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Condor Gold focused on resource expansion as permitting delay weighs

By: Henry Lazenby     9th December 2017 Despite permit delays, it’s been a good year for Condor Gold as it continues work on proving up a large commercial reserve on its 100%-owned La India project, in Nicaragua. Chairperson and CEO Mark Child is currently on a three-week visit to Nicaragua to smooth over relations with the government... 

DA wants probe into Deloitte over Steinhoff role

By: African News Agency      8th December 2017 South Africa's main opposition Democratic Alliance (DA) said on Friday it had requested an investigation into Deloitte, the auditors of retail group Steinhoff, after accounting irregularities were uncovered. "The resignation of Markus Jooste, Chief Executive Officer of Steinhoff International... 

India Trade Ministry is said to seek lower tax on diamond miners

By: Bloomberg     7th December 2017 India’s Trade Ministry is seeking a cut in taxes for overseas diamond miners to boost trading in the world’s largest hub for polishing the gems, people with knowledge of the matter said. The Commerce Department in a letter to the Finance Ministry has sought to scrap levies and instead... 

BBBEE Case Study – from Level 8 to Level 1

     7th December 2017 Since the New BBBEE codes have been used to assess companies on their scorecard, many are unfortunately finding themselves either non-compliant or at very low levels i.e Level 7 or 8.  This arises mainly due to limited pro-active addressing of the amended requirements within the company’s... 

eThala Biomass-To-Power Project

     7th December 2017 eThala Management Services has received a Project Preparation Grant (PPG) from the Sustainable Energy Fund for Africa (SEFA) administrated by the African Development Bank to undertake project preparation/development activities for the proposed eThala Biomass-to-Power Project to approach... 

Sarb’s attack could cost Mkhwebane her job, PP counsel argues

By: News24Wire      6th December 2017 The South African Reserve Bank’s (Sarb) personal attack on Public Protector Busisiwe Mkhwebane’s integrity could cost Mkhwebane her job, a court has heard. During the Bankorp-CIEX hearing which continued on Wednesday at the North Gauteng High Court, Mkhwebane’s legal counsel Paul Kennedy SC... 

UK new car sales on course for first annual drop since 2011

By: Reuters     5th December 2017 British new car registrations dropped 5 percent in the year to date, putting them on track for the first annual fall since 2011, hit by weaker consumer confidence and uncertainty over the future of diesel, an industry body said on Tuesday. Sales slumped 11.2 percent in November to 163,541 cars,... 

Exports could ease Eskom’s debt pressure

By: Creamer Media Reporter      1st December 2017 By Jason Mann and Victoria Barr Recent reports have highlighted the many challenges facing State-owned electricity utility Eskom, including difficulties in continuing to service its debt. 

Lynne Brown says she will not resign

By: African News Agency      30th November 2017 Public Enterprises Minister Lynne Brown on Thursday dismissed calls for her resignation, saying that South African State-owned companies were in a better position since she took over in 2014. Brown, who twice missed a session to answer questions in the National Assembly - once because she was... 

Kenya set to build coast-to-centre highway to boost Africa trade

By: Reuters     30th November 2017 Kenya on Wednesday signed a $620-million agreement to build a 530 km highway from its east coast to the centre of the country, part of a campaign to boost its role as a regional trade hub. A consortium including a unit of South Africa's Group Five and the Development Bank of Southern Africa with... 

WesBank, Haval sign finance agreement

By: Irma Venter     28th November 2017 WesBank, a division of First Rand Bank, has concluded an agreement with Haval Motors South Africa (HMSA) to provide finance products for the brand’s expanding customer base in South Africa. The Chinese vehicle manufacturer Great Wall Motors (GWM) has traded in South Africa since 2007. 

Updated price and exchange rate forecasts boost Image BFS

By: Mariaan Webb     27th November 2017 ASX-listed Image Resources has updated its bankable feasibility study (BFS) for the Boonanarring and Atlas mineral sands deposits in the Perth basin to reflect higher commodity prices and an updated exchange rate. The new inputs significantly boosted the project’s economic metrics, with pretax... 

Fitch keeps South Africa's credit ratings unchanged at BB+, stable outlook

By: Reuters     24th November 2017 Ratings firm Fitch kept both South Africa's local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. In April, Fitch downgraded South Africa's credit rating to sub-investment grade after Prsident Jacob Zuma... 

