barradas     27th July 2018 Beijing Automotive Group Corporation South Africa opened its 88 969 m2 vehicle assembly plant, in the Coega Industrial Development Zone, on July 24.  

Kusile power plant project, South Africa

By: Sheila Barradas     27th July 2018 Eskom has signed a loan agreement with the China Development Bank for the Kusile power station. 

Zimbabwe's African Chrome Fields eyes equity sale to fund expansion

By: Reuters     26th July 2018 Zimbabwe's largest chrome miner African Chrome Fields (ACF) is talking to foreign investors about an equity sale to help fund expansion but will ensure the firm's two main partners retain control, the majority shareholder said on Wednesday. The chairman of Moti Group, which has a majority stake... 

Uitkomst production spikes in June Q

By: Esmarie Iannucci     26th July 2018 South Africa focused MC Mining has reported increased production during the June quarter at its Uitkomst colliery, despite ongoing equipment challenges at the mine. Run-of-mine (RoM) production for the three months to June was up by 7% on the previous quarter, reaching 123 771 t. 

Europe to become 'massive' buyer of US LNG, Trump says

By: Bloomberg     25th July 2018 Europe will build more terminals to import US liquefied natural gas, the head of the European Commission told US President Donald Trump during a meeting aimed at averting a transatlantic trade war. “They want very much to do that, and we have plenty of it,” Trump said, referring to the US shale... 

SASSDA boosts stainless steel trade with Kenya & Tanzania

25th July 2018 With the priority of fast industrialisation and a call for the development of stainless steel value-add within the agricultural and food and beverage industries, Tanzania and Kenya are primed for increased bilateral trade with South Africa, with confirmed sourcing enquiries already received at... 

Transnet signs manganese capacity allocation contract with Assmang

By: Anine Kilian     25th July 2018 State-owned Transnet has signed a seven-and-a-half-year Manganese Export Capacity Allocation (MECA2) contract with Assmang as part of its strategy to secure 95% of manganese volumes on rail. The contract, which will see the transportation of export manganese from pit to port, offers Assmang, the... 

Canada's new export Minister to push beyond US market

By: Reuters     24th July 2018 Canada has created a new Cabinet position to help exporters look beyond the United States and there will be resources for small businesses that want to take advantage of new trade deals, the new minister for export promotion said on Tuesday. Mary Ng, who vaulted to Cabinet-level last week to... 

Karo officially launches Zimbabwe platinum project

By: Anine Kilian     24th July 2018 Zimbabwe and platinum producer Karo Platinum on Tuesday officially launched the Karo platinum project, in Chegutu, Zimbabwe.  “We are excited about partnering with Zimbabwe and its people in building a long-term and sustainable business. Zimbabwe has an extraordinary metal and mineral endowment... 

Peabody posts Q2 profit; Australian mines drive revenue growth

By: Mariaan Webb     24th July 2018 NYSE-listed coal major Peabody Energy, which mines metallurgical and thermal coal in the US and Australia, on Tuesday reported a return to second-quarter profit, with net income attributable to common stockholders increasing to $113.7-million, or $0.90 a share, in the three months ended June.... 

BAIC SA opens vehicle assembly plant at Coega IDZ

By: Marleny Arnoldi     24th July 2018 Chinese vehicle manufacturer Beijing Automotive Group’s South African subsidiary, BAIC SA, on Tuesday opened its 88 969 m2 vehicle assembly plant, in the Coega Industrial Development Zone, near Port Elizabeth.   The company has completed the critical construction and equipment installation... 

Premium prices being paid for Kumba’s quality iron-ore 

By: Martin Creamer     24th July 2018 China’s flight to quality iron-ore is benefiting South Africa’s Kumba Iron Ore, which is receiving strong price premiums for high-grade ore.  Two thirds of Kumba ore is lump ore compared with the third or less of its main competitors. 

WDC marks first official mission to Angola

By: Simone Liedtke     24th July 2018 Marking the first World Diamond Council (WDC) mission to Angola outside of a formal Kimberley Process (KP) meeting, acting president Stephane Fischler and executive director Marie-Chantal Kaninda travelled to Angola for a series of meetings with stakeholders involved in the KP, last week. The WDC... 

LEIP MoU signed, 101 669 potential jobs created

By: Simone Liedtke     23rd July 2018 Up to 101 669 jobs could be created during the first five years of construction of the Limpopo Eco-Industrial Park (LEIP), which Eco-Industrial Solutions (EIS) CEO Deshika Kathawaroo on Monday said would “fundamentally change” the Limpopo province’s contribution to South Africa’s strategic... 

Eskom confident of raising R72bn despite qualified audit  

By: Terence Creamer     23rd July 2018 Financially stressed electricity producer Eskom expressed confidence on Monday that it would be able raise the R72-billion it required for the 2019 financial year, despite having received a qualified audit opinion for the 2018 financial year, reporting a R2.3-billion loss and nearly 20-billion in... 

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