Category: Southern Africa
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South Africa:Gem Diamonds says costs could rise on damaged Lesotho power lines
Gem Diamonds Ltd said it might need to reassess its full-year guidance for operating costs and ore tonnes treated after extreme weather conditions in Lesotho damaged power lines. The company, which mines diamonds from the Letseng mine in Lesotho and the Ghaghoo mine in Botswana, said it did not expect carats recovered to be materially…
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Robben Island Experience tells the African story better
The official partner for Citi FM’s Robben Island Experience, the South African Airways (SAA), has described the tour as a unique opportunity to tell the African story at a time that the African history is attracting global audience. The Country Manager of South African Airways, Gloria Wilkinson believes patrons of the Robben Island Experience will…
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Zambia: Glencore lifts suspension of output at copper mine- trade union
Glencore’s Zambian Mopani Copper Mines unit has lifted its suspension of production at an underground mine that followed the death of three miners in an accident, a labour union official said on Saturday. “The suspension of output across all Mopani Copper Mines operations was lifted at midnight after all employees involved in production were briefed…
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Mozambique: Eni reaches deal with Exxon on gas project-sources
Italian oil firm Eni has wrapped up long-running talks to sell a multi-billion dollar stake in its planned Mozambique liquefied natural gas (LNG) development to Exxon Mobil, two sources with knowledge of the matter said. “The deal is done but won’t be announced for several months at Exxon’s request,” one of the sources said. Eni…
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South Africa’s business confidence rises to 96.0 in July
South Africa’s business confidence index rose to 96.0 points in July from 95.1 in June, lifted by a firmer rand and improvements in export volumes and retails sales, a South African Chamber of Commerce and Industry (SACCI) survey showed on Monday. “South Africa experienced stronger merchandise export trade in June and July 2016, while the…
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South Africa’s net reserves rise to $40.901 billion in July
South Africa’s net gold and foreign exchange reserves rose to $40.901 billion in July from $40.826 billion in June, Reserve Bank data showed on Monday. Gross reserves fell to $46.157 billion from $46.366 billion, the central bank said. The forward position, which represents the central bank’s unsettled or swap transactions, edged up to $1.723 billion…
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Delta Air Lines grounds flights
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Delta Air Lines said early Monday that all of its departing flights have been grounded by a global computer system outage. “Our systems are down everywhere,” it tweeted in response to disgruntled customers. Delta (DAL), the world’s second largest airline, said the problem is a power outage at its Atlanta hub, starting at about 2:30 a.m.…
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South Africa’s MTN pegs H1 loss on Nigeria fine
South African mobile phone operator MTN Group flagged a half-year loss on Thursday, blaming a hefty fine in Nigeria and underperformance at home. MTN said on June 10 it had agreed to pay a heavily reduced fine of 330 billion naira ($1.2 billion), or a third of the initial penalty, in a settlement with Nigeria…
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South Africa: Former Durban Attorney Convicted of Stealing R575 000 Trust Funds
Former Durban attorney, Ian Stokes, who fled South Africa in 2000, was convicted of stealing more than R575 000 trust funds in the Pietermaritzburg High Court on Thursday. His marathon trial took place in the Durban High Court and was moved to Pietermaritzburg for judgment and sentencing. Stokes abandoned his Umhlanga practice in September 2000…
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Zimbabwe: ZSE Revenue Down 23 Percent Over Six Months
Zimbabwe Stock Exchange revenue for the six months to July 2016 fell 23 percent to $14 million on the back of a significant fall in volumes traded. Statistics from ZSE also show that the volume of shares that were traded retreaded by 36 percent to 56,52 million shares during the period in review.Trade was concentrated…