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Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

China’s top coal firms lean into power as mining profit slips

8th November 2024 China’s top coal producers are accelerating a move into power generation as fuel prices drop and electrification takes center stage in China’s low-carbon transition. Profits this year at miners such as China Shenhua Energy Co., the country’s biggest producer, and China Coal Energy Co., have come... →

AFD sees others adding to $432m South Africa climate loan

8th November 2024 The head of France’s state development bank expects other development finance institutions to add to a €400-million ($432-million) climate loan for South Africa that partners will likely sign within days. The funds are part of a $9.3 billion climate-finance pact agreed between South Africa and... →

Deputy Finance Minister David Masondo

Kelp Blue Plans to issue Africa’s first corporate blue bond

8th November 2024 Kelp Blue plans to issue Africa’s first corporate blue bond next year to expand its giant kelp forests along Namibia’s coast. The De Beers-backed startup will list the first $20-million tranche of a four-year program, in which it seeks to raise as much as N$3-billion, on the country’s stock... →

Cummins targets doubling of its Africa revenue by 2030

8th November 2024 Cummins aims to double its revenue from Africa by the end of the decade as the US engine and power generator maker capitalizes on demand to provide 300 million people on the continent with electricity. The growing gap between demand and supply for power will spur orders for the company’s product,... →

China’s commodities imports resilient as markets eye stimulus

7th November 2024 Chinese raw materials imports mostly rose year-on-year in October, according to customs data released Thursday, as demand remained resilient despite a slowing economy. The government’s measures to stimulate growth should keep commodities purchases relatively firm in coming months as traders... →

Albemarle loses more than $1bn on falling lithium prices

7th November 2024 Albemarle, the world's largest lithium producer, said on Thursday it lost more than $1 billion in the third quarter and that it would slash its capital budget amid a 71% drop in prices for the electric vehicle battery metal. The results underscore the supply glut engulfing the entire lithium... →

South Africa is working on unique digital identity, instant visa

6th November 2024 South Africa plans to create unique identities for its citizens and issue instant visas as it digitizes its economy. The South African Revenue Service, the central bank and the Department of Home Affairs are working toward a unique digital identity, the tax authority’s boss Edward Kieswetter said... →

Photo by Creamer Media's Donna Slater
Sars Commissioner Edward Kieswetter

World’s biggest cobalt miner is gloomy on the EV metal’s future

6th November 2024 The world’s No. 1 cobalt miner is sounding the alarm over the shrinking role of the metal in electric vehicle batteries. Chinese company CMOC Group, which has been churning out cobalt much faster than rivals like Glencore Plc, said the importance of the raw material in the energy transition is... →

Photo by Bloomberg
The Mutanda mine in the DRC

South Africa on the clock as rand volatility soars post-budget

5th November 2024 Investors are giving South Africa’s coalition government some leeway to get its finances in order, but the rising cost of hedging against rand declines shows pressure is building after last week’s disappointing budget update. On October 30, when Finance Minister Enoch Godongwana presented his... →

Copper extends gains on signs Chinese economy in recovery mode

5th November 2024 Copper rose for a third day on positive Chinese economic data and hopes Beijing will unveil more economic support measures. The industrial metal has rallied more than 2% since the close on Thursday. China’s services activity expanded last month at the fastest pace since July, following... →

Gold steady as market holds breath before tight US election

5th November 2024 Gold was steady as the market braced for a tight US election, and a Federal Reserve rate decision later in the week. Uncertainty around the presidential vote on Tuesday has aided bullion in the last few weeks. A victory for Donald Trump could push the precious metal up further, given he’s... →

Zambia stake-boosting mining plan won’t touch existing projects

4th November 2024 Zambia’s plans to take bigger stakes in some mining projects won’t impact existing operations in the country, including exploration activities, according to a senior government official. The mines ministry in August unveiled a new strategy that would see a state-owned company control at least 30%... →

Fuel price to rise for first time in six months

4th November 2024 South African fuel prices will increase for the first time in six months as rising international oil prices offset the impact of a stronger rand. The retail cost of 95-octane petrol in Gauteng, the country’s economic hub, will advance 1.2% to R21.30 per litre from November 6, South Africa’s... →

Goldman more upbeat on South Africa than its Finance Minister

4th November 2024 Goldman Sachs believes South Africa is unlikely to suffer the large revenue shortfall projected by its finance minister and that the nation’s path for fiscal consolidation remains credible. Finance Minister Enoch Godongwana painted a bleaker-than-expected picture when he delivered a medium-term... →

