Southern Africa

South Africa might have no scheduled power cuts over the next 7 months if stateowned energy Eskom's unexpected electrical energy losses stay at their current level, its chief executive said on Monday. Power cuts have limited financial development in South Africa for more than a years, with interruptions on a record 335 days last year. But Eskom has not carried out power cuts in more than 150 days, considering that late March, after a big improvement in the efficiency of its fleet of generally coal-fired power stations that captured numerous analysts off-guard. CEO Dan Marokane informed an instruction on the...

South African petrochemicals business Sasol reported a 66% fall in fullyear earnings on Tuesday, mainly due to weaker chemical rates, and skipped a. last dividend. Sasol published 11.5 billion rand ($ 648.47 million) headline. earnings in the year to June 30, compared to 33.8 billion rand. throughout the very same duration last year. It did not declare a final dividend, leaving the interim 2. rand per share stated at half-year as the full-year payout for. the 2024 fiscal year. Sasol stated it altered its dividend policy, which was. formerly based upon 2.5-2.8 times core headline earnings per. share, to 30%...

South Africa will delay starting the procurement process for a new nuclear power station to permit more assessment, its energy minister said on Friday, following legal challenges. The federal government said in December that it was preparing to request bids for an additional 2,500 megawatts (MW) of nuclear power, however the then-opposition Democratic Alliance (DA) party and two non-governmental organisations released legal difficulties to attempt to obstruct the procurement. The DA is now part of the union federal government formed after the African National Congress lost its parliamentary bulk for the very first time in 3 decades in an election...

South African petrochemicals company Sasol has actually promoted Walt Bruns to primary monetary officer, it stated on Tuesday, replacing Hanre Rossouw from the start of next month. Sasol said Rossouw resigned to pursue a different career chance after 2 years with the company. He leaves on Aug. 31. Bruns, who is currently finance chief of Sasol's southern African operations, actions up at a difficult time for the company, which provided an earnings warning on Monday after weaker rates triggered heavy writedowns on the carrying worth of its chemicals and fuel assets. Sasol, which produces chemicals and artificial fuels from coal,...

Brazil's Petrobras will include a minimum of one partner in its quote for a. 40% stake in Galp Energia's Mopane oil prospect in. Namibia, 2 sources with knowledge of the matter told Reuters. Recently, Petrobras' director of exploration and. production, Sylvia dos Anjos, informed Reuters that the state-run. company had actually made a non-binding offer for a stake that would make it. operator of the Mopane block off Namibia's coast. She did not. detail just how much of the 40% Petrobras was looking for. The firm will not seek the complete 40% stake alone, the sources. said on condition of...

Sales of rough diamonds at Debswana Diamond Company fell 49.2% in the first half of 2024, according to information released by the Botswana central bank late on Wednesday, as the decline in the worldwide diamond market continued. Debswana, similarly owned by the government of Botswana and Anglo American Plc's De Beers, offers 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June last year agreed a brand-new ten-year diamond sales offer, which will see ODC's share of Debswana output rise to 30% before acquiring slowly to...

Brazil's staterun oil firm Petrobras has actually made a nonbinding offer to purchase a significant stake in Galp Energia's substantial offshore oil discovery in Namibia, Petrobras expedition and production director Sylvia dos Anjos informed on Friday. If accepted, the quote would make Petrobras the operator of the Mopane oil and gas field, which has actually an estimated 10 billion barrels of oil equivalent, Anjos said in her very first interview because taking her brand-new function last month. We are the best deepwater operators, said Anjos on the sidelines of an oil and gas conference in the northeastern state of Sergipe....

Brazil's staterun oil company Petrobras has made a nonbinding offer to purchase a major stake in Galp Energia's huge oil offshore discovery in Namibia, Petrobras Expedition and Production Director Sylvia dos Anjos told on Friday. If accepted, the quote would make Petrobras the operator of the Mopane oil and gas field, which has at least 10 billion barrels of oil comparable according to estimates, stated Anjos in her very first interview after taking over the function last month. Petrobras is seeking chances abroad due to trouble getting environmental licenses to explore new locations in Brazil, Anjos stated. The company has...

Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the Londonbased miner's strategy, just months after combating a $49 billion takeover bid from bigger rival BHP Group. Delivering first-half earnings results for the very first time after rebuffing the world's No. 1 miner, Wanblad and his team need to convince financiers that the technique to refocus on copper, iron ore and a fertilizer job is on track. While Wanblad pinned his method on getting an early start with selling Anglo's coking coal possessions in Australia, which the company said has drawn substantial...

A conflict in Namibia over access to diamondrich land around the town of Luderitz is now threatening to hinder significant energy tasks, state and business officials said as the federal government steps up efforts to solve the disagreement. Any lengthy delays may frighten financiers at an important time for Namibia, as it intends to accelerate its very first oil production following large offshore finds by TotalEnergies , Shell and Galp. At the heart of the discord are huge systems of desert land surrounding Luderitz and Elizabeth Bay, 25 kms south, that kind part of a mining licence held by Sperrgebiet...

Frank Duckworth, the pioneering statistician who cocreated the Duckworth Lewis approach embraced in cricket to revise targets in restricted overs video games truncated due to rain, died recently at the age of 84, the Royal Statistical Society (RSS) stated on Tuesday. Duckworth and Tony Lewis produced the well-known technique which was adopted by the International Cricket Council in 1999. It was commonly used in one-day internationals and later on in T20 matches. Fellows will be unfortunate to discover that Frank Duckworth passed away on 21 June 2024, at the age of 84, the RSS stated in a declaration. Frank will...

South Africa's Exxaro Resources is weighing its choices for its Australian coal joint endeavor project with Anglo American Plc following the mining giant's planned exit from the business, an executive stated on Tuesday. The South African coal miner and Anglo equally own the Moranbah South metallurgical coal task in Queensland. On May 14, Anglo revealed strategies to spin off or offer its coal, nickel, diamond and platinum companies to focus mainly on energy transition metal copper. While Exxaro is not presently evaluating any of the properties to be put up for sale by Anglo, it was examining the joint endeavor...

China's iron ore futures suffered their worst oneday cost drop for practically 2 years on Monday, however the evaporating optimism in the market has yet to show up in imports of the key raw material for making steel. Agreements on the Dalian Product Exchange ended day trading on Monday at 723.5 yuan ($ 101.83) a metric heap, 4.83% down from the previous close and the largest day-to-day loss given that Oct. 31, 2022. The weakness was mirrored by Singapore Exchange futures , which closed at $96.60 a lot, down 2.13% from the prior close and the most affordable because Aug....

Impala Platinum has actually halted spending on a new mine it was developing in South Africa after profit plunged 87% in the year to June 30, struck by low metal costs, it stated on Wednesday. The Twin Rivers project, being developed with African Rainbow Minerals at a cost of about 5.7 billion rand ($ 320 million), will be placed on care and upkeep, Impala said in its full-year results announcement. The Johannesburg-based metals manufacturer likewise said it would not pay a full-year dividend after profit plunged to 2.4 billion rand from 18.8 billion rand the previous year. Impala has likewise...

South Africa, the world's 14th greatest carbon emitter, has actually made strong dedications to environment action but is moving too gradually to wean itself off coal and present renewables to meet them, a key report said on Thursday. Africa's the majority of industrialised country has been admired for making enthusiastic pledges to cut greenhouse gas emissions - which are greater even than far richer nations like France, Britain and Italy - and for producing a detailed plan to achieve them. In spite of all the strong public assistance and policy commitments, we've got a huge inconsistency in between that and...

South Africa's Anglo American Platinum (Amplats) expects its demerger from moms and dad business Anglo American to be finished next year and is planning a secondary listing in London, its CEO stated on Monday. Amplats, which reported first half results, likewise said it had cut some 3,700 tasks to lower costs ahead of the demerger. Satisfying expense targets and the unbundling plan are vital for efforts by Anglo American CEO Duncan Wanblad to reorganize the broader group - after fending off a $49 billion takeover bid from rival mining giant BHP Group. Amplats CEO Craig Miller said the standalone service...

