Southern Africa

Anglo American declined BHP's 31.1 billion pound ($ 39 billion). takeover deal on Friday, stating it considerably undervalued. the miner and its future prospects. BHP, which has until May 22 to make a binding bid, is. anticipated to sweeten its 25.08 pound per share deal to attempt to. clinch an offer that would create the world's biggest miner of. copper, a metal main to the tidy energy shift. reported on Thursday, mentioning two sources, that. Anglo's management did rule out the proposal appealing. We would require to see more money on the table before we offered. our shares, said Todd...

London's FTSE100 hit a record high on Tuesday, raising hopes that Britain's stock market may lastly be getting rid of years of underperformance as investors look for deals and UK development picks up. Months after rival indexes throughout the world started chalking up records, Britain's benchmark stock index touched a new peak of 8,076.52, surpassing its previous high from February 2023. The new peak brings this year's gains for the FTSE 100 to 4%. - still behind the 6% increase in the pan-European STOXX 600. , as well as France's CAC 40 and Germany's DAX. , which are up 7.5%...

Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an expedition block offshore Namibia where it has actually made a significant oil discovery, three industry sources knowledgeable about the matter informed . Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, appears to be one of the largest in the basin which might assist kickstart the southern African country's oil market even as federal governments around the world look for to minimize nonrenewable fuel source consumption. Galp has an 80% stake in Petroleum Expedition...

Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an exploration block offshore Namibia where it has actually made a major oil discovery, 3 market sources acquainted with the matter informed . The block consists of the Mopane field that Galp quotes holds a minimum of 10 billion barrels of oil and gas equivalent after completing the first phase of expedition. Galp is seeking to offer a 40% stake in the block, stated the sources who might not be named since they are not authorized to talk to the media. Galp decreased to...

Portuguese oil company Galp Energia stated on Sunday it had concluded the very first phase of expedition in the Mopane field off the coast of Namibia and estimated it might have at least 10 billion barrels of oil. Galp stated it conducted screening operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it stated significant light oil columns were discovered in top quality tank sands. The Mopane field lies in the Orange Basin, along the coast of the southern African nation, where Shell and France's TotalEnergies have made...

International Resources Holding (IRH), an unit of Abu Dhabi's International Holding Company, stated it intends to bid for a stake in Lubambe Copper Mine in Zambia. IRH, which recently purchased a 51% stake in Zambia's Mopani Copper Mines, informed the deal had unlocked more chances to take advantage of Africa's second biggest copper manufacturer. A system of Abu Dhabi's many valuable business, IRH is thinking about purchasing an 80% stake in Lubambe held by EMR Capital, even after Chinese company JCHX Mining accepted buy the stake, reported on March 22, pointing out sources. IRH's dedication (at Mopani), has opened doors...

The Southern African Power Pool (SAPP) and investment consultants Environment Fund Managers on Tuesday introduced a brand-new $1.3 billion target fund to build highvoltage transmission lines connecting nations in the region. The Regional Transmission Facilities Funding Facility ( RTIFF) begins with $20 million in commitments from SAPP, and aims for a first close of $500 million in 2025 in a quote to overcome a crucial challenge constraining development in a progressing energy sector Finance will be raised from public and economic sector. financiers in your area and worldwide, a joint declaration stated. Despite an abundance of energy sources in Africa,...

Anglo American Platinum (Amplats) has actually not gotten offers for any of its South African properties, the mining business's chief executive said on Wednesday, following speculation over the possible sale of its highercost operations. Parent business Anglo American triggered speculation in February when CEO Duncan Wanblad said absolutely nothing is off the table after announcing that the group was carrying out an evaluation of its assets. That followed a plunge in revenues and writedowns in its diamond and nickel companies. Amplats CEO Craig Miller told that the miner had not brought in interest in its Amandelbult complex or its mothballed...

