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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.

Cummins targets doubling Africa revenue by 2030 on power demand

23rd October 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,... →

Freeport asks Indonesia for copper export extension due to fire

23rd October 2024 Freeport-McMoRan is in talks with the Indonesian government to extend its licenses to export copper concentrate because a fire has disrupted the company’s smelter operations in the Southeast Asian nation. Freeport’s Indonesian subsidiary has temporary suspended operations at its copper smelter... →

South Africa inflation seen edging below 4% fuels rate cut bets

23rd October 2024 South Africa’s inflation rate is expected to fall below 4% for the first time in more than three years in September, sealing the case for borrowing costs to be lowered again next month. The median of 15 economists’ estimates in a Bloomberg survey is for consumer prices, due Wednesday at 10 am in... →

Brazil seeks to woo partners in revived ambition to uncover uranium riches

23rd October 2024 Brazil is looking to attract mining companies to help revive the country’s uranium exploration and production efforts as the world signals renewed appetite for nuclear power. Latin America’s biggest economy holds 5% of the world’s uranium resources and only produces a tiny amount of the nuclear... →

INB'S Engenho uranium mine

First Quantum names Jiangxi’s Xia to board after standstill deal

23rd October 2024 First Quantum Minerals appointed Jiangxi Copper Co’s Hanjun Xia to its board of directors after reaching a standstill agreement with its second-largest shareholder earlier this year. The Canadian copper producer announced Xia’s appointment along with Juanita Montalvo, a managing partner at a... →

South Africa is still tapping oil stockpile to fund fuel subsidy

22nd October 2024 South Africa is still selling oil from strategic stockpiles to fund measures introduced two years ago to cushion consumers from a spike in road fuel prices. The Strategic Fuel Fund Association paid the National Treasury R2-billion in proceeds from the sale of oil inventories for the financial... →

Türkiye eyes Niger mining projects amid competition for uranium

22nd October 2024 Türkiye and Niger signed a provisional pact to boost cooperation in mining, a sign of closer ties between the countries as new powers jostle for access to the West African nation’s uranium resources. The agreement, following a visit by a Nigerien delegation to Türkiye, aims to help Turkish... →

Zambia pursues deals with investors to develop mining permits

22nd October 2024 Zambia plans to develop dozens of mining licenses together with investors to boost copper output in Africa’s second-biggest producer. The nation has an ambitious plan to more than quadruple production by early next decade. The increase would require companies to spend billions of dollars to... →

Congo’s State miner bids for Trafigura-backed cobalt projects

21st October 2024 Democratic Republic of Congo’s (DRC's) State-owned miner has submitted a bid for Chemaf Resources’ unit in the country, months after saying it intended to block a previous deal to sell the copper and cobalt miner to a Chinese investor. Chemaf — backed by Trafigura Group — spent nine months... →

Mozambique police shoot two as Gemfields ruby mine is stormed

21st October 2024 About 300 people invaded a pit at the Montepuez ruby mine owned by Gemfields Group in northeastern Mozambique on Sunday, CEO Sean Gilbertson said. Two people were shot by police, he said. A crowd estimated at 500 gathered at a local village later in the evening intending to enter the mine,... →

JPMorgan expects South Africa IPO surge on economic optimism

21st October 2024 South Africa is poised for a surge in initial public offerings and fund-raising activity as soon as next year, spurred by optimism that the continent’s biggest economy may be turning a corner after years of lackluster growth, said JPMorgan Chase & Co. Positive sentiment has been building with the... →

China’s steel demand has shrunk to less than half global total

21st October 2024 China will account for less than half of global steel consumption in 2024 for the first time in six years, according to the World Steel Association, as the decline in the country’s real estate sector pummels demand for the metal. The forecasts from Worldsteel show diverging prospects between... →

Vale-BHP mine disaster deal moves closer to settlement in Brazil

21st October 2024 Miners Vale and BHP are a step closer to finalising a deal with Brazilian authorities to provide a multibillion-dollar settlement for one of the country’s worst mining disasters. Ongoing negotiations that also involve Vale-BHP’s iron-ore joint venture, Samarco, point to a total deal valued at... →

The Bento Rodigues district was covered in mud after a dam burst in November 2015.

