Southern Africa








Fossil Fuels

Environment

Environment

BRICS leaders condemn Gaza attacks and Iran attacks; urge global reforms

Leaders of BRICS, a group of developing countries, condemned the attacks on Gaza and Iran on Sunday. They also called for reforms to global institutions. The bloc was portrayed as a safe haven for multilateral diplomatic efforts amid violent conflicts and wars. The expansion of BRICS is a response to the divisions in the G7 and G20 group of major economies and the "America First" policy of U.S. president Donald Trump. Brazil's Luiz Inacio Lula Da Silva, in his opening remarks at the Rio de Janeiro summit, drew an analogy with the Cold War Non-Aligned Movement. This was a grouping...

Climate Change

South Africa's leading banks pass the first climate stress test, but data gaps are identified

The six South African systematically important banks that are deemed to be the most significant passed the first climate-risk stress tests of the central bank. However, the exercise revealed some modelling shortcomings as the institutions had not fully incorporated climate-risk indicators in their frameworks. Losses on the long-term could be hidden by gaps. The central bank releases a bi-annual review of the financial system every two years. The latest edition of the review was released on Friday. Six banks, Absa Capitec FirstRand Investec Nedbank Standard Bank of South Africa Standard Bank of South Africa used the climate-scenario models from the...

Environment

Mamelodi Sundowns wins the opening match to top Group F at Club World Cup

Mamelodi Sundowns, the South African champions, won their first game at the Club World Cup Tuesday. Striker Iqraam Raymonds scored the only goal as they defeated South Korea's UlsanHD 1-0. After Borussia Dortmund was held to a 0-0 draw by Fluminense in the morning, this result placed this month's African Champions League runner-up at the top of Group F. Esperance from Tunisia also lost their first match to Flamengo, while Egypt's Al Ahly had drawn in the opening round. Rayners scored nine minutes before the halftime break at the Inter & Co Stadium, in a match which was delayed for...

Environment

South African students combat eco-anxiety with the help of water tests

South Africa has high levels of pollution in its water Citizen water-testing spreads across country Environmental anxiety can be addressed by citizen science By Kim Harrisberg They are part a growing group of citizen scientists who collect water samples throughout the country in order to monitor pollution, and brainstorm on what can be done. Zeenat RAMDHARIE, 19, is a student of environmental science, geography, and development studies at Independent Institute of Education (IIE MSA), a private institution where the testing initiative has been launched. She said, "When more people join together to find these (environmental issues), things can be achieved."...

Climate Change

Zimbabwe issues permits to cull at least 50 elephants

Wildlife authorities in Zimbabwe said that they have issued permits for the culling of at least 50 elephants from a reserve with three times as many elephants as it can support. Zimbabwe Parks and Wildlife Management Authority stated in a press release that the Save Valley Conservancy, in southern Zimbabwe, is home to approximately 2,550 elephants. However, it only has "carrying capacities" for 800 elephants. In the last five years, the conservancy has already relocated 200 elephants from its reserve to another reserve to control elephant numbers. The meat from the cull is distributed to the locals for consumption, and...

Energy Markets

African Development Bank launches carbon credit support facility

Senior bank officials announced on Thursday that the African Development Bank would launch a carbon market support facility to help unlock financing for a region that is increasingly affected by climate-change related droughts and hurricanes. Africa's largest multilateral lender said that the Africa Carbon Support Facility will be divided into two components. The first component helps governments create policies and regulations for carbon trading. The second component focuses on increasing the supply and demand of credits, as well as improving the market infrastructure necessary to increase their usage. Anthony Nyong said at the AfDB annual meeting that "we envision a...

Pollution

South Africa calls on a balanced and affordable energy transition

Officials in South Africa stepped up their calls on Tuesday for a more balanced approach to the energy transition, arguing that environmental protection and economic development must work together rather than be in opposition. Gwede Mntashe, Minister of Mineral and Energy Resources at the Africa CEO Forum held in Abidjan, said: "We must allow integration between the two." "We can't kill the economy in order to save ecology." Mantashe emphasized what he called an imbalance in global climate responsibility, noting that Africa contributed the least greenhouse gases globally but faces disproportionate pressures to decarbonize. "We have a tax on carbon,...

