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Mozambique to set up independent fund to invest mineral sales income

By: Reuters     22nd August 2017 Mozambique's government plans to set up a sovereign investment fund where taxes paid on sales of the country's minerals will be used to finance development projects, State-run AIM news agency said on Monday quoting the finance minister. Minister of Economy and Finance Adriano Maleiane said the... 

Zambia restores full power supply to First Quantum mines

By: Reuters     21st August 2017 Zambia has restored full electricity supply to the mines of First Quantum Minerals, the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week in a dispute over new, higher prices. Zambia's state power company reduced electricity supply to two First... 

RMB wins African Banker Investment Bank of the Year award

     18th August 2017 Rand Merchant Bank (RMB) won the Investment Bank of the Year award for the fifth year running in the African Banker Awards 2017. The award is made by the African Banker magazine to the most innovative investment bank operating in Africa. RMB received the accolade at an award ceremony on 23rd May... 

Firms joining forces to raise $500m for mining projects, particularly in Africa

By: Ilan Solomons     18th August 2017 Mining investment advisory company MX Mining Capital Advisors and law firm Norton Rose Fulbright South Africa are collaborating to assist in raising about $500-million in finance for mining projects worldwide and for Africa based ones in particularly. MX Mining is focused on raising capital and... 

Joburg Council Chamber’s innovative design receives recognition

By: David Oliveira     18th August 2017 The City of Johannesburg’s (CoJ’s) Council Chamber, which is managed by the CoJ’s property portfolio company Joburg Property Company (JPC), has been awarded the Public Services Development award by the Africa & Arabia Property Awards. The JPC will officially receive the award at a ceremony at the... 

South Africa supplying critical medical radioisotope to 50 countries

By: Keith Campbell     18th August 2017 South African nuclear company NTP Radioisotopes (NTP), a subsidiary of the State-owned South African Nuclear Energy Corporation (better known as Necsa), has increased its production of, and its share in the global market for, the Molybdenum-99 (Mo-99) radioisotope, the company announced recently.... 

Govt denies rumours of 'super presidency' taking over budget process

By: News24Wire      17th August 2017 Communications Minister Ayanda Dlodlo on Wednesday downplayed suggestions that government wants to create a so-called super presidency by having a hand in budgetary processes. During a media briefing following the Cabinet meeting, Dlodlo said Cabinet approved the mandate paper for the 2018 Budget. 

Cybersecurity must be foundation for digital economy, but skills deficit problematic – BMI-T

By: Schalk Burger     17th August 2017 Information technology (IT) security incidents, such as ransomware attacks carried out this year, occasion a large, but reactionary, response from companies and industries; however, this typically happens only after significant damage has been done. “IT security can no longer be an afterthought... 

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

Financing infrastructure development in Africa becomes easier with PPPs

     16th August 2017 Despite the perception that Africa is poor, the continent is rich with opportunity and there is enough private sector money to partner with governments and state institutions on the continent to speed up the roll-out of infrastructure and build programmes. There is greater scope for Africa’s... 

Bisie boxcut nears completion, first tin concentrates in 2019

By: Ilan Solomons     15th August 2017 Tin exploration and development company Alphamin Resources is nearing completion of the boxcut at its 9 900 t/y Bisie tin project, in North Kivu, in the Democratic Republic of Congo (DRC). Alphamin CEO Boris Kamstra tells Mining Weekly Online that local earthworks contractor Kongo River, which is... 

Rand edges up before Moody's rating decision

By: Reuters     11th August 2017 South Africa's rand strengthened on Friday as escalating geopolitical tension between the United States and North Korea drove up demand for safe-haven assets like gold and platinum, lifting the currencies of commodity exporters. At 0640 GMT, the rand was 0.11% firmer at 13.4450 per dollar... 

Think-tank hands over title deeds to residents of Western Cape town  

By: Ilan Solomons     11th August 2017 Think tank the Free Market Foundation’s (FMF’s) Khaya Lam land reform project last month handed over the latest batch of title deeds to residents in the town of Grabouw, in the Western Cape, thereby taking the project’s total title deed handover tally to 1 360. Khaya Lam project manager Perry... 

