R/€ = 16.04 Change: -0.01
R/$ = 14.11 Change: -0.01
Au 1221.90 $/oz Change: -2.87
Pt 841.50 $/oz Change: -10.36

Press Office - 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.


AfDB approves $250m risk participation agreement with ABSA

By: Creamer Media Reporter      20th July 2018 The African Development Bank (AfDB), this week, approved an unfunded $250-million risk participation agreement (RPA) with ABSA Bank. This RPA, housed within the AfDB’s Trade Finance operations, will enhance African issuing banks’ ability to leverage trade financing through a multisectorial approach. 

Business Unusual: Embracing Disruptive Technologies in the Automotive Sector

20th July 2018 Rapid technological advancements in the global manufacturing landscape have changed the ways in which manufacturers function – from product design and development, to production optimisation, to techniques selected to penetrate new markets and deliver products to customers. Interest and... 

Acacia boss is getting frustrated waiting for Barrick solution

By: Bloomberg     20th July 2018 It’s been a year since Acacia Mining’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government and interim CEO Peter Geleta is getting frustrated. Barrick Gold, which owns about 64% of London-based Acacia, last month withdrew a timetable to resolve the... 

New zero-discharge chemical production facility opens in Pomona

By: Schalk Burger     20th July 2018 The new 6 600 m2 chemical production facility of multinational Veolia Water Technologies South Africa, in Pomona, Kempton Park is the main blending facility for the company’s local operations, and is also set to export to Veolia’s clients throughout Africa, owing to its competitive costs of... 

Dagga: a budding opportunity

By: Martin Zhuwakinyu     20th July 2018 First, a disclaimer: I am of very sober habits and this week’s topic – the apparent desire by many on our continent to embrace the cannabis business – is not at all indicative of my recreational preference. I am also not a closet Rastafarian. The latest country to hop on the cannabis bandwagon is... 

Nigeria oil refinery

By: Sheila Barradas     20th July 2018 Nigerian business magnate, Aliko Dangote, has signed a $650-million loan facility for his oil refinery project. 

Indian iron-ore exports shifting from fines to pellets

By: Ajoy K Das     19th July 2018 Indian international trade in iron-ore is shifting to more iron-ore pellets, rather than high-grade fines, prompted by changing preferences of overseas buyers. Information and data sourced from industry indicate that overseas shipment and sales realisations of iron-ore pellets are outstripping... 

South Africa seeks to strike trade balance at Brics Summit

By: African News Agency      19th July 2018 South African government will be working to tackle the trade imbalance and also address complimentary trade between it and its Brics partners at the crucial upcoming Summit next week, officials said on Thursday.  Lerato Mataboge, deputy director-general at the Department of Trade and Industry... 

Kumba lowers FY sales, production guidance

By: Marleny Arnoldi     19th July 2018 JSE-listed Kumba Iron Ore is working closely with State-owned freight utility Transnet to secure the delivery of the contractual capacity and to mitigate derailments that affected the company’s export sales in the second quarter of the year. The company’s export sales increased by only 1% to... 

Anglo reports production growth across all commodities in Q2

By: Marleny Arnoldi     19th July 2018 Global diversified miner Anglo American reported a 6% year-on-year increase in total production on a copper equivalent basis for the second quarter. Anglo CE Mark Cutifani remarked in a statement on Thursday that higher copper and metallurgical coal production reflected the company’s consistent... 

South32’s manganese production up 10%, Illawarra beats guidance

By: Esmarie Iannucci     19th July 2018 Diversified miner South32 has reported record performances at its Australian manganese and Mozal aluminium operations during the 2018 financial year ended June, while also exceeding revised production guidance for its Illawarra metallurgical coal operations. “We delivered record annual... 

Trudeau moves Sohi to Natural Resources, Carr to head up International Trade Diversification

By: Mariaan Webb     18th July 2018 Canadian Prime Minister Justin Trudeau on Wednesday announced significant changes to his Cabinet, moving around several current Ministers, appointing four new ones and creating three new portfolios. Amarjeet Sohi has been moved from the Infrastructure portfolio to Natural Resources, succeeding... 