Mineral Resources says it's investigating founder over tax issue

21st October 2024 Australia’s Mineral Resources is probing payments linked to founder and MD Chris Ellison, even as the board said it has full confidence in him and his leadership. “Since its IPO in 2006, payments made by Mineral Resources to offshore entities connected with Mr Ellison related to pre-IPO sales... →

Chris Ellison

Biggest companies to help resolve South African water crisis

18th October 2024 South Africa’s biggest companies are exploring widening a partnership with the government to help resolve a water crisis that’s threatening to leave the nation’s commercial hub dry. Business for South Africa — which is already working with the government to boost energy production, fix a broken... →

Indonesia controls nickel ore supply to balance weak demand

18th October 2024 Indonesia is managing the amount of nickel ore its miners produce in order to balance supply and demand, a government minister said. “We need to maintain supply and demand balance,” Bahlil Lahadalia, Minister for Energy and Mineral Resources, said at a media briefing in Jakarta on Friday. “If... →

Sasol’s gas supply and volatile oil raise sustainability risks

18th October 2024 Sasol’s declining gas reserves and its susceptibility to volatile oil prices is drawing scrutiny over the sustainability of the business and its plans to reduce emissions. The South African fuel and chemical maker primarily uses coal in a synthetic production process at its Secunda operations —... →

Spot gold tops $2 700 as metal extends its record-breaking run

18th October 2024 Gold topped $2 700 an ounce for the first time, as an escalating conflict in the Middle East saw traders flock to safety. Bullion reached climbed as much as 0.3% to $2 700.47/oz, after Israel said it killed Hamas leader Yahya Sinwar, the architect of the Palestinian group’s attack on southern... →

Gold rallies to record with tight US election and data in focus

17th October 2024 Gold climbed to a record ahead of US data prints due later Thursday, with traders also monitoring an increasingly tight presidential race that’s driven demand for haven assets. Bullion climbed as much as 0.5% to hit $2 685.74 an ounce, topping last month’s peak by a few cents. The precious metal... →

Iron-ore slumps toward $100 after housing briefing in Beijing

17th October 2024 Iron-ore tumbled to a three-week low, a sign that investors doubt whether China’s latest moves to shore up the property market will do enough to boost construction activity and steel demand. China will expand a program to support the completion of unfinished housing projects to four-trillion... →

Brazil reviews caves decree in potential boon for mining and energy

17th October 2024 Brazil is revisiting rules that protect caverns from exploration and development with measures that could help advance energy projects and boost Vale’s iron-ore prospects in the country. “It’s a sensitive legislation for the infrastructure sector including transport and power — not just mining,”... →

GM backs biggest US lithium project with $625m investment

16th October 2024 General Motors will commit $625-million toward what’s likely to be one of the biggest US lithium mines, reinforcing the automaker’s efforts to secure domestic supply of the battery metal critical for electric vehicles. The cash-and-credit funding deal with project developer Lithium Americas... →

Gold nears fresh record with focus on US election and Fed rates

16th October 2024 Gold rallied toward a fresh record high as investors turned their attention to the upcoming US election, with polls forecasting a razor-thin contest with less than three weeks to go. The precious metal is one of the strongest performing commodities in 2024, setting successive records thanks to... →

South Africa, Namibia in talks to resolve discord over key river

16th October 2024 South Africa and Namibia held talks aimed at resolving a long-running disagreement over rights to the Orange river, a key water source that demarcates the border between the two nations, and were confident the matter could be resolved amicably. A treaty signed in 1890, when the neighbors were... →

Photo by Creamer Media
An aerial view of the Orange river in South Africa's Northern Cape province

Total set to back Mozambique LNG terminal to boost gas imports

16th October 2024 TotalEnergies aims to next year approve an import terminal for liquefied natural gas in Mozambique that may help users in neighboring South Africa avoid a potential supply crisis. Gas shipments may flow from the Matola project by the end of 2027, according to Gigajoule, a partner helping develop... →

Namibia says it needs up to $1.4bn for water security

16th October 2024 Namibia requires as much as N$25-billion ($1.4-billion) over the next decade to fulfil water-security requirements, its water minister said. The semi-arid nation of about 3-million people also needs N$10-billion to secure bulk water supply until 2037, with operating costs expected to rise at... →

Global public debt to hit $100tr by end of 2024, IMF Says

15th October 2024 Global public debt is set to reach $100-trillion, or 93% of global gross domestic product, by the end of this year, driven by the US and China, according to new analysis by the International Monetary Fund (IMF). In its latest Fiscal Monitor — an overview of global public finance developments —... →

Mosaic expects Florida facilities to return to full production soon

15th October 2024 Fertiliser maker Mosaic said on Monday that its Florida facilities are expected to return to full production capacity over the coming days after being idled due to Hurricane Milton. Milton, which led to at least 17 reported deaths, added to piles of debris following Hurricane Helene. →