The proposed Africa Energy Bank, which will focus investment in oil and gas projects across the continent, is set to begin operations later this year with an initial $5 billion licensed capital base, a senior authorities said on Wednesday. The bank, a partnership between Afreximbank and the African Petroleum Producers Company (APPO), is implied to help plug a. moneying gap in Africa amid pressure on significant banks from. ecological groups to move financial investment dollars away from. climate-warming oil and gas tasks. Africa must set up its own funding ability so that. we can still develop this tactical sector, that...

Ithaca Energy has actually been provided a fourweek exclusivity duration by Italy's Eni, to make an offer for UK expedition and production properties that might broaden its output enormously, the Londonlisted business stated on Wednesday. Purchasing those properties, consisting of those of Eni's just recently obtained Neptune Energy, could include a further 40,000-45,000. barrels of oil equivalent per day (boe/d) to Ithaca's output,. taking the total to more than 100,000 boe/d. In return, Ithaca would issue brand-new shares to Eni, which will. end up being a major investor by holding some 38% to 39% of the. enlarged share capital of...

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Friday: ** Investment fund Phoenix won the privatization auction for a managing stake in Brazilian power generator EMAE with an offer of 70.65 reais per share, a premium of 33.68% over the minimum bid. ** U.S. investment company KKR's proposed buyout of Telecom Italia's (TIM) fixed-line gain access to network will be chosen by EU antitrust regulators by May 30, according to a. European Commission filing. ** Hedge fund supervisor Butler Hall Capital said on Friday it. is advising Vanda Pharmaceuticals to form an independent. special committee...

The OPEC+ oil producers group, having actually lost Angola and other players in the last few years, is considering Namibia for possible membership as it sets up what could be Africa's fourthlargest output by the next decade, an African industry official and sources informed . TotalEnergies and Shell in recent years have actually made discoveries estimated at 2.6 billion barrels, setting the stage for the southern African country to strategy production from about 2030. The preliminary focus for OPEC+ would be to see Namibia join its Charter of Cooperation, the sources stated, a grouping that takes part in longer-term discussion...

BHP Group is considering making an improved offer for Anglo American after its $ 39 billion initial proposal was rejected by the Londonlisted miner, a source familiar with the matter informed . BHP remains in discussions on a revised quote for Anglo American to be made in coming weeks, the source said. The considerations are ongoing and the group has not yet decided on the size and structure of the brand-new proposition, the source included. BHP stated it does not discuss what it called rumour and speculation, while Anglo American did not immediately respond to a ask for comment. Anglo...

Anglo American's management does rule out a proposed $39 billion takeover offer from BHP Group as appealing, two sources told , as some investors and experts dismissed it as opportunistic. BHP on Thursday used Anglo's investors 25.08 pounds ($ 31.39) per share, or $38.8 billion, a premium of 31% to the market close on Wednesday. It would take over Anglo after a. spin-off of two assets. Speaking on condition of anonymity because the matter is. personal, one of the sources said the offer did not resolve the. intricacies of demerging the Anglo American Platinum. and Kumba Iron Ore companies in...

Kumba Iron Ore on Tuesday reported a 10% fall in first quarter sales due to port devices challenges, as South Africa's logistical issues continue to throttle product exports. The Anglo American Plc system has actually currently curtailed production to match the decreased capacity of state-owned rail and port operator Transnet, which is fighting equipment scarcities, cable theft and vandalism of its facilities. In an upgrade, Kumba stated its sales declined to 8.5 million metric loads in the three months to March 31, from 9.5 million heaps during the exact same duration of 2023. This was generally due to the unreliability...

China and India lifted imports of seaborne thermal coal to threemonth highs in March as the world's 2 most significant buyers capitalized of lower worldwide costs of the fuel to fulfill strong domestic power need. China, the world's biggest coal producer and importer, saw arrivals of seaborne thermal coal of 29.7 million metric tons in March, according to information put together by product analysts Kpler. This was up from 23.03 million loads in February and was higher than the 28.62 million in March 2023. For the very first quarter, China's seaborne imports of the grade of coal utilized primarily to...

