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Emerging Africa Infrastructure Fund commits $200m in loans to fragile States

By: African News Agency      Updated 17 minutes ago The Emerging Africa Infrastructure Fund (EAIF), suppliers of debt finance to private sector infrastructure projects in sub-Saharan Africa, said on Tuesday that it had ended 2017 on a high note with $200-million in loan commitments to fragile states. EAIF, a company of the Private Infrastructure... 

Eskom board called on to prove utility not trading recklessly

By: Terence Creamer     19th February 2018 The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be... 

Australian Mines signs offtake deal with Korea's SK Innovation

By: Reuters     19th February 2018 Battery and technology metals developer Australian Mines said on Monday it signed a deal with Korea's SK Innovation to supply cobalt sulphate and nickel sulphate from its flagship Sconi project. The commodity off-take agreement, which is for an initial period of seven years, is for SK... 

Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

By: News24Wire      16th February 2018 Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend. The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts... 

Fortescue's Aboriginal programme hits A$2bn mark

By: Simone Liedtke     16th February 2018 Iron-ore major Fortescue Minerals' 'billion opportunities programme' has reached the A$2-billion-mark, with 250 contracts and sub-contracts having been awarded to 110 Aboriginal businesses and joint ventures in the seven years since its inception. CEO Nev Power said on Friday that the programme... 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 Gobal equity markets have been extremely volatile in recent weeks, extending a frantic sell-off of US stocks, which culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Initiative changing development narrative in townships, rural economies

     16th February 2018 A three-year partnership between tyre manufacturing company Sumitomo Rubber South Africa’s (SA’s) iconic tyre brand, Dunlop, and development finance agency Ithala Development Finance Corporation’s Small Business Growth Enterprise division will see a minimum of 25 containerised tyre fitment... 

Melbourne metro tunnel, Australia

By: Sheila Barradas     16th February 2018 The Melbourne Metro Rail Authority is increasing the capacity of the Melbourne public transport network to keep pace with the needs of a constantly growing population. 

Zambia's President Lungu appoints new finance, mining ministers

By: Reuters     15th February 2018 Zambian President Edgar Lungu appointed new finance and mining ministers in a reshuffle on Wednesday that included changes in numerous other departments as well. Margaret Mwanakatwe was appointed finance minister while Richard Musukwa was named minister of mining, the government said in a... 

PwC forecasts 'pain' for the public amid prospects of tax hikes

By: Megan van Wyngaardt     14th February 2018 The nature of fiscal revenues and expenditure in the 2018/19 fiscal year so far indicate that the fiscal deficit will likely expand to R250-billion, unless prudent spending cuts are implemented, financial services firm PwC warned on Wednesday. As such, South Africans can potentially expect the... 

Trade conditions remain strong – Sacci

By: Dylan Slater     13th February 2018 With general business confidence at its highest level in two-and-a-half years, trade expectations have maintained an improved level going into this year, the South Africa Chamber of Commerce and Industry (Sacci) said on Tuesday.  

New CEO must position Eskom for ‘evolving energy markets and technologies’

By: Terence Creamer     12th February 2018 The newspaper advertisement calling for applications for the positions of CEO and CFO at State-owned power utility Eskom includes definite signs of the reforms that the newly appointed board is aiming to implement at the beleaguered organisation. The advertisement calls on appropriately qualified... 

Cameco appoints new chairperson

By: Henry Lazenby     9th February 2018 Canada's largest uranium producer Cameco has announced that board member Ian Bruce will succeed Neil McMillan as chairperson of the board immediately following the annual general meeting scheduled to be held on May 16. McMillan is retiring from the board after five years as chairperson, and 16... 

Bacanora appoints CFO and new board member

By: Creamer Media Reporter      6th February 2018 London- and Canada-listed lithium company Bacanora Minerals has appointed former Gemfields finance chief Janet Boyce as its CFO with immediate effect. Boyce is replacing Derek Batorowski, who is stepping down to pursue other business interests. Batarowski will continue to serve as Bacanora... 