Australia’s largest pension says China boom times have finished

15th October 2024 China’s latest bout of stimulus may help stabilise the country’s property crisis but investors should position for the end of the economy’s boom years, says the investment chief of Australia’s largest pension fund. “The big boom times in China growth are gone,” Mark Delaney, chief investment... →

South Africa’s rising fuel imports cause supply shortage risk

14th October 2024 South Africa’s rapid switch to become a net importer of fuel creates supply risks requiring infrastructure to store and transport the fuel, according to State-owned logistics firm Transnet. Africa’s most industrialised nation relied on imports for 61% of its petroleum product supply in 2023... →

Philippines’ top coal producer plans $5bn mine expansion

14th October 2024 Semirara Mining and Power, the Philippines’ largest coal producer, said it’s looking to spend 291.4-billion pesos ($5.07-billion) to expand its mines. The company has proposed to the Department of Environment and Natural Resources a five-year spending plan that includes capital expenditures,... →

Exxaro seeks to acquire manganese mining assets

14th October 2024 Exxaro Resources, one of South Africa’s biggest coal producers, wants to become a major player in the country’s manganese mining industry. After losing out on a copper mine in Botswana last year, CEO Nombasa Tsengwa is prioritising manganese in the company’s latest bid to diversify its business.... →

Exxaro CEO Nombasa Tsengwa

Rio takes step toward M&A redemption with $6.7bn lithium bet

14th October 2024 A little over a decade ago, Rio Tinto Group was reeling from the impact of disastrous investments. First, the bruising top-of-the-market purchase of aluminum group Alcan, and then the ill-conceived swoop for Mozambique-focused coal outfit Riversdale Mining. The commodities boom cooled, top... →

Rio Tinto CEO Jakob Stausholm

French firm boosts uranium mining and enrichment capacities as market tightens

11th October 2024 France’s Orano is boosting uranium mining and processing capacity as supplies of the nuclear fuel tighten on stronger demand and moves to reduce the world’s reliance on Russia. The state-controlled company is investing to prolong the life of mines in Canada and Kazakhstan, while exploring... →

JPMorgan says European miners underpricing US election risk

11th October 2024 European mining stocks could see their valuations fall by as much as 20% if US tariffs are imposed following next month’s election, and the industrial metals market is underpricing this possibility, according to analysts at JPMorgan Chase & Co. “Metals do not appear to assign significant risk... →

Alumina surges to record on supply disruptions and China demand

11th October 2024 Alumina futures in Shanghai spiked to a record as global supply disruptions and resilient Chinese demand continue to tighten the market of the main feedstock for aluminum smelters. Alumina surged as much as 6.4% to 4 630 yuan ($655) a ton on the Shanghai Futures Exchange on Friday, its highest... →

South Africa power-line rollout set to spur bond market revival

11th October 2024 A multibillion-dollar plan to expand South Africa’s electricity transmission network could throw a lifeline to the country’s corporate bond market as it struggles to recover from a post-pandemic slump. The National Transmission Company South Africa, a state-owned company that will operate... →

Kganyago sees South African inflation dip creating policy space

10th October 2024 South African Reserve Bank Governor Lesetja Kganyago said inflation could fall below 4% in coming months, creating more room for action after officials cut interest rates in September. ‘We expect the next two or three prints; that they could have a three handle on them and that provides policy... →

Photo by Reuters
Reserve Bank Governor Lesetja Kganyago

Zambia will own some mining permits after mapping exercise

10th October 2024 Zambia’s government intends to keep ownership of some mining licenCes that are shown to be promising by an ongoing mapping exercise and invite private investors to develop the assets alongside the State. Africa’s second-biggest copper producer is pursuing ambitious plans to more than quadruple... →

Photo by Reuters
Zambia Mines Minister Paul Kabuswe

China’s top miner to spend $24bn on coal-to-oil project

10th October 2024 China’s biggest coal miner announced the construction this week of another massive project to supply feedstock for petrochemicals makers and help clear a prospective surplus of the fossil fuel. China Energy Investment Corp. said it will spend 170-billion yuan ($24-billion) to build an integrated... →

Canada green taxonomy unlikely to include new natural gas sites

10th October 2024 Canada has provided more clarity on what it considers to be homegrown green investments — with new natural gas projects unlikely to make the cut. On Wednesday, Finance Minister Chrystia Freeland announced guiding principles for a Canadian taxonomy that would define and categorize investments... →

Chrystia Freeland

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