Climate Change

BRICS nations discuss a shared response to Trump's trade policies

Foreign Ministers of BRICS Group of Developing Nations met on Monday, to discuss a common defense of the global trading system and coordinate their response to President Donald Trump's barrage of new duties. The group, which was formed by Brazil and Russia but has recently been expanded to include China, South Africa, India and South Africa, is expected to issue a joint statement in Rio de Janeiro criticizing the "unilateral trade measures" of this group. Brazilian Ambassador Mauricio lyrio stated that the ministers were negotiating a statement to reaffirm multilateral trade agreements as the primary axis for action in the...

Pollution

South Africa grants Eskom coal plants limited emissions exemptions

The environment minister announced on Monday that South African coal-fired electricity stations had received some exemptions from the air quality laws, and regulations aimed at reducing harmful emissions. However, he stressed that these measures were not a "blanket respite". The government struggles to find a balance between the calls to reduce carbon emissions and to stop them and the need to supply electricity to Africa's largest economy which is stagnant due to power outages. Eskom, the power utility that generates South Africa's majority of electricity from its fleet of coal-fired plants, applied to exempt 8 of these plants from air...

Environment

Paladin Energy's production forecast withdrawal has resulted in a nearly 2-year-low for the uranium miner.

The shares of Australia's Paladin Energy fell on Wednesday, reaching their lowest level in almost two years. This was after the company retracted its production forecasts for fiscal 2025 citing operational disruptions at its flagship Namibian mine. According to the company, the temporary operational stop at Langer Heinrich Mine was due to a "rainfall event that occurs once every fifty years." The ASX-listed miner's shares fell 9.1% in early trading to A$5.81. This is their lowest level since May 2023, and they are the worst performing stock on the benchmark index. Paladin stated that the weather conditions in Namibia caused...

Environment

Shares of Australia's Paladin Energy fall after heavy rains stop uranium mine in Namibia

Paladin Energy, an Australian uranium company, announced on Friday that it temporarily suspended operations at its Langer Heinrich Mine due to heavy rains in Namibia. This sent its shares to a record low of over a week. Paladin stated that the severe weather has caused access to the mine to be severely restricted and all activities suspended. The Langer Heinrich Mine, which is owned by 75% of the company, is an important contributor to its production. As of 2339 GMT the shares of Australia's largest pure-play uranium mining company fell by as much as 8,9%, reaching their lowest level since...

Climate Change

Bloomberg reports that the US has delayed a $2.6 billion climate financing package for South Africa.

Bloomberg News reported Thursday that the United States has delayed the payment of $2.6 billion to South Africa in climate finance, raising fears the funds may be completely withheld. This is according to people familiar with this situation. The report said that earlier this month, U.S. officials prevented the World Bank's Climate Investment Funds from approving the disbursement of $500 million to South Africa. The report stated that the funding would unlock $2.1 billion in additional financing from multilateral banks, other financial sources, and could be approved at the CIF meetings scheduled for June. CIF is a multilateral fund that...

Mining

Mining

South Africa's currency and stock prices fall as lower commodity costs weigh

Investors focused on precious metals prices, which have fallen after U.S. president Trump's latest threats. Trump announced on Tuesday that he would impose 50% tariffs on imports of copper, in an effort to increase U.S. production. Copper is a critical metal for electric vehicles, military equipment, power grids, and many consumer products. At 1218 GMT the rand was trading at 17.8250 per dollar, down 0.2% from Tuesday's closing price. South Africa, a major producer and exporter of precious metals, and minerals, is closely watching developments in Washington, as will investors in other currencies linked to commodities. The prices of gold,...

Mining

Sources say that gold mining companies in Ghana and Ivory Coast are resisting tax increases.

