Southern Africa

SubSaharan African nations that depend upon product exports need to reform their economies to tackle irregular regional financial development, International Monetary Fund Africa Director Abebe Aemro Selassie stated. The region is expected to grow by 3.6% this year, unchanged from in 2015 and down from an April projection of 3.8%, the IMF said in its latest World Economic Outlook released today, with product economies lagging their varied equivalents. The product intensive countries are growing at about half the rate of the rest of the area, the IMF stated in the report, with oil exporters struggling one of the most in...

Mozambique's ruling party Frelimo has maintained power in this month's national election, extending its fivedecade guideline in the Southern African state as the opposition sobbed fraud. Frelimo's Daniel Chapo, 47, will prosper President Filipe Nyusi to end up being Mozambique's 5th president since its independence from Portugal in 1975. Nyusi is stepping down after serving the optimum two terms. Chapo won over 70% of votes, the electoral commission stated on Thursday. Venancio Mondlane, backed by the Podemos party, came second with 20% of votes, displacing previous rebel motion Renamo, which had been the main opposition party but whose candidate came...

Saipem will start work on deep water drilling in Namibia for Portugal's Galp Energia, the president of the Italian energy specialist said on Thursday. In early 2024 Galp performed tests at its Mopane-1X and Mopane-2X wells and estimated in April that the Mopane field could hold at least 10 billion barrels of oil following an initially phase of exploration. The find at Mopane appears to be among the largest made in the Orange Basin following effective expedition projects by TotalEnergies and Shell in recent years. The agreement granted by Galp to drill a deep-water well is the very first in...

As Russian forces grind their way towards the tactical supply hub of Pokrovsk in eastern Ukraine, they are also approaching a coking coal mine that fires the nation's essential steel market. Russian troops have actually relocated to within around 12 km of Pokrovsk, overwhelming Ukraine's extended defences with greatly exceptional numbers and equipment. Countless locals have gotten away and key road and rail links to other cities run the risk of being severed. Around 10 km west of the town centre lies a mine that produces a special kind of coal required to produce coke, an essential element in steelmaking...

The Kremlin rowed back on Tuesday from earlier remarks describing Saudi Arabia as a. member of the BRICS group of nations, and exposed the. question of whether the kingdom would be represented at a BRICS. summit in Russia next week. Saudi Arabia has been invited to sign up with BRICS however has not yet. officially done so. Last week, however, Kremlin aide Yuri Ushakov. described it as a BRICS member and stated its foreign minister. would participate in the summit in the Russian city of Kazan. Asked to clarify Saudi Arabia's status in BRICS, Kremlin. spokesman Dmitry Peskov stated: The...

Saudi Crown Prince Mohammed bin Salman is not anticipated to participate in the Russianhosted BRICS top later this month, according to the Kremlin, which said the world's biggest oil exporter would be represented by the Kingdom's foreign minister. BRICS, originally Brazil, Russia, India and China, has broadened over the last few years to consist of South Africa, Egypt, Ethiopia, Iran, United Arab Emirates and Saudi Arabia. President Vladimir Putin's foreign policy assistant, Yuri Ushakov, said that nine of the 10 BRICS member states would send their leaders, though Saudi Arabia would send its foreign minister, Prince Faisal bin Farhan Al...

European political leaders and diplomats held talks with officials and employees' unions in South Africa's coal belt on Wednesday to attempt to encourage them that switching to renewable energy from fossil fuels require not leave them destitute. The discussions in Mpumalanga province involving abundant countries moneying the energy transition aim to conquer resistance from communities fearing economic disaster. At Emalahleni, the location of coal in Zulu, union leaders were honestly sceptical at speeches recommending task losses could be balanced out by a boom in climate-friendly energy. I don't believe one conference will persuade them, Elsebeth Krone, the ambassador of Denmark,...

Anglo American anticipates to receive binding offers for its steelmaking coal properties by midNovember as it advances a strategy to reorganize the company after fighting a takeover deal from competing BHP Group , CEO Duncan Wanblad said. The London-listed miner could settle the sale of the Australian mines before completion of the year, Wanblad said at the Feet mining summit in London. The process to offer the coking coal possessions has actually passed the first round of auction, he included. So in the middle of November, we ought to be getting final binding deals, Wanblad said. Then we will begin...

South African President Cyril Ramaphosa said on Thursday that he did not think Chinese investments in Africa were pushing the continent into a financial obligation. trap but were rather part of a mutually advantageous. relationship. Ramaphosa made the remarks on the sidelines of a. China-Africa summit in Beijing, where delegates from more than. 50 African countries gathered today. I don't always buy the concept that when China. ( invests), it is with an intention of, in the end, guaranteeing that. those countries end up in a financial obligation trap or in a debt crisis,. Ramaphosa said, when asked by reporters...

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...

Environmental and Indigenous groups on Thursday submitted a lawsuit challenging the U.S. Interior Department's approval of ioneer's Rhyolite Ridge lithium mine in Nevada, the very first domestic source of the battery metal to be allowed by Democratic President Joe Biden's. administration. In a claim filed in federal court in Las Vegas, groups. consisting of the Center for Biological Variety argued the task. posed an existential threat to the unusual wildflower Tiehm's. buckwheat and could drive it to termination. They said the mine would likewise adversely effect groundwater,. springs, wetlands, air quality, cultural resources and wildlife. habitat and would change a...

