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Mosaic's third-quarter profit falls short of expectations, CFO Freeland to retire
13th November 2024 Fertiliser producer Mosaic missed Wall Street estimates for third-quarter profit on Tuesday, hurt by production snags and lower potash prices, sending shares down 8.3% in afternoon trading. The company also named the former finance chief of Brazilian miner Vale Luciano Siani Pires as its new... →
Suncor Energy beats Q3 profit estimates on higher production, raises dividend
13th November 2024 Canada's Suncor Energy raised its quarterly dividend on Tuesday after the integrated oil and gas firm beat estimates for third-quarter profit, as it benefited from higher oil production and demand for refined products. Data from the US Energy Information Administration showed that the country's... →
Southern CEO says extending coal among options to meet AI demand
13th November 2024 The booming demand for electricity from data centers and new factories requires an “all of the above” energy strategy that opens up the possibility of Southern Co. extending the retirement date of one of its coal plants, said CEO Chris Womack. “As we look at responding to demand growth, looking... →
Climate skeptics urge Trump to boost coal, gut science in agencies
12th November 2024 Activists who dispute the severity of climate change enjoyed cachet in Donald Trump’s first administration and salivated over the prospect of his return to the White House. Now that he’s won, they’ve delivered a wish list to his transition team. At the top of their agenda: Terminating federal... →
South Africa markets eurobonds after coalition lifts confidence
12th November 2024 South Africa is marketing eurobonds in its first potential international debt sale under a government of national unity following May elections. The dollar offering is set to include a benchmark-sized 12-year fixed note with a yield in the 7.4% area, as well as a 30-year bond in the 8.25% area,... →
Trump picks former congressman Lee Zeldin to lead EPA
12th November 2024 President-elect Donald Trump has selected former New York congressman Lee Zeldin to lead the Environmental Protection Agency, placing the Long Island Republican in charge of his plans to boost energy production and curb regulations. “He will ensure fair and swift deregulatory decisions that will... →
Resolute CEO detention in Mali comes amid West Africa mining squeeze
12th November 2024 Gold miner Resolute Mining finds itself at the center of a broad shakeup of regulatory regimes across West Africa following the detention of the company’s chief executive in Mali, as cash-strapped governments seek to generate more revenue from their natural resources. Mali’s military junta —... →
China’s copper production boom threatens to crowd out the rest of the world
12th November 2024 Chinese copper smelters are facing pressure to rein in an expansion that’s pounding the industry’s profitability. The viability of plants across the globe may be at stake. The top consumer of copper globally is on track to produce about half the world’s refined metal this year after a frenzy of... →
Ivanhoe’s Friedland says fears for China on US tariffs overblown
12th November 2024 China has reduced its exposure to the US economy since Donald Trump’s first administration, leaving it better placed to weather the punitive trade tariffs being pledged by the president-elect, according to Robert Friedland, the founder of Ivanhoe Mines. “China still has a lot of cards to play,”... →
Iron-ore slumps toward $100 as China’s latest fix disappoints
11th November 2024 Iron-ore fell toward $100 a ton as Beijing’s latest efforts to revive the economy left investors disappointed, while an expansion in Chinese port stockpiles highlighted ample supplies. Futures declined as much as 2% in Singapore after slumping on Friday, when the Chinese government unveiled a... →
China’s GEM and Vale plan $1.42bn Indonesian nickel plant
11th November 2024 GEM Co., a Chinese battery-metal producer, and Vale’s Indonesian unit signed an agreement to build a $1.42-billion nickel plant in the Southeast Asian nation, highlighting the country’s drive to boost processing. The two companies signed a framework agreement for a high-pressure acid leach... →
Barrick falls behind rivals as No. 2 miner misses boost from bullion boom
11th November 2024 Most of the world’s top gold miners have seen their shares surge this year as bullion prices hit repeated record highs. Not Barrick Gold. Missed production targets, higher operational costs and political turbulence at mines in Africa and Asia have investors turning increasingly sour on the... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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... →
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