Fitch is giving South Africa a chance to address issues – National Treasury

By: African News Agency      24th November 2017 Fitch ratings agency’s decision on Thursday, to maintain South Africa’s long-term foreign and local currency debt rating at BB+ has given the country a chance to address issues in a manner that will see an upward revision in its ratings, National Treasury said. It said the reprieve could not see... 

Support Ramaphosa and we will not see a downgrade – Gordhan

By: News24Wire      24th November 2017 Former Finance Minister Pravin Gordhan on Thursday endorsed Deputy President Cyril Ramaphosa, saying he should be given a chance to implement his "New Deal" proposal. "If we support Ramaphosa I can guarantee you we will not see a downgrade," said Gordhan. 

Industry body looks to develop industry’s future leaders

By: Nadine James     24th November 2017 The yearlong Business of Consulting Engineering (BCE) management development programme – offered by industry body Consulting Engineers South Africa (Cesa) –  is aimed at producing future leaders of the consulting engineering industry, says Cesa CEO Chris Campbell. He notes that, within the... 

Africa specialist punts local presence as key to capitalising as infrastructure spend set to boom

By: Megan van Wyngaardt     23rd November 2017 Through innovation in the energy sphere, Africa is slowly starting to overcome historical blockages that have prevented the continent from achieving economic growth and creating sustainable jobs, according to energy consultancy Africa House director Duncan Bonnett. Speaking at a PowerGen and... 

Britain to hike levy on most polluting diesel cars

By: Reuters     22nd November 2017 Britain will increase the amount of taxation paid by those driving diesel cars that do not meet more stringent emissions standards, finance minister Philip Hammond said on Wednesday. Vehicle Excise Duty (VED) is paid by British drivers with one rate applying in the first year dependent on... 

Tsotsi drops Myeni/Zuma meeting bombshell at Eskom Inquiry

By: News24Wire      22nd November 2017 Former Eskom chairperson Zola Tsotsi has dropped a bombshell at the Eskom Inquiry, saying that former South African Airways chairperson Dudu Myeni had called him to request his availability to meet President Jacob Zuma in Durban. According to Tsotsi, he was met by Myeni on March 7, 2015 at the... 

Dawn’s turnaround plan starts to yield results

By: Anine Kilian     20th November 2017 Despite tough economic conditions in South Africa, JSE-listed Distribution & Warehousing Network (Dawn) narrowed its loss by 71% to R105-million for the six months to September 30, compared with a loss of R367-million in the first half of the prior financial year. Dawn CEO Edwin Hewitt commented... 

The sooner Guptas leave SA, the better – Gordhan

By: News24Wire      20th November 2017 Former finance minister Pravin Gordhan has said the sooner the Guptas get out of South Africa, the better for the country. He was speaking at the Congress of Business and Economics dinner on Saturday, where they were paying tribute to heroes who have created a legacy that will benefit South Africa. 

Galantas highlights need to secure sufficient funding

By: Megan van Wyngaardt     17th November 2017 Following disappointing results for the third quarter ended September 30, dual-listed miner Galantas Gold Corporation on Friday said its future viability depended on the consolidated results of its wholly-owned subsidiary Cavanacaw Corporation, which holds 100% in Galantas’ Omagh Minerals and... 

African models boost construction development

By: Marleny Arnoldi     17th November 2017 Owing to various African countries’ having secured sovereign funding for construction projects that are being planned or in the process of implementation, these countries have the potential to promote rapid gross domestic product (GDP) growth, says consultancy firm WSP.  

Outlook for vehicle market hinges on political landscape – bank

By: Irma Venter     17th November 2017 It is impossible to accurately forecast where the new-vehicle market will end the year, or what the 2018 market will look like, says Standard Bank Vehicle and Asset Finance (VAF) group head Simphiwe Nghona. “Everything hinges on the political landscape. Anything can happen in the last quarter.... 

South African van market continues to underperform

By: Irma Venter     17th November 2017 The total South African new van market currently ranges between 19 000 and 20 000 units a year, estimates Mercedes-Benz Vans Southern Africa VP Nadia Trimmel. “Historically, the market used to be between 22 000 and 23 000 units, but this year we do not expect it to break 20 000. The general... 