Ethekwini Municipality Supports Intra-African Chemicals Trade

18th July 2018 Durban to Host African Chemicals Imbizo 2018 The recent signing of commitment to the African Continent Free Trade Area (AfCTA) by 27 African states creates significant opportunity for stronger intra-Africa trade and regional integration. Intra-Africa trade is seen as one of the ways in which the... 

Africa's richest man signs $650m Afreximbank loan for oil refinery

By: Reuters     16th July 2018 Africa's richest man, Aliko Dangote, has signed a $650-million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria. The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing. 

Davies concerned about extension of US tariffs to autos and auto parts

By: African News Agency      16th July 2018 South Africa’s steel and aluminium exports to the United States does not pose any threat to US national security, says Trade and Industry Minister Dr Rob Davies. Davies was speaking during bilateral meetings in Washington DC with US Trade Representative Ambassador Robert Lighthizer, US Secretary... 

Transnet Pipelines unveils new national operating centre

By: Shirley le Guern     13th July 2018 A new national operating centre (NOC) that will serve as a nerve centre for Transnet Pipelines (TPL) and its 3 800 km underground national pipeline network was officially opened in Durban on Friday. Up until now, the control centre was based at TPL’s head office in the Durban central business... 

Gauteng Company Hopes To Expand Market To Angola

13th July 2018 A Gauteng civil and structural consulting engineering company is looking forward to expanding its customer base when they participate in the Trade and Investment Mission to Angola that will take place from 16-21 July 2018. The mission will be led by the Deputy Minister of Trade and Industry, Mr... 

SEIFSA Cautiously Optimistic Following a Rebound in Metals and Engineering Sector Output in May.

By: Creamer Media Reporter      12th July 2018 The Steel and Engineering Industries Federation of Southern Africa (SEIFSA) is cautiously optimistic following the release of production data reflecting an increase in output in the Metals and Engineering (M&E) sector, despite a corresponding decline in business confidence and a volatile rand,... 

Decrease in the purchasing managers’ index for June 2018 a cause for concern

By: Creamer Media Reporter      12th July 2018 The Steel and Engineering Industries Federation of Southern Africa (SEIFSA) is concerned about the general dip in overall business activity in the broader manufacturing sector as reflected in the composite Absa Purchasing Managers’ Index (PMI) released yesterday, SEIFSA Economist Marique Kruger... 

Hurting for buyers, US coal miners are learning to love India

By: Bloomberg     12th July 2018 The big bright spot for US coal miners is located halfway around the world. India almost tripled its imports of the rock from America in the first quarter from a year earlier, helping fuel its fast-growing economy and making it the largest foreign buyer of US coal, according to the US Energy... 

Kenya says Nairobi–Mombasa refined products pipeline ready for use

By: Reuters     11th July 2018 A refined products pipeline linking Kenya's capital Nairobi with the port city of Mombasa is complete and ready for use, state-run Kenya Pipeline Company (KPC) said on Wednesday. The 450 km pipeline will eliminate an estimated 700 oil tanker trucks per day that transport fuel by road between... 

Libyan NOC announces reopening of key oil export terminals

By: Reuters     11th July 2018 Libya's Tripoli-based National Oil Corp (NOC) said on Wednesday that four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of the country's oil output. Production and export operations would be restored "within the next... 

Serbian copper miner attracts 11 possible buyers – report

By: Reuters     11th July 2018 Serbia's RTB Bor copper miner and smelter has drawn interest from 11 companies and the tender could take place this week or next, Belgrade daily Politika reported on Wednesday. Serbia has tried and failed three times since 2007 to sell the debt-laden mining complex, which suffered a long period... 

Index points to cautious business confidence 

By: Simone Liedtke     10th July 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined to 93.7 index points in June, compared with 94 index points in May. The BCI for June was also lower than the 94.9 index points registered in June 2017. 

Rising minerals and fuel exports propel Australian trade to record high

By: Esmarie Iannucci     10th July 2018 Australia’s total trade in goods and services reached a record A$763.2-billion in 2017, new data from the Department of Foreign Affairs and Trade has found. The Composition of Trade, Australia 2017 found that the value of Australia’s goods and services exports rose 14.8% to A$386.7-billion in... 

