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

Economists split on how deep South Africa’s easing cycle will be

20th September 2024 South Africa’s first interest-rate cut since 2020 quickly divided economists over how much further it will go after making a cautious 25 basis point start to the easing cycle, despite the Federal Reserve going twice as big the day before. Rand strength, softer oil prices and slowing inflation,... →

Base metals enjoy strong week with boost from Fed, China demand

20th September 2024 Copper surged to a two-month high to cap a strong week for metals, helped by the Federal Reserve’s half-point rate cut. Base metals have advanced with other global risk assets after Fed Chair Jerome Powell kicked off the bank’s easing cycle on Wednesday, while US jobless data reinforced... →

A $90bn World Bank plan to electrify Africa gets under way

20th September 2024 A plan to bring electricity to 300-million Africans by 2030, backed by an initial pledge of $30-billion from the World Bank and the African Development Bank, has begun to be implemented with an assessment of the first potential beneficiaries. Some of the world’s most prominent climate... →

Treasury’s Guma leaves, reform unit to remain priority

20th September 2024 South Africa’s National Treasury said its “pool of skilled and competent officials” is sufficient to ensure that the work of the unit responsible for economic-growth enhancing structural reforms won’t be affected by the exit of a senior official. Nomvuyo Guma, the co-head of the unit known as... →

Gold’s record surge dampens China’s holiday shopping enthusiasm

20th September 2024 Gold’s months-long, record-breaking surge is keeping consumers at bay in China, tarnishing what should be one of the busiest times of the year for jewelry retailers in the world’s biggest buyer. Spot bullion prices pushed beyond $2 600/oz for the first time this week, after Federal Reserve Chair... →

A copper M&A frenzy masks big miners’ hesitation to build

20th September 2024 In the dusty, treeless outback of Southern Australia, a brand new mining camp is home to a hundred workers, putting in 12-hour days, two weeks at a time. Dozens of trucks are scattered across the vast acreage, mounted with towering rigs drilling more than 2 km underground. All are focused on the... →

South Africa seen sticking to modest rate cut despite Fed cut

19th September 2024 The South African Reserve Bank (SARB) will likely lower interest rates by 25 basis points on Thursday, despite a larger-than-expected overnight move by the Federal Reserve as it turns the screws on inflation. Almost all of the 24 economists surveyed by Bloomberg expect Governor Lesetja Kganyago... →

Photo by Reuters
SARB Governor Lesetja Kganyago

Rand gains with SARB poised for first rate cut in four years

19th September 2024 The rand gained Thursday morning ahead of a South African Reserve Bank interest rate decision, where the central bank is expected to deliver its first cut since July 2020. The currency strengthened 0.1% to 17.5331 per dollar by 7 a.m. in Johannesburg, hovering around its strongest level since... →

Gold rises to record after Fed makes first rate cut since 2020

19th September 2024 Gold advanced to a record high after the Federal Reserve lowered its benchmark interest rate by a half a percentage point Wednesday, in an aggressive start to a policy shift to boost the labor market and defend the economy. The Fed was widely anticipated to lower interest rates after holding... →

Federal Reserve chairperson Jerome Powell

Barrick suspends Papua New Guinea mine after deadly clashes

19th September 2024 Barrick Gold suspended operations at a gold mine in Papua New Guinea after violent clashes in the area killed two company employees. Mining was halted in a move to protect employees at the Porgera project, with operations due to re-open on Thursday, according to a statement from Barrick’s local... →

BHP’s fertiliser boss bets on low-cost potash to challenge rivals

19th September 2024 BHP Group expects its $10.6-billion potash mine in Canada to make money even with weakened fertilizer prices, says the head of the project. Jansen mine is expected to produce potash at costs that are less than the top Canadian operations of fertilizer giants Nutrien and Mosaic, according to... →

Jansen will produce potash for less than $140/t.

Gold miners say they’re now disciplined as dealmaking heats up

19th September 2024 With gold prices at a record high, mining companies are back hunting for deals while trying to reassure investors that they’ve learned from past mistakes of overspending. There has been a flurry of activity in recent months, with Gold Fields’ $1.6-billion purchase of Osisko Mining and AngloGold... →

Gold-rich Sudan talks mining With Russia as war alliances shift

18th September 2024 Gold-rich Sudan discussed boosting cooperation in the mining sector with Russia, as Moscow strengthens ties with the North African nation’s military-led government amid a 17-month civil war. A meeting between Sudanese mining officials and Russia’s ambassador and representatives of its chamber of... →

