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S.A:De Beers to hold diamond exploration budget steady in 2017

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Anglo American’s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a widening gap between expenditure and ...

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South African mine tries faster drilling technique to cut costs

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Engineering services company Master Drilling will next month complete a diamond mine pilot project aimed at roughly doubling the drilling rate and cutting costs, as miners turn to technology to maximise output from depleted reserves. Although they have recovered from a deep downturn in 2015, miners face the challenge of rising exploration expenditure after the easiest resources have been extracted. ...

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Zimbabwe: U.S.$ Shortages Give Rise to Cash Discounts

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ZIMBABWE’s cash-selling practice is evolving with a growth in cash premiums and discounts offered for goods and services as companies struggle to raise foreign currency to import raw materials. Cash premium is the markup on top of the amount of cash that is transferred in a transaction through the Real Time Gross Settlement (RTGS) system. The increase in cash discounts ...

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Botswana: Expectations From Budget Speech

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With the Minister of Finance and Economic Development, Mr. Kenneth Matambo, set to deliver the 2017/18 budget speech this afternoon, different constituents of society are expected to listen attentively to find out what the budget has in store for them. The annual speech outlines how funds from the treasury are allocated according to different sectors. Some organisations have explained what ...

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Zimbabwe introduces new bond note as cash shortages bite

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Zimbabwe has started circulating a $5 “bond note”, the central bank said on Friday, as President Robert Mugabe’s government struggles with a cash crunch that has forced people to spend hours at banks queuing for money. The southern African nation introduced a $2 note and $1 coin last November to ease the cash shortages. Despite warnings that it could eventually ...

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S.Africa’s private sector expands at slower pace in January

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Activity in South Africa’s private sector remained in growth territory in January but dipped from December as demand for exports sank, a survey showed on Friday. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit edged down to 51.3 from 51.6, remaining above the 50 mark dividing expansion from contraction for a fifth consecutive month. “January’s expansion in economic ...

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Tanzania current account deficit narrows 56.6 pct in year to Nov

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Tanzania’s current account deficit narrowed 56.6 percent in the year to November, helped by a surge in earnings from tourism and gold exports and a decline in imports, its central bank said on Thursday. The gap narrowed to $1.95 billion in the 12 months to November from $4.49 billion in the same period in 2015, the Bank of Tanzania said ...

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S.Africa’s Sibanye mulls raising equity cash call to fund Stillwater deal

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South Africa’s Sibanye Gold Ltd said it is considering tapping shareholders for up to $1.3 billion to partly fund a $2.2 billion takeover of Stillwater Mining Co, the only U.S. miner of platinum and palladium. Sibanye had initially penciled in a minimum of $750 million in rights issue but said on Friday it reconsidered after some shareholders expressed concerns about ...

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Political tensions & weak growth major risk to S.Africa rating

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Political tensions and weak economic growth in South Africa are the biggest challenge to its sovereign credit rating, Moody’s said on Wednesday. “Political tensions impeded key structural reforms such as comprehensive reforms of state-owned enterprises which are yet to take place and hampered growth, another key credit challenge,” said Moody’s, which rates South Africa two notches above junk status with ...

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Another increase in personal income rate for S.A?

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The Minister of Finance, Pravin Gordhan, announced in the 2016 Medium Term Budget Policy Statement that the tax revenue is projected to fall short by R23billion. So, how will this deficit be made up? A portion will most likely be collected from the Special Voluntary Disclosure Programme currently in place until August 2017. The new way of taxing loans to ...

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