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

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... 

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

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... 

Cummins targets doubling of its Africa revenue by 2030

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... 

China’s commodities imports resilient as markets eye stimulus

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... 

Albemarle loses more than $1bn on falling lithium prices

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... 

South Africa is working on unique digital identity, instant visa

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... 

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

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... 

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

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... 

Copper extends gains on signs Chinese economy in recovery mode

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... 

Gold steady as market holds breath before tight US election

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... 

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

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... 

Fuel price to rise for first time in six months

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... 

Goldman more upbeat on South Africa than its Finance Minister

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... 

Copper and other metals rise as dollar falls before US vote

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... 

ARM companies deny breach, see no merit in claims

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... 

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

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... 

Mineral Resources says Ellison to step down after probe

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... 

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

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... 

Freeport probed by SEC over quake risk at Indonesia copper plant

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... 

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

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... 

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

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.... 

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

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... 

South African budget eyed by investors for further reform steps

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.... 

Major LNG producer challenged on clean claims in landmark case

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... 

Ratings bias costs Africa billions of dollars, Standard CEO says

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... 

China gold demand plunges as record prices deter jewellery buyers

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... 

Morgan Stanley sees fiscal gains easing South Africa junk rating

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... 

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

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,... 

Mineral Resources says investigation to finish by next week

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... 

Mali threatens to let Barrick mine permit lapse over dispute

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... 

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

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... 

Millennial mining heirs bet the family business on Argentine copper

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... 

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

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... 

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

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... 

South Africa in talks with energy partners on loan guarantees

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... 

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

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... 

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

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... 

Kganyago says South Africa’s inflation target should be lower

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... 

Eramet buys out Tsingshan from Argentina lithium project

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... 

Zinc market tightens as mine supply disruptions rattle buyers

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...