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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

Oz gold production drops in March quarter – Surbiton

28th May 2018 Australian gold production declined by 6 t, or around 7% in the three months to March, compared with the previous period, reaching some 74 t, gold mining consultants Surbiton Association reported. Surbiton director Dr Sandra Close noted that despite the lower March quarter output, the results... 

Russian diamond producer Alrosa says H1 sales to exceed initial expectations

By: Reuters     25th May 2018 Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, said on Thursday first-half sales would be significantly higher than it originally planned due to market strength. Speaking on the sidelines of the St Petersburg economic forum, Alrosa chief executive Sergey Ivanov... 

Commissioning under way following VSD supply

By: Halima Frost     25th May 2018 Following Gauteng-based SEW-EURODRIVE South Africa’s supply of a Movitrac LTP B variable speed drive (VSD) for a slurry application to a new mine in Zambia, tests have been completed and commissioning of the pump is under way. The mine required a 110 kW VSD for an urgent slurry application, and... 

Porto de Sergipe I power plant, Brazil

By: Sheila Barradas     25th May 2018 The project entails the construction of the largest gas-fired power plant in Latin America.  

Petra’s shares fall on $178m proposed rights issue

By: Simone Liedtke     24th May 2018 Petra Diamonds’ share price on the LSE fell by more than 20% on Thursday after it announced plans to raise $178-milion, or about £133-million, through a fully underwritten 5 for 8 rights issue. The diamond miner, which has operations in South Africa and Tanzania, said its cash flow generation... 

Troubled economy creating some new opportunities, says Afrimat boss

By: Irma Venter     24th May 2018 “The fact that ArcelorMittal, Aveng, Group Five and Basil Read today have a smaller combined market capitalisation than a ‘little’ quarry company such as Afrimat, shows you that the economy is in trouble,” says Afrimat CEO Andries van Heerden. “Not long ago any one of them was twenty times our... 

Telecom Egypt bags $200m financing facility to buy undersea Internet cable

By: African News Agency      23rd May 2018 The African Export-Import Bank (Afreximbank) said on Wednesday that it will commit up to $200-million to Telecom Egypt (TE) in a bid to enable the telecommunication company finance working capital and investments in its infrastructure. The agreement for the short-term dual tranche facility would... 

India takes US steel tariffs complaint to the WTO

By: Reuters     23rd May 2018 India has launched a complaint against the US to challenge President Donald Trump's tariffs on steel and aluminium, a filing published by the World Trade Organization (WTO) showed on Wednesday. Indian officials told Reuters last month that their government would open a WTO dispute if the... 

Australia-EU FTA an opportunity to remove tariffs on resources trade

By: Esmarie Swanepoel     23rd May 2018 The Australian resources sector has welcomed the start of free trade agreement (FTA) negotiations between Australia and the European Union (EU), with the Minerals Council of Australia (MCA) saying it would present a significant opportunity to boost trade, investment and economic engagement... 

Rio Tinto confirms talks to sell $3.5bn Grasberg stake

By: Henry Lazenby     23rd May 2018 Multinational diversified miner Rio Tinto confirmed on Tuesday that it is in talks to potentially sell its stake in the Grasberg copper/gold mine, in Indonesia, to PT Indonesia Asahan Aluminium (Inalum) for $3.5-billion. Media rumours swirled on Tuesday about the deal, prompting Rio Tinto to make... 

Oil pipeline plot thickens as British Columbia files Alberta suit over ‘tariff-like’ Act

By: Henry Lazenby     23rd May 2018 A significant disruption in the supply of gasoline, diesel and crude oil from Alberta to British Columbia would cause British Columbia “irreparable harm” and could “injure human health and safety in remote communities”, the provincial government argued in a statement of claim filed in Alberta's... 

Wescoal expects 303% increase in FY18 HEPS

By: Marleny Arnoldi     22nd May 2018 JSE-listed Wescoal expects its headline earnings per share (HEPS) for the year ended March 31 to be in excess of 45.5c, which is a 303% increase on the HEPS of 11.3c reported for the 2017 financial year.  

Too early to expect any marked improvement in trading environment – Rhodes Food

By: Simone Liedtke     22nd May 2018 While improving consumer confidence in the country is positive for growth, Rhodes Food Group says it is too early to expect any marked improvements in the regional trading environment. The food manufacturer on Tuesday reported a 16.6% year-on-year increase in its group turnover to R2.5-billion... 

