South Africa moots wealth tax in Budget discussions – Reports

South African cabinet considered a proposal to introduce a wealth tax when it discussed amendments to last week’s postponed budget, Business Day reported, citing officials it didn’t identify. The... 

China cobalt stocks surge after Congo unexpectedly bans exports

Cobalt stocks rose in China on Tuesday as a surprise export ban in the Democratic Republic of Congo lifted the near-term outlook for the material used in alloys and batteries. Shares in Nanjing... 

Congo suspends cobalt exports for four months amid oversupply

The Democratic Republic of Congo says it’s suspending cobalt exports for four months to rein in oversupply of the battery metal on the international market. Cobalt production in Congo – which... 

Battery metal rout set to force unprofitable miners to cut costs

A wave of cost cutting and potential consolidation looms for lithium and nickel miners in the year ahead, with no short-term relief in sight for the key battery metals sector after a poor earnings... 

Zelenskyy says US minerals deal must include military guarantees

Ukrainian President Volodymyr Zelenskyy said the US dropped its demand for Kyiv to commit to paying $500-billion as part of talks to give Washington a cut of the country’s mineral wealth. But... 

EU bolsters ties with South Africa amid tensions with Trump

The European Union and South Africa are forging closer ties after previous disagreements led to a frosty relationship, the bloc’s top diplomat said. The rapprochement comes as US President Donald... 

Chinese coal prices have further to fall as Glencore mulls cuts

China’s coal slump is likely to persist for several months, weighing on a global market that has seen mining giant Glencore forced to consider output cuts after prices dropped to near their lowest... 

Miner Pilbara sees lithium demand rallying on China mine restart

Australia’s largest pure-play lithium producer Pilbara Minerals said it sees demand recovering on the restart of a large mine and refinery in China, even as it reported a net loss in its half-year... 

World’s biggest miners pinched by iron-ore’s China problem

The world’s biggest miners, having cashed in on China’s once-rampant demand for iron-ore, are starting to reel from the impact of their main customer’s economic struggles. BHP Group, Rio Tinto... 

Budget unravelled after key detail was kept secret

Finance Minister Enoch Godongwana presented highlights of his upcoming budget to colleagues two weeks ago, but skipped a crucial detail to stop it from leaking – triggering a major fallout in the... 

US snub to South Africa’s G20 may be a gift to Brics nations

South Africa President Cyril Ramaphosa’s priority as Group of 20 president is overhauling the global institutions he sees as skewed in favour of the West. Donald Trump might just have beaten him to... 

Glencore is studying whether to move primary listing from London

Glencore said the optimal location for its primary listing “remains under study,” fueling speculation about what would be the most high-profile exit from the UK exchange to date. Glencore began... 

Transnet hit by chronic Cape Town wind delays during peak season

South Africa’s Transnet is taking measures to overcome strong winds at the Cape Town Container Terminal that have dented its performance during a peak season for fruit exports. The State-owned... 

Copper falls as Citi predicts prices will retreat on US tariffs

Copper in London declined after Citigroup flagged risks of a pullback in prices from the impact of US tariffs on demand. The metal has risen almost 8% this year due to resilience in the physical... 

Treasury plans measures to offset VAT hike - reports

South Africa’s National Treasury will use a series of measures to offset the impact on the poor from a planned increase in value-added tax, Business Day reported, without citing anyone. The steps... 

Goldman raises gold target to $3 100 on central-bank appetite

Goldman Sachs Group raised its year-end gold target to $3 100 an ounce on central-bank buying and inflows into bullion-backed exchange-traded funds, highlighting Wall Street’s enthusiasm for the... 

South Africa readies early retirement plan for State workers

South Africa’s government has drafted an early retirement offer for civil servants, part of an effort to reduce its wage bill, according to people familiar with the matter. State workers aged... 

Billionaire Friedland’s iron-ore miner seeks up to A$300m in Australia IPO

Mining billionaire Robert Friedland’s latest venture, iron-ore producer Ivanhoe Atlantic, is seeking to raise as much as A$300-million from an initial public offering (IPO) in Australia, people... 

IMF says South Africa needs to reduce debt for faster growth

South Africa must take bold steps to ease a suffocating debt burden and boost economic growth, said the International Monetary Fund. “What we are recommending is a fiscal adjustment of 1% of gross... 

Mongolia aims to boost Chinese coal sales to 100Mt

Mongolia is aiming to increase its coal exports to China by almost a fifth this year, as it seeks to expand energy cooperation with its resource-hungry neighbor. The central Asian nation forecasts... 