Omnia acquires Umongo to strengthen its chemical business

     10th August 2017 Chemical services business Omnia Group’s acquisition of a 90% stake in Umongo Petroleum, effective from 1st March this year, will create new opportunities for Omnia’s chemical business by broadening its current offering and strengthening its sub-Saharan Africa strategy. 

City of Joburg to host open days to resolve billing crisis

By: Natasha Odendaal     8th August 2017 The City of Johannesburg (CoJ) is embarking on a series of highly concentrated “billing open days” over the next few months to resolve lingering billing issues, reduce the backlog of incorrect accounts and enable ratepayer interaction with frontline staff and senior management. The open days will... 

Zuma is said to consider dropping Minister Zwane if he wins vote

By: Bloomberg     8th August 2017 South African President Jacob Zuma is considering making changes to his Cabinet if he survives a motion of no confidence in Parliament, according to two officials of the ruling African National Congress who have knowledge of the matter. Minerals Resources Minister Mosebenzi Zwane, Energy Minister... 

No-confidence vote signals 'High Noon' for South Africa's Zuma

By: Reuters     8th August 2017 Protesters blocked roads with burning tyres and rocks on Tuesday in a show of opposition to President Jacob Zuma hours before the South African parliament was due to vote on a no-confidence motion which could force him to step down. Newspaper headlines reflected the high stakes at play -- "JZ's... 

City of Johannesburg finances in a healthy state, says finance MMC Dagada

By: African News Agency      7th August 2017 The City of Johannesburg has refuted allegations made by the African National Congress in Johannesburg on Sunday about the city’s financial position. “The comments are nothing more than the ANC’s attempt at reviving [former mayor] Parks Tau’s political career from the ashes,” mayoral committee... 

Gunvor offers Equatorial Guinea funding help in bid for LNG

By: Reuters     4th August 2017 Gunvor has offered to help Equatorial Guinea with financing as the Swiss commodity trader looks to edge out rivals bidding for supply from Africa's first deepwater floating liquefied natural gas (FLNG) plant. Gunvor, Vitol and Royal Dutch Shell have been shortlisted for an LNG off-take deal from... 

Volvo Trucks testing self-steering solution in sugar cane industry

By: Irma Venter     4th August 2017 Volvo Trucks is testing a self-steering truck for use in the sugar cane industry. This follows autonomous refuse collection trials in Gothenburg, Sweden, as well as self-steering vehicle tests at the Kristineberg mine, in northern Sweden.   Volvo Trucks believes its newest self-steering truck can... 

Shanta CEO retires as company adapts to regulatory changes in Tanzania

By: Creamer Media Reporter      3rd August 2017 Following recent changes to the regulatory, operating and fiscal environment in Tanzania, Aim-listed Shanta Gold has decided to refocus its strategy on cost control and shareholder returns. In line with the new strategy, Toby Bradbury will retire as CEO and will be succeeded by CFO Eric Zurrin... 

Minister lauds court ruling invalidating two PRASA contracts worth millions of rand

By: African News Agency      2nd August 2017 Transport Minister Joe Maswanganyi on Wednesday said he “welcomes” the Pretoria High Court judgment ruling two contracts entered into by Passenger Rail Agency of South Africa (PRASA) with Fenton Gastin, its CFO, were invalid. The first contract that was found to be invalid was the one entered... 

Reserve Bank governor warns of deeper recession

By: African News Agency      1st August 2017 South African Reserve Bank governor Lesetja Kganyago warned on Tuesday that the country’s economic recession could deepen unless there was policy certainty on mining and agriculture, the two sectors that contributed to growth in the first quarter. “At the moment these two sectors are facing... 

South Africans can no longer be 'free riders' of democracy – Gordhan

By: News24Wire      1st August 2017 South African citizens can no longer be "free riders" of democracy and need to actively work to secure State institutions, former finance minister Pravin Gordhan said on Monday evening. He urged South Africans to either become whistleblowers or "find different forms of resistance". "In today’s... 

Agriculture a significant growth area for Africa

By: Anine Kilian     31st July 2017 Agriculture is the largest economic growth sector for Africa, New Partnership for Africa's Development business foundation CEO Lynette Chen said at the Southern African Development Community (SADC) Industrialisation Week on Monday. She pointed out that less than 10% of arable land in Africa was... 