South African Treasury to coax funds to invest in infrastructure

18th September 2024 South Africa’s National Treasury is working on measures to encourage private investment in infrastructure projects, an initiative it hopes will silence calls from other quarters in the government to compel pension funds to help finance their development. Amendments may be proposed to pension-fund... →

Deputy Finance Minister David Masondo

Zambia mines lobby calls on government to halt reforms

18th September 2024 Zambia’s Chamber of Mines said proposed legislative and policy reforms pose “an unprecedented threat” to investors’ rights and will undermine the country’s ambitions to quadruple copper production. The industry group – whose members include units of First Quantum Minerals and Barrick Gold – is... →

China’s Zijin vows to keep investing in Canadian mining despite crackdown

18th September 2024 Zijin Mining Group, China’s most valuable mining company, says it won’t be deterred by the Canadian government’s measures to limit foreign involvement in its mining sector. The Chinese gold and copper producer will “absolutely” continue to seek out investments in Canadian mining companies —... →

Zijin Mining VP Shaoyang Shen

Newmont on track to get at least $2bn from asset sales, COO says

17th September 2024 Newmont, the world’s biggest gold miner, said it’s on track to raise $2-billion — if not more — from selling smaller mines and development projects. “We’ll get at least that,” COO Natascha Viljoen said Tuesday in an interview on the sidelines of Denver Gold Group’s annual forum in Colorado. “All... →

Newmont COO Natasha Viljoen

Seriti plans to cut over 1 100 coal jobs

17th September 2024 South African coal miner Seriti Resources said it plans to cut as many as 1 137 workers across two opencast operations because the mines are unprofitable. The Middelburg Mine Services and Klipspruit South-East mines “are not currently commercially sustainable and require material restructuring to... →

Bill Gates turns to cows milk and gut bacteria in $3tr nutrition fight

17th September 2024 Bill Gates says world leaders must step up the fight against a worsening child nutrition crisis that’s causing trillions of dollars in economic losses — and that gut bacteria investment and more productive cows can help. The billionaire philanthropist — who has said malnutrition tops his list of... →

Photo by Bloomberg
Bill Gates

Africa’s largest economies to change course on rates for first time in years

17th September 2024 Central banks in two of Africa’s largest economies — South Africa and Nigeria — are set to change course on interest rates for the first time in years as inflation lets up. At least five others including Morocco’s and Ghana’s are poised to follow South Africa in adjusting their policy levers... →

China’s grip on rare earths undercuts projects from US to Japan

16th September 2024 A couple hours outside Houston, in a remote field near a Dow Chemical Co. plant, America’s bid to undercut China’s grip on the global supply of rare earth minerals critical to high technology has yet to break ground. Even when it does, China’s dominance of the market — it controls about 70% of... →

Gold climbs to another record with Fed rate cut expected in days

16th September 2024 Gold rose to a record as markets waited for the Federal Reserve to begin easing monetary policy for the first time in more than four years. Bullion climbed as much as 0.4% to a high of $2 589.03/oz, extending last week’s 3.2% gain, ahead of the Fed’s September 17 to 18 meeting that’s widely... →

South Africa’s work visa reform plans slowed by tax issues

16th September 2024 South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be... →

Home Affairs Minister Leon Schreiber

Bezos-backed group to prepare South African grids for investment

16th September 2024 A global organisation backed by Amazon Founder Jeff Bezos’ climate and biodiversity fund said it’s setting up a programme to attract investment into South African municipal power grids, which need R319-billion to prepare for the introduction of more renewable energy. The Global Energy Alliance... →

Aussie mining shares rally under pressure after bumper week

16th September 2024 The best week in over a year for Australia’s mining shares is at risk of reversing as concerns deepen over China’s growth trajectory. Weakening factory output and consumption data in the world’s No. 2 economy may hurt the sector following the S&P/ASX 200 Materials Index’s 4.2% climb last week,... →

Rio Tinto boosts stake in graphite miner as China curbs exports

16th September 2024 Mining heavyweight Rio Tinto Group has increased its shareholding in an Australian-listed graphite developer to the maximum allowed before it must make a takeover offer, as China limits exports of the critical mineral. Rio has boosted its stake in Sovereign Metals to 19.9%, the Perth-based... →

South Africa told by Germany its energy transition too slow

13th September 2024 South Africa has been told that the pace of its energy transition is too slow by a key funder, Germany, Environment Minister, Dion George, said. Germany is one of the partners in the so-called Just Energy Transition Partnership, a $9.3-billion climate finance pact between South Africa and some of... →