Vale expects to raise Carajas iron ore output by 13% with billionaire investment

Brazilian miner Vale said on Friday it expects to raise iron ore production in its main complex Carajas, in northern Brazil, by nearly 13% through 2030 as part of a 70-billion real ($12.26-billion)... 

Gold holds biggest loss since December on concern rally overdone

Gold steadied following its largest one-day decline in two months, with the slump sparked by investor concern that the metal’s recent record-breaking rally may have been overdone. Bullion traded... 

Storied Peruvian exec resurfaces at Canadian copper startup

After decades overseeing some of Peru’s biggest mines, Victor Gobitz has reemerged at the helm of a Canadian startup that has plans to begin copper production in a year and go public in the medium... 

Agnico nears world’s No. 2 gold miner spot with output targets

Agnico Eagle Mines is threatening to snag the title of world’s second-largest gold producer from one of its top rivals. The Canadian mining company aims to churn out 3.3-million to 3.5-million... 

Australia’s iron-ore hub reopens, Rio mines resume after cyclone

Australia’s biggest iron-ore port reopened and Rio Tinto Plc mines resumed operations after being spared any major damage from Tropical Cyclone Zelia. Port Hedland, which handled almost 760... 

AU creates rating agency to tackle bias, unlock funds

Africa unveiled its own credit rating company to address concerns that evaluations by global agencies carry a costly bias against the continent. “Global credit rating agencies have not only dealt... 

Chinese firms to build $2bn Tanzania rail

Tanzania signed a $2.15-billion deal with two Chinese firms to construct a railway linking its main port of Dar es Salaam to a nickel mine in neighboring Burundi. Tanzania Railways Corp awarded the... 

Malawi temporarily bans all mineral exports to revamp rules

Malawi’s government placed a temporary ban the exports of all minerals to allow the country’s Ministry of Mining to streamline procedures. The ministry wants to enhance “regulatory frameworks that... 

Zimbabwe seeks $950m in new bid to kickstart mining firm

Zimbabwe’s State miner is planning a fresh bid to kickstart a range of projects a year after the government took full control of the company. Kuvimba Mining House, under new CEO Trevor Barnard, is... 

Canada’s 13 Premiers descend on Washington to play the China card on trade

The leaders of all Canadian provinces and territories are set to meet up in the US capital Wednesday to take their arguments against tariffs to American lawmakers, business groups and labor... 

Quebec says Canada should consider aluminium tax to create leverage against US

Quebec Premier Francois Legault said Canada should consider putting export taxes on products such as aluminum to create leverage in negotiations with President Donald Trump’s administration. The... 

Adani signs A$330m private loan for Australia coal port

Indian conglomerate Adani Group has signed an around A$330-million ($207-million) private credit loan for its coal port unit located in Australia’s Northern Queensland, according to people familiar... 

‘Show me the money’: Record gold price is test for top miners

Gold prices are hovering around record highs, but Barrick Gold and Newmont have frustrated investors by failing to capitalise on bullion’s rally. The next ten days gives the top producers a chance... 

Shell sees AI revolutionising energy system in new outlook

AI could lead to significant energy demand growth as the technology is implemented across industries, an acceleration that could also help to halve the system’s carbon intensity by 2050, according... 

Saudi’s R23bn Barloworld offer gets Glass Lewis, ISS nod

Barloworld shareholders should accept a takeover offer for the Caterpillar-equipment distribution business in Africa because it’s a good deal, according to recommendations by two proxy advisory... 

Australia is 'killing' US aluminium market, Trump adviser says

Australia is “killing” the US aluminum market, a senior trade adviser to President Donald Trump said, in a potential blow to Prime Minister Anthony Albanese’s efforts to secure an exemption from... 

US should stop closure of coal-fired power plants, Wright says

The US should stop the closure of coal-fired power plants, Energy Secretary Chris Wright said, adding the fuel source would be essential to the nation’s power system for decades to come. “We are... 

Mali and Barrick talks suspended without reaching an agreement

Mali and Barrick Gold Corp’s negotiations to end a protracted dispute over payments from the country’s biggest gold mine have been suspended, according to people familiar with the government’s... 

South Africa set to lower inflation target in 2026, poll shows

South Africa will probably wait until next year to lower its inflation target to address more pressing issues such as weak economic growth and fiscal consolidation, according to a survey of... 

Trump tariffs spell fresh turmoil for volatile aluminum market

The global aluminum market is entering a fresh period of upheaval as traders rush to assess the potential impact of renewed US protectionism under President Donald Trump. The US leader ordered...