BHP President Mike Henry said that Anglo American investors need to think about the merits of his company's quote for its smaller sized Londonlisted competitor, looking for to attract assistance for a proposal that has actually been declined twice. The CEO of the world's biggest noted mining group informed investors at a metals and mining conference in Miami that Anglo investors must make a determination on the benefits of a. mix of the 2 business and which group they think has a. much better performance history of executing projects and delivering returns. to financiers. Anglo CEO Duncan Wanblad on Tuesday...

South Africans will vote in a national election on May 29 with an extraordinary sense of uncertainty about the result, as surveys suggest the African National Congress will lose its bulk after 30 years in power. With coalition federal government looking like a possibility for the first time because completion of apartheid, a dizzying range of 70 parties from Marxists to social democrats to complimentary marketeers are competing for voters' attention in the recentlies of campaigning. The following are the key issues that matter to voters who will choose a new National Assembly that will then select the next president....

It's time for a truth examine about decarbonising Asia's large and growing steel sector. Minimizing the carbon footprint is possible, but just in phases, and over a far longer than perfect period, and only if rewards to do so are readily available. Steel is the greatest commercial factor to worldwide carbon emissions, accounting for around 8% of the world's overall, making efforts to decarbonise the sector essential to meeting net-zero ambitions. Asia's iron ore and steel industry gathered this week in Singapore and delivered both motivating and disconcerting news about efforts to decarbonise steel production. The good news is that...

South Africa's hold-up in taking coalfired power stations offline will just damage its If the plants continue, dedication to netzero emissions by 2050 to burn well into the 2030s, the head of its donorfunded green energy strategy said on Tuesday. Authorities admitted privately in November that South Africa will miss its binding 2030 carbon emissions targets under the Paris environment contract, as Africa's many industrialised country will run 8 coal-fired power plants for longer than planned. Nations all over the world, including Canada, Britain and Germany have actually postponed or watered down energy shift strategies. South Africa is the 15th...

Debswana Diamond Company's. sales of rough diamonds fell 25.1% in 2023, information launched by. Botswana's reserve bank late on Thursday showed, as an economic. downturn hit need for luxury items in the U.S. and China and. competitors from labgrown gems increased. Debswana, equally owned by Botswana and Anglo American Plc's. De Beers, sells 75% of its output to De Beers with the. balance taken up by state-owned Okavango Diamond Business (ODC). The central bank stated Debswana sold diamonds worth $3.44. billion in 2023 from $4.59 billion signed up in 2022, a year in. which the joint venture made record sales....

Dan Marokane has to do with to tackle the hardest job in South Africa: getting the lights back on. As CEO of state power energy Eskom, he takes on an organisation hindered by alleged coal theft and sabotage, which deals with technical and monetary crises. He will be dealing with a government shareholder that has actually a. conflicted vision for the nation's future energy mix and is. having a hard time to move on a significant overhaul of its. electrical energy supply market. As South Africa heads for national elections in May, turning. Eskom around and fixing a persistent power...

Harmony Gold, South Africa's biggest gold miner by volume, says it will pay a. record interim dividend after a jump in output of the precious. metal and revenues in the 6 months through December. The Johannesburg-based gold miner on Wednesday declared an. interim payment of 147 rand cents per share, increasing returns. to financiers as higher gold cost, enhanced mine grades and. greater output assisted to lower expenses and enhanced revenues by 35%. Harmony stated its net profit in the first-half rose 220% to. nearly 6 billion rand. Harmony is amongst South Africa's few staying gold miners. squeezing make money...

Anglo American will examine its assets after a 94% plunge in annual earnings and writedowns at its diamond and nickel operations, the business stated on Thursday. The miner announced a $1.6 billion problems charge on its De Beers diamond organization owing to failing demand and a $500. million problems on its Barro Alto nickel mine as costs are. hit by slowing demand from the electrical vehicle sector. We are now in a process of systematically going through all. of our possessions in an evaluation just to assess their role in the. portfolio, their success in the portfolio, and definitely. nothing...