Southern Africa

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...

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,...

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...

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...

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...

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...

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...

The BRICS' ambitions to play a more prominent role in climate change, following the success of the United Nations' nature talks last month, will depend on how well the countries can overcome their fractious political differences and deep-seated disagreements about money. Brazil, Russia India China and South Africa – collectively known as BRICS – are well placed to influence the outcome of high-profile conferences this year. A dozen sources said that they established their credentials when they proposed a draft document which ensured agreement during the COP16 discussions in Rome in February. This could have unlocked billions of dollars for...

A South African government agency that is influential recommended Thursday that the country phase out its coal-fired energy stations. It published a study over ten years which showed people who lived near these power plants were 6% more susceptible to dying than those living elsewhere. South African officials, as well as citizens, are arguing over how quickly the country should implement a programme partly funded by donors to move away from coal and towards solar and wind power. The fossil fuel is responsible for three-quarters of the country's power, and 90,000 jobs are supported by it. The South African Medical...

Sources in several key countries participating said that the United States was withdrawing from Just Energy Transition Partnership. This is a collaboration among richer nations to assist developing countries to transition from coal energy to cleaner alternatives. The JETP was unveiled for the first time at the U.N. Climate Talks in Glasgow, Scotland, in 2021. South Africa, Indonesia and Vietnam were announced as the recipients of grants, loans and financial guarantees to help them move away from coal. Joanne Yawitch is the head of the Just Energy Transition Project Management Unit for South Africa. She said that on Wednesday, the...

The South African host of a meeting of central bankers and finance ministers from the Group of 20 failed to produce a communique. Instead, he issued a "chair summary" reiterating his commitment to resisting protectionism. The G20 summit in Cape Town this week was overshadowed due to the absence of key finance chiefs, and the cuts made by major economies such as the United States and Britain. The meeting was held in the backdrop of increasing geopolitical tensions, including the Ukraine conflict, trade and climate change. In the summary, it was stated that members "reiterated their commitment to resist protectionism"...

South Africa will take the G20 presidency in 2018, and President Cyril Ramaphosa has said that efforts to assist developing countries to finance their transition to a low carbon economy would be a priority, even though the United States is reducing its support. The administration of President Donald Trump, whose officials skipped the two Group of 20 meetings held in South Africa last week and this week, has reduced overseas aid programs, raising fears of a possible clean energy funding shortage. Ramaphosa, speaking at the G20 meeting of finance ministers and central banks in Cape Town on Wednesday, said that...

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...

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...

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...

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...

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...

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...

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....

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...

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....

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...

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...

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...