South Africa's trade minister said his nation is pursuing more robust trade and financial investment ties within the continent and with China its most significant trade partner as the global trade environment ends up being progressively stuffed. Parks Tau said that while he has actually had extensive and positive engagements with leaders in the United States, and collaborative relationships with Europe, South Africa is keen to develop more trade within Africa. Trade globally, he stated, was becoming progressively complicated as the U.S. and China enforce tariffs on each other, while Europe has included carbon import taxes. There's almost an undeclared...

The U.S. Treasury Department said on Thursday it would permit some mining companies to access a tax credit aimed at improving American production of solar panels, lithiumion batteries and other clean energy components, a shift in position after industry pressure. The relocation reflects the growing awareness in Washington that efforts to fight climate modification will be moot unless the U.S. enhances its production of lithium, cobalt, and other important minerals and curbs dependence on China and other overseas rivals. Washington last December issued proposed guidelines for producers to access the so-called 45X tax credit, produced by President Joe Biden's 2022...

South Africa's rand acquired versus a weaker dollar on Thursday while regional platinum group metals (PGMs) producers' shares skyrocketed over issues about supply sanctions on top palladium producer Russia. At 1520 GMT, the rand traded at 17.6825 versus the dollar , about 0.6% stronger than its previous close. The rand is trading greater today, improved by a weaker dollar that is raising emerging market currencies, Zain Vawda, market analyst at MarketPulse by OANDA, said. The dollar index was last down about 0.2% versus a. basket of significant currencies, pausing a recent rally fuelled by. bets on a slower pace of...

The U.S. Treasury Department said on Thursday it would permit some mining companies to access a tax credit focused on boosting American production of solar panels, lithiumion batteries and other clean energy parts, a shift in position after industry pressure. The move reflects the growing realization in Washington that efforts to fight environment modification will be moot unless the U.S. improves its production of lithium, cobalt, and other important minerals and curbs reliance on China and other overseas rivals. Washington last December released proposed rules for manufacturers to access the so-called 45X tax credit, developed by President Joe Biden's 2022...

South Africa is thinking about presenting tax refunds or subsidies for customers to boost buying of electric lorries, President Cyril Ramaphosa said on Thursday, as Africa's most industrialised economy shifts its vehicle market. Global car manufacturers like Ford, Volkswagen, BMW and Toyota manufacture designs in South Africa for both the regional and European markets. Britain and the European Union collectively consume 46% of the cars the nation produces. The move towards cleaner and more sustainable fuels, plus rigid policy in key markets, is putting pressure on some global car manufacturers to shift towards electrical and hybrid models, Ramaphosa stated at...

Abu Dhabibased International Resources Holding (IRH) has signed a contract with South Africa's Public Financial investment Corporation (PICTURE) to purchase rail infrastructure and green energy tasks, the 2 entities stated on Monday. IRH is a subsidiary of International Holding Business , the United Arab Emirates' (UAE) richest business, while the state-owned picture is Africa's largest possession manager. The PIC's. 2.89 trillion rand ($ 169 billion) properties under management. consist of mining, farming, production, property and. financial services financial investments. IRH and photo would work together on South Africa's planned. replacement of its coal-dominated power generation with cleaner. sources of energy,...

South Africa's Consistency Gold expects to start producing copper from its Australian mining project by 2028, the company stated on Thursday, as it diversifies into the key decarbonisation metal. Consistency obtained the Eva Copper project in Queensland in 2022 to diversify away from gold and remains in the procedure of upgrading the task's expediency study. We want to make the final financial investment choice by the end of the (financial) year. It's a two year construct, then Eva Copper will remain in production, Consistency CEO Peter Steenkamp told Reuters in an interview. The mine is anticipated to produce as much...

Democratic Republic of Congo is searching for new purchasers of gold from its eastern areas after taking complete control of Primera Gold which had an exclusive agreement to buy and offer gold mined in the east, the business's head stated. UAE-based Primera Group recently sold its stake in Congo-based Primera Gold, which had been a joint endeavor with the government, ending a questionable plan where it had been granted sole rights to trade gold dug by small manufacturers or so-called artisanal miners in eastern Congo. Primera Gold, now wholly owned by the federal government, is eager to invite other financiers...

Gold prices increased on Thursday on expectations that the Federal Reserve might start rate of interest cuts next month, and underpinned by continuous stress in the Middle East, while a slew of U.S. economic information remained on investors' radar. Spot gold added 0.6% to $2,516.63 per ounce by 0850 GMT, not too far from a record high of $2,531.60 struck on Aug. 20. U.S. gold futures rose 0.5% to $2,550.00. The U.S. initial jobless claims and GDP data are due at 1230 GMT. The Personal Intake Expenditures (PCE) price index, the Fed's preferred step of inflation, is due on Friday....

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...

Harmony Gold, South Africa's. biggest gold manufacturer by volume, said on Monday its profit. most likely doubled in the year ended June 30, buoyed by an increase in. output of the rare-earth element, better grades and a rate rally. The Johannesburg-based miner reported preliminary heading. profits per share of $0.98 for the fiscal year, up from. $ 0.45 per share a year previously. It is due to launch its last. full-year results on Sept. 5. Harmony is amongst South Africa's couple of staying gold. miners squeezing benefit from some of the world's oldest and. deepest gold mines. It stated gold...