Category: Southern Africa
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Chamber of Mines complain about foot dragging by government over mining laws
The Chamber of Mines – that represents more than 90% of miners in South Africa the biggest mining nation on the continent – has called for the government to hurry up with amendments to the country’s mining laws and says it could go to court if it is not happy. The South Africa government has been rewriting…
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S.A:De Beers to hold diamond exploration budget steady in 2017
Anglo American’s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a…
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South African mine tries faster drilling technique to cut costs
Engineering services company Master Drilling will next month complete a diamond mine pilot project aimed at roughly doubling the drilling rate and cutting costs, as miners turn to technology to maximise output from depleted reserves. Although they have recovered from a deep downturn in 2015, miners face the challenge of rising exploration expenditure after the…
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Zimbabwe: U.S.$ Shortages Give Rise to Cash Discounts
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.…
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Botswana: Expectations From Budget Speech
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.…
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Zimbabwe introduces new bond note as cash shortages bite
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…
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S.Africa’s private sector expands at slower pace in January
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…
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Tanzania current account deficit narrows 56.6 pct in year to Nov
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,…
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S.Africa’s Sibanye mulls raising equity cash call to fund Stillwater deal
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…
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Political tensions & weak growth major risk to S.Africa rating
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…