McKinsey not sure who to refund for Eskom fiasco, partner tells parliamentary probe

By: African News Agency      15th November 2017 Global consultancy firm McKinsey stood ready to repay the money it earned from a flawed Eskom deal but did not know where to direct the R1-billion refund, senior partner Dave Fine told the parliamentary inquiry into allegations of state capture at the power utility. “McKinsey does not want... 

Trade conditions remain constrained in October

By: Natasha Odendaal     15th November 2017 The latest South Africa Chamber of Commerce and Industry (Sacci) Trade Conditions Survey shows that trade conditions remain constrained, with the October Trade Activity Index (TAI) still in negative territory at 46. The survey recorded a two-point month-on-month decline and a five-point... 

South Africa graft watchdog must meet court deadline – SARB

By: Reuters     14th November 2017 South Africa's anti-graft watchdog must meet a high court deadline in a case about the central bank's mandate to avoid creating market instability, the bank said on Monday. Market stability is politically sensitive in South Africa because ratings agencies downgraded the country's debt in April... 

Scotgold raises £2.65m in rights issue, details future funding plans

By: Mariaan Webb     13th November 2017 Aim-listed Scotgold on Monday announced it would raise £2.65-million in a rights issue to start development work at its Cononish gold and silver project, near the Loch Lomond and Trossachs National Park in Scotland. Chairperson Nat le Roux has fully underwritten a nonrenounceable rights offer of... 

As Mozambique marks historic Cahora Bassa transfer, attention shifts to big capex plan

By: Terence Creamer     13th November 2017 Hidroelectrica Cahora Bassa (HCB), the Mozambique concession company which operates the Cahora Bassa dam and the 2 075 MW hydropower plant, is poised to move into a period of sustained investment, having settled all debt associated with the 2007 transfer of ownership of the scheme from Portugal... 

Mokonyane appoints new TCTA chairperson

By: Creamer Media Reporter      10th November 2017 Water and Sanitation Minister Nomvula Mokonyane has appointed Zodwa Manase chairperson of the Trans-Caledon Tunnel Authority (TCTA). She succeeds Monhla Hlahla, who stepped down at the end of October. 

Chaarat CFO designate to lead project finance process

By: Mariaan Webb     10th November 2017 Kyrgyzstan-focused Chaarat Gold has appointed former Amara Mining finance director Pete Gardner its CFO designate to lead the financing process for the construction of the Tulkubash heap-leach project. Announcing the appointment on Friday, the Aim-listed company said that the financing process... 

Surviving on $3/oz has Lonmin in race against time

By: Bloomberg     9th November 2017 Every day, Lonmin sends thousands of miners hundreds of meters below ground, where they use drills, diggers and explosives to extract about 40 000 metric tons of rock laden with precious metals. The ore is milled, crushed, concentrated, smelted and refined in a month-long process that eventually... 

Why has no-one been punished yet for State capture, asks Gordhan

By: News24Wire      9th November 2017 One of the questions to be asked about the exposure of State capture in South Africa – on the political as well as business front - is why no one has been punished yet, former finance minister Pravin Gordhan said on Thursday. “Lots of names have been exposed and I think Jacques Pauw’s book [The... 

A FIRST for renewable energy funding

     9th November 2017 Rand Merchant Bank (RMB) together with KfW Development Bank (KfW) recently closed FIRST (the Facility for Investment in Renewable Small Transactions), a fund originally structured to enable the funding of small renewable energy projects. 

Zanaga iron-ore project granted environmental permit

By: Creamer Media Reporter      8th November 2017 The Ministry of Environment of the Republic of Congo (RoC) has granted Aim-listed Zanaga Iron Ore Company (ZIOC) an environmental permit for its Zanaga project. The permit covers the project's first phase of development, which is expected to produce 12-million tonnes of iron-ore. 

Gordhan says new South African Revenue Service probe may be case of obfuscation

By: African News Agency      8th November 2017 Former finance minister Pravin Gordhan on Tuesday said the inquiry into tax collection and governance at the South African Revenue Service (Sars) announced by his successor Malusi Gigaba risked obfuscating rather than resolving problems at the entity. “It could be a case of delaying dealing with... 

Zuma agrees to set up Sars inquiry – Gigaba

By: News24Wire      7th November 2017 Finance Minister Malusi Gigaba has asked President Jacob Zuma to set up an urgent judicial inquiry into tax administration and governance at the South African Revenue Services (Sars) Gigaba, speaking after a media briefing about plans for South African Airways on Tuesday, said Zuma had agreed to... 

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