Gordhan lashes out at Denel as it begs for R3bn lifeline

By: African News Agency      6th February 2018 State arms manufacturer Denel on Tuesday pleaded for an equity injection as it briefed MPs on its results for the past year, but former finance minister Pravin Gordhan flatly countered that the company's dire financials were linked to its dealings with the Gupta family believed to have corrupted... 

Removing the transformation deadlock in the mining industry

     5th February 2018 "We cannot solve our problems with the same thinking we used when we created them." Einstein By Henk de Hoop, Business Development Director Resources at Rand Merchant Bank 

KfW, RMB create specialised debt fund vehicle for small-scale renewables projects

By: Anine Kilian     2nd February 2018 German government-owned KfW Development Bank and Rand Merchant Bank (RMB) on Thursday signed an agreement that establishes South Africa’s first specialised debt fund vehicle for small-scale renewables projects. Known as The Facility for Investment in Renewable Small Transactions (First), this... 

Streaming, royalty agreements novel alternative funding structures for coal juniors

By: Mia Breytenbach     2nd February 2018 Streaming and royalty agreements are novel financing structures that are useful in medium-risk environments, says legal services provider Strata Legal director Brandon Irsigler. Speaking at the IHS Markit South African Coal Export Conference, in Cape Town, on Friday, he highlighted royalty and... 

Montana claims he fought off a bid to change the PRASA board

By: African News Agency      31st January 2018 Former Passenger Rail Agency of South Africa (PRASA) CEO Lucky Montana on Tuesday told the parliamentary inquiry into Eskom that he resisted a political attempt to impose a new board at the entity that would be favourable to the Gupta brothers and help them secure contracts in a locomotive tender... 

SBI announces new board, focuses on SME research

By: Natasha Odendaal     30th January 2018 As the Small Business Institute (SBI) reconstitutes its board of directors after adopting a new memorandum of incorporation, a new approach, centred on small and medium-sized enterprise (SME) research, is set to be adopted. The new board members, led by chairperson Bernard Swanepoel, will each be... 

Brown says boards of State-owned enterprises must shape up 

By: African News Agency      30th January 2018 Embattled Public Enterprises Minister Lynne Brown on Tuesday told MPs she expected the boards of South Africa's corruption-stricken, cash-strapped parastatals to perform or be replaced. "The message to the boards of all SOCs is that they must shape up or ship out. If they are unable to instill... 

As global economy hums, Davos turns bullish on commodities

By: Bloomberg     27th January 2018 The last two editions of the World Economic Forum were somber affairs for oil industry chieftains and commodities tycoons. The consensus in Davos was that oil was going to stay low, OPEC would fail to lift prices, and the mining industry faced a difficult time. Roll forward to 2018 and there’s... 

Cliffs delivers second consecutive year of +25% Ebitda growth

By: Henry Lazenby     25th January 2018 US iron-ore company Cleveland-Cliffs has delivered on promises to aggressively drive up growth in its earnings before interest, tax, depreciation and amortisation (Ebitda) metric, reporting growth greater than 25% for the second consecutive year. Based in Cleveland, Ohio, the company reported... 

Gigaba warns country will feel pain of tough budget

By: Reuters     25th January 2018 South Africa's budget has involved making tough decisions to stabilise the country's debt and the country will feel some pain as a result, its finance minister said on Wednesday. The South African economy, Africa's second largest and most industrialised, has slowed to a near standstill. 

WEF launches global centre to combat threat of cybersecurity

By: African News Agency      24th January 2018 The World Economic Forum (WEF) on Wednesday announced a new Global Centre for Cyber-security to try and help build a safe and secure global cyberspace and to minimise the threat of a "digital dark age". In a statement, the WEF said the centre will be based in Geneva, Switzerland, and will... 

Former Eskom CFO Singh accused of lying and stonewalling at inquiry

By: African News Agency      24th January 2018 Former Eskom chief financial officer Anoj Singh was accused of lying about who paid for his travels to Dubai and ducking questions about suspect transactions he approved in his testimony before the parliamentary inquiry into the power utility on Tuesday. After more than four hours of questions... 