South Africa's President Cyril Ramaphosa cautioned other developing countries on Monday that future carbon taxes proposed by rich nations would harm their economies unless they act quickly to ditch nonrenewable fuel source in favour of green energy. Addressing a National Treasury and World Bank environment change conference in the capital Pretoria, Ramaphosa said the carbon strength of South Africa's economy, which relies heavily on burning coal to produce electrical power, was unsustainable. For decades our dependence on coal ... enabled us to produce electricity cheaply. However the world has altered and this reliance has actually come to present substantial risks,...

With South Africa's ruling party on track to get about 42% of the vote in the national election, the anger in its heartland coalmining belt offers a tip regarding why it faces its worst result ever and the possibility of sharing power with its rivals. In the township of Botleng when a source of cheap farm labour for the country's hated white minority exrulers roadways are filled with pits, power cuts regular and unemployed youths smoke low-cost heroin to ease boredom and anguish. Cars and truck wash owner Emmanuel Mthimunye, 34, says he had actually always cast his tally for...

Days after miner BHP released its takeover quote for rival Anglo American in April, the CEOs of both headed for South Africa, where a condition to divest Anglo's local platinum and iron ore possessions was triggering a political storm. More than 20% of Anglo shares are held by South African investors, and the London-listed group's existence is deemed of nationwide value in the country, where it was established in 1917 and uses more than 40,000 people. While Anglo CEO Duncan Wanblad appears to have so far succeeded in employing assistance for his new turn-around method, the journey did not work...

Mining group BHP Group on Wednesday walked away from its $49. billion plan to take control of competing Anglo American, which. declined a lastditch ask for more time, ending for now its. sixweek pursuit. BHP's aim was to secure Anglo's prized copper properties in. Latin America and increase access to a metal central to the. international shift towards clean energy and electric automobiles. However the. structure of BHP's offer, which needed Anglo to unbundle its. South African platinum and iron ore businesses, was a significant. factor for its collapse. Anglo had approved BHP a one-week extension up until 1600 GMT...

Botswana is hoping for a. quick separation of De Beers from the Anglo American Plc. group before the UKlisted diversified mining giant is exposed. to a possible hostile takeover, President Mokgweetsi Masisi stated. on Wednesday. Botswana, the world's leading diamond producer by worth, is. finalising a brand-new ten-year gem sales deal concurred last June with. De Beers. The two parties had agreed to finalise the deal by. June 28 this year, however the proposed takeover of Anglo by the BHP. Group has actually brought uncertainty to the sales contract. Anglo has actually rebuffed BHP and on Wednesday rejected the. Australian...

South Africans will vote on Wednesday with prevalent anger over power cuts, joblessness and corruption threatening to end the supremacy of the African National Congress, thirty years after Nelson Mandela led it into power. At no point considering that world media beamed renowned pictures of Black South African citizens queueing to cast tallies for the first time following the end of white-minority guideline has the ANC looked so likely to lose its parliamentary bulk. Surveys suggest the ANC's share of the vote might fall as low as 40%, compared with 57.5% in 2019, which would require the celebration into an...

BHP's. deal with to add more copper to its portfolio will be evaluated by. Anglo American investors' demands for a simpler deal. for the whole business or a money sweetener to clinch a deal that. could become the greatest in mining history. Anglo on Wednesday provided BHP, the world's greatest noted. miner, extra time to present a binding deal, after. turning down three takeover proposals which it stated undervalued the. business and would be tough to execute. The one-week window offers BHP another shot at beating. Anglo CEO Duncan Wanblad's restructuring plan by convincing. those concerned about the worth and...

BHP will persevere on the structure and value of its newest takeover proposal for Anglo American, focusing rather on easing its target's issues around execution risks over the coming week, sources stated on Thursday. The world's most significant noted mining group now has up until May 29 to make a firm bid for Anglo American or it will be required to walk away for at least 6 months under the UK's takeover rules after it was given a one-week extension on Wednesday. Two sources who have been in talks with the miner and its advisers stated they anticipate BHP management...