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Gordhan’s IPP renegotiation proposal triggers ‘breach of contract’ warnings 

By: Terence Creamer     15th February 2019 A report indicating that the South African government may seek to renegotiate power purchase agreements (PPAs) concluded with independent power producers (IPPs) in 2011 and 2012 is raising alarm bells within the industry, which is still recovering from a protracted period of uncertainty created... 

Energy capacity shortfalls stunting Africa’s industrialisation efforts

By: Paige Müller     15th February 2019 Insurance company the Export Credit Insurance Corporation of South Africa (ECIC) says there are significant shortfalls and backlogs in Africa’s installed energy capacity, which is stunting the continent’s efforts to industrialise and expand its local economies. ECIC COO Mandisi Nkuhlu stresses... 

Renewable grids present investment opportunity

By: Paige Müller     15th February 2019 The recent trend towards the development of renewable energy, including those based on smart grids and microgrids in Africa, has encouraged the establishment of a new renewable energy equity fund. With the Africa Energy Indaba set to take place from February 19 to 20 at the Sandton Convention... 

Kibo, Edenville’s shares knocked by Tanesco bid rejection

By: Marleny Arnoldi     14th February 2019 The share prices of Kibo Energy and Edenville Energy took a knock on Thursday after the companies announced that they had not qualified to participate in the next stage of a bidding process by the Tanzania Electricity Supply Company (Tanesco) to develop coal power projects with a total capacity... 

2019 Budget will present South Africa with ‘a path of hope’ – PwC 

By: Simone Liedtke     13th February 2019 With Finance Minister Tito Mboweni scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20, expectations are high as the country waits to hear how he plans to balance competing expenditure priorities to stimulate economic growth, in spite of fiscal consolidation measures. In the... 

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia     12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... 

DBSA wins global award for renewable energy project financing 

By: Simone Liedtke     8th February 2019 The Development Bank of Southern Africa (DBSA) has won the African Renewable Energy Programme Award. The award was presented to the DBSA, in London, in the UK, by Project Finance International (PFI), an institution that organises the global awards. 

Indiana looks at Mali JV with Altus

By: Esmarie Iannucci     8th February 2019 Junior Indiana Resources has signed a nonbinding term sheet to form a joint venture (JV) with Aim- and TSX-listed Altus Strategies for exploration licences in the Mali gold belt. Under the terms of the agreement, Indiana could earn an 85% interest in the Lakanfla and Tabakarole gold projects, in... 

Zambia receives bids for stake in State mining investment arm

By: Reuters     5th February 2019 Zambia has received bids from Canada's First Quantum Minerals (FQM) and others for a 17% stake in state mining investment arm ZCCM-IH, the finance minister said on Tuesday. "There are multiple unsolicited offers on the table, including from FQM, which are based on preferential share conversions,"... 

New investor for Cape Town Cobra maker; electric car on the table

By: Irma Venter     4th February 2019 Les Hayden’s Cobra replica assembly line in Cape Town is up and running again, following a change in ownership.   Automotive Investment Holdings (AIH) in 2017 initiated a project to modernise the Hayden Cobra, but sold its interest in the venture after a decision to return to its core business of... 

GEM to extend SANY range even further in 2019

1st February 2019 Despite tough market conditions, Goscor Earth Moving (GEM) achieved significant growth in 2018, and is poised to extend its SANY range even further in 2019. This includes the addition of an even larger excavator. Currently GEM offers a 75 t SANY excavator for mining applications specifically, but... 

How deep does the rabbit hole of South Africa's corruption go?

By: Bloomberg     1st February 2019 The name Gupta has become synonymous with state corruption in South Africa, as the family allegedly used its friendship with Jacob Zuma when he was president to win contracts and pick Cabinet members. But recent evidence splashed across newspaper front-pages and televised hearings about bribes... 

Organisers aim to support local junior mining industry

By: Jessica Oosthuizen     1st February 2019 Resource sector investment conference organiser Resources 4 Africa aims to support the junior mining industry in South Africa through relevant industry discussions and debates, thought-provoking content on the industry’s most relevant issues at this year’s Junior Indaba. The focus of this year’s... 

Power-Gen Africa co-located with African Utility Week

By: Jessica Oosthuizen     1st February 2019 Following the acquisition of event organisers PennWell by event organisers Clarion Energy, this year, the Power-Gen Africa show will be colocated alongside African Utility Week (AUW), creating a truly scaled, end-to-end show encompassing the entire electricity and water value chain. The events... 

PGM-using patents abound – CPM  

By: Martin Creamer     31st January 2019 Viable patents that involve the use of platinum group metals (PGMs) should be commercialised so that PGMs become less dependent on the automotive market, says CPM Group MD and founder Jeffrey Christian. CPM’s current projections, which are similar to those in the automotive and electricity supply... 

South Africa's largest labour union plans nationwide strike over mass layoffs  

By: Reuters     30th January 2019 South Africa's largest labour union group, with more than a million and a half members, said on Wednesday it would stage a nationwide strike on Feb. 13 over large-scale layoffs at ailing state-owned firms and at private companies. The decision by the Congress of South African Trade Unions... 

Investors will continue to invest in solar

By: Halima Frost     25th January 2019 Specialist banking company Investec Bank will continue to offer funding to viable projects in the renewables sector as solar photovoltaic (PV) technology becomes more cost effective. Southern Africa – more notably the Northern Cape province, in South Africa, and Namibia – is considered as one of... 