Ethiopia needs $7.5bn to finish megaprojects – PM

By: Reuters     6th July 2018 Ethiopia needs $7.5-billion to finish infrastructure projects such as a massive dam and roads that the government hopes will drive industrialisation, the new prime minister said on Friday. Speaking to parliament before its vote on the 2018/19 budget, Abiy Ahmed said the government needed to be... 

Agni Steel South Africa’s expansion approved

By: Nadine James     6th July 2018 The Eastern Cape Department of Economic Development, Environmental Affairs and Tourism has authorised the phase 2 and 3 expansion of steel recycling and processing company Agni Steel South Africa. Agni Steel’s plant is located in Zone 6 of the Coega Special Economic Zone. 

Acacia reports lower Q2 output

By: Natasha Odendaal     6th July 2018 Acacia Mining remains on track to achieve the upper-end of its 2018 gold production guidance range of 435 000 oz to 475 000 oz, after delivering 254 759 oz of gold during the first half of the year. While second-quarter production dropped 36% year-on-year, owing to reduced operations at... 

“Listeriosis can be rallying call for the industry”

6th July 2018 The recent listeriosis outbreak is a timely reminder that the food supply chain is constantly under attack from outside threats. In this, there is a lesson for the rest of the industry, writes Emma Corder, Nilfisk South Africa Country Manager. One doesn’t have to look far to find serious cases of... 

For State of American coal, look at West Virginia's mining stats

By: Bloomberg     6th July 2018 No place tells the story of America’s coal markets better than West Virginia right now. According to US government estimates released Thursday, mining in the northern half of the Mountain State – the part known for its bounty of thermal coal, used to fuel US power plants – slid 7% in the first... 

Installation of water metering system complete

By: Donald Makhafola     6th July 2018 Utility management company Bosch Munitech in March completed the design and installation of a metering and monitoring system to manage water consumption for the Lower Berg River Irrigation Board, in the Western Cape. The company was appointed last year in November to install the Krohne Waterflux... 

Products facilitate cleaner, safer environments

By: Tasneem Bulbulia     6th July 2018 With dust legislation encouraging awareness of dust repercussions, chemical solutions provider Chryso Southern Africa (Chryso) and its subsidiary a.b.e are providing a range of dust suppression technologies to help reduce the effects of dust, Chryso CEO Norman Seymore tells Engineering News. “We... 

Seifsa expects 1.7% expansion in local steel industry

By: Erin Steenhoff-Snethlage     6th July 2018 Following its initial forecast of a 1.1% expansion of the metals and engineering cluster at the beginning of the year, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) says upon review, preliminary data now suggest a 1.6% expansion of the sector, with all sub-industries... 

Africa expansion can boost local industry growth

By: Erin Steenhoff-Snethlage     6th July 2018 With South Africa being under new leadership since Cyril Ramaphosa became president, Alberton-based steel supplier and value-added processing company Allied Steelrode executive director Warne Rippon says that policy direction now finally appears to be heading in a positive and clear direction,... 

Exxaro goes digital at new Mpumalanga coal mine

By: Anine Kilian     5th July 2018 Diversified resources company Exxaro Resources on Thursday broke ground on its R3.3-billion “smart” Belfast mine, in Mpumalanga. The mine is the first of its kind in South Africa and will have a digital twin – a complete digital replica of the mine that will allow management and the contracted... 

Freight capacity growth continues to outstrip demand growth – Iata

By: Marleny Arnoldi     5th July 2018 Global air freight capacity growth outstripped demand growth for the fourth month in a row in May, the International Air Transport Association (Iata) reports.  

Emirates Global Aluminium signs bauxite supply contract with Vedanta

By: Marleny Arnoldi     4th July 2018 Industrial company Emirates Global Aluminium (EGA) has signed an agreement to supply metals miner Vedanta Limited with bauxite from its mining operation in Guinea from 2019.  

Wacker Neuson welcomes Powerdek to its dealer network!

4th July 2018 Wacker Neuson South Africa recently welcomed long-standing customer and industrial power tools and accessories specialist, Powerdek, into its fold. The partnership was formalised with the signing of the dealer agreement during an intimate gathering of customers and staff on 28th June 2018. The... 

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