Soaring coal royalties give Qld infrastructure spending a boost

By: Esmarie Swanepoel     22nd May 2018 Queensland coal royalties would soar to a record A$3.7-billion in the 2018 financial year, the Queensland Resources Council (QRC) predicted on Tuesday. QRC CEO Ian Macfarlane said the A$536-million increase on the government’s previous royalty estimates would allow the state government to... 

Allied Steelrode, seven others join task force to lobby for support of downstream steel industry

By: Marleny Arnoldi     21st May 2018 Steel supplier and processing company Allied Steelrode has affirmed its commitment to an industry representative group the CEO Task Force, which will aid in regenerating the country’s steel sector, through mobilising the downstream industry – which suffers the most when challenges arise in the... 

Kropz clinches offtake from phosphates project

By: Martin Creamer     21st May 2018 Plant nutrient minerals development company Kropz, which is developing the Elandfontein phosphates mining and processing project in the Western Cape, has secured several offtake agreements ahead of production. The cornerstone offtake agreement, for about a third of its production at market prices... 

Topics to be Covered at the 2018 Manufacturing Indaba Conference

21st May 2018 The latest instalment of the Manufacturing Indaba not only aspires to meet participants’ expectations but exceed them, by hosting an event to achieve objectives integral to supporting the economy of Sub-Saharan Africa. The conference aims to focus on the growth prospective of the Department of... 

Pioneer Foods achieves credible interim performance

By: Simone Liedtke     21st May 2018 JSE-listed Pioneer Foods achieved a credible performance for the six months ended March 31, with total sales volumes up 4% year-on-year and revenue up 3% year-on-year to R9.9-billion. Mainly as a result of volume growth and the normalisation of the maize procurement position, the company’s gross... 

Anadarko seeks to raise $14bn to $15bn for Mozambique LNG project

By: Reuters     18th May 2018 Anadarko Petroleum is seeking to raise a record $14-billion to $15-billion from banks and export credit agencies for its huge liquefied natural gas (LNG) project in Mozambique, sources close to the matter said. Fast-growing gas demand from China and Southeast Asia is reassuring export project... 

Coega investor becomes SA’s second biggest truck exporter

18th May 2018 R600 million investment at Coega SEZ bearing fruits First Automotive Works, also known as FAW, has moved three places up the rank from fifth to a top two position behind the Volvo group. 

Zimbabwe mines need $11bn investment to modernise

By: Reuters     18th May 2018 Zimbabwe needs up to $11-billion to modernise its mines and boost production to maximum capacity over the next five years, the head of the country's Chamber of Mines said on Friday. Foreign investor interest in the southern African nation is growing after the fall of longtime leader Robert Mugabe... 

WA signs co-op agreement with Argentina

By: Esmarie Swanepoel     18th May 2018 The Western Australian government has signed an agreement with the government of Argentina to build a stronger mining and resource relationship between the two regions. Mines and Petroleum Minister Bill Johnston said the Memorandum of Understanding (MoU) will help develop a mutually rewarding... 

The Just Transition debate in South Africa

By: Saliem Fakir     18th May 2018 South Africa is the only country that explicitly includes in its Nationally Determined Contributions (NDCs) a mention of the Just Transition – this is as far as I know.   The issue of a just transition raised its head recently when the National Union of Metalworkers South Africa (Numsa) and a... 

The scramble for Somalia

By: Martin Zhuwakinyu     18th May 2018 The Horn of Africa nation of Somalia is better known as the poorest country on earth, with a per capita gross domestic product of $400, and for lacking a coherent government since the 1991 ouster of Mohamed Siad Barre as President. What many do not remember is that it was one of the first newly... 

Johan Sverdrup oilfield development, Norway

By: Sheila Barradas     18th May 2018 Cable-laying vessel NKT Victoria has started laying the cable that will supply Johan Sverdrup with power from shore. 

Khazzan gasfield – Ghazeer development, Oman

By: Sheila Barradas     18th May 2018 Ghazeer is the second phase of the Khazzan gasfield project and follows the successful start-up of the first phase in September 2017. 