Sources in the industry say that gold miners in Ghana and Ivory Coast refuse to pay higher taxes this year because they feel it violates their licence agreements. West African countries have taken advantage of the soaring gold price to raise mining taxes, and generate additional revenue in order to close budget deficits. The six sources in the industry said that mining companies in the area have mostly complied with the rules, except in Ghana and Ivory Coast. Ghana is Africa's largest gold producer and Ivory Coast is Africa's seventh biggest. Sources say that mining companies have agreed to negotiate...

Mining

CFO of Chile's Codelco says the company will focus on public-private partnership to boost production and finances.

Alejandro Sanhueza, CFO of Chile's Codelco (the world's biggest copper producer), said that the company will increase its public-private partnership efforts in order to improve its finances and develop new projects, as part of efforts to boost production. The energy transition is driving a global demand for copper and Lithium. This has led to a skyrocketing of the market at a moment when Codelco struggles to increase production after it hit quart-decade lows in 2023. The CFO's comments, which are the strongest yet, show that the state-run firm will focus on private funding to boost growth. Sanhueza stated that public-private...

Mineral Resources

Coal

Coal

Peabody may exit Anglo American's assets deal over damaged coal mine

Peabody Energy announced on Monday that if it is not satisfied with the resolution of issues surrounding Anglo American's Moranbah North Mine, then they may terminate their pending agreement to purchase some Australian steelmaking coal assets from this British mining company. Peabody shares rose over 4% at the opening of trading. An underground fire at Anglo American’s Moranbah North Coal Mine, located in Queensland, Australia's Bowen Basin, has caused the suspension of production. The assets agreement signed by the two companies last year includes the mine. Peabody has informed Anglo American that it has sent a Material Adverse Change notice...

Coal

Anglo American reports lower copper output in the first quarter

Anglo American, a global miner, reported on Thursday a 15% drop in its production of copper for the first three months of the year. However, the company left the yearly forecast unchanged. The London-listed company said that copper production dropped to 169,000 tons in the first quarter of this year. It attributed the drop in production in Chile. The copper production in 2025 is expected to range between 690,000 - 750,000 tonnes. As the world shifts to cleaner energy sources, it is expected that metals will be used more for electric vehicles and renewable facilities. Prices for industrial metals have...

Coal

G20 Finance Chiefs' Meetings marred by absences and disputes

Some finance ministers did not attend a Group of 20 meeting in South Africa, while other high-ranking officials cut short their trips to the event marred by disagreements over climate change, debt, and inequality. It has never been easy to agree on a statement for a group that includes China and Russia, as well as the European Union, the United States, and other countries. The differences between the countries are more pronounced than ever before, and some of the finance ministers did not attend because they were preoccupied with their domestic politics. The finance ministers of many of G20's largest...

Power Markets

South Africa suffers the worst power outages in history as a result of faulty generation units

Eskom, South Africa's power utility, has restored six power units after the highest level of controlled power cut early on Sunday. This was after several failures occurred at Majuba and Camden Power Stations over the weekend. Eskom cut power to the grid by 3,000 megawatts on Saturday. "Of the ten units we lost over night, we have returned essentially six units," Dan Marokane said to reporters on Sunday. He said that five to six units would be expected to come online during the day to add to the 3,200MW recovered over night. He said that Eskom will consider reducing its...

Coal

Anglo CEO focuses on value while working on De Beers spinoff

Anglo American CEO Duncan Wanblad stated on Monday that the company is working hard to maximize its value in case a new M&A bidder comes along. He also expects significant progress on a much-anticipated spin-off of De Beers' diamond business this year. Anglo American, a London-listed company, rejected a hostile bid of $49 billion from BHP in May. BHP was focusing on Anglo’s copper assets. Anglo has since streamlined its operations by selling coal assets and agreeing on the separation of its platinum business. It still needs to find partners for the UK fertiliser project, which requires massive amounts of...