World Bank says confidence not enough to lift South Africa’s growth prospects  

By: Terence Creamer     22nd January 2019 The World Bank expects South Africa's growth to pick up modestly in 2019 to 1.3% on the back of several “promising” policy announcements made by President Cyril Ramaphosa’s administration in 2018. It expects the economy to expand by 1.7% in 2020. Nevertheless, the bank believes that the country’s... 

Stornoway announces two board appointments

By: Creamer Media Reporter      22nd January 2019 Quebec-based diamond miner Stornoway Diamonds has appointed Hubert Lacroix and Angelina Mehta to its board of directors. Lacroix has more than 30 years of experience in business and law and has expertise in corporate governance 

Maricunga could start producing lithium in 2023

By: Esmarie Iannucci     22nd January 2019 A definitive feasibility study (DFS) for the Maricunga lithium brine project, in Chile, has estimated that a capital investment of $456-million would be required to develop a 20 000 t/y lithium carbonate equivalent (LCE) project with a mine life of 20-years. ASX-listed Lithium Power... 

Johannesburg city council discovers almost R9m in lost revenue

By: African News Agency      17th January 2019 The Johannesburg city council says an operation in Fourways led to the discovery of almost R9-million in lost revenue due to illegal connections to services since 2015. "The three properties which were visited were also found not to have complied with the city's bylaws and were fined," it said 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... 

Renault board is said ready to oust Ghosn as chairperson, CEO

By: Bloomberg     16th January 2019 Renault SA is preparing to replace jailed chairperson and CEO Carlos Ghosn after his failed bid for bail in Japan signaled he may remain in detention for months, people familiar with the matter said. Some Renault board members have concluded that a decision is needed fast, after reports that... 

Anglo American begins quest to unearth next CEO 

By: Reuters     15th January 2019 Anglo American has promoted a section head it considers to have CEO potential, focusing its attention on internal talent as it begins searching for a successor to the man who steered the mining company through the 2015/16 commodities price slump. CEO Mark Cutifani has won plaudits for his... 

Goldman models risk of 1 000 basis point Eskom blowout for South Africa  

By: Reuters     15th January 2019 Investment bank Goldman Sachs said South Africa's rand could tumble 3.5% if State-run power utility Eskom suffers a major sell-off in its bonds, but it could also jump 4.5% if the firm's troubles improve. Goldman's analysts said an Eskom risk gauge used by the bank was now close to its most... 

Newmont deal for Goldcorp erodes Canada's gold clout further

By: Bloomberg     15th January 2019 Canada’s influence on the global mining industry appears to be shrinking by the day. Perhaps stung by the nationalistic backlash against Barrick Gold Corp's merger with Randgold Resources, Newmont Mining devoted a big chunk of its news release Monday explaining how its $10-billion offer for... 

Barrick Gold's new CEO dismisses Canada HQ debate as 'hysteria'

By: Bloomberg     11th January 2019 Barrick Gold’s new CE is surprised by the “hysteria” over whether the world’s largest gold miner will remain a Canadian company. Barely a week after his Channel Islands-based Randgold Resources merged with Barrick, Mark Bristow says he’s determined to keep the global miner headquartered in... 

City of Joburg appoints Manenzhe Manenzhe as CFO

By: African News Agency      9th January 2019 The City of Joburg announced on Wednesday that Manenzhe Manenzhe has been appointed as the new group chief financial officer, joining the City from Parliament where he served in the same capacity.  Acting group chief financial officer, Charity Wurayayi was late last year implicated in a... 

Partnership for Action on the Green Economy conference starts this week in Cape Town

By: Marleny Arnoldi     8th January 2019 Environmental Affairs Minister Nomvula Mokonyane will host, on January 10 and 11, the Partnership for Action on the Green Economy (Page) Ministerial conference at the Cape Town International Convention Centre. She said in a statement issued on Tuesday that hosting the Page conference would... 

SA finance ministry warn public against online scammers

By: African News Agency      8th January 2019 The ministry of finance on Tuesday warned South Africans against scams which purport to be communication from the ministry asking for money in return for backing projects or business plans. In a statement, the ministry said that in the latest of these scams, a person purporting to be the finance... 

Zimbabwe's Delta hikes price of beer as liquidity crunch bites

By: African News Agency      8th January 2019 Zimbabwe’s largest drinks company Delta Corporation has resorted to increasing the price of clear beer by an average 25% after the government stopped it from selling exclusively in United States dollars. “The adjustment of the wholesale price is meant to cushion against the significant increases... 

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... 

Eskom evaluating bids for mortgage business

By: Reuters     15th December 2018 Cash-strapped power utility Eskom is evaluating bids for its finance company that specialises in mortgage lending to employees, its spokesman said on Friday. State-run Eskom is scrambling to keep the lights on in Africa's most advanced economy and has been implementing frequent controlled power... 

Ministers work around the clock to strengthen global climate deal

By: Reuters     14th December 2018 Ministers are working around the clock to complete and strengthen the rules for making a landmark agreement to combat climate change operational, with one day of talks remaining. Delegates from nearly 200 nations are on a self-imposed deadline to produce a "rule book" to flesh out details of... 

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