Manufacturing key to Africa’s economic transformation

By: Anine Kilian     31st July 2017 Manufacturing will drive Africa’s transformation, African Export-Import Bank intra-African finance trade manager Gerald Nsomba said on Monday. Addressing delegates from across the Southern African Development Community (SADC) at the SADC Industrialisation Week, in Johannesburg, he pointed out... 

Premier African Minerals secures new funding

By: Natasha Odendaal     31st July 2017 Aim-listed Premier African Minerals on Monday announced a series of funding agreements that will allow the multicommodity mining and natural resources development company to increase its stake in Ethiopia-based Circum Minerals and fast-track exploration efforts at its wholly-owned Zulu lithium... 

Gigaba says worried about influence of Gupta family 

By: Reuters     28th July 2017 South African Finance Minister Malusi Gigaba said on Friday he was worried about the influence of a wealthy family accused of using its friendship with President Jacob Zuma to secure contracts with state-owned companies. Gigaba's unusually strong comments came the day after power utility Eskom... 

Freight of components can be tracked  

By: Victor Moolman     28th July 2017 To help control import costs and combat the volatile rand, import and working capital specialists Investec Import Solutions’ online client portal BlueLink, offers a complete end-to-end view of your entire import transaction on one platform from order placement through to delivery. 

Local company to supply wheel assemblies for new BMW X3  

By: Victor Moolman     28th July 2017 Wheel assembly solution provider Wheel Assemblers will supply tyre and rim assemblies for the new X3 (G01) model from German vehicle manufacturer BMW South Africa (SA) to be built in Rosslyn, Pretoria. 

Southwest Calgary ring road project, Canada

By: Sheila Barradas     28th July 2017 The project entails the construction and maintenance of a ring road between Highway 8 and Macleod Trail SE in Alberta. 

Junior makes board changes as it pursues European cobalt market

By: Creamer Media Reporter      26th July 2017 Australian junior Riedel Resources has made two key board appointments, which the company says will help drive its new direction of securing and developing cobalt and tech-energy metals opportunities in European lithium-ion markets. The ASX-listed firm appointed former Alcoa Europe projects... 

South Africa’s ‘accelerating’ SOE-guarantee exposure a risk to debt sustainability

By: Terence Creamer     24th July 2017 Rising contingent liabilities in State-owned enterprises (SOEs), together with the recent ratings downgrades pose the main risks to South Africa’s debt sustainability, the Organisation for Economic Cooperation and Development (OECD) cautions in its fifth and latest economic survey of the country.... 

SA to probe data costs as a hindrance to small business – Gigaba

By: African News Agency      24th July 2017 Finance Minister Malusi Gigaba on Monday said the South African government wanted to probe the cost of data and its limitations to doing business in the country, particularly for small and medium-sized enterprises. “We believe that further reforms in the telecommunications sector would be... 

May unveils British initiatives aimed at reducing Africa’s reliance on aid

By: Keith Campbell     21st July 2017 British Prime Minister Theresa May used the recent G20 Summit in Hamburg, Germany, to announce a series of new British initiatives intended to reduce the reliance of African countries on aid and increase their long-term stability and prosperity. This was in line with a theme for the summit... 

Africa, Asia still lagging in Internet, electrification, banking access

By: Natasha Odendaal     19th July 2017 With a worldwide focus on connecting the last four-billion of the world’s unconnected population to the Internet, a push to ensure the last 1.2-billion people have access to electricity and unlocking the world of finance to the world’s 2.5-billion unbanked, there is a need to start thinking... 

Africa’s energy funding costs, capital access, risk profile under the spotlight

By: Natasha Odendaal     18th July 2017 Aligning power generation and distribution projects with the host country and government’s mandate is a step forward in attracting more internal and external financing to develop comprehensive energy and power infrastructure. This is one of the messages emerging from this year’s PowerGen Africa... 

Civil society unites to combat State capture  

By: Sane Dhlamini     18th July 2017 Representatives from over 130 civil society organisations gathered on Tuesday at the Conference for the Future of South Africa, in Johannesburg, to publicly unite South Africa against corruption, State capture and the abuse of power by President Jacob Zuma’s government. The conference, organised... 

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