Coal

South Africa's mining market reports most affordable variety of deaths last year

South Africa's mining market reported 42 deaths last year, the lowest number to date and a 24% improvement on the previous year, official stats showed on Thursday. The stats did not include deaths from prohibited mining. Mines Minister Gwede Mantashe repeated the government's. position that unlawful mining is a criminal activity and not part. of his department's remit. Recently the bodies of 78 miners were pulled from an. unlawful gold mine after a heavily-criticised authorities operation. lasting numerous months that attempted to require them to the surface. Of the deaths caught in last year's official stats,. 11 were in the...

Power Markets

South Africa's Eskom reports $3 billion loss on transmission system split

South African utility Eskom on Thursday reported a higher fullyear loss of 55.0 billion rand ($ 3 billion) since of a oneoff charge linked to the separation of its transmission system, but it anticipated a. revenue for the fiscal year ending March 2025. State-owned Eskom is being split into three business that. will individually manage electrical energy generation, transmission and. circulation, as part of a reform plan revealed by President. Cyril Ramaphosa in 2019 to make the energy more efficient. The business made a loss after tax of 26.1 billion rand in. the year to the end of March 2023....

Coal

South African coal miner Exxaro suspends CEO, opens governance probe

South African coal miner Exxaro Resources stated on Wednesday its board had actually placed CEO Nombasa Tsengwa on preventive suspension pending an independent probe into allegations related to work environment conduct and governance practice. The Board takes any such allegations and resultant examinations very seriously but makes no presumption as to its conclusion. The company will be assisted by the result of examination before taking the proper action, if any, Exxaro stated in a declaration. Tsengwa was not instantly readily available for remark. Exxaro said that the inquiry will be performed by law office ENS, including that the business's long-time...

Coal

FTSE indexes stabilise after sell-off on Trump tariff threats

The UK's FTSE 100 index edged higher on Wednesday as investors evaluated the fallout of U.S. Presidentelect Donald Trump's tariff dangers, while reducing federal government bond yields supported interest ratesensitive real estate and property stocks. The blue-chip FTSE 100 and the midcap FTSE 250 both increased 0.2%, stabilising after the prior day's. sell-off on Trump's threat of large tariffs on a few of its secret. trading partners. Housebuilders and real estate. stocks climbed 0.9% and 1.5%, respectively, as UK government. bond yields was up to their least expensive considering that Finance Minister Rachel. Reeves announced her first budget on Oct....

Coal

South Africa's revised carbon tax to be harsher however with more offsets, Treasury says

South Africa's revised carbon tax intends to balance the rival demands of climate activists and polluters by lowering taxfree allowances while letting business make greater use of offsets, the Treasury's. acting tax chief said on Friday. The modifications, to come into effect in 2026, will help South. Africa satisfy environment commitments however provide 'hard-to-abate' sectors. more versatility, said Chris Axelson, Performing Head of Tax and. Financial Sector Policy at the Treasury. South Africa is one of the world's top 15 greenhouse gas. emitters and the only nation in Africa with a carbon tax. It definitely is a change to the...

Coal

Botswana's brand-new president intends to finalise De Beers diamond sales pact soon

Botswana's new president Duma Boko stated on Friday he wanted to conclude talks for a new sales pact with worldwide diamonds mining giant De Beers as quickly as possible. The relationship with De Beers might have been harmed by the way the settlements were dealt with, President Boko stated in a. telecasted declaration from Gaborone, Botswana's capital. The. initially thing that needs to be done is to engage the other party. De Beers, a system of Anglo American, in 2015 concurred. a new diamond sales pact, which will see the government's share. of diamonds from the Debswana joint venture gradually...

Coal

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

International miner Anglo American on Thursday published doubledigit falls in its thirdquarter copper and diamond production however preserved its 2024 guidance for the commodities. Anglo stated its copper output fell 13% in the July to September quarter, while rough diamond production decreased by 25% on cuts due to prolonged lower demand. Its De Beers diamonds system is exploring alternatives for even more output cuts in future, Anglo stated. For the first 9 months of 2024, copper output fell 4% to 575,000 tons and diamond production was down 21% at 18.9 million carats. Anglo still expects to produce 730,000-790,000 tons of...