Finance Minister Enoch Godongwana

Copper and other metals rise as dollar falls before US vote

4th November 2024 Copper, aluminum and other base metals rose as the dollar weakened ahead of the US Presidential election day on Tuesday. A gauge of the US currency dropped as investors walked back bets on Donald Trump being the favorite in the vote, with the latest polls showing the race remains too close to... →

ARM companies deny breach, see no merit in claims

4th November 2024 South African billionaire Patrice Motsepe and his associate companies are being sued for $195-million in Tanzania, with one of the biggest suits to appear in front of the country’s commercial court set to resume on Monday. Tanzanian mining firm Pula Group is suing Motsepe and his associate... →

Patrice Motsepe

South African oil group seeks to amend new law to woo investors

4th November 2024 Some oil explorers are “not satisfied” with South Africa’s long-awaited rules for the industry that were signed into law last month by President Cyril Ramaphosa, according to a lobby group. The Upstream Petroleum Resources Development Act published on Oct. 29 includes regulations for the... →

Mineral Resources says Ellison to step down after probe

4th November 2024 Mineral Resources said its tycoon founder, Chris Ellison, will be penalised A$8.8-million and will step down within 18 months after the Australian miner launched an investigation into undeclared payments made to companies owned by him. Ellison, managing director of Mineral Resources and still a... →

Chris Ellison

Gold climbs ahead of US jobs data, with election looming large

1st November 2024 Gold gained — following its biggest one-day drop since July — as traders waited for key US jobs data and weighed potential market disruption ahead of the looming presidential election. Bullion climbed as much as 0.5% to trade near $2 757/oz, putting the metal on track for a small weekly gain.... →

Freeport probed by SEC over quake risk at Indonesia copper plant

1st November 2024 The US Securities and Exchange Commission is looking into whether Freeport-McMoRan failed to disclose threats a severe earthquake could pose to its new $3.7-billion copper smelter complex in Indonesia, according to people familiar with the matter. SEC officials began reviewing whether the firm... →

South Africa’s Central Bank unlikely to get lower CPI goal soon

31st October 2024 South Africa is unlikely to have a new inflation target by February’s budget, Finance Minister Enoch Godongwana said. “I don’t want to mislead you and say there will be an announcement in February,” he said. “I don’t have the answers.” The central bank began formally pursuing an inflation target... →

Finance Minister Enoch Godongwana

Gold hits fresh record high as US data, election race fan demand

30th October 2024 Gold reached a record high in early Asian trading on Wednesday, as traders digested the latest US economic data and weighed potential market disruption ahead of the looming presidential election. Bullion edged higher to reach $2 774.89 an ounce, topping the previous record posted on Tuesday.... →

Zimbabwe’s ruling party passes resolution to have gold-backed ZiG adopted as sole currency

29th October 2024 Zimbabwe’s ruling party passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. The government is ordered to “expedite efforts to dedollarize the economy and promote the use of the ZiG as the country’s sole currency,”... →

South African budget eyed by investors for further reform steps

29th October 2024 The new South African coalition government’s resolve to control debt and expedite reforms to fire up the lackluster economy will be put to the test when it unveils its first budget on Wednesday. Finance Minister Enoch Godongwana’s mid-term policy statement will provide an early glimpse at the... →

Finance Minister Enoch Godongwana

Major LNG producer challenged on clean claims in landmark case

29th October 2024 One of the world’s first legal challenges over corporate greenwashing kicked off in an Australian court, with an activist shareholder group claiming natural gas producer Santos Ltd. misled investors on its climate targets. The Australasian Centre for Corporate Responsibility said Monday in the... →

Ratings bias costs Africa billions of dollars, Standard CEO says

28th October 2024 African countries face higher costs of financing because of inflated risk perceptions from credit-ratings companies, the head of the continent’s biggest bank said. A United Nations Development Programme study last year showed that subjective risk assessments by ratings companies resulted in... →

China gold demand plunges as record prices deter jewellery buyers

28th October 2024 Gold demand in China — the world’s biggest consumer — plunged by more than a fifth in the third quarter as record prices and a sluggish economy dented consumption, especially for jewelry. Total demand fell by 22% to 218 tons in the three months to September, according to Bloomberg calculations... →

Morgan Stanley sees fiscal gains easing South Africa junk rating

28th October 2024 South Africa’s improving economic prospects after years of lackluster growth will result in better fiscal metrics and may soon lead to an upgrade of its junk-rated debt, according to RMB Morgan Stanley. Positive sentiment in the continent’s most industrialised economy has built up since the... →