Communications department needs R6.6bn to complete digital migration by 2019 deadline

By: News24Wire      24th January 2018 The department of communications needs another R6.6-billion to successfully complete the implementation of the broadcasting digital migration policy before the worldwide June 2019 deadline. Communications Minister Mmamoloko Kubayi-Ngubane and acting director-general Thabiso Thiti appeared before... 

Justice department to release terms of reference for State capture inquiry, not Presidency – spokesperson

By: News24Wire      24th January 2018 The Department of Justice, and not the Presidency, will release the terms of reference for the much-awaited commission of inquiry into State capture, the Presidency said on Tuesday. However, the Presidency did not say when, but stated it would be "soon". 

Chilean president-elect names Larrain as finance minister again

By: Reuters     23rd January 2018 Chile's conservative President-elect Sebastian Pinera on Tuesday named a former finance minister in the top copper exporter, Felipe Larrain, to fill the same spot again in his new cabinet. Pinera, a billionaire businessman who won the presidency last month, governed the country from 2010 to 2014,... 

Deputy Chief Justice Zondo to hold briefing on State capture inquiry

By: News24Wire      23rd January 2018 Deputy Chief Justice Raymond Zondo is expected to reveal further details of the commission of inquiry into allegations of State capture at a briefing in Midrand on Tuesday as the State takes steps against some of the people implicated in the claims. On January 9 this year President Jacob Zuma... 

Suspended Eskom CFO resigns

By: African News Agency      23rd January 2018 Suspended Eskom chief financial officer (CFO), Anoj Singh, resigned on Monday, South Africa's power utility said. "Eskom has today [on Monday] received, through Mr Anoj Singh’s attorneys, a formal letter of resignation by Mr Singh from his position as the Chief Financial Officer, in line with the... 

Industry confident Eskom board changes will help save utility

By: Megan van Wyngaardt     22nd January 2018 The appointment of a new Eskom board with “credibility, business acumen and experience” has given South African businesses hope that the embattled State-owned entity (SOE) can be salvaged, with a number of organisations lauding Deputy President Cyril Ramaphosa for taking a step in the right... 

Wesbank to provide financing for Haval Motors customers

By: Irma Venter     19th January 2018 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. 

Gigaba must refuse De Lille's drought levy proposal – Western Cape ANC

By: News24Wire      17th January 2018 The African National Congress (ANC) in the Western Cape wants Finance Minister Malusi Gigaba to refuse embattled Cape Town Mayor Patricia De Lille's bid to replace R1.6-billion in lost revenue through a drought levy, given the allegations of corruption swirling around the council. "They are using... 

S African households' net wealth up in third quarter of 2017 – report

By: African News Agency      17th January 2018 The real value of South African households’ net wealth increased on a year-on-year basis in the third quarter of 2017 after six consecutive quarters of decline, a report showed on Wednesday. Real net household wealth grew by an estimated 2.5 percent in Q3 2017, compared with the same period in... 

New indaba seeks to clear logistics, infrastructure challenges

By: Megan van Wyngaardt     16th January 2018 The Cross-Border Mining Services Africa Indaba, which aims to bring senior-level professionals from mining companies, as well as mining contractors; engineering, procurement and construction management companies; logistics companies; third- and fourth-party logistics providers; and finance and... 

At Mining Indaba 2018, Caterpillar presents broad range of machines, technology and services to support African mining

     15th January 2018 Caterpillar will present its unmatched range of innovative technologies and services at Mining Indaba, February 5-8 in Cape Town, South Africa. With a focus on optimizing operations, whether surface or underground, large or small, Caterpillar and Cat® dealers are dedicated to working with mining... 

Solar steam powers homes – and new jobs – in South Africa

By: Reuters     12th January 2018 South Africa may still get most of its energy from coal, but in the country’s sunny Northern Cape province, a different electricity source is taking hold: solar steam. A Spanish renewable energy company has opened three thermal solar plants – which use the sun’s heat to create electricity - in... 

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