Russia's Alrosa may buy diamond polisher Kristall in 2018 - Finance Ministry

By: Reuters     17th May 2018 Russian diamond miner Alrosa may buy State-owned diamond polisher Kristall in 2018, Russia's Deputy Finance Minister Alexei Moiseev said on Thursday. Alrosa, the world's largest rough diamond producer by output, said previously it was "expedient" for it to buy Kristall when the state-owned... 

Congo billionaire seeks French loan to develop iron-ore railway

By: Bloomberg     17th May 2018 Paul Obambi, a billionaire investor in the Congo Republic, is in talks with French lenders to fund a railway he’s building to export iron-ore. Obambi’s company Sapro SA is negotiating with “a consortium of banks” to finance the 450-km track that will link the southwestern town of Mayoko to a... 

R3bn Rosslyn Hub to create 160 000 jobs

By: Nadine James     16th May 2018 The R3-billion mixed-use Rosslyn Hub development was launched at the African Smart Cities Summit, co-located with the African Construction and Totally Concrete Expo, at the Gallagher Convention Centre, in Johannesburg, on Wednesday. The Rosslyn Hub is a crucial step towards the creation of the... 

Fuchs Lubricant opens new grease manufacturing plant in Gauteng

By: Marleny Arnoldi     16th May 2018 Lubricants specialist Fuchs Lubricants South Africa (Fuchs SA), together with its parent company Fuchs Petrolub, on Wednesday launched a R125-million grease manufacturing plant at its factory, in Isando, Gauteng. The plant will allow Fuchs to manufacture specialty greases for the local market, as... 

Growing FAW becomes SA’s second biggest truck exporter

By: Irma Venter     16th May 2018 FAW South Africa (SA) first appeared as one of South Africa’s top five truck exporters in 2016, debuting in fifth position. In 2017, the company has moved up to the number two spot, behind the Volvo group. Exports reached 159 units in 2016, growing to 212 units in 2017. 

Mondi Q1 performance strong despite maintenance shutdowns, challenging trading conditions

By: Marleny Arnoldi     16th May 2018 Paper and packaging multinational Mondi achieved an underlying profit of €295-million for the first quarter ended March 31 – a 15% improvement on the underlying profit of €256-million reported for the first quarter of 2017 and a 6% improvement on the €279-million reported for the fourth quarter... 

Uganda power distributor Umeme to spend $1.2bn to expand grid

By: Reuters     16th May 2018 Ugandan power distributor Umeme plans to spend $1.2-billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company's chief executive said on Wednesday. The investments will be used to prepare for an expected rise in... 

Sheffield secures port allocation for Thunderbird

By: Esmarie Swanepoel     16th May 2018 Mineral sands developer Sheffield Resources has signed a port access agreement with the Shire of Derby-West Kimberly, allowing the company access to a bulk handling facility and infrastructure at the port of Derby. Sheffield is hoping to export its mineral sands project from the Thunderbird... 

Gordhan outlines his plan for the ‘recapture’ of South Africa’s SoCs

16th May 2018 The full text of Public Enterprises Minister Pravin Gordhan’s Budget Vote speech to Parliament on May 15. In it, the Minister warns that it has become evident that several State-owned companies (SOCs) will not be able to trade and borrow their way out of their financial difficulties and that some... 

Private firm takes on Codelco for control of Chile lithium deposit

By: Reuters     15th May 2018 A foreign-backed miner has sued Chile to block state-run Codelco from exploiting a lithium deposit where both have claims, according to a lawsuit filed in March that will be carefully watched by potential investors being courted by the country's new government. The little-known and remote... 

South Africa views African integration as potential trade-war bulwark

By: Terence Creamer     15th May 2018 Trade and Industry Minister Dr Rob Davies reports that South Africa will be prioritising an acceleration of market integration across Africa as part of efforts to mitigate the risks associated with the prospect of trade wars, as well as what he describes as a growing disregard for the... 

Necsa’s NTP back at full production, wins AtomExpo award  

By: Anine Kilian     15th May 2018 The South African Nuclear Energy Corporation’s (Necsa’s) NTP Radioisotopes arm, which won the AtomExpo Award for the best project in the nonenergy-related use of nuclear energy, on Monday, is back at full production, with both hot cells at its Pelindaba facility in full operation. The facility... 

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