Pick n Pay to list Boxer unit in Africa’s biggest IPO this year

28th October 2024 Pick n Pay Stores said it will list its low-cost Boxer business on the Johannesburg bourse by the end of the year and that the South African grocer will raise as much as R8-billion in the process, making it the continent’s biggest offering this year. Amid a revamp of South Africa’s third-largest... →

Mineral Resources says investigation to finish by next week

28th October 2024 Mineral Resources said its investigation into undeclared payments made to companies linked to its tycoon founder, Chris Ellison, would be completed by next week. Ellison, who is managing director and a major shareholder, said the payments pre-dated the company’s 2006 listing, and came from... →

Chris Ellison

Mali threatens to let Barrick mine permit lapse over dispute

28th October 2024 Mali’s military government has threatened to take back Barrick Gold’s Loulo mine concession when the current permit expires in 2026, amid an escalating dispute over how to divide the economic benefits from operations in the country. Mali is considering letting the permit for Loulo lapse when it... →

BofA’s Hartnett says bets on gold are rising before US election

25th October 2024 Investors are continuing to load up on gold ahead of the US election as a hedge against inflation and populism, according to strategists at Bank of America (BofA). The precious metal hit a record high on Wednesday and gold funds recorded their biggest weekly inflow since July 2020, a team led by... →

The contest between Donald Trump and Kamala Harris is currently very tight according to polls in swing states.

Millennial mining heirs bet the family business on Argentine copper

25th October 2024 When he was 16, Adam Lundin was lowered by helicopter into the remote wilderness of northern Canada. For the son of a wealthy mining mogul, this was something of an initiation. He spent the summer hunting for gold — shadowing grizzled prospectors and geologists, bushwhacking through the Boréal... →

Africa power transmission set for investment wave, says UK development bank BII

25th October 2024 Power grids vital to expanding access to energy in Africa and transitioning to cleaner sources are poised for a growing wave of funding that governments should prepare for, according to the UK development bank British International Investment. “Transmission in terms of capital needed is the next... →

China’s copper demand will peak by 2030, says industry group

25th October 2024 China’s copper demand growth will fade in coming years before topping out around the end of this decade, according to a state-backed government researcher, offering a potential counterpoint to bullish views on the metal’s prospects. While Beijing Antaike Information Development Co. forecasts... →

South Africa in talks with energy partners on loan guarantees

25th October 2024 South Africa is in talks with its international climate-finance partners over the provision of guarantees for loans for the construction of energy-related infrastructure. “We are managing, in particular, issues with our international partners” around guarantees, said Joanne Yawitch, head of the... →

UN says world is now on course for warming of up to 3.1 °C

25th October 2024 A chronic lack of ambition and climate action by countries across the world over the past three years means the goal to keep global warming below 1.5C will soon be dead, the United Nations has warned in a new report. Continuing with current policies means the world will be on course for a... →

Gold miners crippled by costs risk losing out on bullion’s boom

25th October 2024 Gold prices are at record highs. But disappointing results at the world’s largest miner of the yellow metal signals companies may be struggling to capitalize on sizzling demand. Newmont shares plunged the most in more than 25 years, tumbling 15% after the Denver-based company posted earnings,... →

The Lihir gold mine in Papua New Guinea

Kganyago says South Africa’s inflation target should be lower

24th October 2024 South African Reserve Bank Governor Lesetja Kganyago said the nation’s inflation target was overdue for review and it should be adjusted lower. “South Africa’s inflation target is out of sync with emerging market peers,” he told Bloomberg Television on Thursday during the annual International... →

Reserve Bank Governor Lesetja Kganyago

Eramet buys out Tsingshan from Argentina lithium project

24th October 2024 French miner Eramet will buy back Tsingshan Holding Group’s stake in an Argentinian lithium project, marking a rare retreat for the Chinese conglomerate from an expansion beyond its core nickel business. Eramet will buy out the Chinese stainless steel conglomerate’s 49.9% interest in Eramine... →

Zinc market tightens as mine supply disruptions rattle buyers

24th October 2024 Spot zinc prices have shot above later-dated futures on the London Metal Exchange, signaling a tight market as large buyers scoop up inventories and pile into futures at a time when a string of mine disruptions threatens to throttle supplies. Cash zinc contracts are trading at a $24.09 premium... →

Sibanye-Stillwater's Century zinc mine in Australia

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