Zambian copper mines desperate for power find an unlikely saviour

13th September 2024 Zambia’s biggest mines are turning to a surprising power source as the copper-producing nation battles an unprecedented energy crisis: South African electricity company Eskom Holdings, which until March faced its own severe deficit. An historic drought has stifled hydropower turbines that Zambia... →

Gold rises to another record high ahead of expected Fed rate cut

13th September 2024 Gold rose to another record high — after surging almost 2% to an all-time peak on Thursday — as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week. Bullion climbed as much as 0.4% to $2 568.06 an ounce on Friday, and was on track for a weekly gain of... →

Pravin Gordhan dies at 75

13th September 2024 Pravin Gordhan, who held three positions in South Africa’s cabinet and won plaudits for standing up to Jacob Zuma during his scandal-marred presidency, has died. He was 75. Gordhan died in hospital in the early hours of Friday morning after battling cancer, his family said in an emailed statement. →

Photo by Bloomberg
Pravin Gordhan

US State Department official sees bipartisan support for Africa critical mineral projects

13th September 2024 A senior US State Department official reassured African governments that an initiative to help counter China’s influence through developing infrastructure on the continent will continue even after a change in administration. The flagship of the plan — a railway project known as the Lobito... →

US Ex-Im Bank eyes investment in another Mozambique LNG project

12th September 2024 The US Export-Import Bank is considering funding a liquefied natural gas project led by Eni off the coast of Mozambique, years after investing in an onshore facility to produce the fuel that’s been delayed by security issues and opposed by environmental groups. Eni’s planned Coral North floating... →

Lundin CEO says potential buyers are eyeing its European mines

12th September 2024 Lundin Mining’s top executive says several potential buyers are looking at its mines in Europe as the Canadian metals producer looks to sell its oldest assets. “We have a lot of interested parties looking at our European assets,” CEO Jack Lundin said in a Tuesday interview in Vancouver. “Our... →

Lundin Mining CEO Jack Lundin

Struggling miners put the brakes on South Africa’s stock rally

12th September 2024 South African stocks have their noses in front of emerging-market peers, but glum news from China threatens to weigh on the key mining sector and stymie that outperformance. Johannesburg’s main equity index has climbed about 7% in 2024 in dollar terms, outshining the 4.6% advance for MSCI ’s... →

Lithium world asks if surprise mine shutdown can arrest slump

12th September 2024 An unexpected shutdown at one of China’s biggest lithium mines has left the industry scrambling to judge if the move will be enough to end the battery material’s prolonged price slump. The share prices of lithium miners from Australia to South America spiked Wednesday after reports that... →

Transnet breaches loan terms again as debt weighs on investment

11th September 2024 Transnet breached loan covenants for a second year running as the South African port and rail operator staggers under a debt burden that’s constraining investments needed to resurrect its ailing equipment and infrastructure. The state-owned company’s loans increased to R138-billion in the year... →

Zimbabwe’s biggest miners seek $182m for solar projects

11th September 2024 Some of Zimbabwe’s biggest miners are seeking $182-million to develop 200 MW of locally-generated solar power, according to the head of the renewables company responsible for the projects. The agreement was signed between Grid Africa and the Intensive Energy User Group, whose members include... →

South Africa rejects civil-servant pay demand, offers 3% raise

11th September 2024 The South African government rejected a demand by public-sector workers for a 12% pay increase, saying it’s unaffordable. Instead, the state offered a 3% raise, Frikkie de Bruin, general secretary at the Public Service Co-ordinating Bargaining Council said by phone Wednesday. The proposal by... →

Iron-ore tests floor as plunge to $90/t puts mines at risk

11th September 2024 Iron-ore’s plunge is about to test the view that the steelmaking material can find solid price support at $90 a ton or more as high-cost mines are nudged out of the market. Futures in Singapore briefly sank below $90 earlier this week to their lowest in almost two years, as China’s steel... →

Congo sells copper from Tenke to trio of trading heavyweights

11th September 2024 Glencore, Mercuria Energy Group and Trafigura Group are buying copper from the Democratic Republic of Congo’s State miner, which is marketing metal from joint venture projects for the first time. The three commodity trading houses successfully bid to buy copper from CMOC Group's giant Tenke... →

Net zero needs more metals, but less extraction from the earth

11th September 2024 The mining industry is currently one of the most significant contributors to planet-warming emissions — but it's on track to become one of the most important sectors for a net-zero future. Annual demand for energy-transition metals will grow fivefold by mid-century from 2023 levels under more... →

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